India looking to Re-ban Bitcoin

[Killrbit]

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

[1714866587]

1714866587

[1714866587]

1714866587

[1714866587]

1714866587

[Oilacris]

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

Just let them be and actually people got already tired on kind of news which do ban and then lift off then ban again like situations.If they totally get rid of it then so be it if they go back then its a good news, just like that.

Each country do have its own jurisdiction when it comes to things so it wont be a surprising stuff to look or see these kind of decisions but its already getting boring for us to look or make it as a serious thing.

2-3 years battle?  Why they can just focus on one side of things?

[verita1]

I also disagree with the new ban on cryptocurrencies in India it is utter nonsense. According to the article, one of the problems is to avoid the proliferation of frauds. But that could be solved if the government accepts cryptocurrencies and educates people not to be victims of these scams.

Sooner or later the government will have to give in and give cryptocurrencies a chance as other nations have accepted.

A transformation with currencies, banking and finance will be noticed when China launches the digital Yuan, propelling the economy into the digital age.

[Beparanf]

They will need a throughly research regarding this matter, it's not necessary to ban it, but it will be better if they will able to spread word or educate their people how to fully use it to avoid scam projects, we all know sooner or later crypto will be adopted by many and they were lucky enough that it was already made legal in them, what they can do now is to harness the possibility that it can be used in better transactions and how they can improve so people will be aware and stay away from scammy projects.

[batang_bitcoin]

It's all speculation. There is tension and there is a chance that it may happen but as long as it's not yet banned, there's no need to think of it. Most people don't seem to be against bitcoin in India and many of them like it. RBI is provoking the whole crypto scene in that country.
Otherwise, there's not that much problem in adoption in that country AFAIK.

I also disagree with the new ban on cryptocurrencies in India it is utter nonsense. According to the article, one of the problems is to avoid the proliferation of frauds. But that could be solved if the government accepts cryptocurrencies and educates people not to be victims of these scams.

Sooner or later the government will have to give in and give cryptocurrencies a chance as other nations have accepted.

A transformation with currencies, banking and finance will be noticed when China launches the digital Yuan, propelling the economy into the digital age.

They should also look into other fraud schemes not just with crypto. Almost everything that are related to finance have fraud in circle.

[sheenshane]

This isn't not yet implemented since they are planning to have a law towards Bitcoin and other cryptos to ban in India.
I heard this before and this isn't a fresh news, we can't blame them if the number of fraud cases that connected to crypto has been grown in that country. But someday they will realize that those fraudulent services must seize not the crypto itself, the RBI has noted this that's why they want to prevented banks from providing services in support of cryptocurrencies.

Their country, their rules. Probably they had already suffered of many fraudulent that involved cryptos. It's better to abide the law because as I read, it is punishable with a fine or imprisonment if some who will caught direct or indirect use any private virtual currency.

[hatshepsut93]

India is the new China in terms of banning/unbanning Bitcoin, except India is less important because it doesn't have all those mining farms, and it's also not economic powerhouse, so its decisions are as impactful. Won't be surprised if they will keep trying to ban and unban it for years. It's sad that some or even many investors will be negatively affected by this, kinda ironic that India's governments is doing it to protect people from scams, yet they themselves cause more damage with this ban.

[Wexnident]

It's still under discussion and not a straight-up ban, so I suppose there's still some chance it may actually survive. Still, it seems like they are planning to explore cryptos in general and blockchain, but not Bitcoin itself oddly enough. I see no negatives in allowing Bitcoin, and honestly, their reason for banning due to the string of frauds (according to the article) seems pretty stupid imo, it's like the usual argument of blaming the medium for doing something evil when the owner was the one that did it.

It'd actually be a lot better if they instead educated people about crypto and investments, so that frauds could easily be seen and avoided by most people. Unfortunate for those investors that entered India when they unbanned Bitcoin though, hope that India actually just puts up a proper solution instead of a straight up ban.

[Saisher]

They really don't want to let go, many countries are now relaxing on Bitcoin they should take the cue on those nations that it's not harmful for the people and the economy to just regulate Bitcoin, this is old thinking in the future Bitcoin will be the most used Online Currency in the world and they will find out that they are left behind.

[Mr.sprin]

on the grounds of fraud they prohibit bitcoin but bitcoin is increasingly accepted by many people, they ban bitcoin in the future they will know that they are getting behind.

[maxreish]

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.

[bryant.coleman]

These rumors have been going around for the last 2-3 years and no concrete step has been taken by the government in this regard. Recently the supreme court of India ruled that the banking ban on the cryptocurrency trade was illegal and struck it down. As of now, there are around 1.7 million active cryptocurrency traders in India and it looks very unlikely that the government would do something drastic.

