India looking to Re-ban Bitcoin

[erikoy]

Why is it India government has back and forth mindset? At first they agreed on bitcoin adaptation then now ban again. Is it the government to be blame for this or just people from this country giving fake news here in the forum? Generally speaking it could be higher chance that the user spreading fake news could be living in India. Anyway, whatever confusions that happen to them still no change will going to happen for bitcoin system. User will tend to use bitcoin either if it is ban in their area or not. Unless India government will strictly implement laws in prohibiting the use of bitcoin.

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[Malam90]

It is a rediculas matter that India once legalize and after few days think to ban. This circle has been continuing over the years. Majority politicians don't know about cryptocurrency or they don't understand truly what is cryptocurrency. A country Govt can take any decision, it is their legal rights. We  only can expect a good news from the Indian supremecourt.

[Ucy]

Seems they're talking mostly about Cryptocurrency Trading and not banning any particular cryptocurrency. I think this shouldn't matter much if you work, earn in Bitcoin and buy things with the Bitcoin.
By the way, it's not good idea to ban something that is good, harmless and useful when you could instead prevent people from misusing or abusing it..       It's important that fellow users in India use/trade cryptocurrency more in decentralized manner. It's better to have the government regulate it in this manner (decentralized) than centralized regulations. That should help keep activities and things within the crypto space decentralized, transparent, accountable, immutable, community-driven, trustless/permissionless, etc.
You could easily take this route ^ without breaking any Good/Just Law of the country.

[FlightyPouch]

I don't know if this is just an experiment for them since they've been going back and forth with these bans and regulations. I guess this would take more time and I think we should just let them be for now since they are having a problem with the pandemic now. Since the number of investors of crypto currencies is increasing in India, I think they are thinking that they might not squeeze more tax on these people, just my prediction though.

[Assface16678]

It looks like I already read a lot of news regarding this banning of bitcoin in India well they have different reasons and they don't want to increase the risk in some instances.

It depends on them if they want to adopt the use of the bitcoin because most of the time we are using the bitcoin as the mode of payment. Also, we can't avoid that there are some issues related to it.

Still, if you want to pursue using the use of the bitcoin you can download a virtual private network so they won't detect your location if you want still using the bitcoin.

For me using the bitcoin is one of the most efficient things they created because it's easier to send some funds without too much hassle.

[ryap12]

Looks like is India is going full circle and trying to ban Bitcoin  again after the supreme court over ruled the previous ruling by central bank of india in March.

They also seem to be taking the blockchain good bitcoin bad argument. Some governments just don't know when to stop.

Im guessing they will be another battle in the supreme court which will carry on for another 2-3 years ridiculous.

Source :
https://www.bloomberg.com/news/articles/2020-09-15/india-plans-to-introduce-law-to-ban-trading-in-cryptocurrency?srnd=premium-asia

Maybe they are out of topic to argue with? Banning Bitcoin seems very ineffective and pointless as anyone can access it with just an internet connection and a computer or smart phone. Not to mention Virtual Private Network which comes very hand whenever websites relating to bitcoin market is blocked. Better accept it and let the entire citizens of India get informed of Bitcoin before the entire world starts to use it. I know a lot of smart people in India and they are very hard working so they should not just ban it instead support Indian developers and investors relating to blockchains and bitcoin.

[plvbob0070]

India government are still contemplating the pro's and con's of cryptocurrency in their country. Whatever the final decision, I believe it is all for the betterment of their own nation.

Anyhow,

Instead of a ban, India needs a regulatory framework to protect uninformed retail consumers “to ensure adequate oversight of the government and the RBI over cryptocurrency businesses,” said Sanjay Khan, Partner, Khaitan & Co, a New Delhi-based lawyer who advises firms. “India can actually benefit from such a regulation to attract cryptocurrency investors and businesses.”

If they'll gonna take this advice, this may eventually be a good decision, too. They may actually do some implementation and jurisdiction on how and where to use cryptocurrency. Afterall, there is always a good future gain in their country.

I agree that they will also benefit if they will regulate it instead of banning it, as stated in the article. It is also mentioned the cons of banning it in India

A renewed trading ban could affect more than 1.7 million Indians trading in digital assets and a rising number of companies setting up platforms for the trade, data shows.

It will also affect companies like Singapore-based CoinSwitch, which added 200,000 users after starting India operations in June and was reporting volumes of about $200-300 million, according to chief executive officer Ashish Singhal.

It will affect a lot of traders in India so they should probably look at this thoroughly before implementing a law to ban bitcoin. But I think it will take them a lot of time so maybe it will enough to make a better decision for their country.

[acroman08]

at this rate, they are just wasting precious time discussing this issue. I assume that they already knew the pros and cons of bitcoin when they decided that it's it worth to unban bitcoin/cryptocurrency. are their congress incompetent that they doubt their decision to unban bitcoin?

[rexxarofmoknathal]

India is one of the countries that actually need blockchain to power their economy crisis. This is a ridiculous scandal, specially when all that court money could have been used for something much more productive than this futile argument. Honestly, is like people don't know when to give up, and instead they waste all their efforts aggravating the situation. The people of India should stand up to this unreasonable 'battle'.

