India looking to Re-ban Bitcoin

[eaLiTy]

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.

The news of banning the entire market is coming up again and again, there is no official announcement regarding this but some newspaper published a news regarding insider information it seems from the authorities that they are planning to implement a ban, i wont be surprised that the Modi lead government will come up with these ban because they have no idea how to run a country and how to main the economic growth and with all the blunders they did that damaged the economic that went to negative GDP and there is nothing to be surprised if they kill another upcoming market.

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

Companies who invested money will fight the legal battle but it will take years to get a resolution.

[MCobian]

I feel confused by the decision of the Indian government, not having the firmness of its decision regarding Bitcoin. Because it's always
been repeatedly banning Bitcoin, but soon it will lift the ban. Such a thing would be detrimental to their own citizens, I can't imagine
how stressful it must have been for the crypto community in India.

[DatKing]

India is no different from China. I don't understand why these countries are strictly against Bitcoin. They will probably give a reason like Bitcoin is decentralized so its control will not be on them. But still they should know that Bitcoin is a very good alternative for fiat money.

[kawetsriyanto]

We have already seen this such news many times and I am not surprised at all with this drama. I think governments use this issue for political purposes. So, even if they really ban Bitcoin, then they will unban again Bitcoin in the future. For me, it is not so different from the government in Russia. They sometimes decide to ban it, then unban again with certain arguments. Well, let them do it, don't worry about it!! 

[Hypnosis00]

India is no different from China. I don't understand why these countries are strictly against Bitcoin. They will probably give a reason like Bitcoin is decentralized so its control will not be on them. But still they should know that Bitcoin is a very good alternative for fiat money.

No, they are not strict to Bitcoin but they are just kinda nothing to do with their life. Ban now and lifted it by the following days, it never makes sense anymore (not surprising, really), their people will keep their Bitcoin as they know that soon it was lifted back again. The issue isn't a way to make people become worried nor being hopeless about Bitcoin because their leaders will realize what they are wrong, absolutely wrong.

[ReiMomo]

India is no different from China. I don't understand why these countries are strictly against Bitcoin. They will probably give a reason like Bitcoin is decentralized so its control will not be on them. But still they should know that Bitcoin is a very good alternative for fiat money.

No, they are not strict to Bitcoin but they are just kinda nothing to do with their life. Ban now and lifted it by the following days, it never makes sense anymore (not surprising, really), their people will keep their Bitcoin as they know that soon it was lifted back again. The issue isn't a way to make people become worried nor being hopeless about Bitcoin because their leaders will realize what they are wrong, absolutely wrong.

Sounds funny but that is the truth, I guess they found out that banning bitcoin has no effect on them. There are plenty of people that really want to keep their bitcoin and they know that they will never stop those people who hold bitcoin because there is no proof or identity involve even if holding bitcoin while banned in your country is punishable.

What's wrong to them, are they blind? All they saw is the negtative effect of bitcoin they didn't even see how good the potential of bitcoin bring once you can adopt it.

[gamer4156]

I do not understand why the Indian government wants to do this again and again. To my knowledge, unemployment is one of the biggest problems in India. This is why some people use Bitcoin as a way to earn money online. Even then, if the Indian government stops using bitcoin for the unemployed in their country, they will have to face this problem later. So I don't think it should be for the Indian government to declare Bitcoin illegal for their country.

[Benefactor]

I am not sure if the Indian government will do it in the end but it should be done for their country. Bitcoin is currently used in various misdeeds in India. Bitcoin is being used as their payment system for various crimes. And the biggest thing is that it is not a coin under any government. So the government is forced to do this to protect these misdeeds and crimes. However, many will suffer at the same time.

[Ozero]

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.

The Indian government has not yet banned Bitcoin. There was only a definite decision by the Reserve Bank of India, which was later overturned by the Supreme Court. The government and legislators of this country have not yet issued a single normative act in relation to cryptocurrency, and it is precisely these state structures that need to first of all determine their attitude towards cryptocurrency. We hope that it is they who will finally say their final word in relation to the circulation of cryptocurrency. We have long known the attitude of banks towards it.

[Imran232]

I also heared this news. But if bitcoin will be ban in india it afftect to much in indian crypto industry plus indian crypto users. Because after crypto regulation in india lots of youth, lots of   stock market users, lots of tech youtuber coming into this platform and invest their money because they understand that bitcoin is future. They research about bitcoin and they enter this future industry. And they make it their primary investment platform. If it will be ban it affect them too much. I don't think it will be fully ban. I think india thought about this matter and they will make it with some rules like only indian country’s crypto people will use their own platform to buy sell bitcoin. So that government also get their tax from indian crypto exchange. I think it will be the best choice.  Because if it will ban people also use crypto by illegally and it will be tough for them to buy sell crypto. But if government make some rules to buy sell crypto without banning then they can easily buy sell and use it. Its my opinion. I think indian government think like this. Thank you soo much.                         

[matchi2011]

I am not sure if the Indian government will do it in the end but it should be done for their country. Bitcoin is currently used in various misdeeds in India. Bitcoin is being used as their payment system for various crimes. And the biggest thing is that it is not a coin under any government. So the government is forced to do this to protect these misdeeds and crimes. However, many will suffer at the same time.

Government will surely reacts when there's threat and there are illegal usages of this alternative currency.

Once they've found good reasons to ban bitcoin citizens don't have anything to do but to accepts the law then make a good images to reconsider again the decision.
Giving the government valid reason such as illegal transactions may really give a big impact to decide from this kind of rules.

[shoreno]

I am not sure if the Indian government will do it in the end but it should be done for their country. Bitcoin is currently used in various misdeeds in India. Bitcoin is being used as their payment system for various crimes. And the biggest thing is that it is not a coin under any government. So the government is forced to do this to protect these misdeeds and crimes. However, many will suffer at the same time.

