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

[Netnox]

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.

The opposition in India is even more hostile to the idea of crypto-currency. The very first anti-Bitcoin measures in India were taken by Raghuram Rajan (then the Governor of the Reserve Bank of India), who was an appointee of the opposition party. Ironically, his successor (Urjit Patel) also followed the same policy, despite having a different political affiliation. The problem with India is not with the NDA (ruling alliance) or the UPA (opposition alliance). The problem is with their third world mindset.

[Herbert2020]

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.

sometimes even change in government body doesn't mean certain rules would change. they can remain the same if the future governments share the same views as the previous ones. but also that doesn't mean bitcoin adoption would stop, rules can change. the government can only slow it down so much before they realize that they can't stop it and have to give up and accept it.

[traderethereum]

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.

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

[uray]

sometimes even change in government body doesn't mean certain rules would change. they can remain the same if the future governments share the same views as the previous ones. but also that doesn't mean bitcoin adoption would stop, rules can change. the government can only slow it down so much before they realize that they can't stop it and have to give up and accept it.

A government could make things hard for the bitcoin community if they really want to, if any country ban the use of crypto and come up with rules and regulations, then no one will dare to trade them as the legal problems they will be facing if caught will be really huge, no one will risk their life so that they could trade if the government is against the market. The level of legal issues that can arise include, money laundering, terrorist funding and so on and they could put anyone behind bars for a long time with those cases.
Not sure about the situation in India.

[SaShiRaJaVu]

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

If the government does not understand what they are dealing with, they will consider banning it and with the current government anything progressive will be shut down by them as far as the past examples we have, as i said earlier in this thread, they have already crippled the exchanges and majority of the old exchanges are shut or in the verge of shutting down. Some of the things you said cannot be deciphered  .

[traderethereum]

But we can hope that the Indian government will not ban cryptocurrency because people cannot use cryptocurrency to help them again.
They need to reconsider the banning of the cryptocurrency because it will not be good for their people to get better life from the crypto.
But I don't know what will happen later, and we could only wait and see.

If the government does not understand what they are dealing with, they will consider banning it and with the current government anything progressive will be shut down by them as far as the past examples we have, as i said earlier in this thread, they have already crippled the exchanges and majority of the old exchanges are shut or in the verge of shutting down. Some of the things you said cannot be deciphered  .

I feel that the Indian government has already learned by secretly about cryptocurrency because they are not doing a fast action to banning the cryptocurrency.
Maybe they need more time to get the result from what they learn, and I am hoping that will change their decision to banning the cryptocurrency.
It is sad if they still want to ban the crypto because as I said before, the people cannot continue what they did in cryptocurrency and probably, they will lose all that they start in cryptocurrency.

[Vishnu.Reang]

They are planning to ban crypto-currency... but they'll be wondering how to implement it. According to the government sources, there are more than 100,000 Bitcoin traders in India. Active users may number in millions. Now they can't suddenly ban something which is being used by this many people. Let's wait and watch how they are going to do it.

[Johnzky]

I supposed that this time the India government will finally find how beneficial cryptocurrency is and might consider opening their country to be friendly users of crypto’s
For years they are trying to deny their fellow man to have a chance to gain profit from this profiteering

[jak3]

I do not see any development for the technological sections in India. Narendra Modi has conducted a lot of hackathons On previous years this shows how much we want students to learn about technology which was much encouraged that previous government. But still, I do not see any y why Narendra Modi is going to pass crypto friendly laws.

[Vishnu.Reang]

To my non-Indian friends here: it is too early to speculate anything. The election results were announced just 5 days back and we don't know who will be the next finance minister. The former finance minister (Piyush Goyal) was opposed to the idea of crypto-currency. But the rumors are that the next finance minister may be Amit Shah. He is in favor of technology innovations, and I hope that he'll take a favorable view about crypto. 

[uray]

I feel that the Indian government has already learned by secretly about cryptocurrency because they are not doing a fast action to banning the cryptocurrency.
Maybe they need more time to get the result from what they learn, and I am hoping that will change their decision to banning the cryptocurrency.
It is sad if they still want to ban the crypto because as I said before, the people cannot continue what they did in cryptocurrency and probably, they will lose all that they start in cryptocurrency.