[Debonaire217]

Based on what I have read on the article posted by the OP, international crypto exchanges didn't want India to ban crypto trading (Of course) so they also fight for the Indian crypto traders that is why bitcoin trading became legal way back before. Perhaps, at this time, there's an increase of frauds that leads to government to ban trading at all. I am not stereotyping Indians as I know that they are good in terms of technology. But I also see allot of Indian scammer videos in Youtube. China banned their people to invest in ICO's but they allow trading and the profit of their people is considered as Virtual Property, this could also be adopted by India IMO.

[Rafiqul]

I still don't want to believe that the Indian government will re-ban Bitcoin. If a country with a huge economy like India bans bitcoin, I think it will be as harmful for the Indian economy as it is for the crypto world. So the Government of India should not ban crypto but educate the people about crypto and its investments so that they can easily understand, see and avoid frauds. Just as a head should not be cut off for a headache, it is not right to ban crypto for a scam.

[seoincorporation]

Lol, is the never-ending game, not only India... Rusia and China have the same mixed feelings about bitcoin, some days they love it and the next day will try to ban it. We can call them bipolar countries.

Is important to mention India is having some big conflicts with china right now, so, that war tension should be one of the reasons.

[Xembin]

I think, it will be difficult for India to Re-ban bitcoin.
Most of their youths are now getting the knowledge of how to make use of bitcoin and how to use it to invest and make massive profit. Bitcoin is a decentralized, isn't control by the government, that is why some government officials in India are not too happy the way their youths are using it to develop their self in the country.
Banning bitcoin in this pandemic it  will really affect their economy, because covid-19 has really reduce the economy to lower level.

[Twentyonepaylots]

ccto

 LOL

Why is this thing a non-ending for India? Honestly this has been talked for a couple of times. I guess their government should settle for a final decision coz it ruins people who's into bitcoin in India. Imagine they banned it, they give people time to get rid of their bitcoin selling in even low prices then they will allow it again. It's bothering how India's government is indecisive, can't fully commit to something.

[Melloiga]

This government gets high on banning things. What they don't seem to understand is that banning stuff only opens back-door channels and ultimately encourages illegal usage.

Take state of Gujarat for example. Sale of Alcohol is banned and hence it was declared a 'dry-state'. But do you really think that no one there is drinking alcohol? Just recently a transport was caught transferring alcohol worth Rs. 18.85 Lakhs when it was suppose to be travelling with Covid-Medicines.

What they could have done instead of banning alcohol, make regulations on how and where to/not drink. Make it expensive, so not everyone can afford it and that would have stopped the problem of people excessively indulging in alcoholism. State governments get 2000-3000 crore in tax through alcohol only. Banning it is only denting the economy.

Same way, they could keep Bitcoin legal. As it is right now and just add more rules to it on how/not to trade it. Add tax on buying and selling it. And let India be a part of the growth that cryptocurrency is.

But no. It is dangerous because some of the criminals use it to commit crime. So, no body should use it.

Want to know what was recently banned? ONIONS! Yes, the government has banned export of Onions because the price is expensive for locals.

And the farmers who grow export quality onions which costs a lot in seed/farming are now forced to sell their crop at local market on cheaper price.

And they're protesting it. Some might even commit suicide because they took loans and they could never pay it back if they sell it for low price.

But who cares? Media doesn't. It is more important for them to show Rhea/Kangana nonsense.

[lebregone]

This is a sad news to bitcoin users in India if in case the Indian government will likely to Re-ban again the bitcoin.I wonder why Indian governemnt are against the trading of cryptocurrency even if they have witness already that there are many countries out there who are doing good upon fully accepting the cryptocurrencies.

They should not be afraid to cryptocurrencies especially if they like to progress because there is a big possibility that crypto currencies will fully replace fiat in the future.

[finaleshot2016]

It seems that they aren't fully studying the whole application of cryptocurrency and still re-banning bitcoin after the lift.

It'll be sad for those crypcurrency enthusiast and businessmens who are trying to enter the crypto world. We all know that DeFi is one of the main project that is mainstream and for sure some of those in india are already planning to create one.

Their perspective of cryptocurrencies' future and potential will be gone because of this case.

[Igor17Krik]

Of course, it's a shame that some countries cannot take the world of cryptocurrencies for granted and develop. I think this is another unsuccessful undertaking. Indeed, blockchain technology is a breakthrough in the development of mankind. It is a pity that authoritarianism hinders the development of blockchain technologies in some countries.

[Kong Hey Pakboy]

This is a sad news to bitcoin users in India if in case the Indian government will likely to Re-ban again the bitcoin.I wonder why Indian governemnt are against the trading of cryptocurrency even if they have witness already that there are many countries out there who are doing good upon fully accepting the cryptocurrencies.

They should not be afraid to cryptocurrencies especially if they like to progress because there is a big possibility that crypto currencies will fully replace fiat in the future.

I think the government in India do not fully understand how bitcoin works and having it's opportunity because they are making an awful and a confusing decision. I know they recently lifted the bitcoin banned in their country, and now they want to re-ban it again. So i think crypto enthusiast in India will not have a chance to experience the crypto world.

[goldade]

It's laughable to know government of countries still choose not to accept that the invention of bitcoin is revolutionary and it's only a matter of time before it takes over fiat currency to a large extent, if not completely.
Although this may seem as a setback for the crypto space, it is actually a disadvantage to the government of India. They are actually missing out on the numerous benefits of bitcoin and what it can do for the economy.
I do hope that they come around sooner than later to accept that bitcoin has come to stay.