India plans law that will prohibit ‘all private cryptocurrencies’

[so98nn]

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.

Relax Guys. Nothing is going to happen. As far as India and it’s bills are considered they will take ages to define a rule about the crypto currency. They keep changing the rules as per their needs and what others has to say. Considering the democracy of India they will surely go for petition filing which has been done through zebpay and WazirX in last year.

They are big crypto tax payers and government will have to make few changes in favour of them whatsoever. This definitely is not the first time India is revising the bill against crypto currency. The PM knows many of his voters are involved in the crypto and it’s bad time to devalue them when the elections are up front.

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[kotajikikox]

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’

for my several years here in Forum , it is always India and China in which has this kind of Issue and behavior towards crypto, and guess what ?
i am not interested anymore , because same thing happen each time , banning and unbanning talks.
India's government  will keep this for their own benefits  so why give a look?
and also Lets assume they will totally banned like what china did, isn't it is helpful so there are no other same regulatory issues will come in future?

[YOSHIE]

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

I'm not sure about the story written by: @Manish Singh, I've seen him write some other stories.
Example:

Manish Singh
Manish Singh covers India for TechCrunch. Prior to this, he wrote for VentureBeat, CNBC, The Outline, CNET, and Mashable. You can reach out to him at m @ manish . one

The news on the internet and google, is not completely true and accurate, exists as hoax news and there are only compositions, not necessarily authenticity, You should ask @Manish Singh, where did he get the news that the Indian government is banning crypto users.


Did you take another look at the comments inside that source, I mean this one: comment from within the OP's source.

As this person said:


I conclude the news sources, which the OP presents here the laws in india against crypto, are not entirely true.

[cabron]

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’

for my several years here in Forum , it is always India and China in which has this kind of Issue and behavior towards crypto, and guess what ?
i am not interested anymore , because same thing happen each time , banning and unbanning talks.
India's government  will keep this for their own benefits  so why give a look?
and also Lets assume they will totally banned like what china did, isn't it is helpful so there are no other same regulatory issues will come in future?

It may be different this time because Amitabh Bachchan is promoting cryptocurrency.  
Both countries matter because they are becoming big actually, India's economy is also rising like China as they are also into manufacturing products, and Indians starting to invest heavily in crypto. If they are to regulate the industry they'd have to have this Cryptocurrency & Regulation of Official Digital Currency Bill.

I, however, doubt they could prevent private currencies to exist, and just like China, they may also ban crypto again.

[LogitechMouse]

In the past, if I remember correctly they are the ones who also said that they will ban cryptocurrency in their country right? Correct me because I might forgot it or I might be wrong . If the news is true then... Good luck to them

Well, its all plans meaning they are just making small moves to do it but the question is "Will it happen?", "Will this "plans" that they are doing will become successful?". I will not be surprised if this moves that the government is doing will just be another fail move from them. If they become successful then, it might have a negative impact in the market or I mean it will have.

[kryptqnick]

It's ridiculous if by 'private' cryptocurrencies they mean Bitcoin and other decentralized, transparent cryptos. IMO, only those that have private blockchains should be called this way, and restricting their usage is at least somewhat reasonable. Let's wait till the bill comes through, though, because for now it looks like FUD. Even the article itself mentions that they're considering support of cryptos as to oppose Chinese crypto mining ban, but that some call for banning private cryptocurrencies. Also, I believe the article doesn't clarify what kind of exceptions there will be. As for the ads, I think it would be good to impose strict regulations because ads are often from scammers, and they have to be prevented from sharing information about their projects.

[Wind_FURY]

It's ridiculous if by 'private' cryptocurrencies they mean Bitcoin and other decentralized, transparent cryptos. IMO, only those that have private blockchains should be called this way, and restricting their usage is at least somewhat reasonable. Let's wait till the bill comes through, though, because for now it looks like FUD. Even the article itself mentions that they're considering support of cryptos as to oppose Chinese crypto mining ban, but that some call for banning private cryptocurrencies. Also, I believe the article doesn't clarify what kind of exceptions there will be. As for the ads, I think it would be good to impose strict regulations because ads are often from scammers, and they have to be prevented from sharing information about their projects.

That’s what I assumed they were proposing, but that actually are saying “private cryptocurrencies”, not the currencies issued by the government, which is public. The same if a bank issued its own currency that’s not legal tender, that’s a private currency.

[stompix]

I'm not sure about the story written by: @Manish Singh, I've seen him write some other stories
~
I conclude the news sources, which the OP presents here the laws in india against crypto, are not entirely true.

Rather than going on a witch hunt, go to the official website and look at the proposed bill
You can download it here:

It's on page 12:

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021
To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses

The news on the internet and google, is not completely true and accurate, exists as hoax news and there are only compositions, not necessarily authenticity,

Just because things that you don't like are happening doesn't mean they are not real.

[avikz]

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’

This is a speculation only! Some media houses are releasing misleading news like the one you have posted.  Government has indeed created a bill which will be presented in the winter session in parliament. No news paper really know what's gonna happen so they are trying the old clockbait method to increase traffic into their website.

Don't panic! Because it seems highly unlikely for Indian government to ban cryptocurrency. Especially when there is multiple exchanges operating legally in the country. But expect heavier regulations and reporting requirements.

