India plans law that will prohibit ‘all private cryptocurrencies’

[Vaskiy]

Once again India plans of banning all private cryptocurrencies through the bill that is into discussion on the winter session. The bill is called the Cryptocurrency and the Regulation of Official Cryptocurrency Bill 2021. Lawmakers have been into deep discussion about the regulation of cryptocurrencies. In recent days there is massive rise in the user profiles and transactions on exchanges. It is the middle class that hasn't invested on stocks or other assets have begun to start trading. This is the fear of the government, because it is the majority group of the country. Anyhow once after the winter session on parliament we'll get a clear stand of the government on cryptocurrency usage.

Source : India plans law that will prohibit ‘all private cryptocurrencies’

[mk4]

Keyword, ladies and gents: "plans"

What's described on the article was pretty opaque; but I definitely do agree with the "misleading ads" part. Not sure about India, but there are so much misleading ads from shitcoins(HEX, FLOKI, etc) going around in some countries.




https://news.bitcoin.com/floki-inu-cryptocurrency-ads-under-investigation-uk/
https://www.reddit.com/r/HEXcrypto/comments/psra4r/investors_paying_for_hex_advertising_on_london/

[jackg]

Anyhow once after the winter session on parliament we'll get a clear stand of the government on cryptocurrency usage.

The bill was also seen last session though so the same thing might come from this one as the last.

[fiulpro]

Can we even define bitcoins as a private cryptocurrency?
Cryptocurrencies especially the ones who are decentralized are not private but on the other hand they depend on its investors. They are created for the use of public and are not really *owned*. On the other hand if they do decide to ban cryptocurrencies like bitcoins a lot of things would suffer.
- startups
- enterprises
- entrepreneurs
It would also mean that India would be far away from the technical revolution that bitcoins is as a whole. Where we have countries like El Salvador doing everything they can to support bitcoins, India might be taking steps back with this. But I remember they proposed high tax right now for cryptocurrencies like bitcoins, it's certainly a bill might not go through as well.

[mk4]

Can we even define bitcoins as a private cryptocurrency?

*snip*

Not sure if they do, but they shouldn't. Sometimes governments/entities are pretty lax on bitcoin because it's traceable to a certain extent; probably using something like Chainalysis. The moneros and zcashes on the other hand, nope. Probably hence why Coinbase doesn't have them listed; to save their asses from potential problems concerning the SEC.

[newIndia]

What's described on the article was pretty opaque; but I definitely do agree with the "misleading ads" part. Not sure about India, but there are so much misleading ads from shitcoins(HEX, FLOKI, etc) going around in some countries.

True. Some shitty scam called Chingari App hired top Bollywood actor Salman Khan to promote their GARI token and printed front page ad on widely read English dailies. This and a few other issues drew undue attention.

The bill was also seen last session though so the same thing might come from this one as the last.

Possibly going to skip this session as well. Lots of other important bills at hand.

Can we even define bitcoins as a private cryptocurrency?

As per government, anything that is not sovereign, is private.

[bL4nkcode]

I guess most government entities is probably will not agree to regulate and not into private cryptocurrencies.

But if india, its lawmakers, considered bitcoin as private cryptocurrency then obviously, they are a victim of fake news, or they just want to know the difference of private and not, such ignorance and disappointment considering this country is one of the techie countries.

The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies, such as Bitcoin and Ethereum.

[carlfebz2]

Once again India plans of banning all private cryptocurrencies through the bill that is into discussion on the winter session. The bill is called the Cryptocurrency and the Regulation of Official Cryptocurrency Bill 2021. Lawmakers have been into deep discussion about the regulation of cryptocurrencies. In recent days there is massive rise in the user profiles and transactions on exchanges. It is the middle class that hasn't invested on stocks or other assets have begun to start trading. This is the fear of the government, because it is the majority group of the country. Anyhow once after the winter session on parliament we'll get a clear stand of the government on cryptocurrency usage.

Source : India plans law that will prohibit ‘all private cryptocurrencies’

What would you expect? Government has always been like this on which whenever they do really see something which isnt pleasant into their eyes or simply seeing some threat then they would really make out

some actions which its not really surprising at all of them to do so thats why news like this isnt something that im really get surprised because anytime they could really make out decisions like this if they wanted to

which you should expect the unexpected in short and deal off right away and sad to hear into those people who reside into those places but not actually enough on getting rid of them.

