India may again ban cryptocurrency

[Nhor1011]

I am not so worry about this information because in the past, there are many countries that have published bans to cryptocurrency but by many ways, their citizen still buy and sell their crypto and when a whole host of countries in over the world accept it, that bans will be no more meaning

The bill is not yet finalize and even India ban cryptocurrency for sure they will not prevent the people to engage in crypto because they already know that they can earn bigger in cryptocurrency. And Cryptocurrency is unavoidable whatever the action of the government regarding cryptocurrency. And one more thing,cryptocurrency is not hold by the government due to decentralization,they have no control over it.

[1714955776]

1714955776

[finaleshot2016]

I am not so worry about this information because in the past, there are many countries that have published bans to cryptocurrency but by many ways, their citizen still buy and sell their crypto and when a whole host of countries in over the world accept it, that bans will be no more meaning

That's why bitcoin is decentralized coin. People can use it on their own way. Government is not able to trace all the transactions. They can ban it only for official notice.

If India is using a local wallet, they can easily locate and trace those transactions if the company behind the local wallet allows the government to investigate. Your identity will be easily exposed, that's one of the disadvantages of a local wallet. Another problem is, you can't withdraw that money since you can't exchange or convert those BTC into money.

I am not so worry about this information because in the past, there are many countries that have published bans to cryptocurrency but by many ways, their citizen still buy and sell their crypto and when a whole host of countries in over the world accept it, that bans will be no more meaning

The bill is not yet finalize and even India ban cryptocurrency for sure they will not prevent the people to engage in crypto because they already know that they can earn bigger in cryptocurrency. And Cryptocurrency is unavoidable whatever the action of the government regarding cryptocurrency. And one more thing,cryptocurrency is not hold by the government due to decentralization,they have no control over it.

Yes, it's decentralized but there's a hole into this and can limit those transactions in the local exchanges that will not let you convert your BTC into money. So definitely, if a ban happens all over the country, it might really affect those who use the local wallets. But if you can still transfer money and convert without the use of any local exchanges or wallet, then it's a good thing where they can still use crypto.

[Tamim121]

I am not so worry about this information because in the past, there are many countries that have published bans to cryptocurrency but by many ways, their citizen still buy and sell their crypto and when a whole host of countries in over the world accept it, that bans will be no more meaning

You are absolutely right. Some country bans Bitcoin but still their citizen use Bitcoin normally. They have no panic about that their government bans it.
In the site of India, this is a big country. Everyday in India occur so many crimes. Their government want to reduce it. I think this is a reason why they want ban Bitcoin. But this can't no effect on Bitcoin. Because now who use Bitcoin, after ban he/she can't leave it.

[olamidey]

This news is familiar, I must have read about it. I remember what came to my mind when I first read this article was that this is not the first time Bitcoin is facing this issue.

Bitcoin was banned in China, yet more and more people keep adopting Bitcoin. Don't get me wrong we cannot downplay the importance of India in the cryptocurrency world because India has a big market base.

But Bitcoin will survive the ban. Let's not forget that this news is just rumor, so until Bitcoin is actually banned, let's just hope that it is just speculation.

[BitSat19]

I am not so worry about this information because in the past, there are many countries that have published bans to cryptocurrency but by many ways, their citizen still buy and sell their crypto and when a whole host of countries in over the world accept it, that bans will be no more meaning

You are absolutely right. Some country bans Bitcoin but still their citizen use Bitcoin normally. They have no panic about that their government bans it.
In the site of India, this is a big country. Everyday in India occur so many crimes. Their government want to reduce it. I think this is a reason why they want ban Bitcoin. But this can't no effect on Bitcoin. Because now who use Bitcoin, after ban he/she can't leave it.

Now banning or stooping bitcoin is not easy for any government because its working beyond boundaries and bringing new many good things in peoples life so we already talk about this India is not going to ban this its just rumour or propaganda by few cryptocurrency haters many big exchanges already announces big investments in India for local currency and better technology so its going to be great for big change in near future with many new greats things going to bring revolutionise change in India.

[verita1]

It is evident that the Bank of India Reserve (RBI) has great power and will not allow bitcoin and other cryptocurrencies to be legalized.

This new intention is because RBI withdrew from the hearing when the supreme court ruled that it could not prohibit crypto merchants from accessing banking services.

For example, India users on Binance would not be able to access the local market. Sad, this is one of the best services that users can have.

[mezzaluna]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

Well that was kinda fast? It was just recently talked about that the government of India is willing to regulate the use of Cryptocurrency but why are they passing a law that will imprison some users. We know that India has a way in technologies which some people are taking an example of since they are helpful and useful. That would be a huge impact to the users that rely on Cryptocurrency as a way to support their daily necessities.

