India on Bitcoin: Will the Newly Elected Indian Government Pass Crypto-Friendly

[yusupjatigumilar]

Why should crypto currencies in India be banned? while the use of crypto currencies in other countries has received permission from the government both for investment commodities or even as a means of payment. Developing technology, including in financial technology, if the government prohibits crypto currency for security reasons, it is wrong because it is actually very safe but must have sufficient knowledge for the user.

[pooya87]

so far with all the restrictions they have been putting in place for Indian to buy bitcoin, they have never slowed down buying bitcoin. this may become a factor in decision making in the future in my opinion, they know their restrictions aren't going to do them any good so maybe a total ban can never happen in India.

Why should crypto currencies in India be banned? ~

in the small number of countries that have actually banned bitcoin (like Bangladesh) it was done because of the fear that government had for losing their control and not being able to continue their corrupted ways if people were to switch to bitcoin more some day so they banned it now to prevent that from happening.

[Jating]

Why should crypto currencies in India be banned? while the use of crypto currencies in other countries has received permission from the government both for investment commodities or even as a means of payment. Developing technology, including in financial technology, if the government prohibits crypto currency for security reasons, it is wrong because it is actually very safe but must have sufficient knowledge for the user.

Just like the rest of other countries which ban it, they are threaten by this new technology. Besides India has somewhat very strict specially with the cash flow within their country. Remember they have "Indian banknote demonetisation in 2016", to curb out the use of illegal bank cash to fund terrorism.

So I think they put too much weight on the fact the crypto can be used to move funds around and help criminals illicit criminal activity.

[Sithara007]

Bitcoin won't magically lift indians out of poverty but it may give their country some new jobs in the crypto sector.  Any country that goes and tries to completely ban crypto will just lose out on economic activity and loss of tax revenue. 

As of now Bitcoin is not completely banned in India. But the authorities are making it extremely difficult to trade or convert cryptocurrency. The exchanges were forced to shut down their operations and traders had their bank accounts frozen. On top of that, the tax authorities are also harassing everyone who they think are dealing in cryptocurrency.

[leea-1334]

They probably will not. I understand now,,, the regulations and the sandbox actually allow blockchain tech and fintech etc,,, so it is not a problem of the technology, but the problem specifically with cryptocurrency. I do not blame them. This will be good even.

Think about it. Banning crypto means you cannot operate a centralized or private blockchain money. Like Ripple or BNB. But Bitcoin cannot be banned. People can use it still if they want. So, go ahead.

[Rahman11]

This government not new, they are rules india past five years also, so we can judge about them their past activities. I think it's totally depend on their perfect decision making! we can keep on eye and waiting for their decision about this type of situation.

[Lily_Olive]

Well i think it is not right.. why should banned  bitcoin in india? Their government have to do something for ttheir people.. government tackles  the problem  with full wisdom..

[Nunoluck]

Other countries which accept bitcoin don't have any problem. Even government of developed country such as USA and Japan are accept and regulate the use of bitcoin so I think it can become role model for other country like india and etc. I am sure that at the end most of country in this world will accept bitcoin

[betty11]

Well it's the same government that has been in power, what they might do is just to suspend the bill and ask for further study of the technology of concurrency and  how it possibly affect their economy. I don't see the government banning cryptocurrency, if they decided to ban it, no problem, the world will move faster, and the people of India have their government to hold responsible for hindering their progress.

[jak3]

I am from India and as much as I know people in India love Narendra Modi as a prime minister but he is not just going to make blind decisions because a lot of people want Bitcoin to be accepted in India. Narendra Modi will surely conduct a lot of analysis and he is probably going to ask RBI and other financial departments(cryptocurrency enemy) about what consequences can happen if Bitcoin is accepted in India. And as we know what they are going to say for the cryptocurrency is mostly negative and hence the chances of banning Bitcoin and other cryptocurrencies is not for higher in India.

[endlasuresh]

The elections for the seat of power in the largest democracy of the world came to an end on 23rd May 2019. The current ruling political party won the elections again as the people of the nation chose Narendra Modi as their Prime Minister for the second time.
The election in India began on April 11th, 2019, since then India has been under ‘aachar sanhita’ or code of conduct, according to which the Government can pass no new law. Nevertheless, with the election results announced, the pending work of the lawmakers would also resume. Subsequently, cryptocurrency regulations can be expected soon as well.

Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.

Source:
https://coingape.com/india-bitcoin-elected-government-pass-crypto-friendly-laws/

Its not a new Govt so you may have to face problems in future. No one know how demonetization and taxes will happen in future.

[Kakmakr]

I expect a 100% ban on all Crypto currencies, because India has not been open-minded about this technology and the previous corrupt government did not want to have anything to do with it. 

India need technologies like this, because they have some brilliant software developers and something like this has huge potential for creativity and innovation from these developers. The government will be the stumbling block for innovation in their country. 

[martina14]

Everyone mostly in INDIA are hoping for a cryptocurrency-friendly leader.
This will give them boost and more hope on the new technology. and also will help the campaign for the world change in currency and mass adoption.

[Ilhanassar]

Considering how many scammers and shady projects had their roots in India I would be happy if their government bans cryptocurrencies at all. Most part of Indian crypto community is just a bunch of rednecks (there is a word that describes Indian ones but I forgot it) whose only activity is looking for different airdrops and clicking on faucets.  Amount of their transactions is incredibly slow comparing it to the other countries, so most people don't really give a shit about what is happening there.

I partially agree with you. First I'm totally convinced that any regulations of crypto needs to clean the space from scammers and frauds to prevent people from losing their money investing in ponzi schemes. On the other hand governments should be more open to the new technologies such as crypto currency industry because it makes life easier in terms of payment methods and fees than the current dominant greedy banks

[uneng]

India is observing others countries actions toward crypto currency to make their own. They have already sent officials to Japan, Switzerland and United Kingdom to see how their regulations work and how they are dealing with Icos.
What we know is that India isn't totally crypto friendly, as their banks were forbidden from dealing with crypto exchanges before, furthermore the government is still the same (reelected), so don't expect anything too different from what was already done.

[Ferris419]

I don't think this time India will accept Bitcoin! Because the newly elected government was the previous government too! I mean no change happened in governance! Bitcoin in India is complicated nowadays, after a long discussion, BTC got banned there a few months ago! But I have still the hope that soon or later, India will open the door for the cryptocurrencies.

[Netnox]

Not a single Indian politician has spoken in favor of cryptocurrency till now. And the RBI officials have adopted a very hostile stance towards Bitcoin and closed down all the exchanges and Bitcoin ATMs. I would say that as a third world nation, India is at least a decade away from regulating Bitcoin. We can expect this to happen sometime after 2030.

[SaShiRaJaVu]

Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.

I really do not expect any positive changes in the entire market in India simply because the newly elected government is the same bunch of people who were ruling earlier, who ruined the market by a big margin because of their incapability to forecast things and their lack of vision and i do not expect anything different this time around too, i wont be even surprised if there is a blanket ban for bitcoin, they have already destroyed the exchanges and all of them have to shut their business and what more can we expect from them  .

[pragna]

Actually we the crypto lovers can hope for this new government of INDIA as they are Committed to young generation for their welfare. So if present government wants next win they must think about new era of economy that everybody expecting. If i say friendly many things can happen in next big budget economic country-INDIA. So lets see what is happening in next few year.

[Spider A4]

I think there are no big change will be happen in INDIA because same government again win in the recent election.
The all previous rules will continue because of ruling party again win. Without changing government india can't able to adopt crypto just wait another 5 years.