NO..India is NOT Banning Bitcoin

[titular]

The FUD continues.

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.

Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/

[Slow death]

I had not read this news, if you are a citizen of india then no doubt you should have real news of what is going on, anyway do you have a link to a press release from the government of india where they say they are just ban bitcoin as a method of payment? or are you just giving your theory of how the government will handle bitcoin in india?

[Yogee]

...anyway do you have a link to a press release from the government of india where they say they are just ban bitcoin as a method of payment?

Not a statement but the bill is linked in the article http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf and here's the description,

"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."

It doesn't say much but some people are probably trying to interpret the "exceptions" in a way it's still positive for the community. I think that part is only referring to blockchain use cases and not investment assets or anything else. They are still trying to ban in my opinion.

[Accardo]

Well the younger generation is a reason why the government want to pass a bill on cryptocurrency. It's sad that the younger generation is chasing money instead of having say in government. This is a way the government want to get rid of private cryptocurrency in India. Hearing about Private cryptocurrencies like Bitcoin makes the president to feel a fist in his stomach.

Probably, the general public will choose the digital money that will be advertised by the government over a private cryptocurrency. All that matters is, the government is aswell chasing money just like the youths. 

[logfiles]

Not a statement but the bill is linked in the article http://loksabhadocs.nic.in/bull2mk/2021/23.11.21.pdf and here's the description,

"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."

It doesn't say much but some people are probably trying to interpret the "exceptions" in a way it's still positive for the community. I think that part is only referring to blockchain use cases and not investment assets or anything else. They are still trying to ban in my opinion.

Sounds like another sort of Nigerian central bank ban on cryptocurrencies story where after announcing the ban, they introduced their Government control coin called eNaira. I don't know how far it has gone now, but as far as I know it received a lot of backlash from the youth in that Country.

These Governments just don't understand it. Cryptocurrencies like Bitcoin are way beyond just being electronic payment methods. The additional privileges users enjoy such decentralization and privacy should not be under looked.

[GreatArkansas]

This kind of FUD (for someone) spreading by now, the latest. It's kinda no effect now compare to the first time when that kind of news from India started to pop.
There are a lot of people who got very low reading comprehension that's why FUD are easy to create and spread, just like this Indian news about cryptocurrency.

Well, we can blame also some media outlets as there are some of them who are sometimes misleading.

[Darker45]

For now, I don't think there is already a clear guideline on what would certainly happen to Bitcoin should this bill passed into law. So I guess the various interpretations of the letters of the proposed law are making it more confusing. Interpretations are still very much open right now because the bill is vague to say the least. Should this bill become a law, there will certainly be specific implementing rules and regulations. Only then would things be clarified.

For now, there is really no certainty whether or not Bitcoin will be banned merely as a payment method and not as an asset class. But I don't think India will be implementing a blanket ban on crypto.

[michellee]

It seems the young generation does not care about what their government will do so they focus to chase the money. The government wants to still chase the money like them so they want to control all things that have already been done before and not going to let it go.

Hopefully, India will not ban crypto and will let their people use crypto for their assets and not use crypto for the payment system. It is good if the government approve crypto as an asset because that gives a chance for people to have another investment to solve their financial problem.

[Jawhead999]

There's no FUD regarding this news! I've tired to see someone always say FUD FUD FUD on every bad news especially it's still a rumour, you're the FUD spreader by creating this thread. It's funny to see a FUD can pump Bitcoin price (+1,73%/24 hours) right now, the real FUD will make Bitcoin price dropped >20%.

I don't care with those rumour, they can change/revise anything if it's still a plan... I will wait until the official news from Indian government.

[Wexnident]

I guess this is them just doing proper regulations on their part for the sake of their citizens, and some people immediately took it in as them being negative about Bitcoin in general. Still, it is a negative connotation on Bitcoin as a currency imo, since India wouldn't exactly be banning transactions if it was actually better than fiat. Highly doubt they'd push for a complete ban out though, so it should only stay at this point till they're able to implement more regulations that could protect their citizens (or at least, educate them about the dangers of using crypto).

[Reatim]

The FUD continues.

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.

Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/

We used to that mate , how many thread had been created here since then about India Banning bitcoin and cryptocurrencies?
they even make the news worst just to bring more fuds and i really don't know what is the intention behind those.
but for me personally i have not taking serious this matter and besides i only spend no time reading those because I know that India is far different from China government and they will not hinder their people for what they can make use for living in valuable means.

[mindrust]

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment.

That's still a big hit imo. Using bitcoin as a payment method is bitcoin's one of biggest use cases. If you take that away, it will become a speculative asset and nothing else. I don't know how can you be fine with this because that's practically half of the bitcoin's practical use. Imagine all the unbanked freelancers that were using btc instead of visa/mc. Now they all lost their business because of that law. Not everybody uses crypto for gambling. Some people were using it to collect money which imo is the biggest use case of crypto and now it is gone.

[TheUltraElite]

Well the bill being talked about is "supposed to be launched" in the Winter parliament session which is in December. December is still five days and we are already watching FUD crop up from some news media channels. Possible attempt to manipulate the market, after all the press is free and the market is unregulated.

Keeping that aside, anyone got any wind of what this new classification of "Private crypto" stands for? I am guessing the counterpart will be "Public crypto" and going by the normal semantics, Public crypto will include the decentralized currencies.

