Here is why Cryptocurrency future in India is in danger

[buwaytress]

India is too religious and it is hindering the development of modern technology in this country. In addition, it has much more serious problems in the form of overpopulation. It is obvious that the authorities are not up to the introduction of cryptocurrency.

I didn't see any link between religion and this, they need to be very exposed, if they were that religious, then they should not have had corrupt leaders too because one of the thing that is also not making India to grow more than that in term of economy is corruption, like some African countries, and I think if they can just also kill corruption, the things that are not pleasing in Indian government would be corrected.

I would not really blame them for even standing against cryptocurrency, I guess they are against cryptocurrency because they feel it will give opportunity for more corruption based on what they have heard and forgetting the real benefit of it to their own system itself. They just have to take things easy and then see how cryptocurrency can help their economy.

Yeah I agree. Pretty tiring topic to talk about, but religion is just one tool in politics, and all politicians use it. Whether it's Islamophobia in the West and North America, or conservative Christian values, or in India and Myanmar where leaders run out of excuses to garner support.

But really? Very little for religion to shoulder in the case of crypto/bitcoin in India. The issues are far, far less simple than that, and it's a simple case of the powers that be not wanting to allow something they can't control.

They want to know their enemy first, and in this case, they are only now coming to grips with bitcoin/crypto/blockchain. It's a blur to them. And not just them really

[bitcoinposts]

Crypoto currencies are court decisions and committee  decision and regulatory collective decision nt one person decision still crypto legality has long way to go for indians crypto traders untill then it is wait and see time

[Spaffin]

In my opinion, the situation should change in the near future.  India conducts very active trade with other countries and is trying to meet all modern requirements in the market.  If today, for example, Germany and France have a positive attitude towards cryptocurrency, then other countries will also adhere to this trend in the near future.  The most important and most interesting statement of the governments of these countries is that cryptocurrency trading does not violate the tax code, because only cashing a cryptocurrency in Fiat will be taxed, but not the trade itself.

[lixer]

Crypoto currencies are court decisions and committee  decision and regulatory collective decision nt one person decision still crypto legality has long way to go for indians crypto traders untill then it is wait and see time

As it is a collective decision, it would be very difficult for the cryptocurrency to be ban there because of clash of interest within the top people that are holding position in government. Before bitcoin can be banned in India, it has to go through the court process, and what if the judge too is a fan of bitcoin and has benefited form it immensely, so this thing would really take a long time to be ban and I don’t see any negative effect of bitcoin on India because they don’t even use cryptocurrency as much as some countries does and we have not head where those countries complain of their economy going down, but rather, they must have seen some improvement in the economy which would be as a result of the activities of investors and traders in the country.

[IslaAde]

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

It is very sad indeed that the government has no interest in progress in this regard.
And of course, not just India, but most of the Asian countries are the same.

[bitbunnny]

In my opinion, the situation should change in the near future.  India conducts very active trade with other countries and is trying to meet all modern requirements in the market.  If today, for example, Germany and France have a positive attitude towards cryptocurrency, then other countries will also adhere to this trend in the near future.  The most important and most interesting statement of the governments of these countries is that cryptocurrency trading does not violate the tax code, because only cashing a cryptocurrency in Fiat will be taxed, but not the trade itself.

I agree that some countries make examples and impose some trends, in the cryptocurrencies field too, although I very much doubt  India would follow Germany or France in any way.
Still India is trying hard to become a modern state although that will take time. In the long term I don't think that future of cryptocurrencies in India is endangered, just the opposite, I think it will go towards new progress.

[ghermghuda]

The war on cryptocurrencies in India started some many months ago so they've been psyching their minds for matters as such. Maybe the general market could take a hit after the permaban announcement.

[lobster88]

As we can also observe Indian Prime Minister Narendar modi had visited many countries and had a broader prospective interms of balancing the financial economy the chances of banning crypto will be less as India is a democratic country with rich resources compared to Singapore. The only protocol should be emerged there is misleading the marketing strategies on catching the public interest and letting them deviated through fake news about bitcoin and leading many people into scam.

[teddyelwyn]

I am deeply concerned about what's going on in India. The current government is a backward thinking government who are more interested in building temples and creating religious collisions within the country. They are also trying to include their own people as the head of every institution. New Governor is just another example of that initiative. BJP is trying to get hold of the cash reserve of the country to control their own agenda.

I don't see any hope for cryptos in India until the current government stays in Power. They are trying to establish a cottage industry based on cow dung and cow pee. It seems like we are travelling back in time instead of moving forward while the brightest minds are opting to stay abroad.

That is where my mindset was at too. I think there are deeper running issues with their government that need to be addressed before we can allow them to see a future for crypto.

[ansarose1]

I feel pity for those who are engaged with cryptocurrencies in india. I hope those would be a space for crypto enthusiast in the said country. I know there would come a time ib the near future that crypto in india would takes place or legalized, but for now just be patient enough for the crypto enthusiast to be accepted crypto in your country.

[meanwords]

Isn't that saying blatantly "We can't control people in India so we are banning cryptocurrency". What is wrong with them though. They are only prolonging the inevitable. Indian citizens would still find a way to use cryptocurrency outside the radar of their government. Don't they know the user base of India? it's a lot and the money from those users are actually helping the country.

It is very sad indeed that the government has no interest in progress in this regard.
And of course, not just India, but most of the Asian countries are the same.

Not in the Philippines. At least the citizens are slowly starting to get used to Bitcoin and other cryptocurrency because of a certain wallet.

