India plans to introduce law to ban cryptocurrency trading

[cryptopediabd]

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.

The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people.

The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following PM Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.

India’s decision will be crucial as more Asian nation countries weigh pros and cons of virtual currencies. Rival China, which banned initial coin offerings and virtual currencies in 2017, recently allowed Bitcoin trading as virtual property, not as fiat money. It is also planning its own central bank digital currency. Both Singapore and South Korea regulate crypto trades.

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.

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.”

https://economictimes.indiatimes.com/news/economy/policy/government-plans-to-introduce-law-to-ban-cryptocurrency-trading/articleshow/78132596.cms

How many time they are trying to do that! Do you think they will achieve this success by banning cryptocurrency??

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[Poker Player]

I'm not too worried about that but I don't live in India. To ban something doesn't make it disappear and there are many other countries that have regulated crypto.

It will have an impact in the Indian market, that's for sure as Indians won't be able to trade (legally) and there will only remain as users those who use hard wallets, tor, decentralised exchanges...

I hope they think twice and don't pass the law.

[eaLiTy]

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.

It was just click bait and nothing else, these rumors are already trashed, the cabinet will not be taking cryptocurrency for discussion in the current parliament session and most of the owners of cryptocurrency exchanges already made that clear in social media about the real situation. These articles are meant to create panic and nothing else.

The proposed bill that is mentioned in the article is submitted to the finance minister in 2019 by the Garg committee and after that the Supreme court gave a decision in favor of the exchanges to resume their business and after that there is not much of a change other than articles coming out with fake news about a ban.

[YOSHIE]

How many they are trying to do that! Do you think they will achieve this success by banning cryptocurrency??

The law planned by the Indian government has long been discussed on various boards in this forum, but for now I see only news, there is no definite action from the government that states about it.
Example:

Topic: India will Implement Law For Prohibition of Crypto Trading

Topic: Shocking - With a law, India plans lasting ban on cryptos

OP, coverage in the media cannot be categorized as positive & negative, today saying negative tomorrow can be positive, that's news, what else publishing news is people who are against crypto, so take it easy, nothing bad will happen about crypto in India.

[Rajan055]

Goverments create and apply law only in paper form. They have to wake up and move with digital generation.

[Khajadana]

India cryptocurrecy Legal procec YAA  cryptocurrecy Band Goverment issues

[Harlot]

Everytime I read a news about India having another ban to cryptocurrencies I just ran pass it since I really don't care about now that we are always having conflicting news going back and forth about the state of cryptocurrencies in India. But if they do push through with this kind of law then I would expect India would be missing out a industry where their citizens have a chance to profit from not only by way of trading. If their own government notice that this will be a big hit for their country I would expect them to have some kind of reversal for the anti-crypto law.

[hugeblack]

Did Binance buy an exchange platform in India? I do not think that there will be a ban again because some companies have already started activity in the Indian market, which means that they have received a green light from some legislative bodies.

India has suffered severely from the consequences of the Corona virus, so the influx of more foreign capital will be beneficial to the government, so they will not do much to ban people or prevent them from investing as long as the government gets its share first.

[Findingnemo]

Did Binance buy an exchange platform in India? I do not think that there will be a ban again because some companies have already started activity in the Indian market, which means that they have received a green light from some legislative bodies.

India has suffered severely from the consequences of the Corona virus, so the influx of more foreign capital will be beneficial to the government, so they will not do much to ban people or prevent them from investing as long as the government gets its share first.

Wazirx Binance was primarily named as wazirx which is the exchange binance bought after the court removed the ban from the banking side related to crypto transaction but there is another committee reported that they should consider banning the cryptos in their country after extensive researches made but the one who lead the committee has no knowledge about blockchain or decentralization as per the individual queries made to the person.So basically they don't know what they are doing so made the bill in the pending stage for a while.

[hulla]

How many time they are trying to do that!

Numerous time.

Do you think they will achieve this success by banning cryptocurrency??

Yes, they can successfully ban cryptocurrency is they continue to introduce different kind of laws against crypto which will lead to some restrictions and later total ban because India is somehow an imperialism country but it a shame that their government dont care much about the benefits Indians gained from crypto during the pandemic and economy meltdown.

[hugeblack]

there is another committee reported that they should consider banning the cryptos in their country after extensive researches made but the one who lead the committee has no knowledge about blockchain or decentralization as per the individual queries made to the person.So basically they don't know what they are doing so made the bill in the pending stage for a while.

This point that I wanted to clarify, the court ruled the legality of Bitcoin (as an asset,) so I do not think that a platform like Binance will enter the Indian market if it does not have a green light to start activities.

Also, I do not think that the Indian legislator has the luxury of banning trading in cryptocurrencies due to the consequences of the COVID-19 crisis and the country's need for more foreign exchange.

I do not think that many countries will tighten the laws of currency trading and licensing platforms during the next year, especially India, due to the economic shocks caused by the pandemic.

