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

[Ilhanassar]

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/

[CryptoBry]

We should be hoping that India or rather the government of India will have an open mind on cryptocurrency as it has one of the most vibrant, young, hi-tech and talented pool of human resource that can work well with many fintech companies to pour in once the country has a good regulatory framework for this industry. But in my estimate there are more chances that the bill banning cryptocurrency can be passed by the legislature as the same leaders will soon assume into their seats. I am personally sad about this turn of events. Now, am waiting for a movement against that bill and for passing another law regulating and allowing cryptocurrency. India is already so behind with the blockchain and cryptocurrency as many countries in Asia are all set to exploit this opportunity.

[Nalbo]

What I know is this is the same government that was for the last 5 years.
But I hope they'll be more ears to new startups and tech enterprise and lead themselves into a crypto friendly environment.
India of course is a country with high potential and the current leadership though somewhat lost, has a potential to make India one of the superpowers.
For that they need to reduce political lies and propaganda, corruption and build an open and competitive society. 

[rdbase]

This would be interesting to follow up if they can keep good on their word and put sort of regulatory measures on cryptocurrency instead of an all out ban on it as the previous government declared with the seizure and disabling of bank accounts which were found to be involved in the purchasing of cryptocurrency.

[Harlot]

If he is the prime minister during their crypto regulation problem and his power just got extended then I don't think we could expect any kind of good change anytime soon. And to point it out the RBI (their central bank) is acting out the current head of the state when it comes to their crypto regulation as there is literally no news of other government departments interfering with the matter so it only means the current PM right now doesn't have any interest in the industry whatsoever.

[Beerwizzard]

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.

[pawanjain]

Nothing is gonna change in India. It's the same government now who was for the period of last 5 years.
The crypto case for ban/regulation has been delaying the judgement for several months and I don't think we will be hearing a judgement any sooner.
Though Modi has done a lots of good for the country, I think he is a bit hesitant when it comes towards cryptocurrencies.
May be their lack of knowledge of cryptocurrencies is still keeping them back on their decision towards regulating the cryptos.

[kryptqnick]

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/

Well, if the same party won the elections, I don't see anything should change much. Perhaps only under pressure, but given the total population of India, the number of crypto users in this country is actually seriously low. I think there might also be a conflict of opinions there with the government being ready to regulate but the economy-related authorities demanding a ban. I don't think India will go as far as banning cryptocurrencies, but it might impose the kind of taxes that will strongly discourage crypto-related activities in the country.

[Slow death]

this means that the Indian people who like crypto will have 5 years going through the biggest hell with the present government. according to what I read in the international newspapers the president Modi in the speeches during the campaign he spoke of national security. this means that they will be more focused on banning bitcoin and will focus on religious issues

[Artemis3]

We should be hoping that India or rather the government of India will have an open mind on cryptocurrency as it has one of the most vibrant, young, hi-tech and talented pool of human resource that can work well with many fintech companies to pour in once the country has a good regulatory framework for this industry. But in my estimate there are more chances that the bill banning cryptocurrency can be passed by the legislature as the same leaders will soon assume into their seats. I am personally sad about this turn of events. Now, am waiting for a movement against that bill and for passing another law regulating and allowing cryptocurrency. India is already so behind with the blockchain and cryptocurrency as many countries in Asia are all set to exploit this opportunity.

It is in their best interest to embrace it, and find ways they can profit from it too. Worst thing they can do is outright ban it, not only would they be repelling wealth from entering their country, people will find unregulated ways to keep using it anyway and no way to tax it. Even a neutral stance is preferable than outright ban.

There could be also a generational difference, among the politicians who act hostile or not against this new world reality. Want more profits and wealth? Embrace it, sooner than your neighbors, and see the money flow in...

If you are going to regulate it, STUDY it deeply first. I expect no less than the very Indian law makers asking questions on this very forum as a good sign of their seriousness. In fact more countries should be doing this.

