India may again ban cryptocurrency

[kayvie]

It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

The thing is governments don't really agrees on bitcoin and cryptocurrencies because of its decentralization that they no one control it. They also think that bitcoin is only being used for illegal activities like scams and fraud, that is why it is hard for them to accept it as a legal currency. They don't look on the good side of bitcoin that it could really help their economy by giving unemployed people a source of income.

Yes, and since it is decentralized, there is no way for them to have any control over it. They are doing this step to avoid anything like this to get out of their control, this might be a stupidity but this is how their government think and they will do anything to have a control over everything.

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[Haunebu]

There is a high tendency for this bill to pass because there are lots of officials oppose the idea of cryptocurrency in India.

I disagree. Do you think that this is the first bill against crypto in India? There have been proposals in the past and all were rejected. This one will most likely be rejected too based on my research.

The way the government approaches cryptocurrency in India is part of a greater issue. Modi wants greater control and would do anything to get it.

What the government wants doesn't matter much in this context anyway since the Supreme Court ruled in favor of cryptocurrencies. Basically, the people won against the government here which is epic in my opinion.

[shoreno]

It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

The thing is governments don't really agrees on bitcoin and cryptocurrencies because of its decentralization that they no one control it. They also think that bitcoin is only being used for illegal activities like scams and fraud, that is why it is hard for them to accept it as a legal currency. They don't look on the good side of bitcoin that it could really help their economy by giving unemployed people a source of income.

Yes, and since it is decentralized, there is no way for them to have any control over it. They are doing this step to avoid anything like this to get out of their control, this might be a stupidity but this is how their government think and they will do anything to have a control over everything.

this isnt fully decentralized but i think its only semi because the exchange and the wallet that we use were mainly centralize  . govt still can control these or can make money out of them   , they didnt think of that   ?   .

now we know the reason why india isnt still succesful as others its because their govt's were selfish enough and will not allow many opputunities for thier economy to improve  . yes cryptos are helpful and can provide the many needs of the people    .

[Botnake]

It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

The thing is governments don't really agrees on bitcoin and cryptocurrencies because of its decentralization that they no one control it. They also think that bitcoin is only being used for illegal activities like scams and fraud, that is why it is hard for them to accept it as a legal currency.

Paper money or fiat can also be use in illegal activities, bitcoin is decentralized but that is only on the blockchain, but the moment it's exchange in fiat, the anonymity of the holder will be lost. What they need to do is to further study crypto and exert other measures to minimize the risk.

Banning is not the solution, that might look them incapable of regulation are revolutionary technology, as they are the government which has the power to regulate, why not just regulate exchanges and businesses that accept crypto as a payment.

They don't look on the good side of bitcoin that it could really help their economy by giving unemployed people a source of income.

That's why they need to re-evaluate and by considering all the positive and the negative and then make a final decision.

[webtricks]

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

What do you mean by again? Bitcoin was never banned in India before. The earlier ban was more a sort of restriction on businesses involved in cryptocurrencies like Exchanges, wallets, etc. But this time, government is thinking to completely ban cryptocurrencies for citizens. However, it may not be as easy as it seems. It will take lot of time and most probably would be called off because there are many other important issues to look after amidst corona pandemic.

Here is the thread from Indian Section which contains better quality discussion than this thread on this topic: https://bitcointalk.org/index.php?topic=5255041.0

[Tahsin Kabir Kollol]

At first, this totally depends on the Indian government. It is difficult to accept new technology and the same has happened in this case. Adopting such technology actually requires some technical knowledge and time to become aware of its positive uses. I think the decision taken earlier will be firm in this case and they will be interested in using it. Cryptocurrency is modern technology and over time it will become a part of every country's transactions. If they accept it, its use in India will be greatly appreciated.

[Nirvier]

At first, this totally depends on the Indian government. It is difficult to accept new technology and the same has happened in this case. Adopting such technology actually requires some technical knowledge and time to become aware of its positive uses. I think the decision taken earlier will be firm in this case and they will be interested in using it. Cryptocurrency is modern technology and over time it will become a part of every country's transactions. If they accept it, its use in India will be greatly appreciated.

It is very important to accept new technology to develop and be the first. If you will not accept the technology, if you will ban this technology, you will not develop and will not be the first, because another countries will accept the techonoly and they will develop. So I do not think that ban cryptocurrency is a good idea. The good idea is regulate and develop cryptocurrencies.

[Mahanton]

It will be stupid for the government to ban cryptocurrency, they don't have any idea how it would help their economy grow.

What they are doing is they are blocking the revolutionary technology that would change how people treat money and this will eliminate boundaries because bitcoin and its blockchain knows no boundaries. I hope they will re-evaluate this before making a decision because if other countries allows crypto then why can't they? what would be their reason?

I believe banning is bad and the fines is too harsh, government suppose to serve the people so they should listen to people before making a decision.

Deal with it and come to think that not all government would really have the same insight towards cryptocurrencies and thats why we do see these bans or whatsoever.
This do usually happens when a certain country do see it as a threat and just focusing only into its bad or negative sides rather than giving out reconsiderations if they do
try to look or check into its positive.If india may ban crypto currency then its their choice and also come to think that this isnt really that that big that would affect
the whole market.