[amishmanish]

All these speculations about the terrible fate of cryptocurrencies in India stemmed from the Garg Committee report in July 2019. Subhash Chandra Garg was a hotshot high-ranking officer in the Ministry of Finance (Finance Secretary) who had been a darling of the present government. Yet, the way economy has tanked, it is clear that his last few years were not judged kindly by the Prime Minister. He was shunted from Finance Ministry and was handed a portfolio in Ministry of Power. Subsequently, he resigned.

If this is any indication of where the winds are blowing, it seems that the government doesn't aim to outright ban cryptocurrencies. Garg's views of crypotcurrency were almost childish with the typical refrain of "These codes have no value but they have certainly made billionaires at the cost of those who bought them". He was talking about the fall of private crypto-currencies. Contrary to his approach, the Supreme Court judge had treated "Bitcoin" separately and quite intelligently called it the "Adam of cryptocurrencies". Quite clearly, His higness gets it..

[Findingnemo]

there is another committee reported that they should consider banning the cryptos in their country after extensive researches made but the one who lead the committee has no knowledge about blockchain or decentralization as per the individual queries made to the person.So basically they don't know what they are doing so made the bill in the pending stage for a while.

This point that I wanted to clarify, the court ruled the legality of Bitcoin (as an asset,) so I do not think that a platform like Binance will enter the Indian market if it does not have a green light to start activities.

Also, I do not think that the Indian legislator has the luxury of banning trading in cryptocurrencies due to the consequences of the COVID-19 crisis and the country's need for more foreign exchange.

I do not think that many countries will tighten the laws of currency trading and licensing platforms during the next year, especially India, due to the economic shocks caused by the pandemic.

I am not sure that court made the crypto trading is legal, they just removed they can't ban something when the country doesn't have any laws against it so still the condition is neutral and finance already entered into Indian market because they hope Indian government is not going to ban cryptos completely.

But anything can happen for no reason, they banned Chinese apps recently just over night so if someone influence the government to do the it will happen for sure.

[teosanru]

there is another committee reported that they should consider banning the cryptos in their country after extensive researches made but the one who lead the committee has no knowledge about blockchain or decentralization as per the individual queries made to the person.So basically they don't know what they are doing so made the bill in the pending stage for a while.

This point that I wanted to clarify, the court ruled the legality of Bitcoin (as an asset,) so I do not think that a platform like Binance will enter the Indian market if it does not have a green light to start activities.

Also, I do not think that the Indian legislator has the luxury of banning trading in cryptocurrencies due to the consequences of the COVID-19 crisis and the country's need for more foreign exchange.

I do not think that many countries will tighten the laws of currency trading and licensing platforms during the next year, especially India, due to the economic shocks caused by the pandemic.

Actually that is the main problem. Bitcoin doesn't gives them foreign exchange instead takes it away from them. It's because investors or people who would generally use banking channels to transfer money to India would in turn use cryptocurrencies for their payments which would obviously not go through the Banking Channels thereby not giving RBI foreign exchange. Moreover eyeing the current political scenario of India the aurhorities are behaving like they don't care for anyone. Even a farmers bill against which the whole farmer category is protesting is being brought at the stroke of this Pandemic. The Economic policies of the country really haven't been good lately. They have been more leaned towards Corporates and big businesses. If Binance can lobby the Indian Government by doing some favours then definitely you would see legalizing Bitcoin.

there is another committee reported that they should consider banning the cryptos in their country after extensive researches made but the one who lead the committee has no knowledge about blockchain or decentralization as per the individual queries made to the person.So basically they don't know what they are doing so made the bill in the pending stage for a while.

This point that I wanted to clarify, the court ruled the legality of Bitcoin (as an asset,) so I do not think that a platform like Binance will enter the Indian market if it does not have a green light to start activities.

Also, I do not think that the Indian legislator has the luxury of banning trading in cryptocurrencies due to the consequences of the COVID-19 crisis and the country's need for more foreign exchange.

I do not think that many countries will tighten the laws of currency trading and licensing platforms during the next year, especially India, due to the economic shocks caused by the pandemic.

I am not sure that court made the crypto trading is legal, they just removed they can't ban something when the country doesn't have any laws against it so still the condition is neutral and finance already entered into Indian market because they hope Indian government is not going to ban cryptos completely.

But anything can happen for no reason, they banned Chinese apps recently just over night so if someone influence the government to do the it will happen for sure.

Courts don't have power to make a law. They can only make law enforceable to some extent or add certain provisions in existing law. So court has left this matter on Government in it's verdict. But yes you are right anything is happening in India for no reason(except Political gains ofcourse).

All these speculations about the terrible fate of cryptocurrencies in India stemmed from the Garg Committee report in July 2019. Subhash Chandra Garg was a hotshot high-ranking officer in the Ministry of Finance (Finance Secretary) who had been a darling of the present government. Yet, the way economy has tanked, it is clear that his last few years were not judged kindly by the Prime Minister. He was shunted from Finance Ministry and was handed a portfolio in Ministry of Power. Subsequently, he resigned.

