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Author Topic: NO..India is NOT Banning Bitcoin  (Read 538 times)
KaliLinux
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November 25, 2021, 10:25:26 AM
 #21

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/



This is a piece of relieving news to hear because when I saw that news flash on my local news channel yesterday or the day before, I was like here we go again. We are getting off of china now we are getting into India's own issue. I believe that if this is what other countries lean towards instead of the blanket ban, then there wouldn't be a negative effect as much and I understand where the India Government is coming from.   

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November 25, 2021, 11:02:44 AM
 #22

That's what i expected when i read other thread here about this banning issue, because for several time if i remember it right Indian Government stand towards crypto is keep on changing overtime.
means they are having no concrete stand towards crypto specially Bitcoin.
so lets stop the FUD and focus in investing and helping the market grow more.

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November 25, 2021, 11:19:26 AM
 #23

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/


This is a piece of relieving news to hear because when I saw that news flash on my local news channel yesterday or the day before, I was like here we go again. We are getting off of china now we are getting into India's own issue. I believe that if this is what other countries lean towards instead of the blanket ban, then there wouldn't be a negative effect as much and I understand where the India Government is coming from.  

We are all tired of hearing that India or China governments often ban Bitcoin. Actually, it is not strange if it is true that the Indian government
has again banned Bitcoin. But Indian population can be relieved, considering that the Indian government did not ban Bitcoin in its entirety.
The Indian government only banned Bitcoin as a payment method, and I can understand the Indian government's decision. Because
my country's government  does the same thing, by prohibiting using Bitcoin for payments. As we know most countries are afraid that Bitcoin
can replace their country's currency, so ban Bitcoin as a means of payment, still understandable. After all, we must be grateful as long as
we can still use Bitcoin as a digital asset, than not being able to use Bitcoin at all.

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November 25, 2021, 11:37:38 AM
 #24

That's what i expected when i read other thread here about this banning issue, because for several time if i remember it right Indian Government stand towards crypto is keep on changing overtime.
means they are having no concrete stand towards crypto specially Bitcoin.
so lets stop the FUD and focus in investing and helping the market grow more.

If they do that there will be more cryptocurrency firms based in india will get affected and also their citizens will also get hit by this plan since for sure many of there citizen is earning well on cryptocurrency. If they are worried about their citizen on this kind of investment maybe they regulate this and pass a investors protection law maybe from that they can protect their citizens from any frauds or any activities which can cause a huge damage to them financially.

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November 25, 2021, 11:42:55 AM
 #25

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/



People nowadays only reacted more about the headline without reading the whole thing. As what I have understand about this, it seems that they are going to have a similar rule like Russia like they are not allowing BTC as a payment method. It means that people in India may have no problem buying and selling BTC and other cryptocurrencies, unless there are new developments about this crackdown later on.


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November 25, 2021, 11:51:42 AM
 #26

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/


As far as I understand, the legislation is still being negotiated, and there are different positions that are discussed. Some might want to ban cryptos as payment methods, others might be inclined to ban them altogether. I also read yesterday that some are actually pro-crypto and offer to legalize crypto mining and support of cryptocurrencies as to oppose the policy of China. Also, as the article rightfully points, it's still not 100% clear what's meant by private cryptocurrencies, and it can be a number of things. All in all, it's too early to say what's going on there, and India has been introducing and revoking the ban of cryptos once in a while for years, as far as I remember.

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November 25, 2021, 11:52:51 AM
 #27

That's what i expected when i read other thread here about this banning issue, because for several time if i remember it right Indian Government stand towards crypto is keep on changing overtime.
means they are having no concrete stand towards crypto specially Bitcoin.
so lets stop the FUD and focus in investing and helping the market grow more.

Opening crypto as an asset is already very good. If I read here, they don't do like the Chinese government. There's still room to grow and it's better. They just ban it as a means of payment, which is as legitimate as my country. Many people are too panicked by this news. They're not careful, they don't read carefully. This news is as usual, a lot of this good and bad news is like breakfast. Because that's what we often use to make a profit. 

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November 25, 2021, 12:07:14 PM
 #28

It's good to know from an Indian about what's going on in India.
I don't trust the clickbait crypto news websites.Too much misinformation and too much pointless drama.
I wonder why the Indian government is so scared of Bitcoin being adopted as a payment method?
So it's OK to buy BTC from a crypto exchange in India and keep it in your account,but it's not OK to setup Bitcoin payments for goods and services that you provide.This sounds weird.I don't know how the Indian authorities could possibly restrain all the Bitcoiners in India from not using BTC as a payment method.
India is a huge country and the crypto supporters are probably millions.This regulation seems impossible.




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November 25, 2021, 12:21:17 PM
 #29

At least the BBC is slightly less specific in their reporting (this is not a compliment), and makes for an easier, if rather vague read and makes references to "most private cryptocurrencies" rather than a blanket ban on "crypto". Far as I understand, no government sees Bitcoin as a private currency.

