India declines Bitcoin Legalization Again

[DmitFomin]

I do not think that we need to worry now about the decision of the Indian government regarding cryptocurrency. Because when cryptocurrencies are used by a large number of people as a means of payment in many countries, the Indian government will understand that they are missing the opportunity and are lagging behind other countries in economic and technological development. After that, they will be forced to recognize Bitcoin as a means of payment.

[bryant.coleman]

Global Bitcoin legalization, in case it ever happens, will occur in many phases. During the first phase, libertarian states such as Switzerland are going to legalize Bitcoin. This phase has already happened. During the next phase, the developed nations, such as Japan, EU, US, Australia.etc will legalize Bitcoin. And I think we are midway through this phase. The legalization in third world nations like Indian and Pakistan will happen only during the last phase, and it is not going to happen in the next few years.

[hahahafr]

The acceptance and legalization of cryptocurrencies would not just happen in a day you know. All these negative feedbacks would come up but as time goes on and they come into the true realization of the benefits of cryptocurrencies and blockchain technology.

[Little_king]

Do we really need to care if one country accept or reject bitcoin as a means of digital currency?

I dont think we need to be dragging that so much as lot of country has accept the crypto and any country left behind will cashup with the tech in future because I believe the technology is here to stay and the worst that can happen is to accept it and regulate.

[Johnzky]

Seems like the Indian crypto community are really struggling for their freedom to manage cryptocurrency on their folios.it has been a lot of topics concerning the status of bitcoin and all altcoins in this country I feel sad for hem since there’re so many people in India that only wanted to trade and profit but denied their rights

The acceptance and legalization of cryptocurrencies would not just happen in a day you know. All these negative feedbacks would come up but as time goes on and they come into the true realization of the benefits of cryptocurrencies and blockchain technology.

lol government is what interfering here and that’s the hardest part of reality here.lets just hope that the next Indian president will have a soft heart to consider letting Indians to have free life on crypto

[putukin]

Today the news came out that India is going to ban cryptocurrency right now. Is it a finish of our discussion or will it be another unsuccessful try of regulators?

[bryant.coleman]

Today the news came out that India is going to ban cryptocurrency right now. Is it a finish of our discussion or will it be another unsuccessful try of regulators?

There is no clarity on this issue. Please wait until the bill is tabled in the parliament. Once the bill is tabled, it is going to take many months before it is signed in to law.

A few days back Dharmapuri Srinivas (a member of parliament form the Telangana Rashtra Samithi) asked Anurag Thakur (Minister of State for Finance and Corporate Affairs), the following questions in the parliament:

1. Whether [the] government has prohibited cryptocurrency in the country?
2. If so, the details thereof.
3. Whether [the] government has taken note about [the] prevalence of cryptocurrency in the country?
4. If so, the details thereof.

(Source: News.bitcoin.com)

The answers given by the hon. minister are as follows:

1. No, Sir.
2. No, Sir.
3. Taking note of the issue, the government has constituted an interministerial committee (IMC) under the chairmanship of Secretary (DA). The IMC has submitted the report to the government.
4. Same as #3.

(Source: News.bitcoin.com)

So going by this, we can assume that owning BTC is not illegal in India right now and the situation is unlikely to change for the next few months.

[pawanjain]

Well it's just a draft that is been submitted to the Indian government for approval. I don't understand why people behave like it's the official announcement from the government.
There has been several hearings in the Supreme court of India on the regulations/ banning of crypto but no such law has been officially implemented in the country.
Though it's a great FUD, people should stop acting to these and wait patiently until official announcement is made from official sources.

[ghost424]

The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.”
The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.

“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,”



From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1

Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox

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

I'm guessing for that they would have to allow exchangers returning to online business again.

This is actually a big hit for those Cryptocurrency Users living in India. At least 4/10 Cryptocurrency users live in India because there are a lot of knowledgeable users in the country. The people of India have a wonderful mind that creates unique ideas in different fields of knowledge. Crypto Users in India will be very much affected and may lay low for the time being because their assets might be confiscated forcefully if they keep showing that they own that much asset in terms of Bitcoin.

[lornadane]

Bitcoin in India is not legalized enough but it is not illegal too! From the last of 2017 to now, India did not come to a final solution for the cryptocurrency! For this behavior, some of the big Indian crypto exchange already shut down in India. A couple of months ago, I read a news that Crypto is going to be legalized in India, but again it declines! I hope Bitcoin supporter of India will get a good solution very soon and this dram will end!

