Looks like India is perhaps serious about banning cryptocurrency

[Fatunad]

Just read an article where an official says they expect the crypto ban to be passed, despite other officials recently downplaying the likelihood of it.

India is becoming quite an oppressive government from a monetary standpoint. Giant leap backwards for them if they pass the bill. Won't hurt Bitcoin too much - apparently there's only about $1.2 billion of bitcoin held in India (about a dollars worth for every citizen). If they do ban cryptos it just means that one day when they ultimately reverse that ban we're gonna get a huge pump from a billion-plus people suddenly having access to Bitcoin, by which time Bitcoin will likely be far more engrained throughout the rest of the world.


It's crazy to think about a government actually making it illegal, acting like you are some terrible criminal, simply for holding a digital asset. I guess other smaller nations have done this, but India would be the first major nation if it indeed passes. The idea of banning bitcoin is a great litmus test on how much economic freedom a nation has - and if you ban it you are a terribly monetarily oppressive nation.

Thoughts on the possible India crypto ban?

I don't think it will happen in near future. Some media house deliberately publishing fake news and attributing it to reliable anonymous sources
Government will not out a blanket ban on crytpo as they know it is not possible to ban it.
They will come up with some face saving solution that's why they have postponed the bill till monsoon session.

That make sense which is indeed happening as of this moment and this isnt something new because those media would really be continuing on publishing out those things
which do really misleads out people on the actual or truth thing about crypto.
When it comes to banning then just let them be, sooner or later they would really be reverting those decisions if they do realize that they wont really able to get rid of it.
Government isnt really that dumb nor aware on how things do works.

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[STT]

India is a country with exponential growth potential, its key though all the investment hype is with China and its great leap (a bad phrase in this context) into the footsteps of super powers just from its sheer size actually India deserves a similar consideration.   The problem is right now India has been held back by an anti capitalist sentiment and system of governance that goes back decades and its not as poised for growth as China has managed through its command economy forced growth.  Theres no doubt every country has flaws, China remains communist despite appearances or at least a military dictatorship so has flaws wider then the grand canyon without a doubt I do hope for that reason alone India gets off its ass and starts to pull its weight and more in the world and part of that is their attitude to fintech as they put it or crypto as we view it.    Stop hobbling on crutches and learn to run is my hope for their aspirations, I believe they are capable of changing everything in the next decades if they take up that mantle I dont want China to dominate Asia unopposed.
   On this news alone people are ready to write them off, it was never the governments choice to ban or not to ban its really about the people taking this forward or not.

[TastyChillySauce00]

I don't think it will happen in near future. Some media house deliberately publishing fake news and attributing it to reliable anonymous sources
Government will not out a blanket ban on crytpo as they know it is not possible to ban it.
They will come up with some face saving solution that's why they have postponed the bill till monsoon session.

Passing law different than enforcing it. Maybe the law could be unsuccesful and the enforcement is low but they atleast have an excuse to punish whoever confronts their interest.
Whether the people in there could still use crypto sneakily definitely depends on the people themselves.

[Zemomtum]

This banning of a thing is just a threat. How is it possible to ban an anonymous? The earlier Government at all cadres realize that this is the future currency, the better for them to strategize.

[KryptoKings]

This banning of a thing is just a threat. How is it possible to ban an anonymous? The earlier Government at all cadres realize that this is the future currency, the better for them to strategize.

You are not getting the point. We all know banning crypto is not possible but if Government announce it's ban or ban it, we would like ourselves to get involved something which is illegal.

[Gozie51]

This banning of a thing is just a threat. How is it possible to ban an anonymous? The earlier Government at all cadres realize that this is the future currency, the better for them to strategize.

Art the threats from countries that are seeking to ban bitcoin is with excuse that people use it for illegal dealings but this is not a reason good for talking negative about a digital asset , fiat has been used for all that too. The whole of them will eventually look at regulation in their country home, banning of cryptocurrency will only take the countries out from global businesses and that will bring them backwards.

[slaman29]

This banning of a thing is just a threat. How is it possible to ban an anonymous? The earlier Government at all cadres realize that this is the future currency, the better for them to strategize.

They're not banning anonymous, please read carefully. And it is possible to ban crypto as China and India have done, by making it illegal for businesses to conduct or transact in crypto related activities. The ban usually leads people to go underground and just trade p2p instead but if they get caught like in US, you can get fined or even jail time.

