Will India accept cryptocurrency in 2019?

[Shagufta3]

Hi all, as we are seeing cryptocurrency is growing fast in developed countries but governments of developing countries are being hesitated in accepting it... :I there may be too many reasons behind it like
* Growth of this currency will hit the profits of the banking sector directly.
* it needs more technical knowledge to use cryptocurrency and people can lose their money easily.
* it will take a lot of time to make norms.
* it will take a lot of time and efforts to set up a proper system for tracing transactions.
* if country launches own national cryptocurrency then money laundering will be more difficult for corrupted leaders, officials and citizens as it can be traced by "chainalysis" kind of services which are available for governments too.
But after all the excuses it is hoped that within one decade governments of developing countries have to accept cryptocurrencies to escalate financial growth. Right now the government of India is not showing any positive interest in legalising cryptocurrency but if government is changed in 2019 (as signs are visible), will the next government legalise it? Share your opinions...  

[avikz]

A government needs to run by progressive minded people to be able to fathom the reach and impact of cryptocurrency. Unfortunately India is lacking in this vital aspect no matter who runs the government. Also the monetary policy of India is managed by the Reserve Bank with close conjugation of Finance Ministry. I don't see much hope there either not because of the education but because of the orthodox mentality.

So to conclude, I don't see much hope for cryptos in India in 2019 or even in the years to come. It will remain as marijuana of the Financial world in India. Banned but available everywhere!

[Shagufta3]

A government needs to run by progressive minded people to be able to fathom the reach and impact of cryptocurrency. Unfortunately India is lacking in this vital aspect no matter who runs the government. Also the monetary policy of India is managed by the Reserve Bank with close conjugation of Finance Ministry. I don't see much hope there either not because of the education but because of the orthodox mentality.

So to conclude, I don't see much hope for cryptos in India in 2019 or even in the years to come. It will remain as marijuana of the Financial world in India. Banned but available everywhere!

Hmmm, u r right, that's the main drawback of democracy in less educated country cz crowd will select the representative who r like them, among them...
But I see a little hope cz other parties r much educated than the present one. But still hope is literally tiny.

[Shagufta3]

A government needs to run by progressive minded people to be able to fathom the reach and impact of cryptocurrency. Unfortunately India is lacking in this vital aspect no matter who runs the government. Also the monetary policy of India is managed by the Reserve Bank with close conjugation of Finance Ministry. I don't see much hope there either not because of the education but because of the orthodox mentality.

So to conclude, I don't see much hope for cryptos in India in 2019 or even in the years to come. It will remain as marijuana of the Financial world in India. Banned but available everywhere!

Hmmm, u r right, that's the main drawback of democracy in less educated country cz crowd will select the representative who r like them, among them...
But I see a little hope cz other parties r much educated than the present one. But still hope is literally tiny.

And not only education but the quality of education also plays a crucial role in the development of any country. We have an education that prepares closed minded people and restricts free thinking.

[avikz]

A government needs to run by progressive minded people to be able to fathom the reach and impact of cryptocurrency. Unfortunately India is lacking in this vital aspect no matter who runs the government. Also the monetary policy of India is managed by the Reserve Bank with close conjugation of Finance Ministry. I don't see much hope there either not because of the education but because of the orthodox mentality.

So to conclude, I don't see much hope for cryptos in India in 2019 or even in the years to come. It will remain as marijuana of the Financial world in India. Banned but available everywhere!

Hmmm, u r right, that's the main drawback of democracy in less educated country cz crowd will select the representative who r like them, among them...
But I see a little hope cz other parties r much educated than the present one. But still hope is literally tiny.

That's because the thinking capability is clouded by populist politics in India and education plays a very crucial role in it. Good educated brings in the capability of thinking and judgement while bad and religious education system creates scholars and gold medalists! The process of destroying free thinking starts from very beginning and runs until 22-25 years of age. 

