NO..India is NOT Banning Bitcoin

[Desmong]

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/

If India has no plan to ban Bitcoin so why the rumor and sentiment of pulling it out from method of payment. Bitcoin is a universal asset and I don't think the India government can actually stop it from use as a payment method. Individual traders and customers would determine whether they want it as a method of payment or not and the government looking at it can not totally stop people from the use.

[swogerino]

India is indeed a large population but I think it is difficult to ban Bitcoin for real,we have the example of Russia they tried hard to ban Bitcoin but when they saw that they cannot really control who uses it and why (I can buy domain names with Bitcoin) and can use that domain to build a website and monetize it,I receive the payment in FIAT,so nothing the government can do here as long as I am not dealing with exchanging Bitcoin to cash through exchanges like Binance and alike.Most domain names vendors don't really need a KYC so nothing the government can do to track you down.

I think when the government will see that it is better to allow it and to ask for taxes from it,to monetize it then they will allow it.

[CDC AP]

India is indeed a large population but I think it is difficult to ban Bitcoin for real,we have the example of Russia they tried hard to ban Bitcoin but when they saw that they cannot really control who uses it and why (I can buy domain names with Bitcoin) and can use that domain to build a website and monetize it,I receive the payment in FIAT,so nothing the government can do here as long as I am not dealing with exchanging Bitcoin to cash through exchanges like Binance and alike.Most domain names vendors don't really need a KYC so nothing the government can do to track you down.

I think when the government will see that it is better to allow it and to ask for taxes from it,to monetize it then they will allow it.

Yes it is much better that government allow it and start taking tax on it whoever earning good in trading just like in share market because any way they cannot stop it.
With such a large population and bitcoin already being so popular it is near impossible to fully ban it. And I dont think this will happen at this stage. It is much better idea to put some regulations on it

[wissy]

Seems like some organisations are trying to blow up every negative news about crypto and are apparently good at it. Everything that includes the word ban and BTC, immediately becomes FUD even if we don’t know the whole content. The sad thing is, how quickly market reacts to that kind of exaggerated news. We should accept, that there will always be corporations which will spread FUD as much as they can.

[uelque]

Not again. 

To be honest, news like this is already existing even before 2017/2018. Things like bitcoin is banned in India, bitcoin will be ban in india, trading now is illegal in india, bitcoin is now illegal in india. And after so many years here it comes again Lol. I don't think they have the ability to ban bitcoin, yes they can regulate how people use it but banning it is really impossible. Even back 2018, nothing happened, people in india still has the ability to transact using bitcoins and crypto.

[dimox]

in my country, government prohibit to use bitcoin as payment, pay anything with this fiat, no other method. if you pay a thing with the other method, there will be sanction.
its not about hate this world, they just separate between one thing with the other. they wont tarnish their fiat, it mean good to reinforce citizenship and applied to society.

[Tumanggor]

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/

India's fear is almost the same as the Chinese fear. they are very afraid that their CBDC will not sell well if bitcoin is allowed as legal tender in their country

The good news that I have noticed is that currently the bitcoin price will no longer be influenced by conditions that occur in a country, it doesn't matter if they want to get banned bitcoin because their FUD is no longer effective

[noah tall]

I think Bitcoin is decentralized currency.so no one can control Bitcoin , So the rumors circulating in the market about banning bitcoin in india is totally fud . So ignore it and keep your trading.  And do your own research.

[AakZaki]

India's fear is almost the same as the Chinese fear. they are very afraid that their CBDC will not sell well if bitcoin is allowed as legal tender in their country

The good news that I have noticed is that currently the bitcoin price will no longer be influenced by conditions that occur in a country, it doesn't matter if they want to get banned bitcoin because their FUD is no longer effective

They banned it for fear that Bitcoin would replace fiat money that can be regulated and monitored by the government. Normal is possible for countries that don't want to thrive. They should have provided regulation, it would have been much better. Because the flow of money they remain in government control. FUD regarding Bitcoin is common. They've been side by side and FUD has become a recurring thing we know. My country provides access to crypto only as a commodity, not as a means of payment. It already makes me glad they don't imitate China.

[romero121]

Based on the news that has come out after today's parliament session, the finance minister of India has stated no proposal to recognise bitcoin as currency in India. The Cryptocurrency and Regulation of Official Digital Currency Bill 2021 to ban all private cryptocurrencies. However they're planning to create their own cryptocurrency. She also mentioned that the government doesn't collect data on bitcoin transactions.

