India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year

[sunsilk]

why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0

Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.

This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

[Jating]

why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0

Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.

This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.

But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.

[Harlot]

why some threads says ban and some say legal https://bitcointalk.org/index.php?topic=5230499.0

Let me give you the time line
In 2018- RBI banned bitcoin transactions from banking channels. Therefore even though bitcoin wasn't illegal exchanges can't open a bank account therefore were shut down. P2P was working
In 2019- government made a committee to know the shortcomings in cryptocurrency and therefore were considering to ban it (have not banned it are just considering to ban it)
In 2020- Supreme court of India lifted the ban of RBI and exchanges have reopened

Now once again there are speculations that it will be banned again. But it's Not yet banned it's just in consideration of being banned.

This is about right but the problem here is really RBI since even if the Supreme Court had made a decision about the ban they are now using their power in pushing their lawmakers to create a law banning crypto overall in the country which really is a disgrace in their justice system. It's like they don't want the SC's decision and will now go another route just to be "right" on banning crypto which isn't really sensible. I don't know why RBI wants to push this kind of law but I hope their lawmakers are actually smarter than them and see that the crypto industry is more beneficial to their country rather than be harmful to them.

[sunsilk]

This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.

But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.

Yes, alas we've got confirmation coming from the people who are from there. It's just misleading to believe and read that when there are articles that publishes "India has banned bitcoin".

I hope that it will end well and things will go easy for RBI and they don't have to look at bitcoin the way they're looking at it. The justification from the higher court (SC) should be recognized by them. 

[akram143]

This is an informative summary what actually happened in India with this news. And it's good to hear someone who's living there can finally give a thought about this topic because it's confusing what is actually the status for this matter.

We only rely from the news if it's an actual ban but now that you have mentioned that it's still a speculation that a new ban will be imposed, those articles that I've read just after the lifting of the ban which tells about banning it were misleading.

Yes, it is just a speculation that a new ban might be forthcoming because it not just involves RBI or the IDC, but the parliament is also playing a big role. And we all know how this politicians are very influential that's why there are a wildly believed that maybe an imminent ban is coming to India.

But it might take some time because the parliament will pass a law to put a heavy regulations (5 year imprisonment) for everything that is related to bitcoin.

Yes, alas we've got confirmation coming from the people who are from there. It's just misleading to believe and read that when there are articles that publishes "India has banned bitcoin".

I hope that it will end well and things will go easy for RBI and they don't have to look at bitcoin the way they're looking at it. The justification from the higher court (SC) should be recognized by them. 

Supreme court doesn't made the bitcoins legal in India because they don't have such power to do that but they removed the RBI's restrictions so banks cannot question anyone who is dealing with cryptos, but now the ruling party is trying to bring a law to ban cryptos based on the reports submitted by the committee but the hilarious thing is the leader of that committee doesn't even have basic knowledge about cryptos but still working in such higher position.For now there is no restrictions and even if there is any people will find the loopholes for sure because in India everything is possible.