I worked very closely with government for 2 years during my tenure with one of the "Big 4" consulting companies and I have seen how a progressive mind is blocked by the political pressures and by the uneducated "Bahubali" politicians using the bureaucrats. The entire bureaucratic structure needs to be changed if we really want to see "PROGRESS". I don't know if you have read this article or not, but I encourage you to read,

https://indianexpress.com/article/india/bureaucracy-biggest-obstacle-to-nations-development-pranab-mukherjee-5451834/

Thankfully someone within the government understand the fact!

 

[TusharMali99]

RBI & the government won't accept Cryptocurrency in 2019. But the increasing adoption of Blockchain technology by Indian states like telangana, west bengal, manipur can be a ray of hope for the future of Cryptocurrency in India.

[avikz]

RBI & the government won't accept Cryptocurrency in 2019. But the increasing adoption of Blockchain technology by Indian states like telangana, west bengal, manipur can be a ray of hope for the future of Cryptocurrency in India.

No mate! Blockchain adoption and cryptocurrency adoption are two different scopes and one doesn't have any interference with the other. So even if we see increased adoption rate of blockchain technology in various government run departments, cryptocurrency will have no hope.

In India, money is power! The politicians of India simply doesn't want this power to shift to the hand of common people. The more money a person has, the less dependency they have on the government. Indian government simply don't want this to happen. Adoption of blockchain simply doesn't have any relation with cryptocurrency scene in India!

[TusharMali99]

RBI & the government won't accept Cryptocurrency in 2019. But the increasing adoption of Blockchain technology by Indian states like telangana, west bengal, manipur can be a ray of hope for the future of Cryptocurrency in India.

Manipur? I am from Manipur and it's nice to hear but think I've missed the news or sources. Please share any news/ source links.

Manipur Signs MoU With Lynked.World To explore Blockchain Developments in general administration, medical record-keeping, education system, and digital identity cards.

Here is the link
https://www.btcwires.com/c-buzz/indian-state-of-manipur-signs-mou-with-lynked-world-to-foster-blockchain-developments/

[Shagufta3]

A government needs to run by progressive minded people to be able to fathom the reach and impact of cryptocurrency. Unfortunately India is lacking in this vital aspect no matter who runs the government. Also the monetary policy of India is managed by the Reserve Bank with close conjugation of Finance Ministry. I don't see much hope there either not because of the education but because of the orthodox mentality.

So to conclude, I don't see much hope for cryptos in India in 2019 or even in the years to come. It will remain as marijuana of the Financial world in India. Banned but available everywhere!

Hmmm, u r right, that's the main drawback of democracy in less educated country cz crowd will select the representative who r like them, among them...
But I see a little hope cz other parties r much educated than the present one. But still hope is literally tiny.

That's because the thinking capability is clouded by populist politics in India and education plays a very crucial role in it. Good educated brings in the capability of thinking and judgement while bad and religious education system creates scholars and gold medalists! The process of destroying free thinking starts from very beginning and runs until 22-25 years of age. 

I worked very closely with government for 2 years during my tenure with one of the "Big 4" consulting companies and I have seen how a progressive mind is blocked by the political pressures and by the uneducated "Bahubali" politicians using the bureaucrats. The entire bureaucratic structure needs to be changed if we really want to see "PROGRESS". I don't know if you have read this article or not, but I encourage you to read,

https://indianexpress.com/article/india/bureaucracy-biggest-obstacle-to-nations-development-pranab-mukherjee-5451834/

Thankfully someone within the government understand the fact!

 

This is y I denied for IAS preparation (whether I don't wanna die in books for more than a year, is another reason) cz I would hate to deal with illiterate politicians n being corrupted, Right now doing PhD.
Btw thanks for article suggestion, I would surely read it.

[Bvvvp009]

Will accept for sure,but it takes time,only few know about the Bitcoin some hardly know about crypto currency.we need crypto payment networks to get massadoption.

[djbabu]

Cryptocurrency will not be accepted by Governments specifically India , You can see how blackberry is forced to have server to be installed in india.