[htsy585]

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

I was shocked when i saw the news on icodrop's telegram news channel because the whole crypto space celebrated the victory of cryptocurrency being legalize by the Supreme Court early this year in indian so since then, I've been wondering what could be wrong that warranted the proposal of such action to ban cryptocurrency activities all over again

[Emitdama]

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

Lol $3.3 million? That’s ridiculous, why would anyone have to be paying such a huge amount just because they made use of Bitcoin?
It is really bad how the government in some places are just out to end Bitcoin. But, earlier this year there was news that India has been declared Bitcoin legal asset, so how come I am seeing this now?

Did they later declare it an illegal asset again, if that’s the case then they must be a joke, or is this an old news that you’re reposting? Other countries are out there looking for ways to utilize this new technology, and they are trying to go backwards?

[LbtalkL]

I guess this bill will not be approved anyway. They just recently unban crypto and then proposed a new bill. What are they trying to achieve anyway, In fact, crypto helps most of their citizens. Worst scenario if that bill is implemented it is very unfortunate for their citizen. I have seen several Indian projects most of them are listed on top exchanges if that bill is implemented what will happen to those projects, for sure some of their offices are located in India.

[enhu]

It would just make their officials stupid because even if they ban cryptocurrency, it can't stop Indians from buying and using cryptocurrency. They'd be policing the whole internet for Indians they can't track. Chinese did ban but its just on the news, Chinese using coins are still using and trading coins because literally just about anyone with the knowledge of how to use the internet can find ways.

Indians are techie on the internet, I doubt their government will be able to restrict anyone from buying coins.

[Swordsoffreedom]

It would just make their officials stupid because even if they ban cryptocurrency, it can't stop Indians from buying and using cryptocurrency. They'd be policing the whole internet for Indians they can't track. Chinese did ban but its just on the news, Chinese using coins are still using and trading coins because literally just about anyone with the knowledge of how to use the internet can find ways.

Indians are techie on the internet, I doubt their government will be able to restrict anyone from buying coins.

Actually, Indian government doesn't have the ability to stop everyone from buying bitcoin. I think the people who invest money in Bitcoin everyone has a good idea about the internet world. so, if the government ban Bitcoin, the Bitcoin holder will find another way to exchange Bitcoin. As we have seen before, countries that have stopped Bitcoin, have not been able to completely eliminate the use of BTC.  so, I think banning bitcoin will not be profitable for the Indian government.

[nicecrypto]

Why all this news about ban crypto,  i don't know what crime crypto have committed that most government always want to ban, if they feel there are some things they don't like about it, they should think of ways to make it better and can be accepted instead of ban it, many people are gaining livelihood through crypto, it won't be fair to just ban it. I read news about Russia government want to ban crypto now I read about Indian government, not cool.

[omone1]

India with their population advantage ought to be a very great and prosperous nation like China and South Korea, but a very brilliant people have been misruled by some stupid unpatriotic politicians. They still want to hold on tight to their financial freedom by not developing a good framework around the new age financial economy called Cryptocurrency. They won't ban Cryptocurrency again in India.

[MCobian]

Hopefully the news is fake news, because if this is done it will make investors and traders from India panic. Maybe the government
is planning a ban on cryptocurrency, because it is difficult to conduct regulations on cryptocurrency. Hopefully the Indian government
cancels its plans to ban crypto again, in my opinion it is not wise to banned cryptocurrency in India. At least cryptocurrency has proven
to provide benefits in a pandemic situation like now. Like providing solutions for make money and also financial transactions with
cryptocurrency prevent the spread of the corona virus.

[Indymoney]

Hopefully the news is fake news, because if this is done it will make investors and traders from India panic. Maybe the government
is planning a ban on cryptocurrency, because it is difficult to conduct regulations on cryptocurrency. Hopefully the Indian government
cancels its plans to ban crypto again, in my opinion it is not wise to banned cryptocurrency in India. At least cryptocurrency has proven
to provide benefits in a pandemic situation like now. Like providing solutions for make money and also financial transactions with
cryptocurrency prevent the spread of the corona virus.

First I was also feeling this is real but now chekcing many sites and resources look like its old news and few peoples pushing this for own sack as now India is doing good for bright future in crypto this is not going to happen Binance is joining Internet service provide for better service https://cointelegraph.com/news/binance-joins-indian-internet-association-amid-regulatory-uncertainty

[winterlemon912]

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

Don't worry because India is still able to use crypto currency in their country right now since the won against the RBI or Reserved bank of India. I hope that crypto currency in India won't get banned because Indians are one of the best traders because even if they don't have crypto currency they can get rich with just trading other materials and now they are going to get richer because they have crypto currency. I also hope that other country can legalized crypto currency on their country so that peoples there can use crypto currency legally.
Source: https://news.bitcoin.com/bitcoin-legal-india-supreme-court-verdict-cryptocurrency/

[Argoo]

This topic will be controversial until lawmakers in India or the government of this country decide to legalize cryptocurrency or ban its circulation. In the meantime, India still does not have a single normative act regarding the regulation of cryptocurrency. We do not yet know what decision will be made and therefore we just need to wait. Residents of India need to convince their government and put pressure on it to make a positive decision on cryptocurrency.
The situation with cryptocurrency in Russia is similar, but at the same time and more complicated. It has already adopted in the first reading a bill on the actual prohibition of cryptocurrency.
Even if the decision now turns out to be negative, over time the government and leaders of the country will change, the situation will change again.

[Ender19]

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.

Is South Korea not considered South Asian?

They're the worlds biggest crypto backing country.