[AakZaki]

A ban like this will only have a temporary effect and then Bitcoin will not need India anymore and India will not have the power to influence Bitcoin. Just like what China did, Many FUDs were spread about the ban on bitcoin in China so that the bitcoin price started to crash.
I'm not even sure India will ban bitcoin, they are still negotiating. Bitcoin has a positive impact on India and when India wants to ban bitcoin it becomes a big question. Other developing countries currently provide regulation as a commodity asset and do not completely prohibit it.

[TheNineClub]

I am not surprised. Governments have been throwing everything and the kitchen sink at BTC and other cryptos to see what sticks. The thing is, these types of regulations seem to me just efforts to find the best model, and when authorities figure out that it doesn't work, they will revert to the old model and look for alternatives. I wouldn't make much of this.

[lucates]

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.

The Government of India will introduce “The cryptocurrency and Regulation of Official Digital Currency Bill, 2021” in the Winter Session of the Parliament. This release has led to unfortunate speculation in the media that crypto will be banned.
From a technology perspective, a regulatory ban would not even be feasible.Crypto is an asset class that has been adopted significantly in India and abroad. The crypto industry has created many jobs and job opportunities in the technology space. It has also seen significant investments in India. Taking these factors, among others, into account, we believe that the Government will not proceed with a blanket ban.
However, rumours of a possible ban have been spread in the past 24 hours causing a massive shift in the market.No further details have been released yet the story still developing we will keep track.

[Argoo]

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’

for my several years here in Forum , it is always India and China in which has this kind of Issue and behavior towards crypto, and guess what ?
i am not interested anymore , because same thing happen each time , banning and unbanning talks.
India's government  will keep this for their own benefits  so why give a look?
and also Lets assume they will totally banned like what china did, isn't it is helpful so there are no other same regulatory issues will come in future?

Over the past few years, there have been about a dozen different threads on this forum about which cryptocurrency bans are planned to be adopted in India. But for some reason, lawmakers and the country's government are in no hurry to pass laws regarding cryptocurrency. Therefore, most likely, I simply will not react in any way to these intentions. We need to wait until real laws are adopted there, and then we will discuss them.

[titular]

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.

Private cryptocurrencies are pretty much centered around anon coins like XMR & Z-Cash. The only reason they are aiming to ban them is because they aren't able to get their slice of the pie.

[franky1]

what you will find. in law. is that for a government to be able to apply policies and regulations and licence certain businesses to operate on such things like crypto. they first need to make it illegal to use crypto. and then develop the 'access' permit/licence that then allows only certain businesses to engage in crypto if they follow government rules.

dont think of a country banning crypto as the end of a debate. think of it as just chapter 1 of government acceptance.

[DapanasFruit]

I also don't agree that Bitcoin should be classified as a private cryptocurrency - that category belongs to Monero and similar coins. However, we know that many of our government officials do not have a general understanding with this industry so they might come up with a different definition of their own with the intent to regulate something they still have to know a lot. India is such a big market for cryptocurrency and there is no denying that a growing number of people is interested with it...this could have been the right replacement with what we lost in China. Hopefully, in 2022, India can come up finally with acceptable regulatory law for the industry.

[romero121]

what you will find. in law. is that for a government to be able to apply policies and regulations and licence certain businesses to operate on such things like crypto. they first need to make it illegal to use crypto. and then develop the 'access' permit/licence that then allows only certain businesses to engage in crypto if they follow government rules.

dont think of a country banning crypto as the end of a debate. think of it as just chapter 1 of government acceptance.

Being positive with cryptocurrency adoption is the key that has been changing the world towards the new age money adoption. As mentioned when a government is into policy making, then it isn't the end of the debate. It is a positive note for the regulation for the upcoming days usage. India being the highest population next to China, any positive decision from the government will make a big change in the market. Lets wait and look for the end result which for sure is not gonna be a ban.

In recent days the government itself have experienced the rise of cryptocurrency users around the globe amidst the ban news and other opposition words. This policy making also serves to be a way to keep the population under control.

[bitterguy28]

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’

Aren't we gonna stop about these BS things/stories for India?

I'm Getting tired of India is banning Bitcoin or cryptocurrencies , India is doing this and doing that. is this really helping the market of crypto? or this was just bringing Bad indications and results?

India will never sleep towards good or bad things but we as Users of crypto can take a rest.

[tranthidung]

I'm Getting tired of India is banning Bitcoin or cryptocurrencies , India is doing this and doing that. is this really helping the market of crypto? or this was just bringing Bad indications and results?

They are more likely another variant of China. Skip what they said and what social media is spreading very fast in matter of seconds.

Let's think of it deeply yourself. If a cryptocurrency is truly private, untraceable, does such ban attempt from government in any nation can affect its network, its usecases and its adoption in crypto community? No effect at all.

We see big effects from such ban, crackdown, prohibition news because many of self-called privacy coins are not actually privacy.

[Obito]

I am not surprised. Governments have been throwing everything and the kitchen sink at BTC and other cryptos to see what sticks. The thing is, these types of regulations seem to me just efforts to find the best model, and when authorities figure out that it doesn't work, they will revert to the old model and look for alternatives. I wouldn't make much of this.

They won't be able to enforce it long-term though, people will eventually don't think about it. Remember that India has done this kind of thing before with cryptocurrency and look where it got them? Nowhere because they have already forgotten about it and that they have a big population and that's going to be difficult for the police and the law for continuous enforcement.