[Digitalbitcoin]

India is a democratic country so there is nothing in the hand of government. Mainly because the government always get elected to offer better governance. So if the government fails to accept this global change of economical affairs that means they are incompatible to run the government. And should have to think for their performance.

And as per my knowledge in India, many of user get lost their money in BTC just because of networking investments. which is a completely wrong way of marketing of BTC in India. And due to lack of knowledge and literacy, many individuals and groups get lost their hard earned money.

[Vishnu.Reang]

Bitcoin in India is not legalized enough but it is not illegal too! From the last of 2017 to now, India did not come to a final solution for the cryptocurrency! For this behavior, some of the big Indian crypto exchange already shut down in India. A couple of months ago, I read a news that Crypto is going to be legalized in India, but again it declines! I hope Bitcoin supporter of India will get a good solution very soon and this dram will end!

They don't want Rupee to Bitcoin conversion, as it can negatively impact the national currency. However, the good news is that Subhash Chandra Garg (ex-Economic Affairs Secretary) who was probably the most rabidly anti-Bitcoin government official, was fired by the finance minister last week. It is not yet clear about who will become the replacement, but for me it is a good sign.

[K21000]

I wonder when governments will learn that you cannot "Ban" a P2P technology like bitcoin. They have been trying to ban torrents for the past decade look how that has turned out.....

[dimox]

i ever read that India government still consider to manage crypto market, because many people play and some big exchanger try to manage their market by themselves. and they wont to legalize bitcoin because they are lack of knowledge. and it same case with other country, that they still make research on bitcoin.

[bryant.coleman]

I wonder when governments will learn that you cannot "Ban" a P2P technology like bitcoin. They have been trying to ban torrents for the past decade look how that has turned out.....

It is a pain in the ass to use internet in India. They have banned all the torrent sites, porn sites and even the online casino sites. The only group that has benefited from this is the VPN providers. Millions of Indians are now using VPNs and the providers are making a killing (I just use the free "Secure Connection VPN" which comes with the Kaspersky Anti Virus whenever I visit India).

And you can't say that the government action has been without any success so far. A lot of people sold their cryptocurrency holdings fearing government action. And all of the local exchanges have closed down.

[diahsw]

The Reserve Bank of India (RBI) has published its official document on a draft framework for fintech regulatory sandbox entitled “Draft Enabling Framework for Regulatory Sandbox.”
The document explicitly excluded crypto assets like bitcoin, demonstrating a lack of intent to regulate the local crypto market.

“The entities may not be suitable for RS (regulatory sandbox) if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner,”



From: https://rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=920#S1

Full News Source: https://www.ccn.com/india-bitcoin-shuns-crypto-from-fintech-sandbox

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

I'm guessing for that they would have to allow exchangers returning to online business again.

The Indian government does not accept virtual money or coins as a legitimate payment instrument and will do everything to save the use of crypto assets in connection with illegal activities or parts of the payment system. Even though in India itself, the growth of users of virtual currencies is quite rapid. Reportedly, there are currently thousands of users of virtual currencies in the country. Worried about possible abuse

[fiulpro]

Well also regarding this you should know that the person who was responsible for the drafting of the bill ,  actually just took an early retirement.
Therefore I think maybe it was for either 2 reasons :-
1. He feels responsible for this bad draft
2. He might be trying to get away from being criticised by people.
I don't think , might be either .
But I don't think this is what a democracy is like.
They are taking away the very freedom they thought they might protect.

[bryant.coleman]

Well also regarding this you should know that the person who was responsible for the drafting of the bill ,  actually just took an early retirement.

You are talking about Subhash Chandra Garg, the former Economic Affairs Secretary. As far as I know, he was fired and not given VRS. The reason given was "poor performance". I am not sure whether his dismissal had anything to do with the cryptocurrencies. But it was known for many years that he had a very hostile relationship with RSS, the Hindu nationalist organization to which the PM and the President belongs.

No need to get very excited about this, as we don't know who will succeed him. But I just hope that the replacement will be more friendly to the idea of cryptocurrencies. Also, there is a good possibility that the draft bill will be thrown to the trash bin and a new one will be compiled within the next 1-2 years.

[kpcian]

This type of information states that India has taken again against this blockchain system what they have offered by some group of people.
I think this isn't a good initiative for the future purpose, day by day Blockchain system is being developed and organised whole around the world, not only that but also Bitcoin is taking its seat in the monetary world, already it's been recognized as one of the potential future's payment system. Since India has one of the largest population so they have taken a proper initiative regarding this issue.

[Delos]

The Indian government is not interested in the fact that a large part of their population can become wealthy.

People without money are easier to control.