[DEBATE]: Cryptocurrency investment related on India facing threat for ban

[sana54210]

Banning bitcoin will never work, look at china for example, they have banned ICO for example but people figured out another way and they are still doing it, it is just a method where everyone thinks they can get rich and making 1 dollar into 100 dollars is life changing in some parts of the world.

Hence, if you want to get power out of peoples hands bitcoin is not the way, sure try to ban bitcoin related banks and bitcoin related companies and whatever you find relating to bitcoin but if you want to ban bitcoin itself you will most certainly fail. You have to cut down the internet to everyone in the whole nation to stop bitcoin, it is p2p and will always live everywhere around the world.

Nations do not realize the power of decentralized currency because it has no central point to attack and that helps us.

[Febo]

Banning bitcoin will never work, look at china for example, they have banned ICO for example but people figured out another way and they are still doing it, it is just a method where everyone thinks they can get rich and making 1 dollar into 100 dollars is life changing in some parts of the world.

Ofcourse. Those countries that baned ICOs already have a way to crowdfund for a projects. And they want people use those ways and not ICO. Why? Because they already have all set to protect investors. With ICOs investors are not protected at all.

[rocku12345]

Banning bitcoin will never work, look at china for example, they have banned ICO for example but people figured out another way and they are still doing it, it is just a method where everyone thinks they can get rich and making 1 dollar into 100 dollars is life changing in some parts of the world.

Hence, if you want to get power out of peoples hands bitcoin is not the way, sure try to ban bitcoin related banks and bitcoin related companies and whatever you find relating to bitcoin but if you want to ban bitcoin itself you will most certainly fail. You have to cut down the internet to everyone in the whole nation to stop bitcoin, it is p2p and will always live everywhere around the world.

Nations do not realize the power of decentralized currency because it has no central point to attack and that helps us.

Anyway this case will reduce the overall demand for crypto coins (especially new ones) among the billionth population of India. Crypto idea is not based on the large whales with their deep wallets... Only usual people who can spread the idea of independent money among their friends and relatives may bring all comunity to the new level in 2020.

[boltz]

Maybe Bitcoin in india has more use into the criminal world which is sad to hear but is not the dollar or rupee used in the same way ? I think it is. I remember China saying this so many times to scare investors and Russia did the same so many times but in the end they found another way to trade cryptos and participate into ICO's so I think it will be the same case with India so lets wait to see what will happen as it seems they simply don't like Bitcoin and those who are using it ...

[Mometaskers]

This is also the country that practically banned people from keeping money under their pillows so I wouldn't be surprised.  

The thing is, would they be able to really run after crypto users. How would they find out who have stashed what somewhere? They can't even catch their scammer cybercriminals that it take white hats from abroad to expose those and report to police. This is too huge for them. Better to just tax exchanges and EARN money on the side rather than SPEND money enforcing the ban.

[teosanru]

Maybe Bitcoin in india has more use into the criminal world which is sad to hear but is not the dollar or rupee used in the same way ? I think it is. I remember China saying this so many times to scare investors and Russia did the same so many times but in the end they found another way to trade cryptos and participate into ICO's so I think it will be the same case with India so lets wait to see what will happen as it seems they simply don't like Bitcoin and those who are using it ...

I think every country has a criminal record with bitcoin. Moreover even if this is the case with India there aren't any public records of such things and almost zero investigations going around due to this. I think most of the police personnel won't even know what is bitcoin in countries like India and China because these things haven't been exposed to much of the population there. But I think India being part of popular groups like G-20 banning crypto is not fully their call other countries if decide to keep it legal India may even think the same.

[avikz]

This is also the country that practically banned people from keeping money under their pillows so I wouldn't be surprised.  

The thing is, would they be able to really run after crypto users. How would they find out who have stashed what somewhere? They can't even catch their scammer cybercriminals that it take white hats from abroad to expose those and report to police. This is too huge for them. Better to just tax exchanges and EARN money on the side rather than SPEND money enforcing the ban.

I wouldn't disagree to your view but after the demonitization, India's economy is showing signs of slowdown. The current religious government has failed to provide job opportunities to the youth and also creating a big mess in the name of NRC. If you are from the same country, you would know what I mean by that. around 1.9 million people from a single state are declared foreigner and put behind the bar. The government is deliberately targeting the religious minorities and riots are erupting everywhere!

I personally don't have much faith from this current government about the cryptos. They are conservative by nature and acts on the radical faith on religion. It's true that government wouldn't be able to catch all even if the criminalize the cryptos in India. But Indian youth are now looking to settle abroad in countries like Canada and Australia! Until and unless the current government changes, there's literally no hope for India!   

[electronicash]

This is also the country that practically banned people from keeping money under their pillows so I wouldn't be surprised.  

