[2018-12-12]Indian Government Panel Proposes Deeming Virtual Currency Dealings I

[Vladdirescu87]

Indian Government Panel Proposes Deeming Virtual Currency Dealings Illicit & Illegal

Putting conjecture on cryptos such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) to an end, a government panel has proposed formulating a new strong law that will regulate that field, according to sources familiar with the matter. The panel revealed that all those currencies must be deemed ‘illegal,’ CNBC TV18 reported on Friday, December 7, 2018.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/indian-government-panel-proposes-deeming-virtual-currency/

[Betwrong]

Indian government has been intending to ban crypto for a long time but I think they will never actually succeed in that endeavor. Fortunately there are many wise people in India over whom the government has nominal but not effective authority. I think in the future world such people will be becoming more and more powerful while the governments (not only in India) will have power only on paper and not in real life.

[Theb]

The Indian government panel appointed to recommend cryptocurrency measures has reportedly submitted its report to the country’s finance minister, suggesting a new legal framework for cryptocurrencies.

^Just when I thought this was good news. Last four days ago I have expected that the "legal framework" the Indian Government Panel is doing was favorable for cryptocurrencies not that they revealed what the framework contains but now it suggest the other way around. Now it doesn't surprised me at all as the framework was under the guidelines of their RBI. I just thought that they will be fully independent in the matter. This looks like a done deal folks, lawmakers and the RBI are partnering up to create a framework that won't be appealing to their crypto industry.

[pixie85]

They already managed to ban exchanges. What more can they do? Tell people that now it's illegal to own cryptocurrencies? What are people supposed to do if they can't trade them, but already own them? Throw something worth a lot of money away? Give to charities, because the government doesn't want them to have it?
I sure would throw it away if my government told me to

[hatshepsut93]

Well, India was waging war on cash since a few years ago, so it shouldn't be surprising that they are now banning crypto - after all, crypto has many cash-like properties. But crypto community might still benefit from it - we'll have a live experiment of how crypto can survive while being outlawed, and this knowledge might become useful in the future if more countries will do the same. I'm sure a lot of Indians will not abandon cryptocurrencies even if they'll risk getting punished for it.

[Buttermellow]

Now this is what we can call the end of cryptocurrency. A decision of the Indian country may reflect to other countries as well. And this could be like a block chain technology that others will going to follow and the end for bitcoin will come. I just wish that I can recover my loss before that happens.

[coolcoinz]

Now this is what we can call the end of cryptocurrency. A decision of the Indian country may reflect to other countries as well. And this could be like a block chain technology that others will going to follow and the end for bitcoin will come. I just wish that I can recover my loss before that happens.

What a sad and scared person you are. Why did you buy Bitcoin if you didn't believe in it? Why did you buy it if you don't even know that blockchain is one word, not two?
Why did you buy if you don't know that countries never work together for a common goal? They work against each other. If India bans Bitcoin, others will see it as an opportunity to make money, just like Canada did when it invited Chinese miners.

[Slow death]

Indian Government Panel Proposes Deeming Virtual Currency Dealings Illicit & Illegal

this was already expected, I saw last year very bad comments about bitcoin coming from the government of India, it is very clear their intention. This reflects a government that has policies to control its people, when in fact people of these government enrich themselves. The stranger in all this is that many governments where their people are very poor and oppressed are governments that are against bitcoin and their argument is that they afraid that bitcoin can be used for money laundering and terrorist financing. funny, they leave their own people in absolute poverty, but speak of morality

Now this is what we can call the end of cryptocurrency.

there are japan, united states, malta and many countries in europe and latin america that use bitcoin without having many headaches. it is enough that the richest countries of the world use and legalize bitcoin that small countries will follow the same path. Of course, countries like India, China and Russia are not going to accept bitcoin