What can we do?

[edgycorner]

Cryptocurrencies are going to be banned in India for sure.
And they are calling it as a ban on "private" digital currency? What do they even mean by that? Are they talking about ICOs? or they do really think that every cryptocurrency is "private".

What can we do to stop such a stupid ban placed by stupid people who have no idea about how cryptocurrencies actually works?

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[playboy654]

Cryptocurrencies are going to be banned in India for sure.
And they are calling it as a ban on "private" digital currency? What do they even mean by that? Are they talking about ICOs? or they do really think that every cryptocurrency is "private".

What can we do to stop such a stupid ban placed by stupid people who have no idea about how cryptocurrencies actually works?

How you can say that it is going to be banned?

Only from bank side they are talking about banning,but government didn't even say anything about cryptos in the budget season as well.

[libert19]

Cryptocurrencies are going to be banned in India for sure.
And they are calling it as a ban on "private" digital currency? What do they even mean by that? Are they talking about ICOs? or they do really think that every cryptocurrency is "private".

What can we do to stop such a stupid ban placed by stupid people who have no idea about how cryptocurrencies actually works?

How you can say that it is going to be banned?

Only from bank side they are talking about banning,but government didn't even say anything about cryptos in the budget season as well.

You aren't mr.current affairs, are you?

They shown draft bill publicly yesterday, which is about banning of cryptocurrency completely.

https://t.co/Eikcft2Fhb?amp=1

However, this needs to be passed in Parliament before it becomes a law. I won't be surprised if it passes.

[erikalui]

There's no point in being sure they are going to be banned but it's more probable that the announcement can be delayed like the case. There was the RBI-crypto hearing today as well and looks like again it got postponed.

[edgycorner]

There's no point in being sure they are going to be banned but it's more probable that the announcement can be delayed like the case. There was the RBI-crypto hearing today as well and looks like again it got postponed.

What other assurance do you need? The bill is approved and will be passed soon.

[erikalui]

What other assurance do you need? The bill is approved and will be passed soon.

Who said it will be passed soon? It has just been drafted and like that so many bills have been drafted and have never passed. Also, I don't think they will pass such a rigorous imprisonment for people who hold cryptos.

[playboy654]

Cryptocurrencies are going to be banned in India for sure.
And they are calling it as a ban on "private" digital currency? What do they even mean by that? Are they talking about ICOs? or they do really think that every cryptocurrency is "private".

What can we do to stop such a stupid ban placed by stupid people who have no idea about how cryptocurrencies actually works?

How you can say that it is going to be banned?

Only from bank side they are talking about banning,but government didn't even say anything about cryptos in the budget season as well.

You aren't mr.current affairs, are you?

They shown draft bill publically yesterday, which is about banning of cryptocurrency completely.

https://t.co/Eikcft2Fhb?amp=1

However, this needs to be passed in Parliament before it becomes a law. I won't be surprised if it passes.

This is just the draft from 2019,then why you are saying yesterday?

[libert19]

Cryptocurrencies are going to be banned in India for sure.
And they are calling it as a ban on "private" digital currency? What do they even mean by that? Are they talking about ICOs? or they do really think that every cryptocurrency is "private".

What can we do to stop such a stupid ban placed by stupid people who have no idea about how cryptocurrencies actually works?

How you can say that it is going to be banned?

Only from bank side they are talking about banning,but government didn't even say anything about cryptos in the budget season as well.

You aren't mr.current affairs, are you?

They shown draft bill publically yesterday, which is about banning of cryptocurrency completely.

https://t.co/Eikcft2Fhb?amp=1

However, this needs to be passed in Parliament before it becomes a law. I won't be surprised if it passes.

This is just the draft from 2019,then why you are saying yesterday?

It was alleged before, was made publicly available couple days ago.

[playboy654]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

[libert19]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This is official: https://t.co/Eikcft2Fhb?amp=1

[playboy654]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This is official: https://t.co/Eikcft2Fhb?amp=1

If yes this causes the current price dump on bitcoin?

[libert19]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This is official: https://t.co/Eikcft2Fhb?amp=1

If yes this causes the current price dump on bitcoin?

I don't think India have much impact on global crypto market.

[playboy654]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This is official: https://t.co/Eikcft2Fhb?amp=1

If yes this causes the current price dump on bitcoin?