If this is any indication of where the winds are blowing, it seems that the government doesn't aim to outright ban cryptocurrencies. Garg's views of crypotcurrency were almost childish with the typical refrain of "These codes have no value but they have certainly made billionaires at the cost of those who bought them". He was talking about the fall of private crypto-currencies. Contrary to his approach, the Supreme Court judge had treated "Bitcoin" separately and quite intelligently called it the "Adam of cryptocurrencies". Quite clearly, His higness gets it..

I think this is the reason there has been a flux. An outright ban would be too harsh on investors while creating a legal mechanism is something which no country has been able to completely do. That's why so far govt. has kept cryptocurrencies at the fate of the market. Moreover who knows how much money in cryptocurrencies is used for election funding etc.

[Saisher]

If this is any indication of where the winds are blowing, it seems that the government doesn't aim to outright ban cryptocurrencies. Garg's views of crypotcurrency were almost childish with the typical refrain of "These codes have no value but they have certainly made billionaires at the cost of those who bought them". He was talking about the fall of private crypto-currencies. Contrary to his approach, the Supreme Court judge had treated "Bitcoin" separately and quite intelligently called it the "Adam of cryptocurrencies". Quite clearly, His higness gets it..

They should set up a study if Bitcoin and Cryptocurrency has a real use case, and not rely on the word of one who are so ignorant on how Cryptocurrency works, they should take the lead of other countries who legalize Cryptocurrency, and these countries are developed countries and it's people are intelligent and technology driven.

[avikz]

If this is any indication of where the winds are blowing, it seems that the government doesn't aim to outright ban cryptocurrencies. Garg's views of crypotcurrency were almost childish with the typical refrain of "These codes have no value but they have certainly made billionaires at the cost of those who bought them". He was talking about the fall of private crypto-currencies. Contrary to his approach, the Supreme Court judge had treated "Bitcoin" separately and quite intelligently called it the "Adam of cryptocurrencies". Quite clearly, His higness gets it..

They should set up a study if Bitcoin and Cryptocurrency has a real use case, and not rely on the word of one who are so ignorant on how Cryptocurrency works, they should take the lead of other countries who legalize Cryptocurrency, and these countries are developed countries and it's people are intelligent and technology driven.

A study!! Lol! The government offices in India are headed by One-exam-wonder beaurocrats who are more willing to suck the dick of political leaders than to conduct a study. I have worked with few of them for 3 years and I know how the system works.

India's priority is to build temples instead of factories. Cryptocurrency is not even a matter of discussion to them!

[oprahwindfury]

It has been so many times already where I saw the news of crypto banning and it hasn't done yet.Now it's the time I try to ignore the post.Reason is India is a big country and a lot of people are here whose are in cryptography,who has invested here already.So event what the matter is banning crypto trading will not effect the crypto world.As the people aren't leaving the cryptography.

[coin-investor]

India’s decision will be crucial as more Asian nation countries weigh pros and cons of virtual currencies. Rival China, which banned initial coin offerings and virtual currencies in 2017, recently allowed Bitcoin trading as virtual property, not as fiat money. It is also planning its own central bank digital currency. Both Singapore and South Korea regulate crypto trades.

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.

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.”


How many time they are trying to do that! Do you think they will achieve this success by banning cryptocurrency??

I have seen so many threads like this in this forum the government of India is thinking backward, where majority of industril and supower power countries are adopting Cryptocurrency, her eis India trying to bean Cryptocurrency, India is one of the worse place for Cryptocurency traders and traders living in India will have to resort to underground trading or get out in India.

[Lorence.xD]

I have seen this thing a lot of times now. India will enforce but given the size of their country and their steady population growth, I do not think that this will be taken seriously, it might be enforced for a week or two but I do not think that anything will come out after that. In my opinion, the government is fighting a losing battle against their people. Best course of action is to accept the adoption of cryptocurrency that makes a compromise between the government and the masses, hopefully they will do this. But with their current tug of war between banning and regulation, the current conundrum will be far from over.

[eaLiTy]

A study!! Lol! The government offices in India are headed by One-exam-wonder beaurocrats who are more willing to suck the dick of political leaders than to conduct a study. I have worked with few of them for 3 years and I know how the system works.

India's priority is to build temples instead of factories. Cryptocurrency is not even a matter of discussion to them!

I am glad to see that you are identifying the virus that is affecting this country, i am not talking about the pandemic or any other virus but the political  polarization and the lies that are spread with the help of media channels and for most part the courts are trumpeting according to the central government and in that predicament where do you they get time to understand or discuss about cryptocurrency and is there anyone in the ruling party that could understand these things  .

We are witnessing demagoguery for the past few months and no mainstream media is discussing about the real problems India is facing rather they are diverting with sensationalism and i feel pity and angry about the situation we are in. We are seeing these kind of topics quite often and even if they ban without any review or discussion even though i am aware of the studies they submitted  i will not be surprised because they care less about the common people or the difficulties faced by people or small businesses or innovation.