I hope they can see that there is no problem with having a job in the Crypto Industry.

[Stedsm]

It's time to buy the Indian WRX cryptocurrency!
https://coinmarketcap.com/currencies/wazirx

Correct, but I believe that we should let the dust settle by first having our BTC stabilized.

Coming back to the topic, @OP, I do understand the fact that Indians are the most important prospects when it comes to any business as we are the 2nd largest in terms of population and have the best business skills. The next thing, India has a big market available for crypto if they legalize it. But the fact is, you might have seen and heard about a lot of scams taking place to and fro in the world, and so was the case in India. I believe that not just our Indian govt but all govs have got a valid argument on the security of exchanges as well as cryptocurrencies itself and so, they just don't want to take the challenge of dealing with all the mess that might take place if they allow crypto.

[BuNga_cute]

I doubt the Indian government will ban cryptocurrency in its current condition, which is India the third-largest country in the world
as the country with the most corona virus-infected populations. With the cryptocurrency can help prevent the spread of corona virus,
because cryptocurrency transactions don't need physical contact. Judging from the population of India who need income, then with
crypto can be a solution to get a source of income for Indian citizens. With the benefits provided by cryptocurrency for Indians it will be
difficult for the Indian government to be banned against cryptocurrency.

[bryant.coleman]

I doubt the Indian government will ban cryptocurrency in its current condition, which is India the third-largest country in the world
as the country with the most corona virus-infected populations. With the cryptocurrency can help prevent the spread of corona virus,
because cryptocurrency transactions don't need physical contact. Judging from the population of India who need income, then with
crypto can be a solution to get a source of income for Indian citizens. With the benefits provided by cryptocurrency for Indians it will be
difficult for the Indian government to be banned against cryptocurrency.

What sort of absurd logic is this?

With the cryptocurrency can help prevent the spread of corona virus

Seriously? Is Cryptocurrency some magic drug like Hydroxychloroquine, which can fight the Coronavirus?

In India, there are a lot of legal payment methods available, which doesn't need any physical contact. I am talking about the mobile banking services offered by almost all the public/private sector banks in India and about the mobile wallets such as PayTM and Amazon Pay. Now what makes you think that the Indian government would prefer Bitcoin, which is yet to be fully legalized in India ahead of the other legal options?

[Stedsm]

In India, there are a lot of legal payment methods available, which doesn't need any physical contact. I am talking about the mobile banking services offered by almost all the public/private sector banks in India and about the mobile wallets such as PayTM and Amazon Pay. Now what makes you think that the Indian government would prefer Bitcoin, which is yet to be fully legalized in India ahead of the other legal options?

That Bunga_cute is on cocaine I guess 
Literally, we've got hell lots of local apps available which help us transact our money with a variety of merchants without the need to even take out our cards (due to having the details auto-saved). Not to forget that the transaction fees for BTC have skyrocketed so badly that even if we try our sheer luck in making our Government accept BTC, they'll just say no to it after seeing these fees as you know our conservative nature.

@bunga_cute,
Don't tell me crypto would save us because we can send BTC through our phone because still, if some merchant asks me to give him my phone to let him scan a QR code and he's having Corona and his hands have some micro-particles and they get stuck on my phone? Can crypto remove those micro-particles? Stop being too much speculative as well as superstitious.

[MainIbem]

There's a possibility of India to ban crypto again. According to an article by decrypt, "A new bill in India may be proposing up to ten years of prison or fines up to $3.3 million for using cryptocurrency."
If the bill passed, the chance of having Indian into the crypto space will be very low as the punishment is too high.
Source- https://decrypt.co/32160/india-considers-another-widespread-ban-on-bitcoin

There is truly apprehension among the Indian crypto community on this news. See this report with further details on the said intention of the Government. https://news.bitcoin.com/indian-government-banning-cryptocurrency/

It will surely be a sad day for the Indian friends in the community, and it will impact on the global price of coins.

[joinfree]

This does not look good for crypto companies and projects that have been set up in India. Currently, WaxirX is dominating the entire country of India on its exchange services. With this bill being proposed it will really dwindle the efforts of crypto enthusiasts who are trying to expand the mass adoption of cryptocurrencies in there.

[BitcoinExchangeIndia.com]

This does not look good for crypto companies and projects that have been set up in India. Currently, WaxirX is dominating the entire country of India on its exchange services. With this bill being proposed it will really dwindle the efforts of crypto enthusiasts who are trying to expand the mass adoption of cryptocurrencies in there.

Because of regulatory uncertainties, some dreams were dead even before they were born.

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