India may again ban cryptocurrency

[Janation]

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

Not all of them, I think.

Our country is not that disapproving when it comes to cryptocurrencies, some local exchanges are still in there and it can be used by a lot of people. India might have a thing about cryptocurrencies but my countries needed to talk about more pressing issues that this one.

[KrisAlex18]

Why they have decided to ban the cryptocurrency in their country? Using cryptocurrency is really good that is why there any countries which are accepting it in their land because it can have great and faster transactions compared to the fiat currency.

I have seen some reasons why they want to ban the cryptocrrency in the country.
1. They want only the government that will handle or operate the use of money, maybe they only want a centralized system.
2. They are not so developed when we talk about technology, as we all know cryptocurrency needs fast internet connection and good technology and India is one of the modest country so it would be hard for them to adopt it.

[cheezcarls]

RBI is trying their best level to ban crypto in India. They had once banned crypto in India while Supreme Court has reversed the ban since RBI doesn't have the right to do so. Nevertheless, I guess there will be no ban at all, nor crypto tx will traced although the punishment is tlo high.

Absolutely correct. Why would there be a possibility of a cryptocurrency ban in India if the Supreme Court overruled it already? It should a victory for the cryptocurrency community in India.

I suggest the Indian government they should opt for regulating it instead of banning Bitcoin and other cryptocurrencies in their country. Russia is also planning to ban it in their country as well, as they only want them to use Russia's own called crypto rubles.

Here in the Philippines, we are a crypto-friendly country despite that it's categorized as securities instead of legal tender. More VCEs are licensed and approved, few banks are planning to transition into blockchain, etc.

It seems that the Indian government hasn't fully understand Bitcoin and cryptocurrency yet, like the other countries who choose to ban their citizens from using cryptos. Just my opinion.

[btc78]

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

I think the most concern of government or the politicians rather is that they cannot control cryptocurrency and with this,they will have no chance of corrupting the funds so they will do anything to hinder the usage and adoption of crypto.

And if will noticed that most countries who's wanted to banned crypto are thoe countries that has history of corruption .

[cabron]

OHnooo what will happen to wazirx exchange then if the bill will be approved, this must be a fud  

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

Not all of them, I think.

Our country is not that disapproving when it comes to cryptocurrencies, some local exchanges are still in there and it can be used by a lot of people. India might have a thing about cryptocurrencies but my countries needed to talk about more pressing issues that this one.

Not all of them because not all countries have two systems like China. You hear one thing and you hear another thing on the other side when a country has one country with two systems.  You hear them baning BTC but then there is a law allowing kids to inherit BTC from their parents.

[pawanjain]

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

This is not the entire truth. This so called bill has not been declared public yet and it's been in the news since a year.
I remember people talking about this bill in 2019 and that crypto might be banned in India but later the Supreme court announced the judgement in favour of the crypto community. So I don't think this bill will be passed since the supreme court is already in the favour of the crypto community.

[robelneo]

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

The bill is too harsh, that kind of penalty is equivalent to attempted murder or large scale swindling here in our country, I did not read in the article the reasons or the articles why they are meting this kind of punishment, are they not enlightened on the benefits of Cryptocurrency and blockchain.

While other countries are adopting and supporting Cryptocurrency, China is even planning to launch their own Cryptocurrency and Facebook is battling to have one of their own, we have so many Indian friends who are into Cryptocurrency some of them are Crypto developers and this is their means of income, the supporters of cryptocurrency should move to make their voice heard.

[Yamifoud]

It was a usual thing to happen, India decided it to ban crypto before just like China did but they open up back again. Maybe they are unfortunate enough to think that crypto don't have a future to their country and let people remain ignorant of this technology. May the decision isn't unclear to this time but we don't know how it comes into banning plan?

I should have to look and wait for the outcome of this proposed bill and to see how the community will respond to this especially seeing the punishment is so harsh.

[itsaworry]

  So many on here are saying RBI banned cryptos in India . They did not . They banned tx between Indian banks and crypto exchanges , it was not possible to send INR from bank to exchange , or vice versa . This is not banning crypto.

  During approx 18 months of tx ban , Indian citizens could legally own crypto , Indian crypto exchanges could legally operate , only there was no connection to Indian banking system , transaction was P2P , or exchange outside India

 A few weeks ago Supreme Court ruled tx ban was unconstituitional , ordered RBI to lift ban , which they did , but still some banks will not
tx..

 Now anti-crypto lobby has come again with this draconian draft bill for total ban , it is in early stage , it is not passed into law . Lucky for us , all India legal matters are conducted in English language , so all world can watch proceedings here .

 Good luck and all the best to India crypto community , if you have same defence lawyer as in RBI case , you are in good hands .

[virasog]

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

If a person has a bitcoin or even less then a bitcoin, how can he pay the fine upto $3.3 million ?
Using bitcoins does not mean that a person is a millionaire. I don't understand what government thinks of those who posses bitcoins 

[Eugenar]

It would be their loss, rejecting bitcoin or other cryptocurrency on your own land would be a huge mistake, bitcoin is now very successful and it would be more prominent and well used in the next future, you should acquire and use it now so you will be able to be good at this in the future. The government should think wisely with this decision, they will throw the wealth and hope of their country by doing it.

