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[crzy]

Many news like this before, its really sad to hear the news of every country who are planning to ban bitcoin.
Indian government are quiet strict on this one and it can be hard for the hodlers if bitcoin totally ban on India, there might be insufficient knowledge about bitcoin or they just really want to control their people. I'm lucky that I live in a place where government have no care at all and they just let people to chose where to put money, I hope India will be more knowledgeable about bitcoin so they can't ban it.

[Yamifoud]

Many news like this before, its really sad to hear the news of every country who are planning to ban bitcoin.
Indian government are quiet strict on this one and it can be hard for the hodlers if bitcoin totally ban on India, there might be insufficient knowledge about bitcoin or they just really want to control their people. I'm lucky that I live in a place where government have no care at all and they just let people to chose where to put money, I hope India will be more knowledgeable about bitcoin so they can't ban it.

There is no hope for crypto in India if their leaders never wanting it. I know a lot of Indian's members in this forum but isn't quite enough to push their government for making decision regarding of crypto acceptance. It gives a devastating effect into the life of every crypt members in India and it makes them down cause they can never used it once finally banned.

[Juggy777]

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

This is a sad news for all bitcoins users who live in India and I’m surprised by their decision to ban bitcoins, cause many of my Indian friends told me they would regulate it and not ban it. After reading those links I feel the Indian government has completely failed to understand what bitcoins is, and their reasons for banning it are invalid and should be challenged. They should look towards Japan model of regulating bitcoins, as that would create a new income source for the Indian government.

[DoublerHunter]

Many news like this before, its really sad to hear the news of every country who are planning to ban bitcoin.
Indian government are quiet strict on this one and it can be hard for the hodlers if bitcoin totally ban on India, there might be insufficient knowledge about bitcoin or they just really want to control their people. I'm lucky that I live in a place where government have no care at all and they just let people to chose where to put money, I hope India will be more knowledgeable about bitcoin so they can't ban it.

There is no hope for crypto in India if their leaders never wanting it. I know a lot of Indian's members in this forum but isn't quite enough to push their government for making decision regarding of crypto acceptance. It gives a devastating effect into the life of every crypt members in India and it makes them down cause they can never used it once finally banned.

India before was denying to used cryptocurrency aside from XRP where is it is centralized coins. Now, they think that bitcoin is a Ponzi scheme. Well, that is their loss not of us. People in India can continue to use bitcoin if the used VPN, it can easy for them to bypass the rules by their government. Nevertheless, Indian members here in forum nothing can do is just obey their rules that they implement by the lawmakers.

[jak3]

I have no words these people are not gonna let us enjoy the trend. I mean it's ok they are scared to try out a new system which is not anything like their 500years old faint currency. I mean they are maybe seeing it like the first time early men saw fire. we can't help them if they think they are doing the right thing then I have nothing to say, I am an Indian and I am ok with whatever their decision is [i am not gonna quit trading though].

[shesheboy]

Maybe they judge bitcoin ponzi scam because they have a bad experience in making transactions, for example they make mistakes when making large amounts of transactions so that the funds they have are lost and not returned

All of us do mistakes when we were new on using bitcoins but that is only a human error . if we are careful on what we do we cannot make the same mistakes again . its enough reason to ban cryptos .

or they see only from the negative side used by fraudsters to get money in the form of bitcoin.

You mean criminals used bitcoins ?  but what about fiats ?  All cryptos are also being used by criminals  . i dont think that criminals will used bitcoins at all times because its not easy to use bitcoin and bitcoin is still new  .

So they judge only from the mistakes they made themselves and the criminal actions of others without wanting to see many positive sides.

Yes  . they only see the negative side of bitcoin but they dont consider the advantages or the benefits that bitcoin could possibly bring to their people .

[ankit10]

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

You are wrong, India is not even in the top 10 or 20 of most Currupted countries in the world.
Check here
https://www.ranker.com/list/the-most-corrupt-countries-in-the-world/info-lists?page=2
https://www.transparency.org/news/feature/corruption_perceptions_index_2017 (you may find more information here)
https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
Government of India should find the way to legalized the Bitcoin rather than Banning bitcoin. And I personally think the Indian Government will not Ban Bitcoin. They are just avoiding Bitcoin now because of Election. We may find positive news regarding Bitcoin after Election.

[Duzter]

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

You are wrong, India is not even in the top 10 or 20 of most Currupted countries in the world.
Check here
https://www.ranker.com/list/the-most-corrupt-countries-in-the-world/info-lists?page=2
https://www.transparency.org/news/feature/corruption_perceptions_index_2017 (you may find more information here)
https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
Government of India should find the way to legalized the Bitcoin rather than Banning bitcoin. And I personally think the Indian Government will not Ban Bitcoin. They are just avoiding Bitcoin now because of Election. We may find positive news regarding Bitcoin after Election.

Indian government have formed teams to investigate the needs of bitcoin and blockchain technology for the future development. India is one amongst the corrupt country in the world, but they were not at all against the technology development. Another thing if the politicians were much aware and have known about the possibilities of money laundering surely India could've legalized bitcoin.

