Government panel recommends complete ban on bitcoin and other virtual currencies

[CoinFellow]

My thoughts - This is a not a good news for Crypto investors in India. Rule of the game should be to regulate in a right manner instead of completely banning it. You cannot go against free market economics in this world & age. Just pushing the country back by bureaucracy who doesn't understand the potential and underlying technology.

https://www.cnbctv18.com/market/currency/government-panel-submits-report-on-virtual-currencies-suggest-a-complete-ban-1616021.htm

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Ending the speculation on virtual currencies such as cryptocurrencies and bitcoins, a government panel has suggested that the government should consider framing a new law for regulating that space, said sources familiar with the matter.

“The panel has categorically said that all such currencies should be treated as ‘illegal," one of the sources told CNBC-TV18, requesting anonymity.

The panel has suggested that a new legal framework within the Reserve Bank of India (RBI) guidelines should be brought in to ban cryptocurrencies and the law should clearly specify that any kind of dealing in such currencies should be treated as illegal, said the sources.

In November, the government had appointed a panel to draft the norms for virtual currencies. The panel was headed by Subhash Chandra Garg, secretary, department of economic affairs (DEA) and has submitted its report to finance minister Arun Jaitley.

The panel has also said, “The law should enlist punitive measures that the government and its investigative agencies can take in case it finds anyone or any entity trading or dealing/ holding it.”

In November, the government had appointed a panel to draft the norms for virtual currencies. The panel was headed by Subhash Chandra Garg, secretary, department of economic affairs (DEA) and has submitted its report to finance minister Arun Jaitley.

On whether India would venture in having such a currency, the panel has suggested that “a new sovereign backed virtual or cryptocurrency may be proposed considering global circumstances; probably at a later stage.”

In February 2018, finance minister Arun Jaitley in his Budget speech had said that the government does not consider cryptocurrencies as legal tender, giving a clear message on the warnings issued by RBI and the finance ministry. He also said that the government will take measures to eliminate the use of such currencies in financing illegitimate activities or as part of the payment system.

The income tax department also suggested the panel that the government should ban cryptocurrencies. This was followed by a word of caution coming in from the Supreme court-appointed special investigation team (SIT) on black money saying that the centre should not legalise cryptocurrencies.

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[avikz]

I don't know why a big name like CNBC aired this half truth news!! It is indeed true that panel led by Subhash Chandra Garg had submitted the report on cryptos to the finance ministry just few days back. But no sources have yet confirmed the content of the report.

Whatever you see or listen, are pure speculation. Nothing has come to light yet. It is just a general assumption that they suggested a crypto ban. CNBC is spreading FUD and nothing else!

[amishmanish]

I don't know why a big name like CNBC aired this half truth news!!

The classic " One of the sources told CNBC-TV18, requesting anonymity" (of course). Now this will be taken as a source by another outlet and we'll have another "Reliance launching Jiocoin" round.

Sarcasm apart, if there is any grain of truth in these, and if indeed there is a blanket ban with the implementation of punitive measures for those dealing in cryptocurrencies, I am opening a new whatsapp group to tell people to never vote for Jaitley and his clan...LOL..
Let us hope this is just another rumor and we won't see such extreme measures for real.

[avikz]

I don't know why a big name like CNBC aired this half truth news!!

The classic " One of the sources told CNBC-TV18, requesting anonymity" (of course). Now this will be taken as a source by another outlet and we'll have another "Reliance launching Jiocoin" round.

Sarcasm apart, if there is any grain of truth in these, and if indeed there is a blanket ban with the implementation of punitive measures for those dealing in cryptocurrencies, I am opening a new whatsapp group to tell people to never vote for Jaitley and his clan...LOL..
Let us hope this is just another rumor and we won't see such extreme measures for real.

We anyways need to avoid Jaitley and his clan for the betterment of our country! The funny part is that, everytime I write something negative about BJP here in bitcointalk, some bhakts report my post and the moderator deletes the post.

However, I believe Blanket Ban is not a solution. If the implement punitive measures, it will again create a lot of chaos among the educated mass of our country. BUt since the votebank depends on the villages and not on urban areas, I doubt anyone would listen to us! A blanket ban will just be another step forward to the stone age that the current government is planning!

As on today, no confirmed news about the report has come out. I guess we will have to wait till the budget day to understand what has happened!

[bitcoinisbest]

I believe this was expected and nothing new as govt clearly from start was never supportive and always had warned the investors to stay away from it. So if people would have got the hints government had given in this last couple of years it would have made the things clear.

[Shagufta3]

What if 2019 changes the government? Will congress support crypto currency? Or we will face situations like Pakistan or china's investors are facing.....

[CoinFellow]

I don't know why a big name like CNBC aired this half truth news!!

The classic " One of the sources told CNBC-TV18, requesting anonymity" (of course). Now this will be taken as a source by another outlet and we'll have another "Reliance launching Jiocoin" round.

Sarcasm apart, if there is any grain of truth in these, and if indeed there is a blanket ban with the implementation of punitive measures for those dealing in cryptocurrencies, I am opening a new whatsapp group to tell people to never vote for Jaitley and his clan...LOL..
Let us hope this is just another rumor and we won't see such extreme measures for real.

We anyways need to avoid Jaitley and his clan for the betterment of our country! The funny part is that, everytime I write something negative about BJP here in bitcointalk, some bhakts report my post and the moderator deletes the post.

However, I believe Blanket Ban is not a solution. If the implement punitive measures, it will again create a lot of chaos among the educated mass of our country. BUt since the votebank depends on the villages and not on urban areas, I doubt anyone would listen to us! A blanket ban will just be another step forward to the stone age that the current government is planning!

As on today, no confirmed news about the report has come out. I guess we will have to wait till the budget day to understand what has happened!

I do not understand why are we getting into discussion of BJP/Jaitely/Bhakts here. The mute point is that is this news true or not?

I myself doubt it since, I didn't come across this anywhere else than CNBC. Else the entire media would have picked it up and went to town.

But with 2019 elections approaching, things like Bitcoin/cryptos would be far from any governments mind. They will have much more important things to focus on.