NO..India is NOT Banning Bitcoin

[tygeade]

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

Seriously ,it’s quite confusing to understand where they really stand with cryptocurrency, because I have seen so many times that they wanted to ban bitcoin, and later another news popped up that they are no longer going to ban it after they have gone to court and those who were requesting for the ban of cryptocurrency lost the case.

But, after sometime the news still popped up again that they are still asking for Bitcoin and other cryptocurrencies to be banned. Anyways, I think that the op is right because I have seen a few of my friends in India that are still making use of cryptocurrency, so I am guessing that it is still active there.

[Kkhair]

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/

yes it is true india does not ban cryptocurrencies completely. only certain cryptocurrencies promote their underlying technology. At the same time India also allows digital money authorized by the central bank, the Reserve Bank of India.

in the last few years for example in 2018 it was true that India tried to fight crypto money, but in 2020 this decision was overturned by the supreme court.

[Mamun74]

India is not banning bitcoin.They looking to ban bitcoin only payment method. Many fake news confused people. India still stand with crypto currency and bitcoin also.People interested in crypto day by day and they invest in crypto. Last two years crypto currency huge development and price increase. I Think, Crypto currency price will be more increase in future.

[tiCeR]

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

Seriously ,it’s quite confusing to understand where they really stand with cryptocurrency, because I have seen so many times that they wanted to ban bitcoin, and later another news popped up that they are no longer going to ban it after they have gone to court and those who were requesting for the ban of cryptocurrency lost the case.

But, after sometime the news still popped up again that they are still asking for Bitcoin and other cryptocurrencies to be banned. Anyways, I think that the op is right because I have seen a few of my friends in India that are still making use of cryptocurrency, so I am guessing that it is still active there.

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

Seriously ,it’s quite confusing to understand where they really stand with cryptocurrency, because I have seen so many times that they wanted to ban bitcoin, and later another news popped up that they are no longer going to ban it after they have gone to court and those who were requesting for the ban of cryptocurrency lost the case.

But, after sometime the news still popped up again that they are still asking for Bitcoin and other cryptocurrencies to be banned. Anyways, I think that the op is right because I have seen a few of my friends in India that are still making use of cryptocurrency, so I am guessing that it is still active there.

Of course, the danger is always there. In no case should one be influenced exclusively by public news.In any case, India has a lot of potential to change the current situation for the better. Hopefully, this opportunity will also be seized. Let us hope for the best

[Imran232]

I think banning bitcoin in India will be really tough for the government. Because crypto currency has already built a huge market in India. And I think 90% of Indian Indians who are interested in investing their money are holding crypto. So it truly is a massive market, and not only that, but some of the largest exchanges, which are Indian, and the most popular polygon network, which is also Indian, already exist.It proves how big the Indian crypto industry is right now. Before banning crypto in India, the government has to think about it. And I don't think it's possible right now.

[muratsink]

if it is true that India does not prohibit bitcoin then this will be very good for the survival of bitcoin and will automatically be used by people in the country if it is true that the government wants to adopt or not prohibit the circulation of bitcoin there indirectly bitcoin can get back the popularity or trust of the public in the midst of the unstable bitcoin price with the adoption of these developing countries, we hope that bitcoin can return to its original price as it had happened a few years before

[leverageguy]

I don’t think anything such is happening anywhere in the world. With more and more people moving towards using bitcoins, it is not possible for any government to ban it. So, it’s nothing more than a rumor that anything such is happening.

[Henrobakkara]

I don’t think anything such is happening anywhere in the world. With more and more people moving towards using bitcoins, it is not possible for any government to ban it. So, it’s nothing more than a rumor that anything such is happening.

I believe at this point, the word "BAN" as it relates to cryptocurrencies is relative. there are conflicting messages about if a country has totally banned Bitcoin and other cryptocurrencies or if it is banned from usage as a means of payment. Here are some countries with varying degree of Ban on cryptocurrencies

Bitcoin ban: These are the countries where crypto is restricted or illegal

[libert19]

...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?

