NO..India is NOT Banning Bitcoin

[Myleschetty]

Some fun fact which I don't know the stats and data used to get the reveal the result says " India has the highest number of crypto investors in the world". If India chooses to ban Bitcoin this may be the beginning of the crypto blood bath market this year.

[TheUltraElite]

Some fun fact which I don't know the stats and data used to get the reveal the result says " India has the highest number of crypto investors in the world".

I also dont have the stats but the exchange owners often use this statement here and therefore there might be some stats worth pondering over. The point is that the government sees this group as a tax-worthy population and they want their share of the tax money, which like I said in my previous post, I dont mind giving.

If India chooses to ban Bitcoin this may be the beginning of the crypto blood bath market this year.

It is not a outright decision like some other country has done. This situation is being legally approached for several years and now it has come to a point where there might be some positive outcomes. India is a democracy and however mismanaged the government might be, they dont ban things because they dont like it.

So take buys on the bears and keep it to that. I am sure the bill when passed will have a positive long term outlook.

[Gyfts]

Ha, not banning just creating a "regulatory framework."

It's always what the story is, except the regulatory framework is extreme government oversight of crypto and is everything but an outright ban. You could effectuate a crypto ban merely by taxing it at a high rate, or forcing crypto users to report every transaction they make to the government. If you decide to store crypto, they can make an arbitrary wealth tax and force you to pay taxes on unrealized gains.

It starts with regulations, and ends with a ban.

[kotajikikox]

Some fun fact which I don't know the stats and data used to get the reveal the result says " India has the highest number of crypto investors in the world". If India chooses to ban Bitcoin this may be the beginning of the crypto blood bath market this year.

Isn't China has the highest bitcoin mining and holder recently? and after the banning what happened? does the market feels  that Blood Bath? i don't think so mate so Even if India finally make its way in banning bitcoin yet this will never enough to put the market Bloody like what the Pandemic brings us.
so yes there might be some effect but not completely that bad for the crypto market.

[pooya87]

Some fun fact which I don't know the stats and data used to get the reveal the result says " India has the highest number of crypto investors in the world". If India chooses to ban Bitcoin this may be the beginning of the crypto blood bath market this year.

Basically for at least 7 years they have been using the same scare tactics to manipulate the market so that the weak hands panic sell their coins. The problem is that the country the used to use for their FUD was China and Chinese government screwed these FUDsters by shutting down all exchanges and mining in their country so now they have to find a new "scarecrow".

They are trying to come up with different countries, they tried US and that didn't work as much as they liked, same with multiple European countries. They are now trying India and I assure you in a very short time you will see them use Russia too. This FUD is already old and obsolete. They need to come up with a new one trying to scare people with "bloodbath"

[dupee419]

The misinformation that may have spread across the internet because of the media, it happens a lot and they definitely do this to gain profit and bait people.

I don't think the government of India would actually ban Bitcoin or cryptocurrency in general, India is pretty much important to the market considering on how huge India has contributed for Bitcoin, not saying that India is no. 1 but they are pretty much essential.

[Haunebu]

This isn't something new. India did try to ban cryptocurrencies on multiple occasions in the past, but retracted their decisions after realising the fact that they cannot completely ban them.

This is why the Indian government is trying to regulate them currently even though they still didn't accept them. Anyone who thinks otherwise needs to do their research.

I don't think the government of India would actually ban Bitcoin or cryptocurrency in general

Lol. The Indian government did try to ban them several times in the past in different ways(RBI etc), but ended up failing.

[deadmousehat]

I often read articles with the same title at different times. it seems the regulations are still not firm until now and the regulations are the same as in my country. Bitcoin can only be used as an investment asset, not as a means of payment to protect of their future CBDC

[pmcryptogur]

According to a government bulletin, the ban is part of the proposed Cryptocurrency and Regulation of Official Digital Currency Bill that will be introduced in its winter session.

The planned legislation aims "to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)".

[rdbase]

Same thing happened this time last year from what I recall.
The central banks all banned the transfer of funds if they saw they were being used to facilitate a transaction for bitcoin or any other cryptocurrency.
Such as to an exchange or even to a purchase order pertaining to bitcoin.

They lifted it, for a little while.
But just as we all know, when the price of BTC rises, so do the interest in countries disallowing their citizens to have access to it and it's use.
Same as in the United States.
Biden did put into law a bill so to curve it's citizens into having more of it with it needing to be taxed.

[Questat]

I often read articles with the same title at different times. it seems the regulations are still not firm until now and the regulations are the same as in my country. Bitcoin can only be used as an investment asset, not as a means of payment to protect of their future CBDC

Most likely we will see more countries following the same, developing countries might have this kind of policy as bitcoin could be a thread on their CBDC if they'll allow it to be used for usual transactions. The thing is, if they will allow crypto, it will be a battle of centralized and decentralized currency, and people with likely use decentralized currencies due to lack of restrictions.

[jaberwock]

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.

