Is INDIA going to BAN Bitcoin Again?

[Latviand]

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.

It is INDIA's loss not ours, so I don't think that it will greatly affect other investors that much.

They are really having a hard time to regulate cryptocurrency or any other digital currency in their market.

Their country doesn't have a strong decision in allowing cryptocurrency to enter their internal market.

They are settled to ban cryptocurrency like other countries who doesn't see its potential to become the future currency.

[Sithara007]

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.

A ban on cryptocurrency will be impossible to implement, but the government will try to terrorize the community by arresting a few major traders and sending them to jail. Here is a brief summary of the proposed bill:

What makes this bill different from the others which were introduced in countries such as North Korea and China is that it intends to make holding of cryptocurrency a criminal offense. Most of the cryptocurrency users in India are very concerned at the moment.

However, there are some encouraging signs as well. For the first time, a mainstream politician came out in support of Bitcoin (Milind Deora of opposition Congress party):

https://twitter.com/milinddeora/status/1355451953627553792

[so98nn]

Also, there is pretty low chance due to scrambled economy of India that they would go behind crypto currency stuff. The fact is very simple, they don't even have time to arrange the current on-going economy in proper state, they will need bigger work force to bring it on track. Many people lost their jobs (literally huge number), pedestrian workers (a unique indian class of working people) who contribute to surprising number and in turn economic workflow. All of this together is giant economic contribution to India which has got disturbed already. India wouldn't aggravate the people who are trying to their way out with the cryptocurecnies.

Instead they will impose the taxes on the crypto and thus will hope that India's economy recover partly with that stuff. This is complete possibility this year and contrary to your title India may just legalise it.

[Shasha80]

I'm not sure the Indian government actually BANs Bitcoin, because what the Indian government wants is revenue from crypto trading. After all,
the government of India certainly realizes the role of Bitcoin is very important in the economy, because it is proven this year Bitcoin can provide
profit for investors. Especially in India, including a country that is experiencing an economic crisis, so they need something to be able to help
the economy. Crypto trading is one such solution, so in the end I believe the Indian government will legalize crypto trading and impose taxes.
So this could be the best solution for the Indian government and its citizens.

[pakhitheboss]

Banning cryptocurrency does not make any sense, this will give rise to more illegal activity and more loss of revenue for the government. I hope the government of India does not implement this law as this is the only sector that has seen a considerable growth in the pandemic year. It is better to regulate and earn revenue from this booming sector.

[cr1776]

Authoritarians around the world who don't trust their citizens to make their own decisions want to control them. They want to control their speech speech and their money. Fascists do it privately like FB, Twitter etc, and socialists/communists in government do it.

Vote freedom, not "free" stuff. 

[UmerIdrees]

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.

As always this is a fud and india will not ban crypto. You can find the complete details on this by crypto india youtuber who have explain this very well in his last live stream.

🚨 MUST WATCH : CRYPTO BAN IN INDIA ?? || COMPLETE ANALYSIS ||

[Kittygalore]

Banning cryptocurrency does not make any sense, this will give rise to more illegal activity and more loss of revenue for the government. I hope the government of India does not implement this law as this is the only sector that has seen a considerable growth in the pandemic year. It is better to regulate and earn revenue from this booming sector.

If it ever comes to that, banning bitcoin will not be a problem because bitcoin is not a private owned coin, in essence, satoshi is the creator but with satoshi's absence then wouldn't that mean that bitcoin is a public currency. Also, I do not think that this ban would last long because AFAIK India has a fragile relationship with bitcoin, sometimes cold and sometimes hot, I don't expect that this ban will be the end of bitcoin or any cryptocurrency for that matter in Indian soil, give it 1 to 3 months tops and the ban will not be in effect. I do agree with regulating and getting benefit from it but what I do not get is an outright ban when they could have done the latter.

Authoritarians around the world who don't trust their citizens to make their own decisions want to control them. They want to control their speech speech and their money. Fascists do it privately like FB, Twitter etc, and socialists/communists in government do it.

Vote freedom, not "free" stuff.  

The people put those people in power, so we are partly to blame for this people being on the seat of power, we shouldn't change something so big as governments, what we need to change is the people, teach your children to question everything they read, teach them to be critical thinkers and not just another cog in the machine.

[Question123]

What ever they do even they do a bill or any law about bitcoin to their country it is very hard to ban bitcoin because it is use online and there is many techniques or ant startegy that people there will do for sure to access bitcoin. Instead of against in bitcoin it's better to support it because it i a great opportunity that we have right now in the online world because the others is wasting time and money.

[eaLiTy]

Banning cryptocurrency does not make any sense, this will give rise to more illegal activity and more loss of revenue for the government.

Tell me one law that the present Godi government came up that made any sense. Banning of currency with a narrative that they will catch everyone holding black money and you know what happened. Selling all the PSU to his favorite billionaires including airports railways and what else is there is sell right now, farmers are protesting in the cold climate and they are not fighting because they came up with a great law and that is the case here, i do not expect anything positive.

I hope the government of India does not implement this law as this is the only sector that has seen a considerable growth in the pandemic year. It is better to regulate and earn revenue from this booming sector.

You were confident that the government will not ban but comes out with regulation, now what happened .

[gurunanakji777]

Unless it is officially announced by the government I will not believe such news as we already knows such things also heard several times and nothing happened on the contrary we can buy sell legally in India easily without any problem and we must not be overreact by such articles.