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.

And how would they ban? When rbi circular was effective, still these things went alright, people moved to p2p.

[muratsink]

if it is true that India has never banned bitcoin then this would be very good if the adoption of bitcoin was carried out in that country it would directly have a positive impact on bitcoin, especially the problem of prices which would return to stability if bitcoin was actually adopted in various countries that really intend to adopting bitcoin widely in the country, we hope that with the absence of a ban from India, at least it can make bitcoin's viability stable again in global stock market prices amid the current drop in bitcoin prices because because this really needs recognition from countries sovereign or developing country

[Jasad]

actually many countries do not prohibit bitcoin, because the country knows that with bitcoin its citizens are very helpful in their economy, the government does not prohibit bitcoin but they want taxes from bitcoin, if the country of india does not prohibit bitcoin, their society is very helpful for the growth of its citizens..

[BOAEDAN]

India does not prohibit bitcoin as an asset and investment, but if bitcoin is made as a legal tender, I think the Indian government will definitely ban its citizens, the proof is that until now I have never found an article about payments via bitcoin in India, but if bitcoin is made as a assets, investments, it is certain that the Indian government will never prohibit its citizens from adopting bitcoin..

[amihada]

I only know that China, which prohibits its citizens from investing or mining bitcoins, is all banned in China, but in India, I think it is impossible to ban Bitcoin, like Indonesia, it doesn't ban bitcoin, but they don't 'don't have payments in currency' crypto but to invest the Indonesian government does not prohibit it, maybe India will also do the same.

[ReiMomo]

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/

Yes to be frank, Indian Govt is in process of establishing its won crypto currency and if i am not wrong that would be called as "Laxmi"?. I have heard that the son of the top richest business man Mugesh Ambani has gone through Blockchain studies and he has already in progress to setting up his own coin on behalf of his own company. Lets see how that will come up in future.

[SteveHankse]

I also think that the Indian government will regulate cryptos in order to get taxes. Complete ban on cryptocurrencies by a nation that wants to promote future technologies is not acceptable. They might ban the use of crypto as a currency and use of other private currencies. However, how far the extent of these regulations will go, only the future can tell.

[Amejoaquim]

You can’t ban crypto. Crypto is no different from sharing music via a pen drive, which means a regulatory ban will not actually take away people’s ability to send crypto to each other. People will always find a way out to cash out their assets. Sports betting is not legal in India, but sites like betway are operating there.

[Victorik]

I think people should be very careful of what they put out there in public space when it gets out, it is very difficult to control.
Having said that, the govt. of India is not banning crypto. There's no where it said it was banning Crypto, but rather passing a bill to regulate it.

[worldofcoins]

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?

Haven't heard any such news yet. Also, it's practically impossible to get it banned in India. A a lot of Indian citizens have invested in bitcoin.
India is one of the big markets for bitcoin, where people are interested in buying and selling bitcoins. Also, the people of India will not let it happen.

[ChiBitCTy]

Thank you for this write up. It’s crazy how many outlets will write up articles with bullshit headlines that make it seem like India was actually trying to ban bitcoin overall. I still don’t like this possible measure, as I think India has plenty of other things to worry about first (like their rape problem).

[carrigan]

It is true that India, like other countries, prohibits the use of crypto as a transaction tool, but does not prohibit its citizens from buying or selling crypto or making it an asset. In other words, you can still become a Bitcoin trader or investor in India because the prohibition only covers buying or selling transactions using crypto. So don't misunderstand the news that will lead to misunderstandings.It is true that India, like other countries, prohibits the use of crypto as a transaction tool, but does not prohibit its citizens from buying or selling crypto or making it an asset. In other words, you can still become a Bitcoin trader or investor in India because the prohibition only covers buying or selling transactions using crypto. So don't misunderstand the news that will lead to misunderstandings.