The thing is, would they be able to really run after crypto users. How would they find out who have stashed what somewhere? They can't even catch their scammer cybercriminals that it take white hats from abroad to expose those and report to police. This is too huge for them. Better to just tax exchanges and EARN money on the side rather than SPEND money enforcing the ban.

yep china can't stop their people from buying crypto, they are probably the most advance when it comes to technology and very demanding that laws be applied but how are they catching up now when it comes to crypto. thier citizen are even more aware of it and even become developers. with more people in india wanting to earn online by means of whatever comes, BTC is going to be one of the choice. no one can stop a man from getting his dream.  

[blckhawk]

It would either be of the two effects that might happen of this crypto-ban would be passed: (1) People would be scared of the government, selling all their coins and putting it somewhere else away from crypto, or (2) people would still transact cryptocurrencies, but in a hidden way, like how black market works, but digitally. If no internet ban would happen, then transaction of crypto is quite impossible to censor since there are VPNs people of India can use to still connect to their exchanges.

[Murat]

The current Indian government is really pissing off all the way, not only they are interfering with the virtual world but also they are making some noise with its neighbor country, How they could do that I don't think so, they are going to create a crisis among their territory in the religious aspect, The current government is working only for their religious aspect, if they will try also in the cryptocurrency platform, it wouldn't be a surprising issue because they already did so many disputed things, whatever the case is, if you are from India then you can easily continue working with this platform, look China is more developed on the technical aspect but they failed to prevent their people to work in the cryptocurrency platform. So don't worry.

[Apes]

if the government of India is serious about regulating the circulation and use of cryptocurrency I am very sorry,
inevitably users from India must stop using it if they do not want go to prison. I think this policy is unfair because it will close people livelihoods.
in fact this prohibition still has a solution without having to prohibit and incorporate this prohibition into law if the decision makers want to take it wisely.

[abhiseshakana]

Does anyone know how this went?  We all know that all courts will be against any banning of any kind of cryptocurrencies.  But it will be up to governments to follow those rulings or ignore them. In countries with more autocratic governments will be more ignorance and cryptocurreinces will get banned until government will change.  I believe India is close to that. More autocratic that many others.

After in 2018 the Indian government restricted and closed access to payments using cryptocurrency, now the Indian government will officially ban the use of cryptocurrency. Through its bill regulates the prohibition of mining, producing, holding, selling, dealing, issuing, transferring, disposing or using cryptocurrency in India.

One of the reasons the Indian government proposed a ban on the use of cryptocurrency besides digital rupee was to control India's economic, political and security stability. Although democracy has brought economic progress in India before, other factors such as high population growth rates, low GDP and the shifting of Indian habits from frugal living to materialistic brought moral degradation as well as domestic economic and political instability.

Besides that India is also in a situation of a dispute with Pakistan over the struggle for Kashmir. Both Pakistan and India have nuclear weapons, so India will be very sensitive and responsive in seeing potential threats to its sovereignty. India chose to close itself to the cryptocurrency whose losses could be calculated rather than opening up to the cryptocurrency but were cheated by the practice of money laundering by domestic corruptors as well as funding for terrorism and illegal arms trade.

Indeed the cryptocurrency prohibition policy in India will cause a lot of losses on the economic side, especially crypto businesses but it is still not too dangerous compared to security instability and sovereignty.

[electronicash]

if the government of India is serious about regulating the circulation and use of cryptocurrency I am very sorry,
inevitably users from India must stop using it if they do not want go to prison. I think this policy is unfair because it will close people livelihoods.
in fact this prohibition still has a solution without having to prohibit and incorporate this prohibition into law if the decision makers want to take it wisely.

nop its not really serious its all just an act. the indians will just use VPN if they are serious. they can already browse safely and trading BTC with vpn, they are not going anywhere even if its banned. but i can only expect more indian users are going to currency exchange section of the forum to trade BTC to paypal. there is going to be more paypal scam because of this lol

[Kyraishi]

Maybe Bitcoin in india has more use into the criminal world which is sad to hear but is not the dollar or rupee used in the same way ? I think it is. I remember China saying this so many times to scare investors and Russia did the same so many times but in the end they found another way to trade cryptos and participate into ICO's so I think it will be the same case with India so lets wait to see what will happen as it seems they simply don't like Bitcoin and those who are using it ...

I think every country has a criminal record with bitcoin. Moreover even if this is the case with India there aren't any public records of such things and almost zero investigations going around due to this. I think most of the police personnel won't even know what is bitcoin in countries like India and China because these things haven't been exposed to much of the population there. But I think India being part of popular groups like G-20 banning crypto is not fully their call other countries if decide to keep it legal India may even think the same.

It's true, when police and law enforcement aren't really knowledgeable about crypto-currencies, it's hard to combat crypto-based crimes (which is still popular, even though fiat currencies are more used for crimes).

