India declines Bitcoin Legalization Again

[kingplaya4]

India pretty much stopped the legal importation of gold to try to prop up their currency not to long ago. It should not be a surprise to anyone who knows even a little about India that government would be against bitcoin. If India somehow legalizes it, it would be huge. Indians are often unbanked and are huge buyers of gold. A lot of that money with flow into btc. That could be a catalyst to push it to new highs like I was talking about it my other thread.

[metalglowd]

As bad as we want crypto to be legalized everywhere, I think in this case  the government is avoiding underselling itself or drafting crypto regulations which will see them shooting themselves in the foot, maybe they need more time to learn about this financial instrument/ technology.

At this rate, I am sure the government has what it is they are facing right now and the main problem is not the government, but the cooperation between the government and banks. I think these two parties are trying to trick us. Banks want to be exist and the Government got what they want from the Banks

[n0ne]

I can't say I'm surprised with such decision of government of India but I'm pretty much convinced this is not peemanent. At the moment they probably don't know how to deal with Bitcoin and other cryptocurrencies but I'm sure they are looking for some kind of solution, maybe from examples from other countries.
Anyway, to my opinion that will not stop Bitcoin users in India and nothing much will change. There is no room for panic.

But to my knowledge India stands next to China in population, and a decision made by the particular government will surely make some difference with the cryptocurrency growth. Already it has got a good number of userbase, and if it is given some legal aid automatically it'll make the growth of bitcoin tremendous. As stated it will not stop as well it is impossible to stop people from using bitcoin.

[Kakmakr]

It would be a very stupid move for a country that has one of the highest unemployment figures in the world. Crypto currencies will open the global micro payment network for their people and this will create a lot of small informal job opportunities for people without jobs. <Working from Cyber café's and earning a small basic salary on the internet>

I hope they will embrace one of the most exiting breakthroughs in the financial world and use that technology to lift more people out of poverty in their country. 

[Script3d]

It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.

[Bowly88]

It is a sad news indeed, but we cannot do anything about it. It seems that their mind is closed and they aren't open to cryptocurrencies. Well, just continue what we are doing, maybe someday they will realize the benefits and things that bitcoin can do for them. Maybe if we continue what we are doing, maybe they can adapt this technology. That they will soon think that it is inevitable to adapt this. That they will realize that it is the same in what they doing and the only difference is it is online. An example is trading. They obviously do trading physically, maybe one day they will soon realized that trading on an exchange site like Darb exchange ,it is the same on physical trading. That in physical trading, they can trade materials to other, just like trading on Darb where they can trade cryptocurrency that will allow them to earn money. Maybe someday they will see that.

[CryptoBry]

Do you think Bitcoin being legalized will still happen for Indians?

I have no doubt that eventually the government can be coming up with its long overdue regulatory sandbox for Bitcoin and the whole cryptocurrency industry. This is a matter of time especially if crypto-leaning leaders within and without the country will show their support for this movement. Though I am sad that it is taking some time for this to happen, we have to respect the government's decision on the said matter. I am encouraging cryptocurrency enthusiasts and lovers in India to continue expressing their support for Bitcoin so that the government will eventually see the need to make it legitimate.

[jakezyrus]

It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.

If their government is greedy then he is smart to reject crypto because he cannot possibly taxed crypto even if he legalized it since cryptos  are known to be decentralized kind of currency  . governments can still taxed local establishements or exchanges that are accepting cryptos  .  or they can also taxed local online exchange and local stores  that are under their ip range  .

[Gaff]

It would greatly benefit a third world country like india to legalize cryptocurrency and tax it, they are not smart enough to not take advantage of it, or perhaps they are preparing for legalizing it, who knows.

Maybe it would benefit for them, but with the declination of legalization I think there's group of leader who have bad perceptions against bitcoin that's why it seems hard to implement proper bitcoin adoption. Hopefully that preparation wouldn't take so long and behind that declined actions there's great news coming in the future. They should be more particular on a certain aspect, that taxation will always be a concern specially when trading site's operating using bitcoin transactions.

[PointHope]

Bitcoin does not need government permission.