[Fortify]

Once again India plans of banning all private cryptocurrencies through the bill that is into discussion on the winter session. The bill is called the Cryptocurrency and the Regulation of Official Cryptocurrency Bill 2021. Lawmakers have been into deep discussion about the regulation of cryptocurrencies. In recent days there is massive rise in the user profiles and transactions on exchanges. It is the middle class that hasn't invested on stocks or other assets have begun to start trading. This is the fear of the government, because it is the majority group of the country. Anyhow once after the winter session on parliament we'll get a clear stand of the government on cryptocurrency usage.

Source : India plans law that will prohibit ‘all private cryptocurrencies’

As others have said - all these trash and gimmicky coins created purely to make the founders rich are going to end up doing much more damage to the crypto scene than almost anything else. When there is so much junk being pushed to many uneducated buyers, then it attracts the attention of regulators who have a tendency to hit hard with a hammer instead of chiseling away delicately so the more established currencies can last. We're stuck in a catch-22 situation however, because many buyers here will simply chase the crowd in the hope of increasing their wealth in the short term but may ultimately undermine the whole sector in the longer term.

[DarkDays]

Keyword, ladies and gents: "plans"

Exactly, many are capable of planning things but only very few actually execute their plans.

India planning to prohibit all cryptos is something that will cause great torment to the country and because India is not oppressing people, this action will inevitably end worse than the China FUD/Ban. Though we can be understanding why the Indian government would think of such an approach - obviously to pave the way to its own governmentally governed digital currency.

For now these might just be speculations and this is what this response has been based on.

[Hydrogen]

This source claims only certain select crypto will be targeted for ban.

India plans law that will prohibit ‘all private cryptocurrencies,’ with ‘certain exceptions’

https://techcrunch.com/2021/11/23/india-plans-law-that-will-prohibit-all-private-cryptocurrencies-with-certain-exceptions/

....

Based on past history, I would guess ethereum might be legal in india under the ban, due to its long partnership with JP morgan.

Other crypto and exchanges who are allied with banking establishments may be given a green light as well.

[adzino]

Once again India plans of banning all private cryptocurrencies through the bill that is into discussion on the winter session. The bill is called the Cryptocurrency and the Regulation of Official Cryptocurrency Bill 2021. Lawmakers have been into deep discussion about the regulation of cryptocurrencies. In recent days there is massive rise in the user profiles and transactions on exchanges. It is the middle class that hasn't invested on stocks or other assets have begun to start trading. This is the fear of the government, because it is the majority group of the country. Anyhow once after the winter session on parliament we'll get a clear stand of the government on cryptocurrency usage.

Source : India plans law that will prohibit ‘all private cryptocurrencies’

Once again? They still haven't done it yet? I thought they already did it few weeks ago. What's with them and "we gonna ban all crypto currencies right now"? Why is the government fearing for those people that are investing and trading crypto currencies? Is it because they think their people are going to lose everything or fall for a scam? Then instead of banning crypto currencies, they can actually teach them about crypto currencies. They can warn them about the risk and then let the people decide what they want to do. It's not that hard..

[uneng]

Indian government is right for worring about the massive waves of crypto scams the country is facing as we can see through so many official ads which legitimize the scam schemes in that country. Now politicians just need to balance their decisions a little bit to not put every crypto currencies in the same dirty basket, because that isn't really fair or even benefical for themselves, if they think about this matter in a more personal way (crypto means more income for its adopters, what also means a higher taxes income for the government).

Just ban the ponzi, hyip schemes and punish their promoters, including the celebrities who use their image to deceive investors. But keep legit crypto currencies intact!

[yazher]

Just ban the ponzi, hyip schemes and punish their promoters, including the celebrities who use their image to deceive investors. But keep legit crypto currencies intact!

That would be nice and smooth if they do that but they choose to do less work by generalizing every cryptocurrency out there and banning it at once. Looks like they will be turned hostile towards bitcoin as well with this rate. Anyway, India has been promoting such a law before and there has been no change in the crypto market. Whatever their decision might be, it won't affect us anyway.

[Darker45]

What I noticed more than any other detail about this news is the statement of Shaktikanta Das, India's central bank governor.

"When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved."

“I’m yet to see serious, well-informed discussions in the public space on these issues.”

At the very least, the central bank's head seems objective, open-minded, or at least cognizant of the fact that issues involving crypto have yet to be deeply and thoroughly discussed or perhaps even understood.

