Future & Challenges facing Cyptos in India

[CoinFellow]

Below is the open letter from CoinRecoil’s co-founder and CEO Kunal Barchha to PM Modi and FM N. Sitharaman. I'm sure senior members in this group would have already seen it.

He raises all very valid points. It is unfortunate that Indian Government is hesitant to take a stand on cryptos. Maybe it is far from their mind, considering all the challenges in the country at the moment.

Even if we leave behind cryptos, any application/solution development on Blockchain is proving difficult without a clear regulations on this front. People are hesitant to move ahead in this field. This is the future in many ways, and we shouldn't miss the vast potential of this technology.

There might be some people reading this who would be in a position to influence policy on this. Will request your complete support. Thanks

https://inc42.com/buzz/govt-screwed-us-crypto-startup-coinrecoil-founder-writes-an-open-letter-to-pm/

[avikz]

I salute to Kunal Barchha for writing this letter to PM Modi because whatever he had written is absolutely true! Government talks about risk and Kunal showed the ways to fight that risk in a correct manner! But I won't be surprised if strict actions are taken against Mr. Kunal Barchha within few weeks of time! because government officials have sky high ego problems. I am saying this from my own experience of working on a government project when I was a part of one of the big four consulting companies! The officials and policy markers are hugely influenced by local and national level politicians. Whenever a Sr. Official wants to do something good for a certain area, first thing he needs to check if that particular area comes under the ruling party or not. If not, he needs special approval to carry out development work for that area! The politics of revenge is being played by every single politician. It's no wonder that India tops the list of most corrupted country of Asia! God save us!

[Bitlover10]

I read whole later and I really believe that if Modi could see then he must take some action about it. Kunal is already stated in that above later that RBI even did not do any research before giving the circular of banking system.

Well I am giving full support to kunal that at least he is trying their best. He is also a founder of kali coin and I am holding this coin for years but due to RBI restrictions this coin still sucks on crex24 exchange and have a zero value now.

Well its really interesting to see if he get any response from PM.  As I know PM Modi is also support digital 🇮🇳. So I wish he could take some action in the favour of crypto community.

[playboy654]

I read whole later and I really believe that if Modi could see then he must take some action about it. Kunal is already stated in that above later that RBI even did not do any research before giving the circular of banking system.

Well I am giving full support to kunal that at least he is trying their best. He is also a founder of kali coin and I am holding this coin for years but due to RBI restrictions this coin still sucks on crex24 exchange and have a zero value now.

Well its really interesting to see if he get any response from PM.  As I know PM Modi is also support digital 🇮🇳. So I wish he could take some action in the favour of crypto community.

They are supporting centralized digital India,even aadhar was brought up to get every personal information about us and giving access of those details for very cheap membership.

I am not sure that letter on which street's dustbin.

[avikz]

I read whole later and I really believe that if Modi could see then he must take some action about it. Kunal is already stated in that above later that RBI even did not do any research before giving the circular of banking system.

Well I am giving full support to kunal that at least he is trying their best. He is also a founder of kali coin and I am holding this coin for years but due to RBI restrictions this coin still sucks on crex24 exchange and have a zero value now.

Well its really interesting to see if he get any response from PM.  As I know PM Modi is also support digital 🇮🇳. So I wish he could take some action in the favour of crypto community.

Let me confirm that no response will come from PM or his office. Cryptocurrencies are considered a very low priority matter to the government otherwise the case at Supreme Court wouldn't have been delayed this far!

However, in the meantime, Modi and secretary of Financial affairs had a discussion with Japan PM Mr. Abe regarding crypto regulations and also they agreed to follow the FATF guidelines as per some news sources.

I believe we will be able to hear at least something tomorrow during budget announcement. Lets wait for that!

[kabit9]

In 2019, we have seen the formation of a special comittee regarding the issue of Bitcoin and Cryptocurrencies in India. They have made a first draft of some proposed legislation. I expect there will be quite a bit of back and forth before any laws are passed.

[pawanjain]

Well I am quite sure that the CEO would be so frustrated by the corrupt government of India. India is full of politics and narrow minded people showing their power over the others.
Bitcoin and cryptocurrencies in general is a revolution that has been created by some similar frustrated person and the reason it has evolved into something this big is because there are several other frustrated people who are supporting this revolution. So, if the Mr. CEO wants to create a product/service that wants to be such revolution in this industry then he must create such a product which doesn't require government's approval.
I know how tough it is in this world where everything is controlled by such politicians but then we have to face big challenges to achieve big.

[Dpat]

The future of the cryptocurrency is going to be very challenging in India. You should follow the news on the internet to grab the actual position of the crypto in India. From the year 2018 to banning of the crypto bill already presented in the SC of India and still it is pending and debating by many thinkers. But, if the ban go into force then the cryptocurrency market will go very tough in India. Now there are many exchanges in India already closed their business and ZebPay rehabilated it's business to Malta from India.

[playboy654]

The future of the cryptocurrency is going to be very challenging in India. You should follow the news on the internet to grab the actual position of the crypto in India. From the year 2018 to banning of the crypto bill already presented in the SC of India and still it is pending and debating by many thinkers. But, if the ban go into force then the cryptocurrency market will go very tough in India. Now there are many exchanges in India already closed their business and ZebPay rehabilated it's business to Malta from India.

Most of the articles found on internet might be fake so don't trust anything other than news from the official website.

Draft was proposed in FEB 2019 but yet there is no decision on that yet.

Maybe exchanges moving due to reduce taxation for their business.

[avikz]

Well, I want to suggest every Indian to follow Crypto Kanoon youtube channel as they are actively attending the hearings that is happening in Supreme Court and sharing detailed updates on the case. Please look into the video below to know the details from the hearing dated 14 August.

https://www.youtube.com/watch?v=TpQ1XerDnNc

The next hearing is scheduled for tomorrow, 20 August 2019.

Crypto Kanoon twitter handle: https://twitter.com/cryptokanoon

Even though I don't have much hope on the current government but at least things are moving!

[JSRAW]

Well, I want to suggest every Indian to follow Crypto Kanoon youtube channel

Yeah these guys are good, arguably at top when it's come to crypto updated news. I recently started following them in Twitter and noticed that they were giving live updates on court hearing very efficiently.

BTW you are connected with them in any way? I might need their help in near future.

[gullu]

I think the final judgement will be in favour of crypto. I went through the whole video of crypto kanoon and I think the judge will give the final verdict in favour of crypto. What do you guys think after seeing the video?

[avikz]

Well, I want to suggest every Indian to follow Crypto Kanoon youtube channel

Yeah these guys are good, arguably at top when it's come to crypto updated news. I recently started following them in Twitter and noticed that they were giving live updates on court hearing very efficiently.

BTW you are connected with them in any way? I might need their help in near future.

I am not personally connected with them but you can get in touch with them through twitter dm. They are responsive and you will surely receive reply from them. They are the only credible source of crypto news in India that is available in social media.

I think the final judgement will be in favour of crypto. I went through the whole video of crypto kanoon and I think the judge will give the final verdict in favour of crypto. What do you guys think after seeing the video?

I sincerely hope that your statement becomes a reality! But Indian judiciary system is infested with political intervention and money power. Otherwise Salman Khan would have been imprisoned by now. So I really don't hope much because the old guys running this country think crypto is a ponzi scam!