Reserve Bank of India - Most confused financial entity right now!

[so98nn]

So with the new budget 2021, RBI has put forth an agenda (one more time) to ban the crypto currency across India. They won’t be allowing to use the crypto either for corporates or individual level. All the banks will be warned soon with the following guidelines.

Why confused?

Statistically they have already published such guidelines back in 2018. After this market crashed a bit and major exchanger like Zebpay was closed.

With Musk putting and publishing his actions with bitcoin (to buy TessaTesla with bitcoin) Indian government looks completely distorted with their decisions.

A draft of these guidelines states all the above junks.

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

Reference: RBI to ban crypto currency use

[Vishnu.Reang]

RBI is not an independent body and the current RBI governor (Shaktikanta Das) is considered as a puppet of the ruling politicians. A few years back, RBI had a very independent governor in Raghuram Rajan, but he resigned due to differences within the government (even he was hostile to the idea of cryptocurrencies). The current governor doesn't have any opinion of his own. His opinions are the same as that of his masters.

Now there are two reasons why the government is coming up with this proposal to ban Bitcoins. First of all, they believe that if they can eradicate the competition, then the businessmen who are linked to the ruling party will be able to promote their own coins and profit from that move. And secondly, they are not comfortable with the idea of the citizens having a store of value as opposed to the highly inflationary national currency.

[Princejebs]

The rate at which government is turning U with cryptocurrency regulations is allarming, probably they are afraid of how bitcoin is making moves and they don't want their citizens to get quick rich and if that's the case, government are actually surrounded by shallow mind.
The same thing has happened in my country, the government want all financial institutions not to aid deposits and withdrawal into crypto exchanges.
There is always an alternative to every problem, simply use P2P.

[Similificator]

The leaders are simply going with the flow right now but in their own terms. They want to give the people the experience of this industry but also want to maintain control and thus, they act like they do now. if it weren't for the high spike and good news, they wouldn't even try to compromise. It is what it is, that's just how most of the governments and  banks are all over the world.

[so98nn]

RBI is not an independent body and the current RBI governor (Shaktikanta Das) is considered as a puppet of the ruling politicians.

That’s very common thing to see in India. Every time the politicians will drive this nation the way they want. It’s all about money for them. Then comes the winning of hearts for the purpose of elections. Then they “might” think about stuff like poverty, education, woman empowerment etc which are the hot topics nationwide.

So it’s very difficult that they will ever allow individuals to run their own finances. A saddest reality in here.

Now there are two reasons why the government is coming up with this proposal to ban Bitcoins. First of all, they believe that if they can eradicate the competition, then the businessmen who are linked to the ruling party will be able to promote their own coins and profit from that move. And secondly, they are not comfortable with the idea of the citizens having a store of value as opposed to the highly inflationary national currency.

There is huge possibility for this act. Now that they have seen how richest people around the globe are accepting the crypto and benefiting from it, they will have secrete plot against bitcoin investors from the country. They dominate it by making centralised currency as you said.

However, i don’t think that Indians will fall for this honey trap. They will just switch to P2P platform and keep the stuff going on.

[Ucy]

I don't think any country on earth can successfully prevent people from using cryptocurrency. They probably still don't understand crypto or know what they are talking about. You could comfortably use true cryptocurrency in any country on earth once its has been built in certain way that'll make censorship and confiscation of ones asset very difficult.
They have been so used to fiat that they fail to understand the potential of cryptocurrency.
You could use crypto comfortably and safely even in North Korea once it's been properly built.

[oHnK]

So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

They are making jokes by making digital coins centralized. But I still admit that they have their own market, namely the common people who always feel safe with inflation. LOL. Those who keep saving in the bank and think their money is fine. Even though its value has been lost to inflation. Crypto will continue to prosper in the future, it is very clear how many large companies are increasing the popularity of crypto significantly. I really don't care about the news of the central authorities starting to make crypto-related bans.