[Afnan_faizah]

I hope Indian government don't ban bitcoin. Many indian developers who create good project and help this cryptocurrency economy to be better. I am not an indian but I hope that India can be good environment for cryptocurrency. Many indian earn a lot of money from bitcoin, so actually it can help india's economy to be better and better.

[maxreish]

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

edit: Im Indian

Not only in Indian but also in some countries, too they considered cryptocurrency as a ponzi scheme. And the fact that it is not easy to change their mind and to divert their trust in bitcoin. If India will going to ban bitcoin, it could be doomed for bitcoin and surely affect the market because of decreasing of the btc supporters and patronizers.
Well, it is not final yet. So, let's just hope that Indian government will think twice and reconsider such positive scenarios.

[CryptoBry]

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.

What is so clear to someone with an open mind is that Bitcoin can be the digital gold and therefore has value on its own that can rise and fall depending on the market...precisely like gold or stocks or forex. How can this be a ponzi scheme when nobody is paid using the money that newcomers are paying? Yes, Bitcoin can be used in many pyramid schemes or programs online or offline in the same money that dollar can be utilized as the medium of exchange in any scam program (which does not make the dollar a ponzi).

[TimeBits]

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

A Ponzi scheme is an investment scam that pays existing investors out of money invested by new investors, giving the appearance of earnings and profits where there are none. Ponzi schemes are also known as pyramid schemes.

So every stock is a ponzi scheme, every coin is a ponzi scheme, fiat itself is a ponzi scheme.  

[Umkar]

The Indian government has long been unable to decide on the regulation of Bitcoin and the cryptocurrency market because of this, there are no educational programs in the country to raise public awareness of cryptocurrencies. But I think that after accepting Bitcoin in most countries of the world with a high standard of living, India will also change its attitude to Bitcoin and cryptocurrencies.

[swordling143]

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

I don't think the Indian government actually thinks that bitcoin is a Ponzi scheme. They're just saying that to discourage people from investing in decentralized Bitcoin because they can't make money out of it. The government doesn't want its people to use any other currency aside from its own.

[proTECH77]

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

You are wrong, India is not even in the top 10 or 20 of most Currupted countries in the world.
Check here
https://www.ranker.com/list/the-most-corrupt-countries-in-the-world/info-lists?page=2
https://www.transparency.org/news/feature/corruption_perceptions_index_2017 (you may find more information here)
https://en.wikipedia.org/wiki/Corruption_Perceptions_Index
Government of India should find the way to legalized the Bitcoin rather than Banning bitcoin. And I personally think the Indian Government will not Ban Bitcoin. They are just avoiding Bitcoin now because of Election. We may find positive news regarding Bitcoin after Election.

Indian government have formed teams to investigate the needs of bitcoin and blockchain technology for the future development. India is one amongst the corrupt country in the world, but they were not at all against the technology development. Another thing if the politicians were much aware and have known about the possibilities of money laundering surely India could've legalized bitcoin.

  much like my country men. Indeed, they are yet to understand that, legalizing Bitcoin can give them more was of moving funds. The reason i can purely see why Indian government thinks of Bitcoin as ponzi scheme is basically because of their forthcoming election to avoid money laundry.

[izanagi narukami]

Every government have their own judgement toward crypto.
Like my government see crypto as high risk activity and able to cause inflation so that's why my government still not legalize crypto yet.

For what I seen, crypto is not Ponzi because there is no 1 person or 1 company who own/control bitcoin but every people who trust and own crypto !

[veleten]

and where exactly can I find a document proving that they think so ?
or even a single quote bar that dubious comment by one of the spokespersons
India just like Russia is sitting on the fence regarding cryptocurrencies
it has been a couple of years already since they can't say either yes or no to legalizing it
if the government thought bitcoin was a ponzi , they would have beanned it long time ago
 

[Jating]

Every government have their own judgement toward crypto.
Like my government see crypto as high risk activity and able to cause inflation so that's why my government still not legalize crypto yet.

Right, many governments are still in the opposite spectrum of the discussions. Other nations are very friendly and would like to see crypto move in the next 5-10 years. While other nations doesn't like it at all and an imminent ban is likely to take place.

For what I seen, crypto is not Ponzi because there is no 1 person or 1 company who own/control bitcoin but every people who trust and own crypto !

It really means that Indian government failed to realised what bitcoin. Calling it ponzi scheme is not true and we all know that.

[jademaxsuy]

Again, I thought that indian government were already accepting the bitcoin since they had made a plan to lift the ban of bitcoin. I am.not just sure because I am.not living in India but to think that there was a thread to.which its content stating that India has planning to lift the ban on cryptocurrency. Anyway, whatever decision they will make hoping that it will be for the goos of cryptocurrency.

[kennen1113]

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

I don't think the Indian government actually thinks that bitcoin is a Ponzi scheme. They're just saying that to discourage people from investing in decentralized Bitcoin because they can't make money out of it. The government doesn't want its people to use any other currency aside from its own.

Bitcoin is a ponzi program, that is just a false information spread throughout India, and this information comes from some bad users, some users can't make money with bitcoin, it doesn't come from the Indian government because as you say, the Indian government only warns people not to participate in bitcoin when it has some risks and the government cannot solve these risks, they do not want their people to have unnecessary losses, do not believe in the rumors and the news has no authentic evidence, please look at the reality