Maybe a reliable source that talks about this would have helped a lot of people to believe what you have said. Anyways, if you are a citizen in that country, then you are right about it, because only a citizen living in that country would know the situation of things there. Seriously, I’ve already gotten tired of seeing news that kept repeating the same thing every day about the Government of India burning cryptocurrency.

As long as they would allow their citizens to continue making our only crypto currency as an asset, then it wouldn’t be bad at all. I have friends who live in their country, and so far they have been making use of crypto currency for transactions: I do send money to them and they will also send money to me when there is a need for it. So that made me doubt what the news were saying on this why, because I never heard from all these friends that I have in this country saying that cryptocurrency has been banned.

[oemar bakrie]

actually in my country there is also no prohibition on buying and selling bitcoin, there are still many who make transactions in the crypto exchange market, but the government is just trying not to let bitcoin replace the country's currency as a pure means of payment.
.

[savetheFORUM]

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.

I am not yet fully sure on what this is all about, but this particular topic of India banning cryptocurrency has been discussed several times in this forum. I saw a topic yesterday that was opened by someone, and he claims that the Indian government has only banned people from making use of Bitcoin as a method of transaction,  but people are free to own bitcoin as an asset and they can buy and sell it.

So, I don’t really know whether this news of the Indian government banning cryptocurrency is correct or not, I think they’re not really going to ban it completely, but would allow people  to own it as an asset like the person have said.

[Rengga Jati]

The FUD continues.

The FUD will always continue because there are still many people or parties that don't like the crypto industry. Not only in India but also in other countries, like in mine. Even cryptocurrency is available or legal as a commodity asset, there are still some parties that always dig cryptocurrencies as illegal or bad investment or assets 9and they then make another law).

In India itself, I read some bad news several days ago, that they ban cryptocurrency.
But as you said, like in my country, Bitcoin and other cryptocurrencies are not banned as assets for investment or trading, but they ban or don't legalize crypto as a payment method or as a currency. these two are different utilities.

And I also read about this:

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. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.

Source: https://www.indiatvnews.com/business/news-cryptocurrency-ban-in-india-what-is-private-cryptocurrency-new-cryptocurrency-bills-blockchain-bitcoin-ethereum-shiba-inu-dogecoin-746712

But yes, the title is often clickbait ad they use a catchy and opinionated title of the news

[ropyu1978]

if this is true, it will be very good for the survival of bitcoin. We hope this is not just a discourse where India has long ago said it wants to adopt bitcoin widely in the country, especially since India has a large population with the adoption of bitcoin from In that country, bitcoin will automatically develop rapidly because currently bitcoin really needs adoption from developing countries so that bitcoin prices return to stability on the global stock market and this is certainly very good for bitcoin miners if the adoption really takes place in India.

[BIT-BENDER]

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/

I don't see how the this will protect their people, has the people of india been exposed to alot when they have been using Fiat or bank transfer method, I can't excluded india from government that don't want the adoption of Bitcoin, I have said this before it's should be made by choice and I think this would leave a peaceful coexistence between Fiat and crypto-currency, where people would have their choice to make either by Fiat form of payment or they can go for the crypto-currency form of payment, if not this everyother excuses they give isn't working for me.

[n0ne]

Quite often at some time interval Indian government makes some statement related to cryptocurrency usage. Most of the time media itself decides the decision of the government. This used to make some panic wave around the globe.

User who have been into cryptocurrency for a long make use of these days increasing the portfolio through trading. Because, they're well aware of the situation as Indian government is doing the same for a long time.

[Fredomago]

Quite often at some time interval Indian government makes some statement related to cryptocurrency usage. Most of the time media itself decides the decision of the government. This used to make some panic wave around the globe.

But not to the extent that they are using the News as FUD, we know that Indian Government has different perspective to most of us but the delivery of the News mostly the cause of the bad effect.

User who have been into cryptocurrency for a long make use of these days increasing the portfolio through trading. Because, they're well aware of the situation as Indian government is doing the same for a long time.

Because this is the only chance to purchase in discounted price, while many are panicking ? we who knows the market take this as advantage and increase our Folio in much more holding.

[Wawa2013]

if this is true, it will be very good for the survival of bitcoin. We hope this is not just a discourse where India has long ago said it wants to adopt bitcoin widely in the country, especially since India has a large population with the adoption of bitcoin from In that country, bitcoin will automatically develop rapidly because currently bitcoin really needs adoption from developing countries so that bitcoin prices return to stability on the global stock market and this is certainly very good for bitcoin miners if the adoption really takes place in India.

India is a country that has a very large population, so if the Indian government is planning to adopt Bitcoin, this is very positive news. Because
the number of Bitcoin transactions will increase drastically, and this will make the development of Bitcoin more rapid. I am very happy to hear
the news that the Indian government is allowing its citizens to use Bitcoin, even if it is limited to just a digital asset. But it should be celebrated
rather than being banned at all, maybe the Indian government also needs to learn more about Bitcoin. We give time for the Indian government
to fully understand Bitcoin, there will be a time when the Indian government will finally realize the benefits of Bitcoin. Then it is hoped that one day
it will be able to follow in the footsteps of the country of El Salvador by legalizing Bitcoin as a legal tender.