Is INDIA going to BAN Bitcoin Again?

[Viscore]

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.

There is no such huge effect on the market since crypto users in India are only a small percentage. Yep, they have been in the talk about banning crypto but there are no such conclusive reports that it was totally banned until hearing back again this time.

I don't feel about their serious discussions towards crypto, and I don't think that they push to banned Bitcoin for no good reason because I think it is more reasonable to keep Bitcoin on their fence in the way that they are also helping their people to make an investment. And it could be best for them to support crypto rather than to give hate.

[mezzaluna]

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.

This will surely be another blow to Cryptocurrency Users in India and knowing their love for Technology is really great, it will surely be a hindrance to people who uses Cryptocurrencies as a source of their income. India has a lot of developers that can create a great ideas which can evolve into great platforms but seeing the Indian Government trying to ban the creation of Digital Currencies, it would really be a hard decision for Indian users to further pursue their love of Cryptocurrencies.

[Kelvinid]

This is how the banning goes out,

Industry watchers said the government’s definition of “private” could imply that any digital currency that is not sovereign could be seen as a “private” currency, including bitcoin (BTC, -0.82%). It’s unclear which cryptocurrencies would be affected as the bill it allows for certain unspecified exceptions to promote the underlying technology of cryptocurrency and its uses

source: https://www.coindesk.com/indias-proposed-ban-of-private-cryptos-has-many-of-the-nations-investors-nervous

In a certain thing that really affects the crypto exchanges in India. I worried so much about what will happen next if the implementation will push through. I believe that this is all about the conflict of interest since their banks are planning to have their own digital currency. I'd never find this as a good threat for crypto users and exchangers but it shows that there is contradictory support against crypto from the leaders.

[bryant.coleman]

This will surely be another blow to Cryptocurrency Users in India and knowing their love for Technology is really great, it will surely be a hindrance to people who uses Cryptocurrencies as a source of their income. India has a lot of developers that can create a great ideas which can evolve into great platforms but seeing the Indian Government trying to ban the creation of Digital Currencies, it would really be a hard decision for Indian users to further pursue their love of Cryptocurrencies.

It is a big irony that India, which has produced some of the big names in technology such as Satya Nadella, Sundar Pichai, Shantanu Narayen and Arvind Krishna killing technological innovation because the government feels that the national currency can't withstand competition from Bitcoin. No wonder that India is the country that is most affected by brain drain of educated individuals. When illiterate people run a government, what else can the skilled ones do apart from migrating to somewhere else where their skills are respected?

[sujanpatil]

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.

In India, the bill on crypto ban has not been passed yet. You may have heard such news twice before. Now that the bill has passed. It does not mention cryptocurrency banned anywhere. So this is positive news for crypto. Knowledge of crypto and blockchain should reach all the people of India. Now RBI can also withdraw its own digital currency. Only Private coin means monero etc ... This has raised concerns about Trading, Sent & Receive. Because it is not possible to track the transition in this. So no worries. Even though crypto is banned in India, we can trade on the Internet through any medium. After all, even the government cannot control cryptocurrency. I support we support Crypto.

[Ridwan Fauzi]

I read a news about it a few days ago, indeed they will ban crypto currency made by private companies. But as a raplacement they will make a crypto currency which is made by their government. The reason they make decisions like this is because as we know there are so many crypto currency users in India and there are also many opportunities for scammers to carry out their actions. So as the government make a solution to reduce crimes like fraud in crypto currency they create crypto regulated by the government. This thing has done by chinese government, they make digital yuan to be used by all their citizen.

[MCobian]

Of all the countries India and China plan to ban cryptocurrencies the most, but in the end they often change decisions. This will only hurt their
own population, with inconsistent policies. I really hope India doesn't actually ban cryptocurrencies. Moreover, the crypto community in India is
quite high, banned private coins I can still understand better, compared to banned all crypto. Because cryptocurrency can help the economy
in a crisis situation like now, it's not a wise thing to get crypto banned.

[ivankoh]

That would be crazy and trivial.  When India was submerged in the sea of ​​covid 19 with a population of more than 1 billion 3. Bitcoin and crypto kept them from falling into crisis because of banking delays.  inflation and surplus, businesses will break the dyke.  Bitcoin as a remote defense system for covid.  Perhaps the truth is this.  Banning bitcoin and cryptocurrencies will probably be their last resort.

[romero121]

Of all the countries India and China plan to ban cryptocurrencies the most, but in the end they often change decisions. This will only hurt their
own population, with inconsistent policies. I really hope India doesn't actually ban cryptocurrencies. Moreover, the crypto community in India is
quite high, banned private coins I can still understand better, compared to banned all crypto. Because cryptocurrency can help the economy
in a crisis situation like now, it's not a wise thing to get crypto banned.

In a country like India the ban won't make a big change among the users. In the past several such policies were made and these policies directly affected the market of bitcoin. Further things slowly started to change, when people started to look for alternate way to use bitcoin overcoming the hurdles that's been kept by the government and its policies. Why Indian market makes a difference, because if something is successful in a highly populated nation then it can easily make changes in the small countries. This is why whenever there is some news of bitcoin associated with India and China there'll be little crash in the market.