[bryant.coleman]

Hmm, Wazirx is doing $76.691.478, Binance $72.358.046.448.
So, if in India there are 20 million users then worldwide there must be 20 billion users.
I have a feeling something is wrong with this one...

This is exactly where you get it all wrong. You assume that the capital available per head is same for users in India and the United States. For an average Indian, the annual salary is in the range of $1,500-2,000, while the same for someone in the United States can be $45,000-$60,000. That means that the average investment from Indian users may be 1/30, or at the most 1/20 of the amount that the American user invest. In terms of number of users, India is one of the top most countries. But still Indian users hold only 3% to 4% of the total cryptocurrency market cap.

[stompix]

~

This is exactly where you get it all wrong. You assume that the capital available per head is same for users in India and the United States. For an average Indian, the annual salary is in the range of $1,500-2,000, while the same for someone in the United States can be $45,000-$60,000. That means that the average investment from Indian users may be 1/30, or at the most 1/20 of the amount that the American user invest. In terms of number of users, India is one of the top most countries. But still Indian users hold only 3% to 4% of the total cryptocurrency market cap.

You're digging your hole deeper and deeper.

So if you maintain that 4% in crypto but at the same time you keep the average rate of 1/30 of what an American can put in then what do we do about the overall numbers?
Because if we have just 7 million Americans, keeping the same ratio of population,  it means they will hold almost half of the coins. And we have also 400millions people in Europe from which we could also draw about 10 million at least with a buying power of at least 10x, so...there won't e any coins left of the entire rest of the world which also included a lot of really wealthy countries.

But let's go back to the volume, you claimed the volume backs your numbers.
8 million KYC users on Indian exchanges, $63m on the top exchange, what's that, 8$ in volume a day per user?
Common, let's be real. That 20 million number is pure advertising by exchange owners.

[STT]

I dont care about wealth in each country, Bitcoin isnt about the past and how yes we know USA is richer.   Actually its about growth and usage, revenue would the easiest way to state it.    

It does appear a bill to ban crypto is going ahead in India, I find that confusing as they have also said the opposite and recognise crypto is part of technology development.   Same old line about how the government wants to ban alternatives and just have people use a new digital currency they invented, pointless as most FIAT is already digital and forcing people to use your idea of a value system is the same thing with FIAT we already have so they are proposing nothing at all in effect.

https://twitter.com/i/status/1373947058978230272

Crypto use typically rises after being banned, silly but would not surprise me

[Sithara007]

You're digging your hole deeper and deeper.

So if you maintain that 4% in crypto but at the same time you keep the average rate of 1/30 of what an American can put in then what do we do about the overall numbers?
Because if we have just 7 million Americans, keeping the same ratio of population,  it means they will hold almost half of the coins. And we have also 400millions people in Europe from which we could also draw about 10 million at least with a buying power of at least 10x, so...there won't e any coins left of the entire rest of the world which also included a lot of really wealthy countries.

But let's go back to the volume, you claimed the volume backs your numbers.
8 million KYC users on Indian exchanges, $63m on the top exchange, what's that, 8$ in volume a day per user?
Common, let's be real. That 20 million number is pure advertising by exchange owners.

I am from India and I would say that 20 million is somewhere close to the actual number. Nowadays almost every individual in the 18-35 age group I come across is a Bitcoin investor. It is like a craze now, with even those living in rural areas showing a lot of interest. These guys don't have much disposable income in their hand, and $100-$1,000 seems to be the average amount invested in BTC. And in India, it can be a big amount (especially for the youngsters). But that said, there is virtually zero interest from those who are aged 35 and above.

[kpierce77]

I don't think India will permanently ban cryptocurrencies! Especially since this is not the first such statement about banning cryptocurrencies... Maybe it's just a fud and they will create regulatory laws in the future...

What I want to know is can they really do that? they are the second most populous country in the world (with a large number of crypto users of course). I think it will even cause a little social or economic turmoil if their governments cannot handle it with the right and proper method. it is better to look for alternatives to how India is able to use crypto for better than limiting it

[Clement Kaliyar]

I am from India and I would say that 20 million is somewhere close to the actual number. Nowadays almost every individual in the 18-35 age group I come across is a Bitcoin investor. It is like a craze now, with even those living in rural areas showing a lot of interest. These guys don't have much disposable income in their hand, and $100-$1,000 seems to be the average amount invested in BTC. And in India, it can be a big amount (especially for the youngsters). But that said, there is virtually zero interest from those who are aged 35 and above.

