India plans to introduce law to ban cryptocurrency trading

[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.

[1715224009]

1715224009

[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.