[AnonBitCoiner]

A study!! Lol! The government offices in India are headed by One-exam-wonder beaurocrats who are more willing to suck the dick of political leaders than to conduct a study. I have worked with few of them for 3 years and I know how the system works.

India's priority is to build temples instead of factories. Cryptocurrency is not even a matter of discussion to them!

I am glad to see that you are identifying the virus that is affecting this country, i am not talking about the pandemic or any other virus but the political  polarization and the lies that are spread with the help of media channels and for most part the courts are trumpeting according to the central government and in that predicament where do you they get time to understand or discuss about cryptocurrency and is there anyone in the ruling party that could understand these things  .

We are witnessing demagoguery for the past few months and no mainstream media is discussing about the real problems India is facing rather they are diverting with sensationalism and i feel pity and angry about the situation we are in. We are seeing these kind of topics quite often and even if they ban without any review or discussion even though i am aware of the studies they submitted  i will not be surprised because they care less about the common people or the difficulties faced by people or small businesses or innovation.

It not seems to like to be the law will against the cryptocurrency in India.It's like a reduction of gold price in few days after the economical activity and flow of gold material was increased.Both not possible with a strategy.If the ban was happened,their will be reduced flow of bitcoin .Because India a big market to bitcoin.

[teosanru]

A study!! Lol! The government offices in India are headed by One-exam-wonder beaurocrats who are more willing to suck the dick of political leaders than to conduct a study. I have worked with few of them for 3 years and I know how the system works.

India's priority is to build temples instead of factories. Cryptocurrency is not even a matter of discussion to them!

I am glad to see that you are identifying the virus that is affecting this country, i am not talking about the pandemic or any other virus but the political  polarization and the lies that are spread with the help of media channels and for most part the courts are trumpeting according to the central government and in that predicament where do you they get time to understand or discuss about cryptocurrency and is there anyone in the ruling party that could understand these things  .

We are witnessing demagoguery for the past few months and no mainstream media is discussing about the real problems India is facing rather they are diverting with sensationalism and i feel pity and angry about the situation we are in. We are seeing these kind of topics quite often and even if they ban without any review or discussion even though i am aware of the studies they submitted  i will not be surprised because they care less about the common people or the difficulties faced by people or small businesses or innovation.

Couldn't agree more with you. But coming to the point of legalizing of Bitcoins. I have seen one tedency of this current ruling governemnt. That is their favouritism towards the Corporates. They have tried their best to give most of the powers to Large Corporates and this is something which makes me feel Optimistic about Bitcoin. We saw that Binance recently Invested in WazirX and then a private equity fund invested in Unocoin which is another crypto exchange. So these big companies can obviouly get some favours from the government by lobbying them. So as more major players would enter this arena of cryptocurrency the more difficult it would become for the government to ban or impose restrictions on cryptocurrencies.

[Ridcan]

The Indian government should realize bitcoin is a global currency before it is too late.  If he goes to ban cryptocurrencies, they will surely fall behind in technological terms.

[teosanru]

The Indian government should realize bitcoin is a global currency before it is too late.  If he goes to ban cryptocurrencies, they will surely fall behind in technological terms.

I don't really think so! This falling behind in technological term is something we are just saying for making ourselves Happy. I mean if you see China it has banned cryptocurrencies for quite some time now and I don't see them lacking behind in technology in any way. I am obviously not in favour of the ban but the ban would also mean that India will still stress of digital ledger technology it's only not ready to use it for monetory purposes. Even in the draft committee report the makers were pretty positive on the technology. As I said only way and argument to bring a law for legalization of cryptocurrencies in India is the argument of free markets. Companies can try to put pressure on this government for lucrative tax revenues and maybe some foreign exchange.

[Findingnemo]

The Indian government should realize bitcoin is a global currency before it is too late.  If he goes to ban cryptocurrencies, they will surely fall behind in technological terms.

I don't really think so! This falling behind in technological term is something we are just saying for making ourselves Happy. I mean if you see China it has banned cryptocurrencies for quite some time now and I don't see them lacking behind in technology in any way. I am obviously not in favour of the ban but the ban would also mean that India will still stress of digital ledger technology it's only not ready to use it for monetory purposes. Even in the draft committee report the makers were pretty positive on the technology. As I said only way and argument to bring a law for legalization of cryptocurrencies in India is the argument of free markets. Companies can try to put pressure on this government for lucrative tax revenues and maybe some foreign exchange.

Actually ban is not going to stop the users from using crypto currencies, China banned cryptos because they have some alternatives to give it to the people to make more money out of it while other developed countries to utilize the bitcoin usage by imposing high tax rates so these are really better than country like India banning it since there is no news that they are going to launch their CBDC so people will use the bitcoin even if it got banned and its only revenue loss to the government.