I don't think India have much impact on global crypto market.

Might be but the ban news will impact on other asian countries as well that people will get fear that in their country also bitcoin will be banned.

[akhjob]

First of all, this report is dated 28 Feb 2019. Many things have happened in the meantime like the G20 summit.

At the conclusion of the summit, the leaders of the G20 countries jointly declared their commitment to applying the crypto standards set by the Financial Action Task Force. India’s new finance minister, Nirmala Sitharaman, also joined other G20 finance ministers to declare the same commitment.

Source: https://news.bitcoin.com/modi-discussed-crypto-standards-g20-summit-india/

In the declaration, the G20 leaders state that cryptocurrencies do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy.

Source: https://cointelegraph.com/news/g20-leaders-reaffirm-position-on-cryptocurrencies-in-statement

This clearly shows that India will agree to the decision taken by the FATF and not the report to ban cryptocurrencies.

Last week, a Chinese Court has recognised Bitcoin as a virtual property with value. What more you need from a country like China? When a country like China recognise Bitcoin as a virtual property, all India needs is a little persuasion and time.
Source: https://twitter.com/DoveyWan/status/1151944343999008768?s=19

Furthermore, India takes a lot of time before rolling out a bill. For example take the GST, it took over 17 yrs to come into force.
Source - https://www.thehindubusinessline.com/economy/gsts-17year-timeline/article9743284.ece

And the court hearings regarding the RBI ban, has been regularly postponed. And I don't think of a judgement anytime soon not until 2020.

So we have a lot of time to fill our bags. Don't worry about the jail term they can't arrest you if they can't prove that you are holding crypto. So, I would advise not to FUD, just ignore the law makers for now until a proper regulation comes into force.

[libert19]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This is official: https://t.co/Eikcft2Fhb?amp=1

If yes this causes the current price dump on bitcoin?

I don't think India have much impact on global crypto market.

Might be but the ban news will impact on other asian countries as well that people will get fear that in their country also bitcoin will be banned.

It's just a correction, we can sure put our reasons behind it.

3k to 12k was a steep rise and every rise comes with a correction.

[legendster]

Cryptocurrencies are going to be banned in India for sure.
And they are calling it as a ban on "private" digital currency? What do they even mean by that? Are they talking about ICOs? or they do really think that every cryptocurrency is "private".

What can we do to stop such a stupid ban placed by stupid people who have no idea about how cryptocurrencies actually works?

Private digital currencies are things like JPM Coin and the one from Signet or the one that Goldman sachs is considering or even the one that ripple and moneygram have been pilot testing.
There are many private blockchains with private currencies that you don't even know about and are all protected by corporate ndas.

[bitcoinisbest]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This was going to happen as from past couple of years if you would have read government officials statements they had clear that they do not support or encourage the crypto coins and this was sooner or later going to happen.  So should not be shock to people about the ban coming in place.

[playboy654]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This was going to happen as from past couple of years if you would have read government officials statements they had clear that they do not support or encourage the crypto coins and this was sooner or later going to happen.  So should not be shock to people about the ban coming in place.

But who are those who don't support.Citizen wants that useless illiterate committee don't know anything about cryptos but still want them to be banned on their country.

Like many said they might get benefits if they regulated it,now they just give opportunity for P2P to take all the market.

[libert19]

It was alleged before, was made publically available couple days ago.

Right and you are talking about this : https://twitter.com/SecretaryDEA/status/1153302518815834119 right?

Any announcement from official press release?

This was going to happen as from past couple of years if you would have read government officials statements they had clear that they do not support or encourage the crypto coins and this was sooner or later going to happen.  So should not be shock to people about the ban coming in place.

But who are those who don't support.Citizen wants that useless illiterate committee don't know anything about cryptos but still want them to be banned on their country.

Like many said they might get benefits if they regulated it,now they just give opportunity for P2P to take all the market.

Exactly, they are letting go of revenue that they could get from exchanges (government was earning good amount when zebpay and other exchanges were operating). And also banning will just make youth unemployed (at least for a while) who make living from it.

Regarding bad actors, they will find a way either way.

[playboy654]

^This also shows India doesn't support their citizen as well as the new inventions.

If they start doing from the beginning then most of the inventions might born from India.