How come a 18 year old have any income as that is the age group that will be in universities and usually you pass your degree around 20 or 21 depending upon your course and then you need to find a job and you really know what is the salary package as a fresher and it will not be that high and $2000 to $4000 will be the annual salary. If you are talking about anyone above 25 years then they might have the savings if they are not having education loan. 

[jostorres]

I don't think India will permanently ban cryptocurrencies! Especially since this is not the first such statement about banning cryptocurrencies... Maybe it's just a fud and they will create regulatory laws in the future...

What I want to know is can they really do that? they are the second most populous country in the world (with a large number of crypto users of course). I think it will even cause a little social or economic turmoil if their governments cannot handle it with the right and proper method. it is better to look for alternatives to how India is able to use crypto for better than limiting it

Politics is weird, you could have people who only live with crypto and need crypto more than ever, but if their political party that they vote end up banning it, they will find a way to support it anyway, it is a sickness that our world is like that. I do not know if the situation is like that in India as well, but I follow USA, UK, France, Italy and my own nation and in all of those nations people vote for the party that hurts them and still find a way to support it.

This is not a right or left wing deal, everyone is like that, all political parties and everyone who votes for any party. This is why I do not think that there will be a turmoil just for this, I think it would be just regulations, not a complete ban, but it will still be nothing if they banned it completely neither. I hope they do not, we need our Indian bros in the crypto world with us.

[Untomabur]

India will not be serious about baned bitcoin and other cryptocurrencies, they are a developing country, such rules are stupid rules, because the nature of cryptocurrencies is decentralized, so no one can regulate cryptocurrencies, I have friends in India , that the news is just fud to drop the price of bitcoin, so be careful if you want to take action from the news.

[Sithara007]

India will not be serious about baned bitcoin and other cryptocurrencies, they are a developing country, such rules are stupid rules, because the nature of cryptocurrencies is decentralized, so no one can regulate cryptocurrencies, I have friends in India , that the news is just fud to drop the price of bitcoin, so be careful if you want to take action from the news.

You can decide whether it is FUD or not, but the truth is that the bill is already uploaded to the parliament website. It was supposed to be tabled during the second phase of the budget session (March 8 to April , but now it looks like the finance minister may do that during the monsoon session of the parliament. The finance minister has also explicitly stated that she wants a ban on cryptocurrencies. So it is not just FUD, similar to what happened previously.

[KryptoKings]

India will not be serious about baned bitcoin and other cryptocurrencies, they are a developing country, such rules are stupid rules, because the nature of cryptocurrencies is decentralized, so no one can regulate cryptocurrencies, I have friends in India , that the news is just fud to drop the price of bitcoin, so be careful if you want to take action from the news.

Indian market share is not that big to cause any bug price fall. Last time too when ban news was out, BTC was booming. Even Indians were busy buying more BTC.
See Federal Reserve Chair Jerome Powell News has caused the recent fall in BTC price.

[btc78]

Until when we will stop tackle the same issue as India banning bitcoin , India banning Cryptocurrencies , India has a New law against Crypto.

Aren't we getting tired of the same issue that i have been seeing since my first day here?

India is like other government that has their own rules and know how to handle their economy , the sad part here is that most of those who posts don't even come from india but acting as if they are affected of the issue 

[Vishnu.Reang]

India is like other government that has their own rules and know how to handle their economy , the sad part here is that most of those who posts don't even come from india but acting as if they are affected of the issue 

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

[molsewid]

I am an Indian resident and many of the users who have commented here also come from India. We are worried since our livelihood is under threat. Almost one-third of my monthly income comes in the form of cryptocurrency and if that is taken away then I will be in a very bad financial state. And there are millions like me in India who earn passive income in the form of Bitcoin and other cryptocurrencies. For us, this is no laughing matter. It is a matter of life and death.

So sorry for that sad news and sad situation you are been with mate. As some of us also, are being worried with your livelihood as well because i do rely here in cryptocurrency to survive the needs of our family since pandemic. I bet, no one meant to laugh with the current situation that your country looks serious about banning cryptocurrency. But we do also respect laws that you're country have, we do only hope that this might not be too harsh on the side of crypto user.