Government will surely reacts when there's threat and there are illegal usages of this alternative currency.

Once they've found good reasons to ban bitcoin citizens don't have anything to do but to accepts the law then make a good images to reconsider again the decision.
Giving the government valid reason such as illegal transactions may really give a big impact to decide from this kind of rules.

government of india only because if we look around us there are other governments that arent really threatened whenever they hear that theres a scamming , hacking and other illegal things happened within thier own country  . they dont ban bitcoin because of that reason but instead they do only trace those offenders  . why cant be indian country like that  ? but i think that arent going to happen based on the numbers of banning and unbanning happened to indian country .

[oprahwindfury]

As every country has it's own provision and  has the right  to passed the law so, it is familiar for crypto society.it can effect a bit but Indians and others are able to exchange it or use it as they want.so it is alright and if it's ban in India.It will spread more than the present time.

[Debonaire217]

I am not sure if the Indian government will do it in the end but it should be done for their country. Bitcoin is currently used in various misdeeds in India. Bitcoin is being used as their payment system for various crimes. And the biggest thing is that it is not a coin under any government. So the government is forced to do this to protect these misdeeds and crimes. However, many will suffer at the same time.

The good thing is that, they still didn't just let this kind of technology to pass such as the blockchain. Even if they ban bitcoin for now, there's still tons of cryptocurrency available for them to use. Though I believe that in the future, India will still have the opportunity to allow the use of bitcoin trading again. So far, we don't have the technology to trace every single transaction especially if they are using bitcoin mixers. Anyways, according the article, they have banned bitcoin trading, that means that some indians still have the capability to store bitcoins from services right?

[audaciousbeing]

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

A country so resolute like this in the ban of an emerging technology even after the Supreme Court invalidate their earlier action could as well channel their energy into endeavors that would better influence the life of their citizens and uplift their purchasing power thereby increasing their GDP and other economic indices. That being said, I think there is still need to understand the Indians way of life and the threat that they see in bitcoin for them to be hell bent on banning it rather than focusing on ways to ensure that its fully utilised and controlled to the best of its ability.

[AmoreJaz]

I am not sure if the Indian government will do it in the end but it should be done for their country. Bitcoin is currently used in various misdeeds in India. Bitcoin is being used as their payment system for various crimes. And the biggest thing is that it is not a coin under any government. So the government is forced to do this to protect these misdeeds and crimes. However, many will suffer at the same time.

The good thing is that, they still didn't just let this kind of technology to pass such as the blockchain. Even if they ban bitcoin for now, there's still tons of cryptocurrency available for them to use. Though I believe that in the future, India will still have the opportunity to allow the use of bitcoin trading again. So far, we don't have the technology to trace every single transaction especially if they are using bitcoin mixers. Anyways, according the article, they have banned bitcoin trading, that means that some indians still have the capability to store bitcoins from services right?

instead of moving forward seems that they are going backwards here. if only their govt knows that some of its citizens are relying from their bitcoin income during this pandemic, they will understand its significance to their community. as ive read some posts here that right now, it is their source of income now that most businesses are still closed in their country.
but i guess, the total banning will not push thru. because when they will finally decide on this matter, a lot of countries already accepted crypto as legal. and i dont think they will want to be left behind.

[semobo]

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

Nice strategy from Bloomberg to make some money, there is no recent updates about the pending bill but they released an article about the old news with niche title so they got lot of revenue from their page views, but seriously we need to consider this old news for discussing?

[Yamifoud]

snipped...

Nice strategy from Bloomberg to make some money, there is no recent updates about the pending bill but they released an article about the old news with niche title so they got lot of revenue from their page views, but seriously we need to consider this old news for discussing?

I don't see money involve in here, it was Bloomberg wanted to tell everyone that the India government do nothing good toward crypto but just making their people become hopeless on Bitcoin. You might have noticed it that this article is made a long-time ago, but the fact that it happens again (banning crypto again), they would also like to published back again.

Well, I'm not sure how consistent they are but seeing their actions, it was terrible and somewhat ridiculous.

[Benefactor]

I also heared this news. But if bitcoin will be ban in india it afftect to much in indian crypto industry plus indian crypto users. Because after crypto regulation in india lots of youth, lots of   stock market users, lots of tech youtuber coming into this platform and invest their money because they understand that bitcoin is future. They research about bitcoin and they enter this future industry. And they make it their primary investment platform. If it will be ban it affect them too much. I don't think it will be fully ban. I think india thought about this matter and they will make it with some rules like only indian country’s crypto people will use their own platform to buy sell bitcoin. So that government also get their tax from indian crypto exchange. I think it will be the best choice.  Because if it will ban people also use crypto by illegally and it will be tough for them to buy sell crypto. But if government make some rules to buy sell crypto without banning then they can easily buy sell and use it. Its my opinion. I think indian government think like this. Thank you soo much.                         

Yeah, i think you are right Imran232 mate, If there is a proper laws on the crypto currency use in indain govt. That can might possible but every county have their own laws and when they think anything could make any issue to their currency they might stop ban anything.This is not only ban in India it's also ban in some other countries like Bangladesh also ban this and strightly prohaibitate to  buy sell publicly declared as  illegal.But we also hope India will re-think it to unban and easy to use in india.

[suvo05]

The Gov policies are quite hard to understand,  for the last 10 years they failed to create any new job, so the unemployment rate is too high, rather than creating new industries GOV have sold the GOV undertaking bodies to privet businessmen. Also, the Corona Pandemic has hit hard to the economy. As a result, the current GDP is down below -23%. Rather than looking after those problems and their possible solution, they are concentrating on stupid decisions like banning crypto which will have a more negative effect on the economy.