Source : No proposal to recognise bitcoin as currency

[husnija]

every time people spread bad news it's easy to be accepted right away, it sounds like a restriction even though it is a process in accepting bitcoin in the community that cannot be done quickly

[Dhaniii]

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/

If India has no plan to ban Bitcoin so why the rumor and sentiment of pulling it out from method of payment. Bitcoin is a universal asset and I don't think the India government can actually stop it from use as a payment method. Individual traders and customers would determine whether they want it as a method of payment or not and the government looking at it can not totally stop people from the use.

I think the Indian government has a good solution for its economy by not sacrificing the local currency. Indian society can adopt bitcoin as much as possible and the government does not prohibit it, but prohibits bitcoin from being a legal tender or payment. On the other hand, the government will benefit from FUD which continues to circulate among the community, with the poverty rate continuing to decrease.

[habebe]

to my information nothing has happened banning india about bitcoin it is fully accepted by the government nowadays the government of india is highly accepting of crypto currency and more indians are investing and trading assets in their country and their decentralized assets are large because  many use bitcoin crypto it is not prohibited

[ultrloa]

to my information nothing has happened banning india about bitcoin it is fully accepted by the government nowadays the government of india is highly accepting of crypto currency and more indians are investing and trading assets in their country and their decentralized assets are large because  many use bitcoin crypto it is not prohibited

Maybe this is just a fud which is tried to use by certain manipulators but it didn't work out since many people did not believe that this will happen. And I think the Indian government will not really do it knowing they will lose a huge part of modern technology and they will be behind on possible economic progress due to bitcoin. Also for sure they will compete other will adopt bitcoin but for now maybe its good for government to see the huge potential so that they will see this as good option for their people to get opportunity on investing or adopting it.

[pawanjain]

India banning cryptocurrency was simply a rumor which created a FUD but the truth is India is actually planning to regulate the cryptocurrencies.
This is what I have been telling people every time they asked me about the current stance of cryptocurrencies in India.
The exciting part is the Finance Minister of India today said that the crypto regulation bill is under approval form the Union Cabinet.
Once approved the bill will be presented in the ongoing winter parliament session. Once the bill is approved cryptocurrencies will be regulated in India.

Source : https://www.ndtv.com/india-news/parliament-winter-session-live-updates-day-2-commences-2630083

[arwin100]

India banning cryptocurrency was simply a rumor which created a FUD but the truth is India is actually planning to regulate the cryptocurrencies.
This is what I have been telling people every time they asked me about the current stance of cryptocurrencies in India.
The exciting part is the Finance Minister of India today said that the crypto regulation bill is under approval form the Union Cabinet.
Once approved the bill will be presented in the ongoing winter parliament session. Once the bill is approved cryptocurrencies will be regulated in India.

Source : https://www.ndtv.com/india-news/parliament-winter-session-live-updates-day-2-commences-2630083

Maybe there are group of guys out there want to move the market so that they can buy this at the cheapest price they can possible get but as for what we see the market didn't really badly move since the price is much stable compare on the past couple of days. I also think that this kind of fuds which they try to spread will really not work since people are much aware and became smart since they experience to many like this even before.

And good thing they regulate this since for sure their government and citizens will surely earn the benefits of this regulation.

[thirdkiller]

Have they changed their minds again? What's going on with crypto in India, I don't understand.

[ven7net]

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 believe that any information right now may turn out to be FUD or true, the question is whether you can determine it. In any case, you need to watch what is happening in reality. If you are interested in India's attitude to cryptocurrencies, then you probably need not to collect news, but just find a person living in India and ask him how things are. I think this is the best way to get an answer to this question.

[GbitG]

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 believe that any information right now may turn out to be FUD or true, the question is whether you can determine it. In any case, you need to watch what is happening in reality. If you are interested in India's attitude to cryptocurrencies, then you probably need not to collect news, but just find a person living in India and ask him how things are. I think this is the best way to get an answer to this question.

Probably right now discussion is going on in Parliament so just because of this too many rumours about this around here no one know what is going on, but few things are clearly right they announce they are not going to accept this as payment method and secondly government is working on their own cryptocurrency because they are feeling its need of time and this can give them some better advantages and having own cryptocurrency is also mean they will bring some more legislation and updates about this all in near future.
Government is confused what to do and how to handle this all situation so just because of this they are taking their own time and trying to understand all positive and negative sides, hopefully they will announce clear statement in near future.

[romero121]

Going through a news source thats been published few months back clearly shows from which year India is making plans on regulation, ban and different plans on cryptocurrency usage within the country. I've shortened the article and highlighted the points that shows India's plan of developing its own cryptocurrency way back in 2019. So, this isn't the first time India is planning for a cryptocurrency which is going to be a digitised currency in my view.