[laredo7mm]

The leaders are simply going with the flow right now but in their own terms. They want to give the people the experience of this industry but also want to maintain control and thus, they act like they do now. if it weren't for the high spike and good news, they wouldn't even try to compromise. It is what it is, that's just how most of the governments and  banks are all over the world.

They are just confusing people with their doubtful decisions. Last month I saw a crypto bank has been opened in India where exchanging BTC is possible. Now what happens with that and one of the biggest exchange wazrix is a product of Binance. We may saw some kind of regulation for these exchanges that are operating from India. But they allow or not the crypto market will flourish through the Indian economy.

[fiulpro]

I do think that :
- The government is redirecting people towards the Digital Rupee.
- The government just wants to stay the dominant power , they do not want to give people the financial freedom
- They are too controlling and at the same time they think it would be extremely weird for the country to have such cryptocurrencies integrated in their own economy since it can go down anytime.. thus time and again they have generated warnings like that on the TV , newspapers etc.
( Makes me wonder why they did not  generate the same warnings for *stocks* )

Right now they just don't want to be left behind and they feel like banning cryptos might cause a lot of issues for the country even for the future and right now Zebpay is fighting them , lawyers are involved, people we tweeting ! We have different sites already available for supporting the cryptocurrencies in India , it's going very well though. I do think people would be able to make government realize their problems but I would encourage you guys to go and show them the support ! Let's use democracy !

[South Park]

So with the new budget 2021, RBI has put forth an agenda (one more time) to ban the crypto currency across India. They won’t be allowing to use the crypto either for corporates or individual level. All the banks will be warned soon with the following guidelines.

Why confused?

Statistically they have already published such guidelines back in 2018. After this market crashed a bit and major exchanger like Zebpay was closed.

With Musk putting and publishing his actions with bitcoin (to buy Tessa with bitcoin) Indian government looks completely distorted with their decisions.

A draft of these guidelines states all the above junks.

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

Reference: RBI to ban crypto currency use

It is not that they cannot understand, they do not want to understand, it is not on their best interest that people begin to use decentralized cryptocurrencies so on one hand they tell people that those currencies are banned but on the other they create their own, basically they are trying to deceive people and delay adoption until they figure out a way to stop cryptocurrencies, but they should already know by now they cannot kill bitcoin no matter what they do.

[Clement Kaliyar]

With Musk putting and publishing his actions with bitcoin (to buy Tessa with bitcoin) Indian government looks completely distorted with their decisions.

The government has proposed their plan on banning bitcoin and other cryptocurrency as they have no idea on how to regulate them, that is what they said in the parliament as they do not consider bitcoin as a currency or an asset. The funny aspect is that these stupids does not even understand the meaning of asset.

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

The decision is clear, they want to control everything that is online and so is the reason they wanted to ban all decentralized currencies and promote their centralized shit coin.

[Janation]

Why regulate a cryptocurrency that can't be regulated?

I don' know why they can' understand that? They could stop the use of Bitcoin in their country but obviously, there are a lot of people out there holding their Bitcoins and still earning a profit with this huge surge. I think a lot of people would be pissed about their government and they won't be using that centralized digital currency, I mean, who would use it?

[Sithara007]

So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

They are making jokes by making digital coins centralized. But I still admit that they have their own market, namely the common people who always feel safe with inflation. LOL. Those who keep saving in the bank and think their money is fine. Even though its value has been lost to inflation. Crypto will continue to prosper in the future, it is very clear how many large companies are increasing the popularity of crypto significantly. I really don't care about the news of the central authorities starting to make crypto-related bans.

If they really think that they will be able to replace decentralized cryptocurrencies with their own version of centralized shitcoin, then all the very best to them. One reason why cryptocurrency went up by so much during the recent times is due to the fact that central banks around the world have accelerated the printing of banknotes, giving the excuse of COVID 19. Ordinary citizens who want to protect their wealth from hyperinflation are rushing to convert some of their assets in to gold and Bitcoin, which are protected against inflation. Now the solution is not to ban the usage of these assets, but to tone down the uncontrolled printing of banknotes.