[Ridcan]

The Indian government should realize bitcoin is a global currency before it is too late.  If he goes to ban cryptocurrencies, they will surely fall behind in technological terms.

I don't really think so! This falling behind in technological term is something we are just saying for making ourselves Happy. I mean if you see China it has banned cryptocurrencies for quite some time now and I don't see them lacking behind in technology in any way. I am obviously not in favour of the ban but the ban would also mean that India will still stress of digital ledger technology it's only not ready to use it for monetory purposes. Even in the draft committee report the makers were pretty positive on the technology. As I said only way and argument to bring a law for legalization of cryptocurrencies in India is the argument of free markets. Companies can try to put pressure on this government for lucrative tax revenues and maybe some foreign exchange.

Yes, you are right.  actually this is not lagging behind in the technological sense.  because even if they prohibit cryptocurrencies, they can make moves that can move forward technologically.  Actually, I meant they would fall behind in cryptocurrency technology.  I guess I couldn't explain it right.

[teosanru]

The Indian government should realize bitcoin is a global currency before it is too late.  If he goes to ban cryptocurrencies, they will surely fall behind in technological terms.

I don't really think so! This falling behind in technological term is something we are just saying for making ourselves Happy. I mean if you see China it has banned cryptocurrencies for quite some time now and I don't see them lacking behind in technology in any way. I am obviously not in favour of the ban but the ban would also mean that India will still stress of digital ledger technology it's only not ready to use it for monetory purposes. Even in the draft committee report the makers were pretty positive on the technology. As I said only way and argument to bring a law for legalization of cryptocurrencies in India is the argument of free markets. Companies can try to put pressure on this government for lucrative tax revenues and maybe some foreign exchange.

Actually ban is not going to stop the users from using crypto currencies, China banned cryptos because they have some alternatives to give it to the people to make more money out of it while other developed countries to utilize the bitcoin usage by imposing high tax rates so these are really better than country like India banning it since there is no news that they are going to launch their CBDC so people will use the bitcoin even if it got banned and its only revenue loss to the government.

I think there are a couple of choices that the government has. The very first choice is to be let the things flow the way they are flowing until there is some big significant event which makes it necessary to have a legislation. India always have worked this way but this time the government is a bit different.

So brings us to option 2 that would be outright ban on cryptocurrencies for financial purposes but still using CBDC or advocating blockchain as a technology. But this would obviously lead to more use of VPN in the country until there is a complete criminalization procedure for it's use which indeed is pretty harsh and brings lots of political consequences. And obviously leads to loss of taxes but it might be possible that recovery of this lost tax could be made in form of certain penalties on the ones who use it despite of ban.

Option 3 is obviously legalizing use of it with certain regulations most probably a regulatory body or something could also be formed which obviously would give government right to some self declared taxes but might even increase money laundering activities whereby people could even convert their cash transactions into Cryptocurrency transactions. But yes KYC etc. Might help in solving this problem to some extent.

These are the options which Government has to choose from.

[Findingnemo]

^Legalizing is better than restring it because legalizing can help the developing country like India to create more opportunities for their people in the earning and also the government will get something in the return of tax.But banning it will stop the revenue completely and it is not going to be easy to track the people who still uses cryptos when it was banned.

[7788bitcoin]

^Legalizing is better than restring it because legalizing can help the developing country like India to create more opportunities for their people in the earning and also the government will get something in the return of tax.But banning it will stop the revenue completely and it is not going to be easy to track the people who still uses cryptos when it was banned.

I am not hearing good things about the ruling government in India as i have seen some dumb things and memes in social media regarding combating the pandemic asking everyone to drink urine to overcome the virus and if these people are ruling then you should not expect anything smart from them  .
Banning is not a smart move and considering their population along with China a massive adoption will be something huge.

[SaShiRaJaVu]

I am not hearing good things about the ruling government in India as i have seen some dumb things and memes in social media regarding combating the pandemic asking everyone to drink urine to overcome the virus and if these people are ruling then you should not expect anything smart from them  .

Mr Modi is a global superstar atleast in his mind and his followers mind he is one and if their representatives comes up with dumb statements then it is because of their school of study as none of them have the proper education to understand anything but that is not the situation with the majority of the people  .

Banning is not a smart move and considering their population along with China a massive adoption will be something huge.

There are many users and the adoption rate is improving every year.

[Findingnemo]

^Legalizing is better than restring it because legalizing can help the developing country like India to create more opportunities for their people in the earning and also the government will get something in the return of tax.But banning it will stop the revenue completely and it is not going to be easy to track the people who still uses cryptos when it was banned.

I am not hearing good things about the ruling government in India as i have seen some dumb things and memes in social media regarding combating the pandemic asking everyone to drink urine to overcome the virus and if these people are ruling then you should not expect anything smart from them  .
Banning is not a smart move and considering their population along with China a massive adoption will be something huge.