[kawetsriyanto]

Whether they want to ban or not ban, it won't have any significant influence on the crypto market. We are already familiar with the ban issue from India or other countries. But in fact, the crypto market continues to improve and we have a bullish trend already. If India really wants to ban Bitcoin, they will regret it and possibly unban again sooner. There will be a protest from the user of crypto there, and Bitcoin is one of the necessary sources to get income in these pandemic days. So, why ban it suddenly? 

[Travel Standard]

This is very bad news for all. India lawmaker started their work to banned bitcoin and all cryptocurrency in India. Now i seen many indian started to sell sell their tokens. Ib advise don't be panic to sell BTC. Wait for Officially announcement. There are Great chance that bill will be rejected

[mersal]

This is very bad news for all. India lawmaker started their work to banned bitcoin and all cryptocurrency in India. Now i seen many indian started to sell sell their tokens. Ib advise don't be panic to sell BTC. Wait for Officially announcement. There are Great chance that bill will be rejected

The market looks extremely liquidated on Indian exchanges but there is no sign of this bill on their budgets session, probably they will be announcing this later?

But immediately after the session ends there is a huge high on the BTC prices on Indian exchanges!

[PhoenixZephyrus]

Crypto wasn't addressed at all during the Parliament's budget session. The FM didn't bring it up at all and there is still lack of clarity on this issues, and many blockchain-based and bitcoin-dependent startups are asking for clarity. It's interesting that #IndiaWantsCrypto was trending on Twitter  for a while, it was nice to see people pushing for the acceptance of crypto rather than its ban for a change, and it was also nice to see that more and more people are becoming aware of Bitcoin slowly.

I am pretty sure the bill is being delayed to check with the stakeholders and the enterprises which are depended on bitcoin/their own crypto so that they can be put in as "exclusions" and enable them to continue to function, whereas buying bitcoin for individual retail customers will be banned. The only crypto one will "legally" be able to obtain will be the govt.-owned one, along with a few other govt.-approved ones. I hope if this bill passes, the Supreme Court upturns it sometime in the near future, like it did with the previous ban. Otherwise India is just getting left behind in terms of technology and that will just stifle growth, it isn't in the nation's best interests to ban it.

[bryant.coleman]

Welcome to the 12th century.

Well.. that's what some of the illiterate ministers of the present Indian government are thinking. But the problem here is that irrespective of what they want to believe, we are living in 21st century. Now we have air travel between the nations and internet. Authoritarian decision making doesn't work anymore. Those who can afford will leave for other countries, which are having more intelligent policies on cryptocurrency. A flight ticket from India to some of the GCC nations can be obtained for as little as $100. In the end, the Indian government will see a reduction in potential tax collection, and the nation will suffer as a result of brain drain of educated people. Anyway, I guess the present government actually want the second part to happen, since educated people seldom vote for them.

[blckhawk]

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.

Oh, I see what is their intentions why they are planning to ban crypto again. According to the news, the objective of the bill is to ban all private cryptocurrencies including Bitcoin at the same time the Reserve Bank of India is planning to create their own digital version of Rupee. Basically, they all want is to eradicate the use of crypto so that their created digital currency will have no competition. I heard a lot of news regarding this matter way back a couple of years but still, nothing happens, this time is kinda different though, I hope that this isn't true because we know how big India is and that will be a big impact on the crypto world.

[haidil]

Whether they want to ban or not ban, it won't have any significant influence on the crypto market. We are already familiar with the ban issue from India or other countries. But in fact, the crypto market continues to improve and we have a bullish trend already. If India really wants to ban Bitcoin, they will regret it and possibly unban again sooner. There will be a protest from the user of crypto there, and Bitcoin is one of the necessary sources to get income in these pandemic days. So, why ban it suddenly? 

During this pandemic, of course, BTC is one of the sources of income during a pandemic. when the economy is weakening, crypto can actually be an option. the government even banned bitcoin.

[vintages]

They might not, considering the positive effect it had on its citizens.
But as you know most governments are very unpredictable and only embark on any financial investment that favours the government more.

Whatever their stand is, i hope they just regulate it instead of banning it.The population of india and investment in bitcoin and ICOs (the good ones, of course) has created a good impart in the world of cryptocurrency.

[PhoenixZephyrus]

https://news.bitcoin.com/indian-government-cryptocurrency-digital-rupee/



It seems that there won't be an outright ban on crypto, including BTC. Rather, they will "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I hope that means trading will still be legal in India. However their minds seem to be changing every second and they can't seem to have made up their minds/come to any conclusion.

[BitcoinExchangeIndia.com]

https://news.bitcoin.com/indian-government-cryptocurrency-digital-rupee/



It seems that there won't be an outright ban on crypto, including BTC. Rather, they will "take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system". I hope that means trading will still be legal in India. However their minds seem to be changing every second and they can't seem to have made up their minds/come to any conclusion.

There is no certainty that all parts of the government functionary will be equally aware of a bill that is going to be tabled in future. These answers are based on existing rules & regulations.

[Nikole Fischer]

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.

I was very interested in this topic! India can't decide on this issue. They either allow bitcoin, then permit. I think it'll last for some time. Bitcoin will soon be the world's currency and will be allowed everywhere. So India just needs to wait.......