I hope these guys know what they are doing, or we are going to end up having to add another classification system in this asset class.

I am optimistic about it, I assume they are going to put in taxation on sell orders and KYC the users, fine by me. If they start their own national crypto, I doubt the community is going to take that in, and we all know that community is everything in crypto, so they will suffer from their decision.

[Charles-Tim]

The use of private coin can cause FUD, many people will not know the coins referred to as private coins are privacy or anonymous coins with a kind of blockchain which transactions can not be traced or tracked, coins like Monero, zCash and Dash. Some people are also just do not know much about cryptocurrencies than buying and selling it, these kind of people will not think two times before they will sell.

There's no FUD regarding this news! I've tired to see someone always say FUD FUD FUD on every bad news especially it's still a rumour, you're the FUD spreader by creating this thread. It's funny to see a FUD can pump Bitcoin price (+1,73%/24 hours) right now, the real FUD will make Bitcoin price dropped >20%.

This was a great FUD in India at the time the news went viral, the price of bitcoin on WazirX exchange (Indian based exchange) is an indication of how the news caused fear thoughts and uncertainties.

Bitcoin dip down below $40000 on an Indian exchange after the news, this is FUD.

[Poker Player]

In this we can see that in the forum it happens as outside it: at the minimum that there is a news of this style the masses only get the big picture without paying attention to the detail.

That's still a big hit imo. Using bitcoin as a payment method is bitcoin's one of biggest use cases. If you take that away, it will become a speculative asset and nothing else. I don't know how can you be fine with this because that's practically half of the bitcoin's practical use. Imagine all the unbanked freelancers that were using btc instead of visa/mc. Now they all lost their business because of that law. Not everybody uses crypto for gambling. Some people were using it to collect money which imo is the biggest use case of crypto and now it is gone.

I agree. Although I suppose freelancers will still be able to collect and pay in bitcoin as long as they use it from a hardware or paper wallet, rather than custodial wallets.

[cabron]

It seems the young generation does not care about what their government will do so they focus to chase the money. The government wants to still chase the money like them so they want to control all things that have already been done before and not going to let it go.

Hopefully, India will not ban crypto and will let their people use crypto for their assets and not use crypto for the payment system. It is good if the government approve crypto as an asset because that gives a chance for people to have another investment to solve their financial problem.

Hopefully, I have some relatives in India and to them Bitcoin is also a way to hedge the money they have. So instead of saving the money to the bank they buy BTC, they don't want themselves lining up outside a bank when everybody is trying to withdraw like what happened before.

India is a developing country with the potential to really blow up like China. Fixing the money through thier CBDC and not baning BTC is likely the best for the country to have some freedom for all.

[YOSHIE]

As I thought, news, Bitcoin, government, crypto in india, just exaggerated news, I once sent a PM to a Bitcointalk member who resides in India, for now, they are fine, in using crypto, not all news published in the media is genuine.

Pros and cons must be in every country, both negative and positive, this is the same thing happening in my country, some say crypto is haram and some say it's good that crypto buying / selling is legal, bottom line: the current government is not saying anything, I'm sure india also has the same with crypto/Bitcoin.

Why bother with negative news about crypto in india, while those living in india they are safe and fine.

[Charles-Tim]

I agree. Although I suppose freelancers will still be able to collect and pay in bitcoin as long as they use it from a hardware or paper wallet, rather than custodial wallets.

Yes. One thing about cryptocurrencies is that they have no central means of control, only the centralized exchanges, centralized wallets and other centralized crypto service providers that operate in India will be the ones that can let their citizens (and only the citizens that make use of their centralized service) to make use of the government option by delisting privacy coins. People that are making use of noncustododial wallet can still buy and sell privacy coins.

[aysg76]

I was also reading some sort of these news on social media and according to them the bill will be presented in the winter session in parliament on 29 November and what the government is planning is to build a framework for these Cryptocurrencies and their CDBC. They have stated that they will not go with accepting it as legal tender but they have given hints to regulate it as asset class but still all these are speculations which created FUD among panic sellers and exchanges witness huge liquidity and local prices were down 17-18% according to reports.

There was one post on social media by one of the Indian exchange executive and here it is what he says:

There are an estimated 100 million cryptocurrency investors in India, with total crypto holdings of around 400+ billion rupees, according to industry estimates.

Most probably they will come up regulatory framework and permit crypto trading as they will have huge revenue from the user's but panic selling is the top most priority of the investors with these news.

[Ararbermas]

The FUD continues.

India is not banning bitcoin as an asset class as many have eluded to. Many news outlets find that this angle is far better for attracting clicks.

India is looking to ban bitcoin as a method of payment. Meaning they are just trying to protect the interests of their future CBDC. People in India will NOT be banned from buying or selling bitcoin. The government has NO interest in banning bitcoin as an asset.

Source: https://blockworks.co/india-crypto-ban-about-payments-not-the-asset-class/

its normal mate wherein it depends on us if we will gonna rely in such news without making research in order to obtain specific information as well .. Because you know people nowadays were going crazy when they saw a bad news without knowing it's fake or should i say newbies?, lol  its very common actually that's why it's highly recommended for everyone to make research especially investors because it can cause panic selling to be honest..