[Genemind]

Due to a huge number of laundering and scams in India, I don't think that the government would still adopt and support crypto. The mistake of users there is they use crypto in their own illegal ways which ruined the reputation of blockchain in their country. I just wish that India would still support crypto in time.

[Shenzou]

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/

The idea of accepting and regulating bitcon has been discussion before hand during the same guy's period being a prime minister, and with him being reelected what makes you think that they will rethink their decision and accept it, my personal opinion toward bitcoin regulation in India and any other country is there must be a new people in the seat of power, people with vision and with knowledge what bitcoin is capable of, in order to make progress and development and bring the future to the next era.

[Ailmand]

I'm sure that his decision is firm and nothing will change. India is one of the most influencers of crypto before so banning of crypto in this country is such a big disadvantage. However, there will still be ways for users to pursue crypto. They just have to dig deeper into the possible ways to earn.

[dothebeats]

Well for someone whose best interest resided tthat on a massive statue instead of addressing the nation's issue, I don't think any form of reconsideration regarding crypto ban will occur. Also, even if the ruling party was overthrown, for sure some of the constituents will still vie for the past administrations platforms and implement it as best as they can. Perhaps the Indian crypto community would have to wait for yet another term before having their wishes granted and trade on Indian soil without hesitations and fear.

[Ilhanassar]

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/

The idea of accepting and regulating bitcon has been discussion before hand during the same guy's period being a prime minister, and with him being reelected what makes you think that they will rethink their decision and accept it, my personal opinion toward bitcoin regulation in India and any other country is there must be a new people in the seat of power, people with vision and with knowledge what bitcoin is capable of, in order to make progress and development and bring the future to the next era.

yes exactly , this what I have been thinking about, new people in charge will be open to new technologies including cryptocurrencies.

[AjithBtc]

Already it was the ruling government in India, by that time itself they keep on going with the slogan digital growth. Till date they haven't been able to make things advanced, and particularly in the name of digital growth they have been promoting digital payments and whenever some talk comes relative to bitcoin it'll be delayed by the court authority. This is gonna happen by the following years.

[BlackFor3st]

If their decision will favor the usage of crypto currency then it will surely benefit the crypto community that are based in India.
But if they are going to ban the existence of crypto currencies or digital assets then it will surely affect the users in India.

Government is the big hindrances if we are going to tackle about crypto currencies as they are worried about the freedom that crypto gaves us. They are worried that they cannot monitor the incoming and outgoing money, they are worried that they cannot get a tax from crypto currency and etc.

[traderethereum]

Hm, that will give an impact to the Indian people are trying to work in cryptocurrency because with the banning of cryptocurrency, they will not have access to work on cryptocurrency project.
But I hope the Indian government will not apply a strict regulation or even banning cryptocurrency because cryptocurrency was helped Indian people to stay survive in difficult situations.
But I think the discussion will take a long time because I am sure that there will be people that will want to see cryptocurrency approved and the other people want to see cryptocurrency gets banning.

[bryant.coleman]

There are a few things to remember here.

The first time they considered regulating crypto-currency was sometime during 2014/15 and the RBI governor at that time was Raghuram Rajan. He was extremely hostile towards crypto-currency and wanted a complete ban on Bitcoin and the other cryptos. The economic advisors of the newly elected government also supported him in this. But somehow, a complete ban was never imposed.

Then in 2016, Bitcoin was widely used during the demonetization exercise to evade the banning of high denomination banknotes. The RBI became concerned once more. And during the insane bull rally of 2017, the RBI issued warnings against trading of cryptocurrency. In 2018, they sent tax notifications to more than 100,000 people who were suspected of trading in cryptocurrencies.

In 2019, it became clear that the local Bitcoin users are increasing in size despite the all warnings and harassment. There are rumors that a blanket ban on cryptocurrency may be introduced very soon.

IMO, the future prospects for crypto-currency in India looks very bleak. None of the major political parties are willing to support Bitcoin.

[BitBustah]

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.