If governemnt wants to control Bitcoin the have to shut down the Internet, turn off the electricity, and ban handheld devices and personal computers...
Lots of luck with that!

The cat is out of the bag!

Bitcoin is a warning to government and banking cartels, to end their corrupt and theft from the public.

They have been warned, now everyone with a handheld phone can be their own bank and make p2p transactions without government permission.

Government is going to have to shape up.

[incomefromcoins]

In July Supreme court hearing is there by then we may expect positive news regarding guidelines for cryptocurrencies and thereafter we may see positive developments until then Indians should keep patience nt to conclude any news

[vennali]

I doubt this is going to go beyond the draft. I haven't noticed a push towards banning crypto altogether from either of the governments. The current government is against black money and might limit crypto in some sense. As for legalization, I doubt it will happen. It has always been and will continue being a grey area with no complete legalization or it being illegal.

[pundit]

I can't say I'm surprised with such decision of government of India but I'm pretty much convinced this is not peemanent. At the moment they probably don't know how to deal with Bitcoin and other cryptocurrencies but I'm sure they are looking for some kind of solution, maybe from examples from other countries.
Anyway, to my opinion that will not stop Bitcoin users in India and nothing much will change. There is no room for panic.

I strongly agree to your point, Indian govt is perhaps not prepared yet to deal with use of Bitcoin and cryptocurrencies and its related issues thats why they are not in hurry to legalize Bitcoin. India is a big country in terms of population but only a few people are familiar with blockchain technology, yes some of people have heard about Bitcoin but for them its just an investment and that too thr some third party in which many frauds happen, even bank people are not aware of blockchain and its use and that may be reason Indian govt has not taken any decision to legalize Bitcoin.

[Bagaji]

As bad as we want crypto to be legalized everywhere, I think in this case  the government is avoiding underselling itself or drafting crypto regulations which will see them shooting themselves in the foot, maybe they need more time to learn about this financial instrument/ technology.

At this rate, I am sure the government has what it is they are facing right now and the main problem is not the government, but the cooperation between the government and banks. I think these two parties are trying to trick us. Banks want to be exist and the Government got what they want from the Banks

Agree, the government actually are getting something reasonable from the Banks and are afraid to change hands with Bitcoin. Decentralization cannot earn any corrupt government good becasue they will always want to steal and cheat others for their selfish interest. Most of these countries where Bitcoin is not be accepted is as a result of the Banks colliding with government to stop decentralization.

[dmamigo]

India's Government might be thinking that if they allow Bitcoin or other cryptos, the fraud and the money laundering will increase. Atleast the fact that they tried to legalize is good, showing that the even few of them wants it to be legalized. I hope the others who are yet to understand from all over the world that how important this technology and this system is, gets to understand it fast enough.

[psycox]

I have repeatedly read the news that India rejects Bitcoin, again. What is the influence of the Indian state on bitcoin?
honestly, I don't know in detail about this

[EMS_REP]

I don't think india will legalize crypto in 2019 but yes its very much possible but after 2027, currently they are making bit coin lovers life harder 

[7788bitcoin]

I have repeatedly read the news that India rejects Bitcoin, again. What is the influence of the Indian state on bitcoin?
honestly, I don't know in detail about this

With the huge population they have and the amount of tech savvy work force in India there must have some influence if they are taking bitcoin seriously but what are the contribution at this stage is questionable as they are not having a volatile government and their economic growth is hampered by the decision of demonetization and when that happened people have taken notice of bitcoin and it might be the reason for for delaying the legalization.
Asian countries do have a huge population and it matters if it is an educated crowd.

[Rahman11]

Not only for india also other countries from south asia like beside country of india already ban cryptocurrencies and no one can use bitcoin it's a punishable crime yet!  I think government is better understand and know over their countries economical way and government do can take any decision about their countries economical system.

[Ibizugbe1]

Maybe the Indian government is still studying about how bitcoin work and when they are done, they have no choice than to give it all full support, let's hope it's still within reach when the government finally tells the public it's safe to invest. The wise fellow don't listen to government on finance, they are responsible for many economic manipulations to keep citizens under control.