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[samcrypto]

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

I don’t think so as long as you have the access with it you can use it in other country and if there’s no way to cash-out the money then you should not cash in at the first place. It maybe useless in your country but its more useful in other places, so don’t lose hope easily and wait for the good news to happen again.

[Beerwizzard]

Many people consider India as a shithole country. Maybe shithole countries have shitty governments? There is nothing surprising that politicians, that are not able to evaluate the risks of cryptocurrencies blindly deciding to ban it.
By the way, many ponzi scams, fake ICOs and just shady services were related to some countries like India, Pakistan and Bangladesh. Maybe this ban is a blessing for crypto community.

[kryptqnick]

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.

At the same time, the quote is about cryptocurrencies leading to ponzi scams, and in a way this is true. If India is so worried about scam, they should simply ban or impose strict regulations on ICOs and other initial offerings. This is the most risky thing on the crypto market, and it deserves restrictions. The call to ban cryptos altogether is a wrong call. Bit because it's not cryptos' fault, but because this way India risks causing a development of underground economics and experience an outflow of smart people and businesses. Fortunately, it is just a project law at this point, so it doesn't mean much.

[marlboroza]

Probably people start investing in cryptocurrencies instead of banks and banks don't like when "their" money goes elsewhere. This only proves that Earth is shitty place run and controlled by banks.

Last time I checked, it wasn't actually possible to ban numbers, so I wish them the best of luck in trying.

They can forbid stores to accept bitcoin but other than this they can't really do anything. People will always find a way, exchange hand-to-hand, buy from stores which are in other countries - maybe India need to build big wall around country and ban all services which are outside country 
On side note, how is this going https://cointelegraph.com/news/india-media-reports-central-bank-has-postponed-crypto-rupee-plans

[tmfp]

Your thread title is misleading

Indian Govt thinks Bitcoin is a ponzi scheme

Neither of the links you provide has any evidence of that. The only reference to Ponzi that I saw from a quick scan was

A ministry spokesperson told the media that cryptocurrencies were being issued and sold as tremendous investment opportunities which more often than not involved frauds and Ponzi schemes to “defraud gullible investors.”

Which is true.

[oriontab]

There will always be those who are dead wrong about bitcoin and for sentiments chose to see the amazing gift bitcoin offers to the world of money- a money system that is both technologically advanced and economically sound (if Governments are sincere). The real ponzis are government pension schemes, central banking system, insurance schemes... and not bitcoin.

[coolcoinz]

Your thread title is misleading

Indian Govt thinks Bitcoin is a ponzi scheme

Neither of the links you provide has any evidence of that. The only reference to Ponzi that I saw from a quick scan was

A ministry spokesperson told the media that cryptocurrencies were being issued and sold as tremendous investment opportunities which more often than not involved frauds and Ponzi schemes to “defraud gullible investors.”

Which is true.

Exactly! I hate how people are mixing altcoins and Bitcoin together under the term cryptocurrency.
You get a statement from someone saying there are ICO frauds and they want to ban them, the title must say "bitcoin is going to be banned".
This comes from lack of education on cryptocurrencies. Most people don't even know the difference between bitcoins, altcoins and shitcoin ICOs, not to mention that a ponzi scheme needs to have a leader, or a group of leaders. I dare the Indian government to point them out. 

[BitBustah]

Its definitely not a ponzi because no one is taking money from new members to pay old ones.  You could say that most people buy hoping that someone else will pay a higher price.  There is no doubting that bitcoin has risen more from speculation rather than pure adoption.  It would be near impossible for them to enforce a bitcoin ban, its like trying to ban music piracy.

[felicita]

i guess india is one of the corruptest country's world wide.
I visited this country once .... and sure the government dont want bitcoin at all


regards

[thesmallgod]

Most people that think bitcoin is a ponzi scheme do not even understand the basic concept on how bitcoin works. This is very sad especially for large country like India with great prospect for bitcoin and other crypto. We all hope the government doesn't consider banning the bitcoin and probably support the use of the digital currency

[Reid]

It happens.