There are some positive news as well in India for cryptos, read an article which said in India some bank is going to open 22 physical banking place for crypto related services so if government is completely against then they might disapprove such proposals right?

[Argoo]

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market. The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.

So far, we have only heard for several years about the intentions of the Indian government.  They sometimes change, so it's too early to say anything about this.  A specific normative act will be adopted, then it will be possible to discuss its norms.  Until it comes to the adoption of specific laws, the situation may still change.  Now in the world we do not see big obstacles for the spread of cryptocurrency from the side of states.  Therefore, not all is lost.

[vaultman]

It is not known how true this news is, but if so, then one can only sympathize with the people of India. Perhaps the government sees this as some kind of function to control the population so that they remain poor and illiterate, thus it is possible to continue doing nothing for the population of the country, since they are used to living in such an environment and do not know any other life. In general, I see a lot of users from India on the forum, I think that this is still more fake news than true.

[ven7net]

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.

The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people.

The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following PM Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.

India’s decision will be crucial as more Asian nation countries weigh pros and cons of virtual currencies. Rival China, which banned initial coin offerings and virtual currencies in 2017, recently allowed Bitcoin trading as virtual property, not as fiat money. It is also planning its own central bank digital currency. Both Singapore and South Korea regulate crypto trades.

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.

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.”

https://economictimes.indiatimes.com/news/economy/policy/government-plans-to-introduce-law-to-ban-cryptocurrency-trading/articleshow/78132596.cms

How many time they are trying to do that! Do you think they will achieve this success by banning cryptocurrency??

About a month ago I met a crypto investor from India and he said that opposite the Indian government is loyal to cryptocurrencies and that he is very happy about it. Of course, I do not presume to say that this is exactly the case, but this is exactly the conversation I had with my Indian colleague. As far as news is concerned, we know that very often news is created with the intention of misleading. Based on this, I would be very careful about this kind of news, since in the end it may turn out to be just a hoax.

[stomachgrowls]

;

About a month ago I met a crypto investor from India and he said that opposite the Indian government is loyal to cryptocurrencies and that he is very happy about it. Of course, I do not presume to say that this is exactly the case, but this is exactly the conversation I had with my Indian colleague. As far as news is concerned, we know that very often news is created with the intention of misleading. Based on this, I would be very careful about this kind of news, since in the end it may turn out to be just a hoax.

You cant say its misleading because decisions like this is really subjective to change which means they might able to ban it then after a few months they do suddenly changed up their minds and starting to adopt or integrate it into their nation.We have seen many times like this about banning and unbanning bitcoin or anything that do correlates with it.

This doesnt talk only about India but also in other countries as well where these kind of decision do floats and since youre friend had already confirmed out that they been doing well towards crypto then its a good new.We do all hope for global adoption.

Each government do have their own views and perspective thats why we can see different kind of decisions which could really be changed up later on.

[squatter]

As it turns out, India will not be banning Bitcoin trading. They're now getting ready to tax Bitcoin traders instead:

India to Impose 18% Tax on Bitcoin Trading

India’s Central Economic Intelligence Bureau (CEIB), an important part of the Indian Finance Ministry has put forward a proposal to the Government to impose an 18% tax on Bitcoin trading in the country.

According to a report published by the Times of India, an estimated amount of the total Bitcoin transactions in India stands at around 40,000 crore INR ($5.5 billion), the newly proposed 18% good and services tax (GST) on Bitcoin transaction means at least 7,200 crore INR ($1 billion) additional tax revenue for the Government.

The report outlined that the CEIB has requested the Indian Government to recognize Bitcoin as an intangible asset to impose a GST levy on all Bitcoin transactions in the country.

CoinDCX reported rapid growth in new users and volume recently. The government must be taking notice -- just as it's also looking for ways to pay for the country's sizeable and ongoing stimulus programs.

2021 is shaping up to be the year of cryptocurrency regulation. Happy New Year.

[skyline65]

Well that's why the innovative way are introduced. The platform is DEX platform, where you have connect the wallet using metamask and you can start trading. Yes it is decentralized but unfortunately we cannot trade with btc.

But i can see that there is no way to ban cryptocurrency because cryptocurrency is a public properties and public are here to complete the transactions using mining process , and all together btc transaction is peer to peer transaction , so whenever we purchase any cryptocurrency we buy directly from the person. So technically banning cryptocurrency will not possible.

After all blockchain is future.

[tabas]

But i can see that there is no way to ban cryptocurrency because cryptocurrency is a public properties and public are here to complete the transactions using mining process , and all together btc transaction is peer to peer transaction , so whenever we purchase any cryptocurrency we buy directly from the person. So technically banning cryptocurrency will not possible.

It is possible to prohibit deals and trades inside the jurisdiction of any country. Like on this example, it has been banned on India before but it cannot be banned in other parts of the world.
But just as the news came, it's highly possible that this unstoppable news about them banning and RBIs issue against it will come to an end because of the possible taxation that will rise on this country.

