Bad news for cryptocurrency enthusiasts in India

[cheezcarls]

This bad news just got in.

Source: https://www.euronews.com/next/2021/11/23/india-is-planning-to-tighten-crypto-regulation-to-deter-trading-in-a-new-clampdown-sources

After the China crackdown, here comes India. You think we're gonna see another market downturn after this news broke out. What can Indian-based crypto enthusiasts do now? Any thoughts of this guys?

Thanks in advance.

[blockman]

Another news of cracking down and coming from India? this isn't new. They're also known for shifting to and fro with these regulations. And we speak, they've been reported many times that they don't like crypto. And now that they're planning on tightening their regulations towards crypto then, hopefully, that's their final verdict. Governments have nowhere to go but to regulate and tighten their rules towards crypto trading if they're chasing down some illegal deals.

[hyudien]

The Indian government is indeed different from others regarding the policy of placing crypto in their country. This is a complex problem that has never found the best solution. If you look at the impact, of course there will be some kind of bad sentiment for the crypto market, especially Bitcoin. But regarding its influence on a large or small scale, we will definitely be able to see it in the next few days. Although we all did not expect the market sentiment to be quite severe.

Need some more statements, for example from the government itself how to respond to the problems in India? I will try to find it. There is one thing that makes me wonder that there is saying that "local crypto or rather private cryptocurrencies they are excluded". Does that mean the policy actually only rejects projects they don't control? isn't this the crux of the matter? no taxes to the government and then finally expand the blocking of cryptocurrencies outside India.

Take a look in the second paragraph, we will find the relationship of the Bank of India. This may be a benchmark that in addition to cryptocurrency blocking there is a strong impetus regarding bank finances in India which is experiencing rising Inflation. It's simple to draw a temporary conclusion is money laundering, and make India as one of the hotbeds for crypto holders there to accumulate fiat in crypto.

[stompix]

You think we're gonna see another market downturn after this news broke out.

Nope.
The world just doesn't care about India, this might hurt the feelings of poeple here but this is the truth, India is not perceived either as a model for other countries to follow like something that Germany or the US would do would be replicated by others, neither an economical factor.
And let's please don't start with the 20% of Indians owning crypto myth, if you would have 200 million poeple owning coins then you would see at least somebody protesting this, but when it comes to that...crickets.

https://www.ndtv.com/business/trending-business-news-live-latent-view-makes-stellar-market-debut-lists-at-premium-of-160-2621135

All crypto prices crashed by 15 per cent and more, hours after the government announced that it will introduce the cryptocurrency bill in the Parliament's winter session, which seeks to prohibit all private cryptocurrencies in the country, with a few exceptions.

What the f* is the author of this article smoking?

[Yaunfitda]

I echo the sentiments that this news won't have a drastic effect on the price itself. India doesn't have the big influence, lets say China or the US. Besides though, since 2018, India has been putting tougher regulations against crypto so this is not new. And it's been a tough battle for crypto enthusiast around that country, but at least they are not going to give up the fight that easy. If this is bad news, the only affected ones are our crypto brothers in India and not the whole crypto sphere.

[noorman0]

-snip-
Need some more statements, for example from the government itself how to respond to the problems in India? I will try to find it. There is one thing that makes me wonder that there is saying that "local crypto or rather private cryptocurrencies they are excluded". Does that mean the policy actually only rejects projects they don't control? isn't this the crux of the matter? no taxes to the government and then finally expand the blocking of cryptocurrencies outside India.

There is a little correlation, 5 days ago, to be more precise, there was a plan to change the cryptocurrency capital gains tax law.
https://www.business-standard.com/article/markets/govt-to-change-tax-laws-in-budget-to-tax-crypto-gains-finmin-official-121111900699_1.html

...Separately, the government is likely to introduce a bill on cryptocurrencies during the Winter Session of Parliament beginning November 29, amid concerns over such currencies being allegedly used for luring investors with misleading claims.

Notably, there have been a rising number of advertisements, featuring even film stars, promising easy and high returns on investments in cryptocurrencies in recent times.

... RBI Governor Shaktikanta Das too earlier this month had reiterated his views against allowing cryptocurrencies saying they are a serious threat to any financial system since they are unregulated by central banks.

Yeah, India only wants cryptocurrencies was launched legally to be investable. It refers to cryptocurrencies that identify early investors in fundraising. Don't know what efforts they will try to control after the cryptos are traded freely on global exchanges.

[mk4]

https://bitcointalk.org/index.php?topic=5372825

[josephdd1]

Such news is really bad. I know that India is a developed country in terms of computer technologies. I know a lot of projects that were developed by the Indian. I think that some crypto enthusiasts will just change their location so as not to suffer from restrictions. I think that it will still be possible to use crypto but only via decentralised exchanges or p2p platforms and using VPN.