India to regulate Bitcoin?Good news for crypto enthusiast

[worle1bm]

The Indian government is in final stages to present the crypto bill in the parliament and there were rumours that government will impose a complete ban on trading of cryptocurrencies making it criminal offence.But however Finance minister Nirmala Sitaraman has given hints that government is in talks with RBI to regulate the usage of cryptocurrencies in the country.The supreme court has also rejected RBI petition in 2017 to ban the cryptos.

The cryptocurrency industry in India is relieved at Union finance minister Nirmala Sitharaman’s comments that the government will take a “calibrated" approach to crypto trading in the country.

The minister said “negotiations and discussions" are going on with the Reserve Bank of India (RBI) on how to regulate cryptocurrency in India. “Obviously, the RBI will take a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated," she said in an interview with CNBC TV18 on Saturday.

Hints to regulate crypto in India

This announcement is still not public but just a assumption.So it will be great news if it happens for all the crypto users there.What are your thoughts on this?

[AB de Royse777]

I hope that's a real news and Indian Authority is taking Crypto positively. Whatever I heard on the forum were negative so far. Good luck to all Indian Bitcoiners.

PS: India is a large country and considering population in there - having a positive eye on crypto is very helpful for crypto community.

[ecnalubma]

The can’t just ban this technology and put harsh punishments to users, they treated Bitcoin like illegal drugs like this with their current regulations. I hope their authorities will expand their knowledge and understand this technology very will or educate themselves I know they can do better.

[hugeblack]

Why are there so many reports on India and the legal status of Bitcoin in that country? I do not think that India is one of the countries that make decisions, but rather follow it. So if the United States or the United Kingdom decided to put a legal limit on Bitcoin, those countries will make the same claim.

Covid 19 pandemic will force some countries to regulate digital currencies to obtain more money from taxes and India is one of the countries affected by Covid19

[tyz]

I read the same news on Cointelegraph today.

I am glad that a rethink is taking place in India. A few weeks ago I was commenting in a thread here about the fact that India wants to completely ban Bitcoin and cryptos. Now, on closer inspection, they have probably realized that they cannot do this at all and are trying to regulate it instead. You could also say it is a capitulation and a victory for decentralized payment systems.

[avikz]

I am reiterating the same statement as I had said in another thread recently,

https://bitcointalk.org/index.php?topic=5322045.msg56508992#msg56508992

Don't believe this cow cabinet that is ruling India today! RBI is the strongest stakeholder here and they are supremely against bitcoin or any other cryptocurrency. In a recent interview, the RBI governor said,

Crypto is a private digital currency. RBI is against any kind of private digital currency. And it is not RBI that is against it but world over the central banks and the governments are against private digital currency. Because currency issuance is a sovereign function and a private currency cannot overwrite what’s in the sovereign domain.”

Ref: https://bfsi.economictimes.indiatimes.com/news/fintech/privately-issued-digital-currency-is-a-no-no-rbi-governor/72384582

Only a miracle would change that stance!

[Sithara007]

^^^ I am not expecting a drastic change in the government stance. However, the fact that they were forced to reconsider their decision shows the power of cryptocurrency users in India. Ever since the proposed ban was announced almost three months back, the Bitcoin community has been working hard in social media and other platforms to campaign against the move. Most of us wrote letters and emails to the parliamentarians representing us. Now the regime knows that there are millions of people who are dependent on cryptocurrency in India and if they impose a blanket ban then they will get the befitting reply during the elections. And it helped that the state elections are scheduled for next month.

[AllGoodNamesAreTaken]

Let's see what will happen.

[Jawhead999]

India has several times banning and unbanning Bitcoin, so I wouldn't surprised with any news with India regulation about Bitcoin.

That's why P2P is always the option for those country that has restricted/illegal for trading or using Bitcoin. AFAIK Indian bank also freezing bank accounts if they detect something suspicious activity with your funds, you won't get caught if you using P2P as long as you not transfer/receive huge amount money in a single time.

Government and banks aren't Bitcoin friendly, so you need to prepare this if your country has some sign or history of banning Bitcoin.

[cheezcarls]

India is one of the strongest crypto communities worldwide, and it’s not a good thing to completely ban them or treating it as criminal offense for just owning some Bitcoin and other cryptocurrencies. It’s a good thing that instead of banning, they are just going to regulate it. I just hope this would be finalized and push for crypto regulation rather than completely banning it for the Indian citizens. A change of heart is indeed possible!

[bryant.coleman]

India has several times banning and unbanning Bitcoin, so I wouldn't surprised with any news with India regulation about Bitcoin.

That's why P2P is always the option for those country that has restricted/illegal for trading or using Bitcoin. AFAIK Indian bank also freezing bank accounts if they detect something suspicious activity with your funds, you won't get caught if you using P2P as long as you not transfer/receive huge amount money in a single time.

Government and banks aren't Bitcoin friendly, so you need to prepare this if your country has some sign or history of banning Bitcoin.