[Clement Kaliyar]

It is possible to prohibit deals and trades inside the jurisdiction of any country. Like on this example, it has been banned on India before but it cannot be banned in other parts of the world.

Even when there was a restriction for the exchanges people were trading and nothing changed in the volume, there was no ban on trading but only restrictions on exchanges to carry on the business and then you saw an influx of P2P based exchanges and everyone was able to overcome those restrictions by the RBI and now it is lifted because the Supreme court lifted the restrictions as it was against the law.

[eaLiTy]

CoinDCX reported rapid growth in new users and volume recently. The government must be taking notice -- just as it's also looking for ways to pay for the country's sizeable and ongoing stimulus programs.

I would like to point out how the Modi government makes everyone thinks that the stimulus programs are really huge, first they combine the packages they announced in 2019 as per the financial budget and then announced one big amount and if you look at the amount of money they really spent you will understand the truth and another fact is that they combine monetary along with the fiscal package to reach these big numbers  .

Another reality is that they sanction three Lakh crores in the total package of 20 Lakh Crore they announced and till now they actually dispersed only 1.5 Lakh Crore as per the RTI report and that is the reality of these gimmick packages.

If you start digging deep you will understand the hollowness of the Modi lead government and it is not a big surprise if they will be taxing 18%.

 

[tabas]

It is possible to prohibit deals and trades inside the jurisdiction of any country. Like on this example, it has been banned on India before but it cannot be banned in other parts of the world.

Even when there was a restriction for the exchanges people were trading and nothing changed in the volume, there was no ban on trading but only restrictions on exchanges to carry on the business and then you saw an influx of P2P based exchanges and everyone was able to overcome those restrictions by the RBI and now it is lifted because the Supreme court lifted the restrictions as it was against the law.

Are you from India? if that's the case, India has good news while some of us don't know the real score but with the recent news that came out. They really are putting an end to the ban and that's favorable to everyone and if nothing has changed even before, they can't implement the ban strongly but regardless of a ban, crypto traders will always find a way to access exchanges and deal with difficulty to cash out after wards.

[STT]

India is not a fully capitalist country is not a surprise to some but you have to decide which is the stronger system for wealth creation, large government and force or free enterprise and exchange.   Generally its better to allow something to proceed positively and only lightly tax its existence as it should already be a benefit to the economy, to society and indirectly bring tax revenue to government.   An overall restriction can lead to less business or exchange that occurs outside the country losing the benefit to the citizens of India or wherever else.   These principles are not respected everywhere in the world hence I say capitalism is not what I would assume but I hope its improving over the years.   Its nothing new that government here or anywhere would illustrate its budget in a way that gives a beneficial point of view.  That is the nature of politics but it should not also be the basis for the countries economy or it will lose easy growth India could gain from which is unfortunate for everyone even the wider world.

[Clement Kaliyar]

~
Are you from India? if that's the case, India has good news while some of us don't know the real score but with the recent news that came out. They really are putting an end to the ban and that's favorable to everyone and if nothing has changed even before, they can't implement the ban strongly but regardless of a ban, crypto traders will always find a way to access exchanges and deal with difficulty to cash out after wards.

Yes i am of Indian origin, to tell you the truth i really do not trust the government in India. I doubt they will come up with anything that would help the people, all they do and plan is to exploit and divide everyone so that they could hold on to their power for a much longer period of time and if a government can create rules to exploit farmers which is the most essential part of a country, do you really think that they would care about bitcoin investors.

[Gozie51]

~
Are you from India? if that's the case, India has good news while some of us don't know the real score but with the recent news that came out. They really are putting an end to the ban and that's favorable to everyone and if nothing has changed even before, they can't implement the ban strongly but regardless of a ban, crypto traders will always find a way to access exchanges and deal with difficulty to cash out after wards.

Yes i am of Indian origin, to tell you the truth i really do not trust the government in India. I doubt they will come up with anything that would help the people, all they do and plan is to exploit and divide everyone so that they could hold on to their power for a much longer period of time and if a government can create rules to exploit farmers which is the most essential part of a country, do you really think that they would care about bitcoin investors.

I don't also understand why India government can be thinking about policies to ban cryptocurrency. This is not really good for the India economy that should focus on how to generate income from different angle to support the growth of their country. China did that back but now coming into it for new investment and India trying to get the people into limited access to income. The government can't create jobs for every body and cryptocurrency can helpvin different ways both in exchange , trading and many more. Other countries are embracing cryptocurrency now.

[tabas]

~
Are you from India? if that's the case, India has good news while some of us don't know the real score but with the recent news that came out. They really are putting an end to the ban and that's favorable to everyone and if nothing has changed even before, they can't implement the ban strongly but regardless of a ban, crypto traders will always find a way to access exchanges and deal with difficulty to cash out after wards.

Yes i am of Indian origin, to tell you the truth i really do not trust the government in India. I doubt they will come up with anything that would help the people, all they do and plan is to exploit and divide everyone so that they could hold on to their power for a much longer period of time and if a government can create rules to exploit farmers which is the most essential part of a country, do you really think that they would care about bitcoin investors.