India is one of the countries in the world with a lot of traditional belief. (mostly it is in Asia)
With that, lawmakers of this countries are still old and dont want to swallow new things and would rather stay with their tradition. (fiat currencies)
One more thing is they have been used to it and also might give a hard time adopting.

There is a large need for a younger guy in this law firms and inside the government. Someone who did read what crypto currency really is and not just being dragged by all the drama because it is the currency used for a scam.

[peter0425]

Most people that think bitcoin is a ponzi scheme do not even understand the basic concept on how bitcoin works. This is very sad especially for large country like India with great prospect for bitcoin and other crypto. We all hope the government doesn't consider banning the bitcoin and probably support the use of the digital currency

And that could be the case for most Indian law makers I presumed, I remember in 2017 wherein it was a hot topic on their parliamentary wherein they hire someone to investigate and look at crypto. However, it seems that the people they hire didn't really understand what bitcoin is all about in the first place that's why there are having this sort of hard line stance against it. And they are very old and traditional, they wanted to stick to their fiat as well.

[stfN2128]

Quite funny, do they already making plans to ban stocks and commodities? It's almost the same, the whole market is based on a ponzi scheme. 
Sometimes it's really interesting how govs try to argument 

[senin]

As I understand it, the decision to ban the circulation of cryptocurrency in India has not yet been made. Then it simply should be recognized as unverified rumors. While there is nothing to discuss, because nothing has happened yet. The Supreme Court of this state is still considering the issue of the legality of restrictions on cryptocurrency, which introduced the Reserve Bank of India. During the consideration of this issue, the court ordered the government to provide its vision on the regulation of cryptocurrency. Perhaps it was in connection with this that there was talk about the prohibition of cryptocurrency.

[avikz]

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


edit: Im Indian

It's not something new! Indian policy makers are just too outdated to understand a technology behind bitcoin and it's real life usage! That's the reason why India is still counted as a third world country. However, a court case is still ongoing in Indian Supreme court but the hearing date is continuously getting extended since last few months. I don't think anything good will come out of that but it's just a ray of hope for us! Otherwise bitcoin will be straight away banned by the Reserve Bank of India! 

[Ibizugbe1]

I think the financial authorities and the politicians are misleading the Indian government. Let they themselves have a fair independent researchers that won't be bias take a study on the bitcoin and independently submit their report to the government for a better understanding. 

[pixie85]

Indian government should read and understand a definition of a ponzi scheme.
It should rather be called a pyramid scheme because ponzi is only used in the US. The rest of the world doesn't use the example of Charles Ponzi and have their own name for it like MLM scheme or pyramid scheme.  Bitcoin is far from it.

[kotajikikox]

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


edit: Im Indian

Sorry for bitcoin ethusiasm in indian country this is another lonely news, some people didn't know the important of new digital money thet accuse a fonzi schem because their volality.

I think the government official of india isn't understand well of bitcoin how its run as new form of money give opportunity for those people jobless.

[magneto]

Does it really come as a surprise to anyone though? Not really.

The Indian government has esentially been trying to ban bitcoin for the last 1-2 years without stop. Even though there were calls to review the regulations around bitcoin they were all postponed or dropped to the best of my knowledge.

What they think bitcoin is is quite irrelevant, because it's clear what their intentions are with bitcoin policy at the moment, and obviously they are going to go with something that is negative. Ponzi scheme has been one of the most widespread accusations that bitcoin has faced, and it has been debunked time and time again. It's just a way for them to justify their actions, I'd say.

[Marine8]

Sometimes the hatred for something makes you turn a deaf ear to the good aspect of the whole thing. It looks like people are just refusing to embrace technology that will make life more easier for them. instead, they feel okay to stay with what they have at the moment. Some old lawmakers just refusing to advance in terms of technology and decide to conclude that anything about bitcoin is a scam.