India looking to Re-ban Bitcoin

[abel1337]

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.

There are many governement like this, I understand the feeling of it because our government is doing the same. The economy is going down because of our situation and past problems but government is doing unecessary things that are not connected to the problem but just making new set of problems. It is like the re-banning of bitcoin in India, There are peoples from India who is relying on crypto for their survival and banning it could be a nightmare for them. This can be a domino effect later on if some countries saw the advantages of it and implement it on their own. They should just regulate it atleast not to ban it.

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[Yatsan]

Even though that was just still a plan and for under further discussion and might change up accordingly depending upon the presentation of data if they will re-ban Bitcoin or not, still it looks so tiring for people in India seeing banning, lifting and re-banning once again and for sure that the people are getting sick of it getting confuse on where they would be situated. Before doing such big decisions, the government has to review first all the concerns of the people with regards to that and widen the concept of understanding regarding the issue. The government must conduct and deep and thorough research about the matter and make them understand every concept why Bitcoin must not be put into the stake of re-banning once again. They must see both side of the situation before doing big decision that would supposedly be finalized so that it won't be a hassle and turning point of confusion on what is the real stand of India with regards to the issue of Bitcoin.

[Cryptoreflector_666]

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

This is very good, because while there will be a trial (and this is not a quick process as we know) that at this point the bitcoin will be a legal means of payment. Perhaps this is the best solution for India right now, because full legalization can have a bad effect on the state of bitcoin, because the state will lose huge amounts of capital.

[ampu]

They have more than 1.3 billion people and this is a country with a young workforce participating in the world's leading technology jobs. Cryptocurrency is suitable for them because it is convenient and knowledgeable.
India can ban but not completely control everyone. Nigerians have succeeded in their war for their state to accept Bitcoin and cryptocurrencies if in the future Indians are determined to use cryptocurrencies, then maybe their government will do like Nigeria.

[Lordhermes]

I must be surprised why Indian government is raising this alarm of banning the usage of cryptocurrency because of some fraudulent acts committed or might have accused bitcoin to be a scam thing, there was a reason why Binance acquired WazirX exchange in India, so that reason could not be fulfilled?

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.

I have really think on the other hand and asked why India banning of cryptocurrency in the country. I have never forgotten the factual news that aroused every corner of India about the Binance acquiring Wazirx exchange in India making every Indian citizens pushing into cryptocurrency and block chain as a whole, they(India citizen) had already sinked into the crypto sphere and I don't think the ban would actually stop them, wazirx made them know more and I'm sure the exchange implemented trading against fiat currency if I'm not mistaken.

[royalfestus]

Their is a funny comment on the news that the last court injunction that allow bitcoin in India enabled 480% price increase in bitcoin. Thats incredible! I hate this back and forth in regulation, if they want regulations that allow this trade, the country should enact it. In the few months of trade they already have enough to lose, something around $3 billion only in India. ATM I dont think other asian countries rely on India to make any decision on cryptocurrency, they already did.

[Jstandhope]

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

Instead of India placing a ban on Bitcoin for reasons best known to them, they should also see benefit in bitcoin owing the fact that crypto currency was a rescue route during the covid19 lockdown when all financial institutions were shut down as a means to cub the spread of Covid19. Bitcoin as a crypto currency does not require any building for it's transaction, It can be done at the comfort of your house just with your devices and gadget and internet connection and at a reduced risk or minimum risk if there is. So they can see opportunity in crypto currency rather than placing a ban on it.

[Bitcoinenthusiasts23]

Think the best option would be for governments (such as the Indian government) to introduce their own decentralised coin on the blockchain platform

[Shasha80]

The Indian government frequently changes decisions regarding the legality of Bitcoin, now planning to ban Bitcoin.
In the near future it will lift the ban on Bitcoin again, this will only hurt investors from India. The Indian government
should not solve the problem of scams by banning Bitcoin, there are still many better ways to help the people of India
from scams in my opinion.

[AjithBtc]

The Indian government frequently changes decisions regarding the legality of Bitcoin, now planning to ban Bitcoin.
In the near future it will lift the ban on Bitcoin again, this will only hurt investors from India. The Indian government
should not solve the problem of scams by banning Bitcoin, there are still many better ways to help the people of India
from scams in my opinion.

Agreed, with the effort of government it is possible to secure the citizens from the scams in the name of cryptocurrency. Whenever there arises controversy related to cryptocurrency, automatically government come up with the statement that cryptocurrencies are full of scams and illegal trades.

When it comes to my country India, the government isn't strong enough to take good decision on digital growth. But, in each and every manifesto the government states it'll give importance to digital growth.

[pawanjain]

The crypto situation in India has been on and off for the last few years. We are already fed up of these repeated judgements from the court.
To be honest it doesn't really matter now whether India accepts crypto or not because we still keep using Crypto now that P2P exchanges have been well established in India.
Even if they don't accept crypto, people will still be able to use it. So it would rather be more favorable for India to just accept crypto and regulate it.

[bryant.coleman]

Once again, this rumor has been proved false

Every now and then, some of the Bitcoin whales spread this news, in order to crash the Bitcoin exchange rates. However, this time it didn't had any noticeable impact on the prices.