[Latviand]

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

South Asian countries are really having a trust issues about using a cryptocurrency. I think it is because they don't see any progress about in their economy as they try it, but nothing is instant at first. If they understand and continue the manipulation of cryptocurrency in their country, then there's the time that they will benefit this asset. In India, they are really having a hard time manipulating bitcoin especially that they can't manage it properly because of this pandemic. They can't prioritize this crypto because there are a lot of expenses that their government should focus on. They have the 2nd largest population and yet they can't afford to use bitcoin properly. If there's a will, there's a way!

[Zackgeno96]

It was a usual thing to happen, India decided it to ban crypto before just like China did but they open up back again. Maybe they are unfortunate enough to think that crypto don't have a future to their country and let people remain ignorant of this technology. May the decision isn't unclear to this time but we don't know how it comes into banning plan?

In the first place the RBI wouldn't have thought about people going to Supreme court for the flipping of decision, but the companies and people working in Cryptocurrency sector went to the supreme court and after a very thorough hearing the Court overruled the decision of RBI and made crypto trading legal again in India. So now they are doing the same thing the Legislature way, lets see what will be the fate of cryptocurrencies in India after this new rule comes. Indian government has always been against cryptocurrencies in the first place and the way they are hell bound to ban crypto, i guess they will achieve it in the near future.

[Haunebu]

This is just a proposal people. For the love of God, stop spreading baseless stuff like this. Many proposals get rejected on a regular basis and this one will probably get rejected too in my opinion.

I read about another proposal recently where Trump would completely ban H1B visas which sound nonsensical. These proposals never get approved, but some people make it seem like they have been approved and have become laws.

The Supreme Court of India stepped in and resolved the crypto matter in India and I don't think we will see any crypto bans ever again in India unless the government deploys their full strength to try and make it happen which is doubtful considering current conditions.

[abel1337]

It would be their loss, rejecting bitcoin or other cryptocurrency on your own land would be a huge mistake, bitcoin is now very successful and it would be more prominent and well used in the next future, you should acquire and use it now so you will be able to be good at this in the future. The government should think wisely with this decision, they will throw the wealth and hope of their country by doing it.

Right, It would be their loss and for the people who are using cryptocurrency their. As far as I know, India is one of the most technologically advanced countries in the world and without having crypto would probably a disadvantage to them. It would possibly affect the whole bitcoin community since India has a big population and I'm sure there are many India based citizens that are using cryptocurrency.

If this ban happens I'm sure their citizen would find ways to use cryptocurrency again, It would be possible but I'm sure that it is hard because of the limited moves they can do.

[nelson4lov]

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

Not again. Why would they want to go down that road again? I think it's quite obvious that bitcoin and other cryptocurrencies are here to stay and can't be rid of by unnecessary bans.  Since this is just a proposal I think there's a high possibility that it won't get passed given the recent win of BTC in India. To everyone in India, don't worry, things will normalize in due time. Government bodies can't cope with things they have no control over. Without control, they feel threatened.

I should have to look and wait for the outcome of this proposed bill and to see how the community will respond to this especially seeing the punishment is so harsh.

Demanding over $3M as a fine for trading cryptocurrencies is outright outrageous. Nobody would pay such amount if even found guilty. In my opinion, the bill won't get passed. If at all it does, the details would be changed.

[supine]

After having a positive news about crypto on their country now they are going to pass on a new bill that would get all the crypto user in their country?
I don't see the reason why they need this one when they was supporting crypto back then why would they need such law now?
This is pretty lame for my opinion letting people know about crypto and making some noise about it and accepting it and now they would make a new law that would imprison the crypto user.

[coolcoinz]

Definitely one of the dumberst reactions to Bitcoin ever. I can understand if a country doesn't want to recognize it legally or sees it as a threat for their own monetary system and doesn't allow banks to work with Bitcoin companies, but 10 years in prison? It really looks like a bill straight from North Korea, like one of those "get incarcerated for not crying" or "get shot for trying to leave the country". They're going to be laughed at by the rest of the world if they pass it.

[415jeremy]

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

And not only Asian countries are doing that. Russia is going to ban cryptocurrency too. I can't understand this logic. Of cause, regulation is a sophisticated process, but banning isn't the answer.

[Igor.Pavlovich]

I noticed South Asian country authorities are more into banning crypto. Possibly they think it's hard for them to regulate crypto but the reality is - true crypto enthusiast will find their own way and it can't be stopped for real. The wise move will be to study and adopted with crypto culture.

And not only Asian countries are doing that. Russia is going to ban cryptocurrency too. I can't understand this logic. Of cause, regulation is a sophisticated process, but banning isn't the answer.

Russia does not bun cryptocurrencies. It is simply do not regulate cryptocurrences. I do not think that it is possible to bun cryptocurrencies.