MoS, Mr. Anurag Thakur, spoke about CryptoCurrency in Rajya Sabha today!

[TigerMart]

Today, Union Minister of State for Finance & Corporate Affairs, India, Mr. Anurag Thakur, spoke about CryptoCurrency in Rajya Sabha.

https://www.reddit.com/r/CryptoIndia/comments/lg4mo6/today_union_minister_of_state_for_finance/

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[teosanru]

So this was what he meant:

"We just don't know anything at this point in time. We don't have a legal framework in mind to regulate it and at the same time, we don't want it to go on in an unregulated manner. Therefore we might decide to ban it based on a report given by our ministries but I don't know anything about it at this point in time so let's catch up on this later."

I highly doubt that government would be able to bring in the cryptocurrency prohibition bill in this very session itself. The way he is perplexed I feel there is still a lot of work to be done on that bill.

[pawanjain]

I highly doubt that government would be able to bring in the cryptocurrency prohibition bill in this very session itself. The way he is perplexed I feel there is still a lot of work to be done on that bill.

That is what even I think about the crypto ban in India. I mean, how can a government ban something just like that without any proper knowledge about it or how to regulate it.
This is not demonetization or something because it involves people's asset rather than just an exchange of notes.
It's highly unlikely for the government to introduce a blanket ban on crypto and I think if at all they prohibit the use of cryptocurrencies then harsh criticism is what they will face from the Indian entrepreneurs.
This is just my point of view on the situation. The government of India has been double minded on the ban right from the starting.

[Clement Kaliyar]

That is what even I think about the crypto ban in India. I mean, how can a government ban something just like that without any proper knowledge about it or how to regulate it.
This is not demonetization or something because it involves people's asset rather than just an exchange of notes.

Look at all the decisions by the BJP government including demonetization, they do not have any discussion with anyone who has the knowledge about the implication, they dream about big things and then go on to implement and then the army of trolls will keep on defending the decisions. We have seen this for the past several years and do not expect anything different from them.
They already proved that they are incompetent to lead a diverse nation like India and it is time for everyone to think of an alternative.

[BitcoinExchangeIndia.com]

Today, Union Minister of State for Finance & Corporate Affairs, India, Mr. Anurag Thakur, spoke about CryptoCurrency in Rajya Sabha.

https://www.reddit.com/r/CryptoIndia/comments/lg4mo6/today_union_minister_of_state_for_finance/

Thanks for the link. Apart from this, is there any other update directly from government? All I can see on media is rumor spread by confidential sources.

[teosanru]

I highly doubt that government would be able to bring in the cryptocurrency prohibition bill in this very session itself. The way he is perplexed I feel there is still a lot of work to be done on that bill.

That is what even I think about the crypto ban in India. I mean, how can a government ban something just like that without any proper knowledge about it or how to regulate it.
This is not demonetization or something because it involves people's asset rather than just an exchange of notes.
It's highly unlikely for the government to introduce a blanket ban on crypto and I think if at all they prohibit the use of cryptocurrencies then harsh criticism is what they will face from the Indian entrepreneurs.
This is just my point of view on the situation. The government of India has been double minded on the ban right from the starting.

I don't agree with your point. banning Cryptocurrency is a lot less drastic step than demonetization. Demonetization affected almost every single individual of this country while a ban on crypto would affect only 1-2%. But yes talking about the knowledge part it's always the problem with the government departments they tend to have their own thinking which generally is in line with their political ideology they hardly worry about the industry until it's hampering large players or hampering their vote Bank. But yes govt. of India is double-minded due to obvious reasons. By allowing it to flow freely India is being counted in the list of countries like US, UK, Japan, Australia while a ban would add us to the list of China, Bangladesh, North Korea, Nigeria. They definitely don't want to be in the second list.

[KryptoKings]

Some news are doing round that Government may not present crypto ban bill during current parliament session. They will postpone it till mansoon season.
I think this is good if true as this will give crypto community some more time to convince Government to regulate crypto instead of banning it.

[webtricks]

Some news are doing round that Government may not present crypto ban bill during current parliament session. They will postpone it till mansoon season.
I think this is good if true as this will give crypto community some more time to convince Government to regulate crypto instead of banning it.

Indeed. The chances of bill being presented in the current session is minimal. From the words of the minister, it seems like bill is still far from finished and government still haven't finalized their stand on the matter.

USDT price is currently trading @ Rs. 77-78 which shows that positivity has once again kicked in Indian Market. It is once again at the premium of 5-8% similar to what it was before the ban news came out.

[libert19]

Update: https://youtu.be/ZT-7bM1q8nI

[legendster]

That is what even I think about the crypto ban in India. I mean, how can a government ban something just like that without any proper knowledge about it or how to regulate it.
This is not demonetization or something because it involves people's asset rather than just an exchange of notes.

Look at all the decisions by the BJP government including demonetization, they do not have any discussion with anyone who has the knowledge about the implication, they dream about big things and then go on to implement and then the army of trolls will keep on defending the decisions. We have seen this for the past several years and do not expect anything different from them.
They already proved that they are incompetent to lead a diverse nation like India and it is time for everyone to think of an alternative.

It is a well established fact that BJP fosters an army of trolls that don't know what the heck they're talking about. However. no ban would ever stop crypto from existing. Sure, commercial interests will due and India will stay behind in the race.

Which is precisely why we need the BJP gov to actually understand this crazy internet money. Then their trolls would be backing us. Mindlessly still, but they'll be on our side.

[KryptoKings]

I think in India too their are some big crypto whales who pay media to create FUD by publishing ban reports every now and then.
They make price fall and rise at per their whims.
I am again seeing some ban news in certain media though next session of Parliament is due in mansoon.

[PhoenixZephyrus]

As I've always said, a downright ban is pretty unlikely, but the media nowadays is spreading FUD, with dramatic headlines like "Here's why bitcoin is bad for the economy" or "Here's why a bitcoin ban is the way to go", I've probably seen over 20 news articles on Indian news websites in like the last 7 days. People are very misinformed about bitcoin and how it works, and the mindless people rally towards any headline that they see, no matter if it makes any damn sense or not.

[teosanru]

I think in India too their are some big crypto whales who pay media to create FUD by publishing ban reports every now and then.
They make price fall and rise at per their whims.
I am again seeing some ban news in certain media though next session of Parliament is due in mansoon.

Yeah true. I am surprised how media houses are putting the same article of India bringing law to ban cryptos again and again. Either the words of the Finance minister have no credibility or these media houses are making some huge money. When the MOS FInance & FM clearly stated in the Parliament that India does not have any intention of banning crypto as of yet and we are considering stakeholder greivences the very next day top media houses still saying that India banning cryptocurrencies. Either they themselves are buying the dips or just creating a FUD to flee away the retail investors which might be as per the guidelines of the government itself.

[Rideus]

Yeah true. I am surprised how media houses are putting the same article of India bringing law to ban cryptos again and again. Either the words of the Finance minister have no credibility or these media houses are making some huge money. When the MOS FInance & FM clearly stated in the Parliament that India does not have any intention of banning crypto as of yet and we are considering stakeholder greivences the very next day top media houses still saying that India banning cryptocurrencies. Either they themselves are buying the dips or just creating a FUD to flee away the retail investors which might be as per the guidelines of the government itself.

Yes it’s true that media is not presenting what is actual planning for Cryptocurrencies in India.

“MOS FInance & FM clearly stated in the Parliament that India does not have any intention of banning crypto as of yet“
It means they have draft and try to cover global view point as of BC is boundryless.
Hope soon they announce something about Blackchain.