[avikz]

India is the new China in terms of banning/unbanning Bitcoin, except India is less important because it doesn't have all those mining farms, and it's also not economic powerhouse, so its decisions are as impactful. Won't be surprised if they will keep trying to ban and unban it for years. It's sad that some or even many investors will be negatively affected by this, kinda ironic that India's governments is doing it to protect people from scams, yet they themselves cause more damage with this ban.

True! India is going back in time under the current regressive government. They are building temples and monuments instead of factories. They are charging people with anti-nationalist charges for criticizing government. India is slowly becoming North Korea under Modi government.

The problem is with the education of the politicians. Majority of the politicians of India are uneducated and corrupted to the core. They only know how to make millions of dirty money through their corruption. Banking lobby is also playing in background and bribing the government officials to push such negative legislation against crypto.

God save the country!

[Shimmiry]

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

India is just too afraid of the capability of cryptocurrency and with the power and profit it could give to traders, in which they cannot imply nor track all of the Indian or any people that resides to india that trades with crypto and gains in it, nor tax them with such activities. All they can think of is banning it, it wouldn't take years if they would simply ban it with the India's Internet Service Providers or Telecom Companies, unless the court would progress slow with the investigations and the implementations of the law. It's a normal case in many countries, but it usually just fades away with the fact that they couldn't handle the vast network of crypto.

[cryptoperkele]

It's a big country and it will always have all kind of of proposals. Most of them are not going to pass. These kind of bills are from old people that aren't very tech-savvy, and these old people will lose in the end. Big headlines just makes me think that someone wants markets to panic on every bill they propose.

[TravelMug]

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.

Well, they have been in this on-going battle since 2017, so I don't know why the government is taking too long to react.

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.

It's interesting to note that RBI is fighting hard to ban bitcoin. For me, they treat bitcoin as a competition and just hides their excuses like "it is being used by criminal" shit and all that negative stuff. Yes, the country will really benefited a lot if they go crypto, but that's what RBI doesn't want to happen. Unbank people into crypto, they are going to lose a lot of customers and of course money in return.

[yazher]

Let them do what they want and it doesn't really matter whether the country allows it or not, Bitcoin price will keep rising without their contribution. If they banned it again, they will make some history where a country has lifted its banned on bitcoin and banned it again for some particular reasons. Now that the price is flourishing in the market even though we have a pandemic, India's banning bitcoin will not really affect the market in a big way. maybe the price will fall but it will continue to rise after that.

[pooya87]

India is the new China in terms of banning/unbanning Bitcoin,

and just like China all the news has been fake too.
India never banned or unbanned bitcoin similar to China. the only thing that happened was that their reserve back stopped letting bank users to buy bitcoin using their services.
keep in mind that "banning bitcoin" means people would not legally be able to own, use or trade bitcoin which did NOT happen in India ever.

[stompix]

India is the new China in terms of banning/unbanning Bitcoin,

 
The same thing crossed my mind when I read the title. Another page/topic in the Indian saga, the new Mahabharata of the government and bitcoin.

India Is Looking To Introduce A Law To Ban Bitcoin, Imprisonment Of Up To 5 Year
India may again ban cryptocurrency
Supreme Court of India finally uplifts the ban on Cryptocurrencies in India
Shocking - With a law, India plans lasting ban on cryptos
India considers another widespread ban on Bitcoin
Indian Govt. Lifts ban on Cryptocurrency
Crypto to be Treated as a Commodity in India

Seriously, at this point who still gives a f about what they say?

Unbank people into crypto, they are going to lose a lot of customers and of course money in return.

Hihi, what customers? Central banks don't work with individuals.

[AniviaBtc]

They really don't want to let go, many countries are now relaxing on Bitcoin they should take the cue on those nations that it's not harmful for the people and the economy to just regulate Bitcoin, this is old thinking in the future Bitcoin will be the most used Online Currency in the world and they will find out that they are left behind.

Maybe, the problem is about the possible regulations of bitcoin in their country. Most of the people in their country are not that knowledgeable or well-informed about the use of cryptocurrency in their country that's why instead of legalizing it, they prefer to ban it. It takes a lot of time and courage for a country to study how bitcoin works and why is it important in the market and economy.

Just like other countries, they still think that bitcoin is a scam, fraud, and not a real currency. It is digital but it doesn't mean that bitcoin is not really existing, it does exist in the market and it dominates other currencies. Hoping that this 2nd to the most populated country will soon understand how bitcoin can change an economy to become greater.