Is INDIA going to BAN Bitcoin Again?

[Eedward]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html

Comment your opinions here.

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[Swordsoffreedom]

They had made several such attempts before but did not pass the bill, I don't think they will pass such a bill. Seems they are incapable to regulate or adopt cryptocurrency.
Bitcoin does not depend on whether or not India bans cryptocurrencies. Banning cryptocurrency in India may have some effect on their internal market but it has no basis in the global market. Those who use cryptocurrency in India may no longer be able to use it legally but will be able to transact cryptocurrency using decentralized exchanges and tor networks.

[Fatunad]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html

Comment your opinions here.

They can ban it all they want or they can, it wont really be still giving out significant effect into the market knowing that this isnt only the country that do  get involved with Bitcoin.

If we do try to flashback on how China made out the same move then it didnt really able to shook off the market.Just let them be, because sooner or later they would able to realize

that they had made a big mistake and hell? they do tend to make their own official digital currency? Its just an obvious e-fiat thing and wont really be called out a crypto.
They do just want to monopolized things, as usual.

[mersal]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html

Comment your opinions here.

Is this same old bill proposed in the past right?

Also heard that Indian government considering putting tax regulations for crypto trading weeks back because they know it is not possible to ban cryptos so why not make some revenue from it?

[webtricks]

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Also heard that Indian government considering putting tax regulations for crypto trading weeks back because they know it is not possible to ban cryptos so why not make some revenue from it?

Exactly! It doesn't make any sense to ban cryptocurrencies. The government's view is that cryptocurrencies are being used in illicit activities and money laundering due to its anonymous nature. But the fact is, just by writing something in law book, you still won't be able to stop such activities. People can still use cryptocurrencies for illicit activities and get away with that.

Banning will only result in stoppage of legal activities like trading on KYC-exchange, using cryptocurrencies to pay/receive payments for the legal foreign contracts, using cryptocurrencies as the mean of payment in legal business, etc. This would rather result in lost-revenue for government as all these activities are good source of income for government in the form of tax.

The on-going discussion in Indian section: https://bitcointalk.org/index.php?topic=5313220

[worle1bm]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

Here is the source:
https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.html

Comment your opinions here.

Will it seriously reduce the number of illicit and fraudulent practices if government imposed ban on them?If so they should also submit clear reports of decreasing number of frauds after such crypto bans.The government previously imposed restrictions under which it states btc and other cryptocurrencies not legal tender after the Reserve Bank of India bans all crytpo-related transaction and Zebpay and other exchanges have to shut down their business but after that supreme court contradicts that and give permission for trading.The government was in terms for framing rule and regulations but what brought a sudden change to that statements?The government is actually not clear of its intentions himself and floating on two boats and their so called so called expert panel did not want to decentralise the power of rupees and that's why suggesting for such bans.But it will have short term price dips in the market and afterwards they will rise but the Indian economy will not move with pace as compared to other countries.They are demotivating the crypto industry there which is main targets for government because who is paying taxes for dealing in drugs or any other illicit activity so they will continue to do their business but white money makers will be affected the most with this decision which in turn will lead to governments tax revenue in crores which they could use for better economical growth of the country.

[kentrolla]

One thing for sure is people are the one who will be disappointed because of such regulations, this isn't a get rich quick scheme people are very much eager to a change in their daily lives by investing some of their savings as Cryptocurrency looks really good they switch and start a new journey.

If government needs revenue let's them go by applying tax but Cryptocurrency is not dependent on anyone, so I don't feel they are taking unique decision on banning it.

[Clement Kaliyar]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

There are reports coming out that the stupid government is coming out with a bill to ban private cryptocurrencies, but one thing i cannot understand is that you cannot term bitcoin as a private cryptocurrency if they are aiming for bitcoin, it is a decentralized currency and there is a major difference between the two.

I am well aware that the present Indian government will not do anything positive that will help anyone expect the corporate houses that put them in power, so this is not a big surprise.

[mersal]

~~
Also heard that Indian government considering putting tax regulations for crypto trading weeks back because they know it is not possible to ban cryptos so why not make some revenue from it?

Exactly! It doesn't make any sense to ban cryptocurrencies. The government's view is that cryptocurrencies are being used in illicit activities and money laundering due to its anonymous nature. But the fact is, just by writing something in law book, you still won't be able to stop such activities. People can still use cryptocurrencies for illicit activities and get away with that.

Banning will only result in stoppage of legal activities like trading on KYC-exchange, using cryptocurrencies to pay/receive payments for the legal foreign contracts, using cryptocurrencies as the mean of payment in legal business, etc. This would rather result in lost-revenue for government as all these activities are good source of income for government in the form of tax.