Since they have big resources in information technology sector we should believe that they must be crypto friendly and with facebook recently announcing their plan to launch their own crypto currency and India being a big market for facebook we must consider that there should be some sort of regulatory framework being done rather than an outright ban, i am not aware of the political situation in India but being a big democracy in the world we expect a fair ruling.

[SaShiRaJaVu]

To my non-Indian friends here: it is too early to speculate anything. The election results were announced just 5 days back and we don't know who will be the next finance minister. The former finance minister (Piyush Goyal) was opposed to the idea of crypto-currency. But the rumors are that the next finance minister may be Amit Shah. He is in favor of technology innovations, and I hope that he'll take a favorable view about crypto. 

Are you serious that Amit Shah will be the finance minister  , has he ever held the position of finance minister in Gujarat during in term there and now he is eligible for being the finance minister of the country, what a wonderful story it will be. Yes i am aware of his love for technology and how he is active in social media but that alone does not make someone in favor of innovation  . I am glad he is educated and hopefully he will have some sense in making a decision which impacts many start ups.

[avikz]

To my non-Indian friends here: it is too early to speculate anything. The election results were announced just 5 days back and we don't know who will be the next finance minister. The former finance minister (Piyush Goyal) was opposed to the idea of crypto-currency. But the rumors are that the next finance minister may be Amit Shah. He is in favor of technology innovations, and I hope that he'll take a favorable view about crypto. 

There is no confirmation yet on the next finance minister. I am not entirely sure if Amit Shah will be taking up that position but even then nothing will be changed. Ministers in India take decisions but the ground works ate done by the bureaucrats and the decisions are made based on their work.

Majority of the bureaucrats don't have the IQ of seeing the bigger picture. Also the banks are ready to bribe them to push for the negative decision. What else can we expect?

[erikalui]

The same Government that issued a ban last year may or may not pass any judgement in favor of cryptocurrencies as they have appointed a new finance minister.

However, the lawyers and RBI still despise crypto saying it is used for illegal purposes and since they can't pass any tax regulations, they prefer banning it as a whole. The case has been pending since a year and most of the exchanges have shut down giving up hope.

This article shows that we still have hope but I follow this saying "hope for the best, but prepare for the worst".

[blockchainwriters]

High hopes for crypto traders and crypto community in India looking ahead for crypto friendly guidelines by newly elected government we may see some important changes in India very soon hope it turns to crypto loving nation

[ene1980]

High hopes for crypto traders and crypto community in India looking ahead for crypto friendly guidelines by newly elected government we may see some important changes in India very soon hope it turns to crypto loving nation

Looking at the above responses it says that the same government got re elected and why do you still claim that they have a new government  , if you check the world political news you will know that the same government will be coming back to power. I am not aware of their position in the crypto community but considering the amount of population they have they could make a difference if there is a legal system around it.

[Vishnu.Reang]

OK... I was wrong... the next finance minister is not Amit Shah. The former defense minister, Nirmala Seetharaman will be handling the finance ministry. She is well qualified and tech savvy, but I have no idea about her stance towards cryptocurrency. She has a reputation for being very fearless, and has a nickname "Iron lady". I am being optimistic about crypto right now.

[Mike Mayor]

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.  

IT will certainly help. It will provide a platform for potential. What they do with that potential is up to them. So if they pass this silly bill that it is illegal to have crypto then they just shooting themselves in the foot,
instead of embracing this wonderful technology to enrich their life.

I know that the Indian government will embrace crypto. The best law for crypto is no law or at least very little.

[Herbert2020]

I know that the Indian government will embrace crypto. The best law for crypto is no law or at least very little.

the best law is to have a good law not no law at all. a good law can help in a lot of situations for example in cases where people get scammed, if there is a good law in place they can pursue it and get their money back from the scammers otherwise pursuing something like that is near impossible.

[Sithara007]

Time is running out for the Indian Bitcoin users. The finance ministry is gong ahead with its plans to ban any form of cryptocurrency and jail anyone who doesn't comply with this legislation. Right now it is only a draft legislation and may need to get voted on by the parliament to be passed as a law. So Indian users have a few more months time.