India May Legalize Cryptos But Under ‘Strong’ Rules: Report

[Lmaooo]

The Indian government could possibly legalize cryptocurrencies, but with tough terms and conditions attached, a news report suggests.

According to a New Indian Express article published Wednesday,  an interdisciplinary committee set up by the government to investigate cryptocurrencies, is not in favor of an outright ban.

An anonymous senior official who attended the committee’s meetings told the newspaper:

    “We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on.”

The government set up the committee in April 2017 with the remit of examining the existing legal framework related to digital currencies and suggesting new measures to deal with the technology, including addressing issues around consumer protection and money laundering. Members include representatives from government departments for the economy and taxation, as well as the central bank and other agencies.

CT | https://www.coindesk.com/india-may-legalize-cryptos-but-under-strong-rules-report

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[franky1]

(firstly im not into drugs but ill use the analogy)

you cannot give a court summons to a plant
you cannot give a court summons to a piece of code

bitcoins, drugs and alcohol are not illegal. india cannot make them illegal.
its not their jurisdiction.
india can make HUMANS become criminals for doing a certain thing. but they cannot make drugs or bitcoin criminals.

so its not about making something legal/illegal. its about making HUMANS not allowed to be FOUND doing something. to then suddenly change and then making it about making HUMANS then able to be FOUND doing something in a certain way.

which is where HUMANS will find a way around the rules thus making HUMAN control laws redundant.
EG
drug dealers using kids under 12years old to do the dealing, because kids wont get arrested for petty drug "crimes"

[kelz1]

The Indian government have been saying that they will ban crypto for a long time now, too bad for indian traders who want to invest. Once their money is in they have no way of knowing if their funds are safe or will be confiscated by the government

[bellamente]

That's cool! Regulation will give clear rules in which projects can exist. We will be able to see the new flow of technology companies to India. I'm waiting for it

[avikz]

It's an outright speculation and no strong proof is behind the news of Indian Express or Coindesk. Just today I have replied to a similar thread in local section and I encourage everyone to read my reply there. The link is below as I don't want to copy paste my own post.

https://bitcointalk.org/index.php?topic=5089986.msg48908517#msg48908517

Hope it will help to clear a lot of ongoing doubts.

[pixie85]

It's an outright speculation and no strong proof is behind the news of Indian Express or Coindesk. Just today I have replied to a similar thread in local section and I encourage everyone to read my reply there. The link is below as I don't want to copy paste my own post.

https://bitcointalk.org/index.php?topic=5089986.msg48908517#msg48908517

Hope it will help to clear a lot of ongoing doubts.

Coindesk articles are usually unconfirmed and based on some tweets or leaked reports. It would be much better if crypto media focused on confirmed information and did not publish rumors. A real journalist would try to contact the authorities and would not write about it if there was nobody credible willing to put their name on the line.
We are talking about

anonymous senior official who attended the committee’s meetings

And pigs fly...

[hubballi]

As much i know still their is no progress for legalizing crypto in India and even the case is still pending in court and their is no response to hear it on coming days. So it is totally rumor and nothing

[jjjfff]

These rumours have been floating around for months now.

It's practically impossible for India to keep Bitcoin banned. What they're likely doing is just delaying mass adoption while they implement taxation over BTC.

[sudeshkumar]

Another positive for the market to wait in feb 2019 alongwith ETF approval ,if more good news pour in for the crypto market it will certainly rise .

[CryptoBry]

No matter how strict are the regulations in place, as long as there is a clear guidelines in making cryptocurrency and its players get into the legal zone, then we can conclude that this can be good news. At least, later on as time goes on and with better experience players in this industry in India can easily press for changes to the regulations. I do understand that the government is also wary of the many scams which has been riding this industry to the detriment of the investing public that is why safety nets have to be in placed otherwise trust and confidence with the industry will just plummet.

[pooya87]

Coindesk articles are usually unconfirmed and based on some tweets or leaked reports. It would be much better if crypto media focused on confirmed information and did not publish rumors. A real journalist would try to contact the authorities and would not write about it if there was nobody credible willing to put their name on the line.

every news agencies does this once in a while, the bitcoin news sites are too small not to do it! that is their bread and butter to publish vague articles based on nothing otherwise if they wanted to go through everything they hear and only publish facts then their website would have been empty and that is not good for business!

[bittraffic]

As long as it can be made legal, do it. There are more law abiding citizen than law breakers.

It's an outright speculation and no strong proof is behind the news of Indian Express or Coindesk. Just today I have replied to a similar thread in local section and I encourage everyone to read my reply there. The link is below as I don't want to copy paste my own post.

https://bitcointalk.org/index.php?topic=5089986.msg48908517#msg48908517

Hope it will help to clear a lot of ongoing doubts.

Coindesk articles are usually unconfirmed and based on some tweets or leaked reports. It would be much better if crypto media focused on confirmed information and did not publish rumors. A real journalist would try to contact the authorities and would not write about it if there was nobody credible willing to put their name on the line.
We are talking about

anonymous senior official who attended the committee’s meetings

And pigs fly...

Anyone who wants to publish an article on them can do so by paying them. It doesn't matter whether its saying the truth or not as long as the news site gets paid. Disappointing that some of the people here are actually looking up to those sites as if it contains information from certain authority in the industry.

[TheClownSong]

I think its good start for India peoples because government regulation will make crypto transaction in India will increase. If regulation issued by government, investor will more confident and people will not think crypto is scam anymore. I think its great news for India cryptocommunity

[jrrsparkles]

Don't trust the newspaper,they were just hyping some news in the sensational way to make profits but really the status of cryptos maybe different in India but RBI still banned the transactions to the exchanges which makes the deposit and withdrawals banned.Wait for the official announcement it may take too longer in my opinion.

[superstarbtc]

Indian Govt working on various probability to legalize and control the use of cryptocurrency under government radar hopefully government formed guidelines will be benefited for crypto users

[cherryganda]

This will end soon and it is a positive thing for the community. India is not that good country when it comes to econimics.
many people and experts there are looking for the positive addition of crypto to the country.
Once this become good there will be changes in many aspect of their economics.

[dmamigo]

This will end soon and it is a positive thing for the community. India is not that good country when it comes to econimics.
many people and experts there are looking for the positive addition of crypto to the country.
Once this become good there will be changes in many aspect of their economics.

India's economy is growing one, and the addition of crypto and blockchain in its financial and other systems would greatly change the scenario and would even help more to rapidly grow their country and economy. Another reason they might be considering the fact of its addition is their relationship with other countries and recent happenings in the G20 forum.

[ansarose1]

Well if this would be implemented, it is nicer then and good things comes for indian people for they can now start and join crypto business. I think even for bounty hunting they can manage to join and help the community of bitcointalk with their good and positive contributions.

[newIndia]

2019 is year of election. Nothing is going to happen till a new stable government is formed at the center. Indians know it the best.

[100bitcoin]

There is no credibility of such report...

@CNBCTV18News on Dec 7, 2018: Anonymous sources have claimed that Garg committee submitted it's report to ministry and recommended ban on Bitcoin.

@NewIndianXpress on Dec 26, 2018: Anonymous sources have claimed that Panel is hinging towards regulating crypto with Riders.