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[dvdrewritable]

Not just India or many other countries where BTC has been banned. I do not know where the government's problem is. Even in our country BTC has banned. Those who are buy or sell it they attack by the police  Digital currency futures will go much and I hope one day BTC will main currency. In my opinion, The digital currency of the country should be supported by The government will be one that all of us desire digital.

[ropyu1978]

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

most of the countries in Asia crypto and bitcoin are illegal
I think it's very reasonable in some developing or poor countries that don't legalize or adopt bitcoin as an alternative transaction like in Japan.
this is the problem for countries in Asia that are not like Japan and Korea whose economies are more stable than other Asian countries.

[Vishnu.Reang]

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

[jak3]

I am Indian too and I also face this problem which the government is going to do. Governments do not want Bitcoin or any other interference of cryptocurrency with our economical balance because these virtual currencies can cause inflation and the economy unbalanced (that's what they think ). But there is no regulation upon how much money can be printed by over the moment but there is some regulation upon when they should print. There simply not accepting Bitcoin because it is too much volatile to be a faint currency.

[Patatas]

I am Indian too and I also face this problem which the government is going to do. Governments do not want Bitcoin or any other interference of cryptocurrency with our economical balance because these virtual currencies can cause inflation and the economy unbalanced (that's what they think ). But there is no regulation upon how much money can be printed by over the moment but there is some regulation upon when they should print. There simply not accepting Bitcoin because it is too much volatile to be a faint currency.

To be honest, governments don't really care about bitcoin/blockchain as technology. They also see it as a medium where people can hide taxes by converting the fiat into bitcoins. They are certainly interested in regulating the exchanges because that just means more taxes and tracking users who try to launder money through bitcoins. India is way far behind when mainstream economics like UK/US don't have any laws against it yet.

[TheCoinGrabber]

Let them. Good that they are out of this new development, I mean, do you actually want these people leading crypto? These are people with very conservative views about almost everything, the last thing we need.

We know what bitcoins really are but still, stay safe OP.

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

[Netnox]

Tax evasion is a big issue in India, and only around 3% of the population pay income tax. So effectively this 3% of the population is subsidizing the remaining 97%. The tax rates are so high that anyone who is capable of evading taxes go for it at the first opportunity available. And reports indicate that Bitcoin is one of the tools being used by the tax evaders in India. So not very surprising that the government is adopting such a hostile stance towards Bitcoin and other cryptocurrencies.

[tegarp90]

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

We can deny that rich people like warren buffet, bill gates, and other billionaire said bitcoin is a scam.
But the scam is just only bad people are exploiting bitcoin as a scam, the origininal function of bitcoin is really good if we use it for a good things

[Noilee]

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.

I think thats the reason, maybe because of the price of the bitcoin now. For that reason, their has no enough knowledge and they not know some of benefits in bitcoin. In my idea some other countries also think about it, but coming soon we believe they can really understand and think that bitcoin is the best cryptocurrency.

[waynechong1995]

The fact that cryptucurrency is one of the tools scammers uses to confuse victims, unfortunately tokenization closely related to crypto and scammers twisted alot of words around it, like value incentives and such. Even they really banned it, still unawared people will still fall for it nonetheless. Look how Bernie Madoff had done its big scam over span of decades and even big companies were still unaware. The term ponzi scheme for crypto is so damn wrong when you could arguably compare crypto with stocks which devote more investors unnoticed

[7788bitcoin]

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 am not sure how can a government term something as a ponzi scheme simply because there was a market crash, every financial market will have a crash once in a while during their circle and how does the Indian government analyze the stock market crash of 2007, India does have a booming IT industry and i am not sure why they are not taking a progressive approach to a new technology rather than shutting it down because the lawmakers does not understand how to deal with it, seems strange and make sure you vote for a good government when it comes to the next election  .

[Vishnu.Reang]

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

[misterj]

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

These types of governments lack knowledge about technology and just makes negative assumption. Anyway, this is not the first time that I've heard that bitcoin will be banned in one country because it already happened multiple times. A Ponzi scheme is just a scheme created by a group of people in which you can apply it to any type of currency even fiat money.

[normanz]

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

[thirdlight]

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I agree.  I also think that they are simply afraid of such a powerful mechanism and technology.  This may affect the overall economy.

[veleten]

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

they received the notices and on what grounds does the government want them to pay taxes ?
if the crypto currencies are not regulated , they cannot be treated as assets or money or anything taxable , only if converted and sold to fiat
and even then the legal area is as grey as it can be
as for the cryptoexchanges , yes they can be shut down or created such an environment that it would be impossible to operate in India
but I lived in India ,I would simply ignore any Tax department notices unless there is a certain law saying you must pay taxes on your bitcoin operations (which there are none yet as far as I know)

[TheCoinGrabber]

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? 

[franciscoDC]

The government has turned a blind eye to seeing the potential of bitcoin, and for fear that traditional currencies will lose popularity, so they consider bitcoin to be a ponzi scheme.

I dont know why they do it? They treat bitcoin as a ponzi scheme without and enough research or knowledge about it,they didnt know what could be bring bitcoin for us.

[Duzter]

During 2017-18, the Indian Income Tax department sent notices to hundreds of thousands of individuals, who were suspected of dealing in crypto-currency. Here in India, the bureaucracy and red tape is so prevalent, that the recipients had to spend a good amount of money out of their pocket to hire CAs and send the reply. Almost every crypto exchange based in India was forced to shut down the operations.

Is that still the case? How many exchanges do you have left there?

All the Indian exchanges are closed. A few of the users have registered on exchanges such as Bitfinex and Bitstamp, but most of them are using P2P trading sites such as localbitcoins. But the government is cracking down on the P2P sites as well, by tracing the bank transactions. The risk is always there, in case you want to convert your coins to cash.

So basically there's no legal way for you to en-cash your bitcoins when needed? That sucks a lot. I never knew they already made it illegal, thought they were just restricting it.

I'm assuming the only safe way is to meet up and exchange cash in small amounts in person. Oh wait, don't you also have limits on how much cash you can have at home? 

To my knowledge the restrictions were made in such a way that bitcoin cannot be used for products or in exchange for services. This way it hasn't limited the exchange for fiat. Long back itself the government have come up with a team to research whether bitcoin needs to be regulated or need to be banned. It might have warned people don't fall to ponzi in the name of bitcoin.

[Alpinat]

There are some things on the world that the indian government doesn't really understand including how bitcoin and cryptocurrency works. There are a lot of reason why they are not trusting bitcoin but for sure they will regret again if they did not choose the correct path.