Here is the confirmation:

https://cointelegraph.com/news/fresh-reports-of-indian-crypto-ban-are-clickbait-says-local-source

Speaking to Cointelegraph, Ashish Singhal, the CEO of cryptocurrency exchange CoinSwitch — which has its major user base in India — pointed toward the list of bills that is subject to discussion during the Monsoon Session of the Parliament. He said that as much as one can see from the list, no purported ban on crypto trading is scheduled for discussion.

Let me confirm this once again: No such bill is scheduled for discussion in the Indian parliament.

[wiss19]

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.

These people are really confused, at first it was legal and then they banned it, after they started going to court and later we saw on the news that it is legal after a long time. Now they want to start another battle in court on this same Bitcoin? Whoever is pulling these strings like this is very dumb, why don’t they just end this once and for all? And btw what’s wrong with Bitcoin, BTC is not bad and why are they fighting against it?

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.

Same supreme court that declared that Bitcoin is legal in India the last time? I am just confused as to why a supreme court would declare Bitcoin as legal, and some people will start up the same cases again, it just doesn’t make any sense to me.

[bryant.coleman]

Same supreme court that declared that Bitcoin is legal in India the last time? I am just confused as to why a supreme court would declare Bitcoin as legal, and some people will start up the same cases again, it just doesn’t make any sense to me.

The supreme court didn't declared that Bitcoin was legal. They declared that the banking ban on Bitcoin was illegal. Some of the analysts claim that this mean that Bitcoin is legal in India. As such, there was no ban imposed on Bitcoin. However, there was a ban on the use of bank accounts, for the purpose of cryptocurrency trading. This ban was overturned by the supreme court of India. 

[Shohanur]

Actually it is really sad news for the users of bitcoin in India. Country like India should allow bitcoin in this digital world. Though it is decentralized but it has a lot of benefits also.

[eaLiTy]

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The supreme court didn't declared that Bitcoin was legal. They declared that the banking ban on Bitcoin was illegal. Some of the analysts claim that this mean that Bitcoin is legal in India. As such, there was no ban imposed on Bitcoin. However, there was a ban on the use of bank accounts, for the purpose of cryptocurrency trading. This ban was overturned by the supreme court of India. 

It is a fine line when it comes to the interpretation of the law,  the mobile association approached the Supreme court challenging the ban imposed against institutions by the RBI and the legality of BTCitcoin and the important note i saw in the judgement is that the court reviewed and said that cryptocurrency is capable of being accepted as a valid payment for the purchase of goods and payment services and the RBI should think about regulating it.

The above highlighted is the almost exact quote from the judgement notes which means it is legal in the eyes of the Supreme court. If the government or the RBI come up with a counter point and convince otherwise we might see a different judgement, but as of now this is the situation.

[Mpamaegbu]

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.

Exactly my thought too. You just took the word out of my mouth. India may have the population close to China but her activities shouldn't determine what the rest of the world does or believes. From the look of things, Bitcoin isn't going away. The industry has come to stay. Banning Bitcoin will only cut India off the phenomenal tech. It will eventually be her loss, and that will end in regrets. When China banned Bitcoin in 2017, honestly I thought that would be the end of Bitcoin. But look at where we are today without China. I think campaigners should take the Bitcoin awareness thing to Africa. There is a huge emptiness there and a large market too for this tech.

[bryant.coleman]

~
The supreme court didn't declared that Bitcoin was legal. They declared that the banking ban on Bitcoin was illegal. Some of the analysts claim that this mean that Bitcoin is legal in India. As such, there was no ban imposed on Bitcoin. However, there was a ban on the use of bank accounts, for the purpose of cryptocurrency trading. This ban was overturned by the supreme court of India. 

It is a fine line when it comes to the interpretation of the law,  the mobile association approached the Supreme court challenging the ban imposed against institutions by the RBI and the legality of BTCitcoin and the important note i saw in the judgement is that the court reviewed and said that cryptocurrency is capable of being accepted as a valid payment for the purchase of goods and payment services and the RBI should think about regulating it.

The above highlighted is the almost exact quote from the judgement notes which means it is legal in the eyes of the Supreme court. If the government or the RBI come up with a counter point and convince otherwise we might see a different judgement, but as of now this is the situation.

In this case, the Supreme Court has taken a favorable view of the cryptocurrency. But still, the judgement can change as per the government policy. If the government comes up with a law banning the ownership and transaction of cryptocurrency, I don't think that the courts can remove that ban (at the most, they can give suggestions). Last time, the loophole was created because the government was not yet ready with a law regarding cryptocurrency.

[Jstandhope]

I believe it's just few persons in Indian Government that this crypto currency is not their favour that will be pressing for the ban of Bitcoin, because seeing the fact that their supreme Court has over ruled the case ones why are they still pushing. I believe the supreme Court has seen the benefits in Bitcoin. Also I think it will lack of proper knowledge and understanding of Bitcoin that is resulting to all this. Please their should reconsider their actions before taking full step.

[bunglor]

Re-ban? Does that mean the bitcoin was once banned already in India? well it's a sad news for me to know that India would be one of the country which cryptocurrency or Bitcoin is banned that means more users will not be able to use the cryptocurrency but it seems you said it would take 2-3 years maybe battle on supreme court I hope in you'll win this battle.