India's taken a very strong view towards this, and basically scare of people with their 10 year sentences, but the problem is, that number isn't really scary for criminals, it's more scary for the regular crypto-investor who doesn't do crime with their crypto-currencies.

[ashmodeus]

Well, 10 years in prison just because of single thing we do about cryptocurrency?
what a kind of democracy,if government take action without voting etc.
according to that source :
Sidharth Sogani — CEO of crypto and blockchain research firm Crebaco Global Inc —- has forecast that India will lose around $12.9 billion worth of market if cryptocurrency is eventually banned in the country.
they will lose a lot of money, also they lose of new thing of technology. for me, its just stupid action.
I just hope it's not the final decision.

[jamesndungu1]

Cryptocurrencies have gone through many issues in India such as the scams of 2013.The silk road, which was a darknet market for malicious individuals to smuggle drugs became very successful, and malicious geeks managed to trick a lot of innocent people into wrongly investing their hard-earned money. India, however, is the first known country to regulate cryptocurrency. However, even with the regulations, it is still believed that India’s economic and political conditions make it the perfect fit for cryptocurrencies, especially Bitcoin.

[Mometaskers]

This is also the country that practically banned people from keeping money under their pillows so I wouldn't be surprised.  

The thing is, would they be able to really run after crypto users. How would they find out who have stashed what somewhere? They can't even catch their scammer cybercriminals that it take white hats from abroad to expose those and report to police. This is too huge for them. Better to just tax exchanges and EARN money on the side rather than SPEND money enforcing the ban.

I wouldn't disagree to your view but after the demonitization, India's economy is showing signs of slowdown. The current religious government has failed to provide job opportunities to the youth and also creating a big mess in the name of NRC. If you are from the same country, you would know what I mean by that. around 1.9 million people from a single state are declared foreigner and put behind the bar. The government is deliberately targeting the religious minorities and riots are erupting everywhere!

I personally don't have much faith from this current government about the cryptos. They are conservative by nature and acts on the radical faith on religion. It's true that government wouldn't be able to catch all even if the criminalize the cryptos in India. But Indian youth are now looking to settle abroad in countries like Canada and Australia! Until and unless the current government changes, there's literally no hope for India!   

I believe this movement is called "Hindutva". Sad that this also have to affect monetary policies. (Them going after non-Hindus is kinda expected.) I agree that crypto ain't seeing any development under this administration but I still believe that those youth that do decide to stay would try to use crypto. India is currently in no way as bad as Venezuela and some people there still somehow manage to use bitcoin despite the blackouts.

[bitgolden]

I think every country has a criminal record with bitcoin. Moreover even if this is the case with India there aren't any public records of such things and almost zero investigations going around due to this. I think most of the police personnel won't even know what is bitcoin in countries like India and China because these things haven't been exposed to much of the population there. But I think India being part of popular groups like G-20 banning crypto is not fully their call other countries if decide to keep it legal India may even think the same.

It's true, when police and law enforcement aren't really knowledgeable about crypto-currencies, it's hard to combat crypto-based crimes (which is still popular, even though fiat currencies are more used for crimes).

India's taken a very strong view towards this, and basically scare of people with their 10 year sentences, but the problem is, that number isn't really scary for criminals, it's more scary for the regular crypto-investor who doesn't do crime with their crypto-currencies.

The percentage of regular people who are using cryptocurrency in India is far more than the criminals, so it is more of a concern to me because this will really have very negative impact on the market except maybe people that are very knowledgeable about the use of vpn to actually block their cryptocurrency sites from government seeing it because the first point that the government will use is to actually block sites that is related to cryptocurrency.

But, people can still generally adopt and use bitcoin without government knowing who was actually the one responsible for the transaction, but people must still have deep knowledge of this first, I mean that they have to even be sure that bitcoin can give them the privacy that they need for them to ignore government warning.

[Kakmakr]

Governments like India are really cutting off their own nose to spite their own face. There are a lot more advantages to allowing Bitcoin, than actually banning it. India have a lot of unemployed and poor people and a massive informal workforce that would significantly benefit from Bitcoin's ability to allow these people to do cheap micro payments.

The Indian government is obsessed with protecting their own reserve currency and hiding their corrupt activities behind fiat currencies and corrupt financial institutions. <Banks> and for that reason, Bitcoin is public enemy number one! 

[SaShiRaJaVu]

This is a tragic and a really, heart breaking news Ive read for this week. Imagine, Indian Government is planning to pass a law where people involve in cryptoinvestment will be sentence to a 10 year prison. Sound's really scary for those who will be caught.

There is nothing to be scared unless and until you are doing something illegal with the coins you hold and no one will be taking you to court unless you reveal that you are trading with bitcoin. I am not in India to fear the law even if they ban bitcoin as i do not have any hope with the ruling party who does not have the vision to make India better and all they do i to advertise stupid nonsense. I heard this news a long time back but there is no logic unless and until they book you for terrorist funding and so on.