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[SwayStar123]

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[mk4]

Let me guess, these Indian lawmakers are probably too old to even understand how a smartphone works? Seriously. Some governments need people who actually know what they're talking about especially in the technology aspect.

From the article:

The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities.

They pretty much just went the easy route and simply ban crypto overall. Heavily unfortunate.

[AB de Royse777]

These ignorant law makers are not gonna bring anything good for their country. How do they get the vote/job? LOL

[okala]

Most countries of the world are now moving towards crypto regulations and that to me is a welcome development since cryptocurrencies will not be outrightly ban which is almost impossible. The Indian government is already on this bill since 2018 and uptil now nothing have been done in regard to that. The most aspect the government is interested in is in the area of security of investors found and tax.

[hugeblack]

 - Stop trusting news from unknown sites.
 - Stop worrying about what is coming from such sites especially India and cryptocurrencies.

Even if India ban BTC, it does not mean anything "you can cash-out it using any other payment system or outside of India."

Since China banned Bitcoin trading, such news has become used to spread FUD.

[DooMAD]

and there are plans to ban it in india

Then they're idiots who don't understand what cryptography is.  It's simply a branch of mathematics.  Last time I checked, it wasn't actually possible to ban numbers, so I wish them the best of luck in trying.

[Oyarebu]

These ignorant law makers are not gonna bring anything good for their country. How do they get the vote/job? LOL

Indeed the lawmakers aren't conversant with the latest technology and ignoramusly want to ban Bitcoin, which is not possible in my opinion because Bitcoin is a technology. The volatility of market might warrant them(Lawmakers) to have taken such move. Frankly speaking, Indian's will not find this easy if Bitcoin is finally Ban in their country.  Here's a thread that all Bitcoiners should read to keep calm even though the world government intend to close down or Ban bitcoin https://bitcointalk.org/index.php?topic=5135646.0

[rijaljun]

I think India govt just didn't understand the vision of Bitcoin and its blockchain yet. Well, it's a normal thought for everyone who are already comfortable with the current bank system and the govt just want to prevent their citizens frombeing scammed. I do believe later in the future, the whole world will accept Bitcoin as the new technology for future life.

[Rufsilf]

Its quite sad, I have been using bitcoin for 3 years now but because of the crash, bitcoin has been labeled a ponzi scheme and there are plans to ban it in india

https://coingape.com/indian-lawmakers-call-ban-bitcoin-cryptocurrency/

India has no influence on bitcoin. And markets are pyramid schemes, new money pays old money.

They are absolutely no concrete basis for their allegations and they are know nothing about crypto. Nothing important for them but to keep their people still at the poverty. We aren't have this as discrimination but of what their government actions will simply putting themselves into no room for improvements.

[BrewMaster]

i wouldn't really take this seriously since it is a clickbait website and it is calling it "Indian lawmakers" to be as vague as possible. probably some dude that doesn't even have any government ties made some statement and these sites are reporting it as an official statement.

in any case things in India has been strange as it is. half the time they are negative about bitcoin while the other half they seem undecided and sometimes even positive. and all the while the people are still buying bitcoin.

[TalkStar]

If this happens on India then their lawmakers are going to take the worst decision ever. There is a big community in that country and they are eagerly waiting for a legal announcement about the use of bitcoin from their government. I don't know how much trusted this news source is but hope to see best development of bitcoin in India.

[YuginKadoya]

It is not really new that most countries are thinking that way, Well if it is unknown for them they will treat it as a scam, A Ponzi scheme, Fraud, and a deception, Well this seems normal for people that don't have any knowledge with cryptocurrency Well I really think that many countries are thinking the same but there are a few that treated bitcoin as a convenience for them a future money and has a potential with the future for countries that have poverty to surely  end extreme poverty.

[xvids]

It is not really new that most countries are thinking that way, Well if it is unknown for them they will treat it as a scam, A Ponzi scheme, Fraud, and a deception, Well this seems normal for people that don't have any knowledge with cryptocurrency Well I really think that many countries are thinking the same but there are a few that treated bitcoin as a convenience for them a future money and has a potential with the future for countries that have poverty to surely  end extreme poverty.

It is true most of the people who doesn't know a thing about crypto thinks that it is a scam.
This has been around since I started earning in crypto most of the people around me thinks the same thing.

[alcoholboy]

Not only is the government of India, but the government of many more countries thinks Bitcoin as a Ponzi scheme. But I still do not understand the reason. I think Bitcoin is very good cryptocurrency. But sadly, Bitcoin is not acceptable in many countries. But Bitcoin is the best among all cryptocurrency. Bitcoin should be taken positively in all countries.

Thank you

[ramesh770]

- Stop trusting news from unknown sites.
 - Stop worrying about what is coming from such sites especially India and cryptocurrencies.

Even if India ban BTC, it does not mean anything "you can cash-out it using any other payment system or outside of India."

Since China banned Bitcoin trading, such news has become used to spread FUD.

Im from india so im worried and there are multiple credible news sources saying the same thing

https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing

Ya it is very true that Indian Government have issued notice that as soon as the new government is formed the first thing they are going to do is ban the crypto currency immediately and then they will think of regulating or not.

[Jating]

I'm not surprised at all, they seems to be following China's sudden U-turn. However, bitcoin can't be stopped, people will still continue to trade underground OTC so I guess Indian's government hands are full if they wanted to chase those traders.

But just imagine if bitcoin takes out in the next 5-10 years, what will happen to those countries who opposed it? Are they going to be left out in the closet?

[pakhitheboss]

More than half of the population does not understand Blockchain technology, How will they understand Cryptocurrency?. They think Bitcoin is a PONZI schemes because of the Media and MLM scammers. That is the truth. Government of India will loose a lot if they Ban Cryptocurrency, that is for sure. But, who cares there are other Big problem than few Crypto traders/investor. This is very Sad.

P.S - How will they even implement this Ban, when you cannot Ban the Internet  

[mayax]

once you cannot cash out any e-currency, it becomes useless.

[The Cryptovator]

If someone mark bitcoin as a ponzi scheme then he don't have proper knowledge about it. Bitcoin doesn't promise any return. So how it would consider as a ponzi scheme? If India decide to ban bitcoin then it would draw negative impacts. People's will use it illegally, so government would lose taxes. Bitcoin like a thing that you can store without any third party. For example if you buy gold $50 per grams and store it. Then after few days gold price raise up to $100 per grams and you want to sell it then will it consider ponzi scheme? I don't think so. So though of Indian government is wrong in my opinion.

[pawanjain]

Okay, let me tell you something. I am from India myself. TBH I am kinda pissed off from the government too but it has become a usual thing now.
The whole point of the argument made in the article is to create a pressure on the Indian government to make a statement on the crypto lawsuits.
The Supreme court of India has been pushing the deadlines since 2018 and it's really been a long time now. They do have to make a statement.
The ultimate goal is to regulate crypto in India. I don't know why they have said to directly ban crypto, may be some strategy to pressurize the government.

Finally, even if crypto is banned here, there are P2P exchanges that would still function the same way. Further more, there are other options to cash out as well.
So the trading will not stop in India but it might become a little more difficult.