The government seems to be confused about how to deal with cryptocurrency. Some of the bureaucrats such as Subhash Chandra Garg not only want to ban Bitcoin, but also want to make the possession of cryptocurrency a punishable offense. On the other hand, there is another section, which is of the opinion that clamping down on new innovations will actually drag the Indian economy backwards. And the two camps are very vocal with their demands. As of now, the government doesn't know which position they should implement.

[joniboini]

you won't get caught if you using P2P as long as you not transfer/receive huge amount money in a single time.

I'm not too sure about this. They could, in theory, find the bank those P2P platforms use to transfer money, or just scroll around the platform and find Indian users who offer a deal and make a fake deal to get their bank details, who knows.

Just be careful and push for acceptance instead, so users can trade freely. Honestly, India has a love-hate relationship with Bitcoin since I first entered the crypto world.

[Emerald688]

I hope that bitcoin can be well received by the Indian government without any restrictions and bans. We all know India is one of the most populous countries in the world. With a population of that size it will make the bitcoin community even bigger. Hopefully the discussions and negotiations of related parties can bring fresh air for bitcoin in India.

[mezzaluna]

I hope that's a real news and Indian Authority is taking Crypto positively. Whatever I heard on the forum were negative so far. Good luck to all Indian Bitcoiners.

PS: India is a large country and considering population in there - having a positive eye on crypto is very helpful for crypto community.

Their love for technology is also great because we are always seeing them at least being competitive in terms of their Information Technology Industry and they have this certain knacks of being fixated on development in every possible opportunity. The Indian Government regulating Bitcoin is a big news because it means that they allotted the time to actually research about it and took the time to create a way for their communities to properly use it. I also hope that other countries would do this and see the advantages of what Cryptocurrencies can bring.

[Vishnu.Reang]

you won't get caught if you using P2P as long as you not transfer/receive huge amount money in a single time.

I'm not too sure about this. They could, in theory, find the bank those P2P platforms use to transfer money, or just scroll around the platform and find Indian users who offer a deal and make a fake deal to get their bank details, who knows.

Just be careful and push for acceptance instead, so users can trade freely. Honestly, India has a love-hate relationship with Bitcoin since I first entered the crypto world.

In theory it is possible. Officials can pose as traders and make accounts with various P2P platforms, and then try to do a few deals with established traders. But the question is whether the tax authorities will take this much effort, to nab people who transact $1,000 or $2,000 worth of coins at a time. Another question is whether they have enough resources to do this. But always be careful. P2P is not 100% safe, as long as you are using your real bank account or residence address. If the trader is caught, then the authorities can extract the details of everyone whom he had traded with.

[Slow death]

in the end, politicians may play an important role in the direction that bitcoin should take in india, but the problem is that politicians in india do not seem to me to be advocates of bitcoin or cryptocurrencies in general and the RBI is more inclined to create their own currency digital and at the same time create all kinds of barriers so that cryptocurrencies are not used in india.

the party of the current government has control over a lot, they are simply focused on creating their own digital currency because they think that bitcoin Is something from abroad soon hurts their sovereignty... that thinking is the kind of thinking of African leaders when they want to pretend to be very patriotic

[crwth]

As regulating may come as a challenging task for the government, it's still better than being banned in totality. I think there is still no reason to deny it anymore, knowing that it's one thing that would change the financial game worldwide. I know it has made many people wealthy just by HODLing, and it's never too late for others as well. I hope that their consensus would be positive.

[skarais]

The good news is that the cryptocurrency community in India now has hope of using both bitcoin and altcoin cryptocurrencies. I would rather the Government of India regulate it than to ban it completely. They can still make rules about prohibiting the use of bitcoin as a legal mean of payment, but they must consider bitcoin and other crypto asset to be traded on exchange that are already licensed there, and they can regulate it like the Indonesian government does. Enacting taxes, KYC and other are good steps to prevent abuse.

[wack slacker]

India is an information technology powerhouse and has a wealth of human resources.  They have powerful crypto projects and are invested by organizations around the world.  Consideration of the use of cryptocurrencies will also facilitate the thriving of cryptocurrencies and blockchain in this country.  That I think is good and they can take advantage of regulations to get more crypto tax.

On the other hand Blockchain, Bitcoin and crypto are difficult to control so there is only a way to accept and put them in regulation.

[bryant.coleman]

India is an information technology powerhouse and has a wealth of human resources.  They have powerful crypto projects and are invested by organizations around the world.  Consideration of the use of cryptocurrencies will also facilitate the thriving of cryptocurrencies and blockchain in this country.  That I think is good and they can take advantage of regulations to get more crypto tax.

On the other hand Blockchain, Bitcoin and crypto are difficult to control so there is only a way to accept and put them in regulation.

No. India is not an IT powerhouse. US and UK can be regarded as IT powerhouses. India is well known for call centre and BPO/KPO companies, but if you talk about innovation and modern technology, then they are far behind. The problem is that the best talent India had migrated to countries such as US and UK during the 1990s, 2000s and even in the 2010s. The Indian government treat IT employees without any respect and try to squeeze out as much as they can in the form of taxes without providing anything in return. So it was only natural for the best among them, to migrate to the Western nations. Those who remain in India doesn't have the quality and they are contented with BPO/KPO jobs, toiling 60-70 hours per week.