If they cant control they will definitely not allow its simple logic ,  y people dont understand it ?

Do they allow Durgs, prostitution, Porn movies  no, huge earning potential all these fields .

Only blockchain will be allowed cryptocurrency will not be allowed,

Mr. Modi want to hit hard to black money and cryptocurrency is providing the way out even a donkey will understand it this.

IRCTC Scam Mastermind is getting money via bitcoin.

Blockchain Allowed
Cryptocurrency Not allowed
 

Like opium not allowed
But durg made from it to save life is allowed and supported farming too

[Shagufta3]

Well only a donkey can compare cryptocurrency with drugs, porn n prostitution... Means literally how silly comparison!
If u read post properly u'll find there r already software exist that can trace all transactions ex.: chainalysis! Which is being used in many countries, yes educated people r needed to use technology properly n develop a country n to avoid jangal raaj as well.
N if u believe he is hitting corruption, would u please like to inform me how many n which corruption cases have been ended by the government.
"Vyapam ghotala" (which have taken more than 60 lives of honest reporters n officers)
2Spectrum (now 5g spectrum)
Demonetisation
Lalit modi
Vijay malya
Etc etc etc n so on
Give at least one well known case where he hit on corruption.

Cryptocurrency will not be accepted by Governments specifically India , You can see how blackberry is forced to have server to be installed in india.

If they cant control they will definitely not allow its simple logic ,  y people dont understand it ?

Do they allow Durgs, prostitution, Porn movies  no, huge earning potential all these fields .

Only blockchain will be allowed cryptocurrency will not be allowed,

Mr. Modi want to hit hard to black money and cryptocurrency is providing the way out even a donkey will understand it this.

IRCTC Scam Mastermind is getting money via bitcoin.

Blockchain Allowed
Cryptocurrency Not allowed
 

Like opium not allowed
But durg made from it to save life is allowed and supported farming too

[Shagufta3]

Backwards always accept new technology at the end.

Well only a donkey can compare cryptocurrency with drugs, porn n prostitution... Means literally how silly comparison!
If u read post properly u'll find there r already software exist that can trace all transactions ex.: chainalysis! Which is being used in many countries, yes educated people r needed to use technology properly n develop a country n to avoid jangal raaj as well.
N if u believe he is hitting corruption, would u please like to inform me how many n which corruption cases have been ended by the government.
"Vyapam ghotala" (which have taken more than 60 lives of honest reporters n officers)
2Spectrum (now 5g spectrum)
Demonetisation
Lalit modi
Vijay malya
Etc etc etc n so on
Give at least one well known case where he hit on corruption.

Cryptocurrency will not be accepted by Governments specifically India , You can see how blackberry is forced to have server to be installed in india.

If they cant control they will definitely not allow its simple logic ,  y people dont understand it ?

Do they allow Durgs, prostitution, Porn movies  no, huge earning potential all these fields .

Only blockchain will be allowed cryptocurrency will not be allowed,

Mr. Modi want to hit hard to black money and cryptocurrency is providing the way out even a donkey will understand it this.

IRCTC Scam Mastermind is getting money via bitcoin.

Blockchain Allowed
Cryptocurrency Not allowed
 

Like opium not allowed
But durg made from it to save life is allowed and supported farming too

[Shagufta3]

Will accept for sure,but it takes time,only few know about the Bitcoin some hardly know about crypto currency.we need crypto payment networks to get massadoption.

You r right. It can get mass adoption if only government promote it and add it in syllabus of competitions as general knowledge (as school subject as well). Otherwise it will b popular very slowly.

[bitcoinisbest]

I find it difficult if India would be accepting it as in past we know what government has issued warning and cautionary note indicating they are not in favor. Now due to election if they accept it would be different story or if new government comes and they implement it would be possible.

[Centareum]

It is indeed possible, but the current government doesn't seem to consider it.Have to see how New Governments will make a move regarding cryptocurrencies in the near Future.