Anyway, China banned crypto and we got an ATH. Why the worry? Wink

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November 25, 2021, 12:45:39 PM
 #30

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.
Yes it similar to Nigerian government ban of cryptocurrencies which didn't see the light of the day though third party crypto exchangers were mostly affected by the ban,however the youths who are mainly involved in trading and other cryptocurrencies related stuffs were unrelenting and determined, the introduction of E-Naira couldn't make any difference or attract the youth to it, in view of that CBN decided to plant some agents in Binance P2P to monitor Nigerians who trades in cryptocurrencies and subsequently freeze accounts. you wouldn't you are trading with an agent until after the transaction.

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November 25, 2021, 01:40:33 PM
 #31

I wish everyone should understand by now there is no such thing as banning the crypto because you can anyways buy it any other means such transferring funds to your overseas friends and families or simply by means of using local P2P programs.

This was the whole point in making the blockchain and running the bitcoin train on that irreversible track. So what if Indian government banned the crypto? You can still buy and sell it by the above methods. Are we really under the impression that a Chinese don’t trade crypto today ? Lolz, let’s get over it they are the biggest soul takers in this field.

It’s good to understand from the OP article that it’s anyways not banned though it does not matter.  Smiley

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November 25, 2021, 02:23:23 PM
 #32

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.
Exactly. Right now, people, not just in India, find a way to hedge the money they have and with bitcoin, that can be possible and in the long term, bitcoin can give them a good return than saving in their bank accounts. If they can constantly use bitcoin as the hedge of their money, they do not just have a chance to grow their money value for their investment, but they can also become rich someday.

India can blow up in the future as they do not close their mind instead accept a new thing that can give them change for people and their country. If people can have a way to make money, it can impact the country, which can give the economy grow fast.


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November 25, 2021, 02:33:45 PM
 #33

They will likely just regulate it, but if they will ban the use of bitcoin as a payment method, then that would not help to increase its adoption as in the first place, we are hoping that bitcoin will be adopted as a payment system so the demand will increase. It doesn't make sense to me really, people will buy bitcoin to invest, that would only make the price more volatile.

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November 25, 2021, 02:38:30 PM
 #34

Was she going to? In my opinion, this would not be entirely correct on their part.
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November 25, 2021, 04:15:16 PM
 #35

Currently, if what i know there is no regulation or any restriction on the use of cryptocurrencies in the country However, everyone believes that the industry expert will not have a ‘blanket ban’ on a cryptocurrency in India.  “The market cap of bitcoin is more than the highest price in the past few years, it varies from being a speculative instrument to a store of values
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November 25, 2021, 04:20:16 PM
 #36

The FUD can be real or unreal but it doesn't change anything in both situations I personally suggested all my Indian friends be careful about their funds and be ready for the regulations. I don't think if Inda is planning to ban bitcoin because there are many bitcoiner and crypto holders there are many people are advertising cryptocurrencies there and the interest from people is extremely high so even if the government ban bitcoin there will be many sad and angry people and that's not what a government wants, however people of India should be ready for any incoming regulations.

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November 25, 2021, 05:01:33 PM
 #37

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.
This is the eight time we are hearing about the rumors in the news this year alone about India planning to ban cryptocurrency and it will keep on coming until we see some solid regulation from the government. Not sure what they are actually planning to implement as the government is not known to showcase anything solid leadership qualities yet with their convictions rather than division.

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November 25, 2021, 07:09:17 PM
 #38

It's too early yet to say how this bill is going to work for real, because there is a long and exhaustive process to be fully debated in the legislative house, where the bill will have its final shape, just like mentioned in the article presented by OP:
Quote
But, the contents of the bill are also subject to change throughout the legislative parliament based upon input from the parliamentary committee consisting of members of the opposition parties.

Now it's time for crypto community in India to make pressure over the legislative house in order to approve a friendly regulation that isn't going to harm crypto adopters and businesses.

I think it's a terrible mistake from the government to propose labeling crypto currencies only as an asset and forbid its usage as payment method. That point in special should be put down by the legislative.


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Woodie
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November 25, 2021, 08:29:35 PM
 #39

I guess misinterpretation can really paint a bad picture and hurt our crypto gains that have taken a lot of time to build! Its good to see someone followed this up to give the standing of affairs in india which could attract more investors who would want to setup base in this beautiful country which could benefit them in the long run which is a win-win for everyone. But why is it that this story keeps popping every year, they need a regulatory frame work for cryptos to stop these misinterpretations.

suzanne5223
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November 25, 2021, 10:40:00 PM
 #40

It is sad that some cryptocurrency news outlets can provide us legit information about things happening in the world. What I read some days ago is that India is planning to ban all privacy cryptocurrency and not planning to ban Bitcoin as a method of payment but I still don't get why most government sees Bitcoin as a threat whenever they are planning to create their CBDC.


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