I've heard irresponsible pronouncements coming from other central bank leaders who immediately jump the guns against crypto probably without understanding it first. Many fiat institution leaders immediately talked of risks, criminals, terrorism, money laundering, volatility, and so on and so forth in instantly dismissing Bitcoin and crypto presumably without even looking closely at the technology.

[Jawhead999]

Based on past history, I would guess ethereum might be legal in india under the ban, due to its long partnership with JP morgan.

Nope, Ethereum will be banned as well (not sure why they consider it as private cryptocurrency)

The 'Cryptocurrency and Regulation of Official Digital Currency' bill will create a facilitative framework for an official digital currency to be issued by the Reserve Bank of India, and ban all private cryptocurrencies, such as Bitcoin and Ethereum.

The government is looking to classify crypto as an asset class, as demanded by the crypto exchanges, rather than as a currency, two sources told Reuters.

But the senior government official told Reuters that the plan is to ban private crypto-assets ultimately while paving the way for a new Central Bank Digital Currency (CBDC).

Well nothing surprised here, it seems they're define private cryptocurrency is created by someone not by government It's private for them since they doesn't full control over that crypto, except they create their own coin (CBDC). They're force their citizens to choose CBDC and not using other crypto, they're scared if people no have any interest to use their coin, poor government.

[pooya87]

I don't follow Indian news but from what I remember from at least 2017 there has been a struggle between government and bitcoin users specifically those who trade. They have even shut down a couple of Indian exchanges during these years and have been putting a lot of roadblocks for bitcoin adoption in their country.

It is absurd that news like this are coming out as new, now that bitcoin price is trying to break the $60k resistance again.

[davis196]

Aren't cryptocurrencies already banned in India?How many times do they have to ban them?
What do they mean by "private cryptocurrencies"?Privacy coins like Monero or all cryptocurrencies?

Indian government is right for worring about the massive waves of crypto scams the country is facing as we can see through so many official ads which legitimize the scam schemes in that country. Now politicians just need to balance their decisions a little bit to not put every crypto currencies in the same dirty basket, because that isn't really fair or even benefical for themselves, if they think about this matter in a more personal way (crypto means more income for its adopters, what also means a higher taxes income for the government).

Just ban the ponzi, hyip schemes and punish their promoters, including the celebrities who use their image to deceive investors. But keep legit crypto currencies intact!

I agree with that,but it seems to me that the Indian government wants to "throw the baby with the dirty bath water",because this is way easier for them and it requires way less effort.
Ponzi schemes and HYIP schemes cannot be banned because they are illegal by default.
This is like saying that all crimes are banned.That doesn't stop the criminals from conducting more crimes.
The people in India must be educated and warned about HYIP scams,shitcoins/tokens and ponzi schemes.
Prevention and raising awareness about scams is way better than any restriction or ban.
I also agree that any misleading ads regarding the crypto industry should be banned as well.

[Poker Player]

Same old story. Regarding Bitcoin we have two types of countries: those that turn their back on it, such as India and China, and those that embrace it, such as El Salvador.

This source claims only certain select crypto will be targeted for ban.

India plans law that will prohibit ‘all private cryptocurrencies,’ with ‘certain exceptions’

https://techcrunch.com/2021/11/23/india-plans-law-that-will-prohibit-all-private-cryptocurrencies-with-certain-exceptions/

....

Based on past history, I would guess ethereum might be legal in india under the ban, due to its long partnership with JP morgan.

Other crypto and exchanges who are allied with banking establishments may be given a green light as well.

So they are going to allow the crap cryptocurrencies they can control and they are going to ban Bitcoin and some others. I think in a few years they will realize their mistake and they will be in a hurry to buy Bitcoin.

[Wind_FURY]

Can we even define bitcoins as a private cryptocurrency?

*snip*

Not sure if they do, but they shouldn't. Sometimes governments/entities are pretty lax on bitcoin because it's traceable to a certain extent; probably using something like Chainalysis. The moneros and zcashes on the other hand, nope. Probably hence why Coinbase doesn't have them listed; to save their asses from potential problems concerning the SEC.

Hahaha while the government’s center of attention is starting to go to “private cryptocurrencies”, they don’t know that as long as Bitcoin’s anon-set increases because of increasing usage, then privacy to use Bitcoin also increases.