I think so. But I have no idea about the exact details of what's happening in your country and what I'm saying is just based on my opinion and that's entirely different from the exact situation of the investors and the crypto scene in your country.

I don't also understand why India government can be thinking about policies to ban cryptocurrency. This is not really good for the India economy that should focus on how to generate income from different angle to support the growth of their country. China did that back but now coming into it for new investment and India trying to get the people into limited access to income. The government can't create jobs for every body and cryptocurrency can helpvin different ways both in exchange , trading and many more. Other countries are embracing cryptocurrency now.

As you have mentioned China, it's been said that they've ban crypto but looking at the past years, it seems that they didn't really done that. And in India, we don't know if this prohibition will take place for a long time but there's a likely that it will change overtime.

[marcbitcoins]

At this moment there is a lack of clarity over the status of cryptocurrencies in India. While the Supreme Court hit down the RBI ban early in the year, cryptocurrency regulation is still prohibitory, besides being difficult to comprehend. Cryptocurrencies are not valid tender in India and while exchanges are legal, the government has made it very difficult for them to operate. Hopefully this year that the government will finally make clear the laws regarding cryptocurrencies.

[Clement Kaliyar]

but don't lose hope, these politicians are in positions because of the votes, if they know that the Cryptocurrency holders and investors have the number they can do a compromise and give you something back in return, in exchange to your votes.

Looking at the current state of affairs there is no hope, hope the protest from the farmers is known throughout the world and they are protesting in extreme cold climate for over two months and more than 150 people died during these protest and still the government is not heeding to their demands, farmers are essential to any country and majority of the population are farmers and we all know how they are treated and you think a small number of cryptocurrency users will get any justice.

This is not really good for the India economy that should focus on how to generate income from different angle to support the growth of their country. China did that back but now coming into it for new investment and India trying to get the people into limited access to income.

The government care less about anyone let alone generation of new jobs. All they support is the big corporate from Gujarat and so is the reason the government is selling all the public companies to these corporate including railways and airports.

I think so. But I have no idea about the exact details of what's happening in your country and what I'm saying is just based on my opinion and that's entirely different from the exact situation of the investors and the crypto scene in your country.

Hope you have heard about the recent Arnab Gate, everything is clear in those leaked communication and how the news propaganda is helping all the false narrative of the government reminiscent of the Nazi Germany era.

[Mistafreeze]

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market.

The bill is expected to be discussed shortly by the federal cabinet before it is sent to parliament, according to people familiar with the development who who asked not to be identified, citing rules on speaking with the media.

The federal government will encourage blockchain, the technology underlying cryptocurrencies, but is not keen on cryptocurrency trading, according to two people.

The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following PM Narendra Modi’s sudden decision to ban 80% of the nation’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court in September and won respite in March 2020.

India’s decision will be crucial as more Asian nation countries weigh pros and cons of virtual currencies. Rival China, which banned initial coin offerings and virtual currencies in 2017, recently allowed Bitcoin trading as virtual property, not as fiat money. It is also planning its own central bank digital currency. Both Singapore and South Korea regulate crypto trades.

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.

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.”

https://economictimes.indiatimes.com/news/economy/policy/government-plans-to-introduce-law-to-ban-cryptocurrency-trading/articleshow/78132596.cms

How many time they are trying to do that! Do you think they will achieve this success by banning cryptocurrency??

This is old news. The latest is Indian Government is planning to bring BTC under tax regime. That also indicates that India will soon regulate crypto. Once that happens, BTC will go to $100k.

[Sithara007]

This is old news. The latest is Indian Government is planning to bring BTC under tax regime. That also indicates that India will soon regulate crypto. Once that happens, BTC will go to $100k.

Earlier this month the finance minister (Nirmala Sitaraman) confirmed that there will be a complete prohibition on private (i.e not owned by the government) cryptocurrencies. The exact wording she used was "private cryptocurrencies will not be allowed to operate in India". If they want to tax the cryptocurrency trade, then there are laws already existing for that purpose and most of the traders are already paying the capital gains tax on their profits from trading with cryptocurrency.

[zasad@]

https://decrypt.co/58372/inside-the-fight-against-indias-proposed-crypto-ban
Inside the Fight Against India’s Proposed Crypto Ban
As the Indian government’s crypto ban draft bill looms large, Indian crypto businesses are coordinating efforts to convince the government that regulation is the better approach.

I'm already tired of reading controversial news, tell us what is really happening in India?

[Streets 2.0]

If we understand that India is the largest market for intellectual labor with a bias in IT, then it becomes clear that a new young stratum of owners of "new capital" associated with the production or purchase and sale of cryptocurrency is being formed. this is sad news for these guys. On the other hand, for some, this is a window of opportunity and the masses of literate and knowledgeable young Indians emigrate to where they will be better opportunities tomorrow.