[bryant.coleman]

As always this is a fud and india will not ban crypto. You can find the complete details on this by crypto india youtuber who have explain this very well in his last live stream.

🚨 MUST WATCH : CRYPTO BAN IN INDIA ?? || COMPLETE ANALYSIS ||

Dude, this time it is different. The bill is already in queue, to be tabled during the budget session (February-March 2021). Last time, it was just rumors and there was no confirmation from the government. You can check my posts back then, and I had clarified that it was just FUD on unverified rumors. But this time the situation looks serious for me. But as the YouTuber has pointed out, the details are not yet clear. He claims that the word "ban" has been removed, but I am a bit skeptical on this. Hopefully we will get a clarification tomorrow, during the budget speech.

[PhoenixZephyrus]

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

Someone should bring their attention to the fact the INR is also used for illicit and criminal activities, and the usage of that is far more as the number of bitcoiners in India is only a handful with respect to the whole population. Sure BTC may be more popular among the people who commit cybercrime, but on a whole, fiat is much more prevalent.

India has talked about introducing their own crypto called "Lakshmi" in the past (~2018). But that was buried and BTC was banned by the RBI and then again Supreme Court overturned the ban in 2020, only for them to discuss this AGAIN? I think India might be missing out by trying to restrict this. They still haven't provided their definition of "Private Crypto", although that's probably gonna be any crypto other than the official govt. regulated one. I also suspect that this will lead to privatized versions of crypto owned by each big corporate company in India, and those will be probably okayed and given the green signal. This is a bad move on India's part and just stifling the development of this kind of technology that may as well be the future we are heading towards.

[Travel Standard]

There are some quality people in Govt whom i believed that will do something.
Bill will not be passed and i strongly believed that indian people will trade BTC without any restrictions.
Bitcoins banned cannot stop people to trade as there are many countries where BTC banned and people use Btc trading illegal.

[Dutchyyy]

It seems like that the Indian Government is preparing to ban all "private cryptocurrencies" again, not only Bitcoin.

At this point, it's just a proposal, but the ruling party is controlling both legislation organs, so it could quickly become law. Then India will be the largest country banning the crypto instead of regulating it.

[Sithara007]

It seems like that the Indian Government is preparing to ban all "private cryptocurrencies" again, not only Bitcoin.

At this point, it's just a proposal, but the ruling party is controlling both legislation organs, so it could quickly become law. Then India will be the largest country banning the crypto instead of regulating it.

There is a slight correction. The ruling alliance (NDA) doesn't control an outright majority in the upper house of the parliament, especially after two of their allies (Shiromani Akali Dal and Shiv Sena) deserted them. The total strength of Rajya Sabha is 245 (out of which 12 members are nominated), and the NDA is just short of majority with 118 seats. But is is not going to matter much, as they can easily obtain a dozen or so votes from "friendly" parties such as the BJD or the TRS.

[rokon1234]

Such news is nothing new for India because even before this news was heard from India that bitcoin will be banned.In my opinion, even if bitcoin is banned in India, bitcoin will not have any effect.However, banning bitcoin could lead to unemployment in their country.So, in my opinion, not banning bitcoin would be a wise decision.

[aysg76]

It seems like that the Indian Government is preparing to ban all "private cryptocurrencies" again, not only Bitcoin.

At this point, it's just a proposal, but the ruling party is controlling both legislation organs, so it could quickly become law. Then India will be the largest country banning the crypto instead of regulating it.

Just wait for 11 am today. Don't make assumptions before the finance ministry delivers such stuff. There are high chances that they ban crypto but you can't tell before they present the proper bill

[jacobjorden]

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.

India's government is said to be renewing its attempts to ban public cryptocurrencies fully.

A Study

In April 2019, citing unnamed "government officials aware of details," said that the concept of a full ban on the issuance and trading of cryptocurrencies was supported by a number of government departments in the nation.

The Department of Economic Affairs (DEA), the Direct Taxes Central Board, the Indirect Taxes and Customs Central Board and the Authority of the Investor Education and Security Fund are all in support of the ban, officials said.

"Certain government departments have also reportedly shared a draft bill, dubbed "Banning of Cryptocurrencies and Control of Official Digital Currencies Bill 2019.Although the reference to "official digital currencies" is not explicit, the central bank of the country has previously been researching the launch of digital currency.

Sources suggest that a final bill, based on input from the departments consulted, is supposed to be proposed to the next government in May following the national elections.A long time has come for India to decide on the legality of cryptocurrencies. The government formed an interdisciplinary committee to examine the problem as far back as April 2017, which was said to be considering enforcing a ban on "private cryptocurrencies" last October. The commission, however, was then not in favor of an absolute ban,But rather considered the potential legalization of cryptocurrencies with attached tough laws.

The country's crypto industry is in limbo before a final decision is taken. Banks in India have been barred from serving crypto-currency firms and exchanges since last year by the central bank, the Reserve Bank of India.

[Vishnu.Reang]

Just wait for 11 am today. Don't make assumptions before the finance ministry delivers such stuff. There are high chances that they ban crypto but you can't tell before they present the proper bill

Today is the budget presentation and I am not sure whether the minister will mention about this bill. This is bill no.12 for the budget session and we may get to know the details only when it is tabled (probably after a few days or even weeks). BTW, it is clear that they are aiming for the ban on cryptocurrency. In the document which was uploaded to the parliament website, it is give as "prohibit all private cryptocurrencies in India". So there is no doubt at least on that aspect.