The on-going discussion in Indian section: https://bitcointalk.org/index.php?topic=5313220

With the Bitcoin price got bumped up these news websites are taking the advantage of it by claiming something which isn't proved yet, good strategy to bring traffic to the their website. RBI simply want to ban cryptocurrency because they know it can endanger their money printing ability so people will move to decentralized payment system that is why they want to supress it at the budding stage itself.

And also current ruling government didn't made good decisions which helps then to build the economy for example demonetization which put the end of many small business to end their career and the story keep continues...

[fiulpro]

This might be the third time that am hearing this news and might be the 10th time that the same topic have been posted here. India is itself not sure if what they want and what they don't. There have been many companies who are trying to fight the decision of government banning bitcoins they have time and again represented them publicly as well as in court , it's a really serious thing that's happening in India and also they want to literally ban Bitcoins and deviate the flow towards their own digital rupee which they want to get into the market soon. This is indeed something that needs to be considered.. if you are holding your coins then you have to make sure to hold them in wallets like Zebpay , even when the bitcoins got banned the wallet was up and running and did tell the users time and again about how they can encash or move. Or you can just keep the btc in wallet like samourai and then sell on localbtc . Just hold them in.

[Youghoor]

My question is simple, the use of Bitcoin has never been public so how is the India government going to ban the use of Bitcoin?  They should rather ban the use of the internet  , that might help stop people from using bitcoin. I don't get governments who are trying to stop the use of cryptocurrencies. They always wanna have control of the financial ecosystem and the circulation of money. They should just give up and accept the fact that decentralization and cryptocurrencies are the future of the financial ecosystem.

[BrewMaster]

if by "again" you mean like China that at some point was banning bitcoin every month (according to the social media FUD campaigns) then yes. there is always some country that is making the topic of the FUD as the country that is banning bitcoin and the number of countries that actually banned bitcoin (years ago) remains the same.

[verita1]

I think that the Indian Parliament intends to protect their digital currency that has not yet been created and they are studying the regulatory framework for its execution.

According to what it reveals to Indian legislators, cryptocurrencies are bad for the country's economy. But it is good to create a digital currency as cryptocurrencies work, let's say a stablecoin for India.

It's like telling Indians not to buy a Tesla car because it is not made in India, buy a car made in India. It is absolute control over the population, the highest expression of centralization.

[n0ne]

Several attempts were made by the government, and hasn't succeeded so far. Earlier when similar news came out of the Indian government there is drastic crash in the market. This time we don't know what is gonna happen, the budget session seems to be running on the parliament. If there arises a situation to get vote through cryptocurrency adoption, the governments will compete each other to legalize and enrich cryptocurrency usage.

[shield132]

I have no idea how legit that website is but recently I saw an article on Cointelegraph about India exploring the possibility of a digital currency.

Long story short, 5 days ago, RBI (Reserve Bank of India) stated that if there is a need of a digital version of fiat currency, they'll do everything from their side to put digital currency into use.

Idk why they really want to bank bitcoin, especially when it's a poor country and Covid made their population even poorer. Instead of helping them and giving possibility to earn more money via different (good) ways, they close all ways. I think it won't happen in India, it will be just illogical and step back in past.

[Imran232]

India already done such attempts 2 times. First they said it is regulated for india. Then they again ban bitcoin and crypto currency in India. And then after a huge controversy and a huge demand of indian users government gives permission in the last year to use crypto currency in india. After that India makes a huge development in crypto. India opens their first crypto banks, india has some biggest exchange like wazirx which is partnerd with binance. Now we here again that india is trying to ban it again. I do not what will be happen after that because in crypto industry India already gose too far. Now it is not easy to take a ban decission again.

[Chuky92]

This is just one country and therefore I do not think it will cause a big problem because more people are now interested in Bitcoin and the growth over the months has shown more institutional investors are highly interested now. However, one can still recall that for a long time now, they have tried passing some bills, they have created different scenarios which still at the end didn't work out, therefore it might not still work out again, although one cannot really predict the future. Also, in my own opinion, they might only bring more regulations as banning Bitcoin will not really help them not now that many people are seeing how outstanding it is and the potentials it offers.

[huff87]

In the legislative order of business for the budget session of 17th Lok Sabha that commenced today, the Government has listed a bill providing for the banning of all private cryptocurrencies in India such as bitcoin, ether, ripple and others.

[ChrisPop]

In my opinion the bill won't be passed, but if they do they condemn themselves to doom and by this I mean they cut themselves from the possiblity of significant capital appreciation and enrichment of the population. The government there might not want people to actually "own" their money. If the bill gets passed and I'd live there, I'd certainly organise a nation-wide protest. Bitcoin is a good store-of-value, why take the right from your citizen to trade it?

[Wysi]

I am sure India will not ban cryptocurrency and I belive it's going to be a discussion, even if they try to ban crypto they will fail miserably and moreover I read some articles few weeks ago wherein Indian regulators were trying to implement tax on crypto trading so I don't think they will be banning crypto and even if they do they cannot stop transactions and they will be at loss.