[iamsheikhadil]

They can cry a lot about it, but in the end, they can never really ban Bitcoin or crypto or any coin at all. If they ban, there will be case on supreme court, they will fail to provide evidence of why they are banning and ultimately we will win, it's what happened in 2018-2020! Elon's influence is also a big thing, and am sure his positiveness towards crypto will influence our governments decisions as well because the government focuses much on digitalization and follows the west on a lots of matter!

[Vishnu.Reang]

They can cry a lot about it, but in the end, they can never really ban Bitcoin or crypto or any coin at all. If they ban, there will be case on supreme court, they will fail to provide evidence of why they are banning and ultimately we will win, it's what happened in 2018-2020! Elon's influence is also a big thing, and am sure his positiveness towards crypto will influence our governments decisions as well because the government focuses much on digitalization and follows the west on a lots of matter!

This time I am not expecting any positive intervention from the Supreme Court. I have already posted about this. Back in 2020, we got a favorable ruling from the supreme court, because the RBI had banned Bitcoin without citing any law passed by the parliament. This time they are going to get the law passed by the parliament first, before going for the ban. Right now, our options are quite limited.

[sunsilk]

So that basically what happens, when a country confusingly banning bitcoin or cryptocurrencies in general or a certain financial body of it gives restrictions to everything related to crypto then suddenly will turn up a decision and will surprisingly goin to have their own crypto.

This is like the style of those known financial magnates that will say anything against bitcoin and then will suddenly turn and announce that they have bitcoin and likes to invest on it.

And on this case, there's little to no hope about RBI's action towards bitcoin.

[jrrsparkles]

All I can see is India plans to ban bitcoin, new law proposed to ban cryptocurrency,etc but they are yet to pass the bill right? Every banks are against decentralization for sure so you can't expect from government to think about benefits for the users and not for themselves.

[Vishnu.Reang]

All I can see is India plans to ban bitcoin, new law proposed to ban cryptocurrency,etc but they are yet to pass the bill right? Every banks are against decentralization for sure so you can't expect from government to think about benefits for the users and not for themselves.

Here is the latest news on this subject: https://www.livemint.com/market/cryptocurrency/get-ready-for-hefty-penalty-to-legalize-your-crypto-assets-11613064974027.html

According to sources close to the government, the existing holders of cryptocurrency will be "allowed" to exit, provided they are ready to pay a financial penalty. Now this penalty can range from anywhere between 50% and 100%. And whatever scraps you receive after this measure will be subjected to income tax (which is 42.7% for the topmost slab).

Essentially, the Indian government is confiscating all the wealth from the cryptocurrency holders. 

[magneto]

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they don’t understand we don’t want centralisation in the first place and that’s why we are using the bitcoin. LOLZ

I don't think that it is because of confused policymaking, but rather a coordinated attack on decentralised cryptos.

The RBI knows exactly what they are getting themselves into. They have made a conscious effort to oust a lot of their domestic corporations whom operated in the crypto space which means that they well and truly want to restrict access to prevent capital flight and for political purposes.

So no, they're not confused. It has been their plan to insidiously move the crypto industry out from the beginning.

But it won't work - a ban would simply not be enforceable given the volume of OTC and P2P trade going on.

[Obito]

All I can see is India plans to ban bitcoin, new law proposed to ban cryptocurrency,etc but they are yet to pass the bill right? Every banks are against decentralization for sure so you can't expect from government to think about benefits for the users and not for themselves.

They have an on and off relationship with bitcoin and I think that them becoming confused is a good thing because this means that their decision is not absolute. I know that governments and banks are afraid to give decentralization a chance but I can understand their perspective on the issue, they fear that it will undermine their presence because cryptocurrency gives the people the power to have a control over their finances, the longer they resist the change, the more they will endure pain.