There are two possible scenarios. On the one hand, a complete ban on crypto can create a revolution among people, since in India most of the population are crypto users. On the other hand, the country will become a conservative and many will leave India to continue to earn money and build a business with the help of crypto, because India will block all opportunities for this.

That's what I am thinking. What would their government do if the citizens starts complaining since we all know that there is a lot of Indian are into cryptocurrency, maybe a lot more compared to other Asian country.

[camito]

2 days ago, the previous governor of RBI Urijit Patel resigned from his position citing personal reasons.

Now, the new governor is Shaktikanta Das, who few months ago told this:



You can read the full interview here: https://www.google.com/amp/s/qz.com/india/1224492/bitcoin-just-cant-be-regulated-in-india-insists-an-influential-former-bureaucrat/amp/

:/

India is facing a heavy issue with their government today. They are printing more money because the mass' demand and to amend the effect of the pandemic. Now, the current head is banning crypto because it is uncontrollable. I think he was easy to judge and the lack of study in the currency is a huge factor. He should've stated a more complex reason rather than a 'hard to control' statement. It's sad to hear this news and probably, most Indians are striking an argument to prevent this to happen. I just hope they'd succeed.

[Ozero]

The war on cryptocurrencies in India started some many months ago so they've been psyching their minds for matters as such. Maybe the general market could take a hit after the permaban announcement.

So far, I do not see any war of the Indian government with cryptocurrency. Not so long ago, the Supreme Court of India canceled the restrictions of the central bank of this country in relation to cryptocurrency and everyone was happy with this decision. As far as I know, the government and legislators of India have not yet adopted specific laws to regulate cryptocurrencies. Against this background, cryptocurrency exchanges are developing their activities. Why is there such a concern about the cryptocurrency situation in this country?

[Anonylz]

With such post, I guess the people can already guess what will be his decision on cryptocurrency in the coming days ahead except for some reason he has a change of view, it is clear he is about regulating the space and since crypto have proven impossible to regulate, you can already guess what will happen,
This isn't such a good news for the crypto enthusiasts in india, he should take time to understand the technology and the positive impact it can have on their economy.

[ChiBitCTy]

I think this can be said for any type of cryptocurrency anywhere in the world.  First things first, any major government has reserves when it comes to crypto.  This is a new monetary system that threatens the one of their own.  Governments want to control, they want to have nearly as much power over currency as possible.  They don't have that power with crypto, so I don't think it's just India one should be concerned about, but any country out there.  My biggest fears are if Bitcoin is made in to a privacy coin.  Many countries prohibit women to even be allowed to vote...there's no chance they allow for a private currency that can't control what so ever.

[Hasan905]

Its not so easy for any country to stay on a fixed decision about accepting crypto or not, and the main cause is about their controlling power. No one in this world can control crypto and this will not good for any government economy. Unpredictable market can make an effect on their economy at any time and it will hard to maintain it. Accepting btc for some single use is ok here, as like you can spend your btc on some fixed items or you can covert them to your own currency with a good tax cost.

[Lorence.xD]

I do not think that that will stop people from using cryptocurrency in their daily lives, remember that the more you try to cage people the more they will struggle to find a way to get freedom. These statements about making cryptocurrency will only stoke the flames, plus wouldn't it be the fault of the government if they cannot control or keep up a pace with it. These kind of things are just politically motivated maneuver, and it depends on the people if they are to be swayed by these words or make the rational approach that cryptocurrency is the future. I believe that cryptocurrency is an unstoppable force. Maybe adjusting their laws to make sure that they can benefit from cryptocurrency is a the best approach I can think of.

[AniviaBtc]

Or they imply cannot come up with effective solutions to try and regulate crypto? If other giant countries can do it, why can't they? Their priorities are far more focused on something that doesn't benefit the citizens much, just look at the giant statue that they erected. This is simply neglecting their citizens from the benefits of bitcoin and cryptocurrencies IMO, and not some case of regulations that are hard to impose.

I think they are right about effective regulations part, still complete ban would be kind of overestimation. Hope that doesn't happen.

If it is not that effective and regulated properly then why don't the government make a possible solution for that? Banning is not a solution instead you make the use of cryptocurrency in your country to stop. Sometimes it is a government's choice if it will continue to regulate a cryptocurrency or not. I think India lacks knowledge and comprehension about the cryptocurrency to manipulate in the economy that's why people can't also use the cryptocurrency in transactions properly. I think their priority right now is to end this pandemic in their country and focus on their own strategy to recover from economic or financial crisis brought by this pandemic. Most of the countries experience that and I know that it is not that easy to make a solution for that because it takes time to reach that.

[Debonaire217]

So this means that everything should be internally regulated by the country for the people to benefit from it? From what I knew about India, they are technologically inclined, I can see tons of programming lessons and the teachers are Indian even if the topic is about cryptocurrency. The adoption of crypto in India was strong as their people embrace it, but it seems like the government wanted to fully regulate cryptocurrency so they have full control over it. IMO, they can regulate exchanges and business who want to start pursuing cryptocurrency, they need not really interfere with the blockchain in order to make sure that their people will utilize cryptocurrency in legal ways. There's always a way to make things better than to ban crypto unless they are being threatened by it.

[Sithara007]

The biggest threat for cryptocurrency in India is not any potential regulation from the government, but FUD which is being spread through various social media outlets and online news portals. During the last 2-3 years, I have seen fake news being spread about Bitcoin getting banned in India multiple times. The purpose is to trigger panic selling among the investors, so that the whales can purchase coins at cheap rates.