India's crypto bill might not get discussed in the current winter session

[avikz]

India today reported this yesterday that the much awaited crypto bill may not be introduced in the winter session. Read the report below,

https://www.indiatoday.in/india/story/cryptocurrency-bill-winter-session-parliament-government-sources-1888171-2021-12-15

Possibly a much needed breather for the crypto investors of India because a lot of speculations are ongoing whether the crypto will be banned or regulated. It's a net positive I would say, for now!

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[pakhitheboss]

India today reported this yesterday that the much awaited crypto bill may not be introduced in the winter session. Read the report below,

https://www.indiatoday.in/india/story/cryptocurrency-bill-winter-session-parliament-government-sources-1888171-2021-12-15

Possibly a much needed breather for the crypto investors of India because a lot of speculations are ongoing whether the crypto will be banned or regulated. It's a net positive I would say, for now!

A temporary delay but will happen in the next session. Still, it is a much-needed breather for the Indian community. Too much speculation and FUD had created a lot of panic selling in the Indian market. Good time for those who panic sell to re-enter the market as a heavy discount on the market at the moment. Those who had a panic sell might be able to cover their losses if they enter the market now.

[teosanru]

India today reported this yesterday that the much awaited crypto bill may not be introduced in the winter session. Read the report below,

https://www.indiatoday.in/india/story/cryptocurrency-bill-winter-session-parliament-government-sources-1888171-2021-12-15

Possibly a much needed breather for the crypto investors of India because a lot of speculations are ongoing whether the crypto will be banned or regulated. It's a net positive I would say, for now!

I am sure, Indian government won't be able to ban cryptos. The exchanges in India have received a lot of funding from international hedge funds and there are tons of blockchain projects floating in the space right now. I am sure government will not be willing to face criticism by banning this technology, moreover in budget session too they won't bring any major ban because elections in 5 major states are going to take place just after the Budget session, so government will definitely play very safe in that session, chances are that such a bill would only come in monsoon session next year.

[pakhitheboss]

India today reported this yesterday that the much awaited crypto bill may not be introduced in the winter session. Read the report below,

https://www.indiatoday.in/india/story/cryptocurrency-bill-winter-session-parliament-government-sources-1888171-2021-12-15

Possibly a much needed breather for the crypto investors of India because a lot of speculations are ongoing whether the crypto will be banned or regulated. It's a net positive I would say, for now!

I am sure, Indian government won't be able to ban cryptos. The exchanges in India have received a lot of funding from international hedge funds and there are tons of blockchain projects floating in the space right now. I am sure government will not be willing to face criticism by banning this technology, moreover in budget session too they won't bring any major ban because elections in 5 major states are going to take place just after the Budget session, so government will definitely play very safe in that session, chances are that such a bill would only come in monsoon session next year.

No one knows what the bill is all about. They never said that they will be banning the blockchain startup. They have always said that they will encourage those startups. Considering Indian exchanges if they ban them then these exchanges will move out of India and will open up for the global community. There business will be hampered but they will survive. We as a community will only suffer.

[avikz]

India today reported this yesterday that the much awaited crypto bill may not be introduced in the winter session. Read the report below,

https://www.indiatoday.in/india/story/cryptocurrency-bill-winter-session-parliament-government-sources-1888171-2021-12-15

Possibly a much needed breather for the crypto investors of India because a lot of speculations are ongoing whether the crypto will be banned or regulated. It's a net positive I would say, for now!

I am sure, Indian government won't be able to ban cryptos. The exchanges in India have received a lot of funding from international hedge funds and there are tons of blockchain projects floating in the space right now. I am sure government will not be willing to face criticism by banning this technology, moreover in budget session too they won't bring any major ban because elections in 5 major states are going to take place just after the Budget session, so government will definitely play very safe in that session, chances are that such a bill would only come in monsoon session next year.

No one knows what the bill is all about. They never said that they will be banning the blockchain startup. They have always said that they will encourage those startups. Considering Indian exchanges if they ban them then these exchanges will move out of India and will open up for the global community. There business will be hampered but they will survive. We as a community will only suffer.

You never know what's gonna happen! We have already seen a lot speculations around the bill. Some media houses said that SEBI will be appointed to regulate the market and some media houses said that government is planning of punitive actions against the crypto holders. So a great amount of confusion is already there. So I would see this delay as a breather for the Indian crypto community.

Also we must understand that RBI is completely against this idea of cryptocurrency regulation, they want a complete ban on it. because they feel that cryptocurrency can challenge the existing financial structure in India and they are constantly lobbying for a blanket ban. Definitely, it won't be an easy task to ban crypto completely. But the bill itself is not known to the public. Let's wait and watch!

[teosanru]

India today reported this yesterday that the much awaited crypto bill may not be introduced in the winter session. Read the report below,

https://www.indiatoday.in/india/story/cryptocurrency-bill-winter-session-parliament-government-sources-1888171-2021-12-15

Possibly a much needed breather for the crypto investors of India because a lot of speculations are ongoing whether the crypto will be banned or regulated. It's a net positive I would say, for now!

I am sure, Indian government won't be able to ban cryptos. The exchanges in India have received a lot of funding from international hedge funds and there are tons of blockchain projects floating in the space right now. I am sure government will not be willing to face criticism by banning this technology, moreover in budget session too they won't bring any major ban because elections in 5 major states are going to take place just after the Budget session, so government will definitely play very safe in that session, chances are that such a bill would only come in monsoon session next year.

No one knows what the bill is all about. They never said that they will be banning the blockchain startup. They have always said that they will encourage those startups. Considering Indian exchanges if they ban them then these exchanges will move out of India and will open up for the global community. There business will be hampered but they will survive. We as a community will only suffer.

It's easier said than done, if India bans it, India itself would suffer, these companies are paying hefty amounts for advertisements, that won't flow to India, also they are paying huge sums of money as sponsors of many major sporting events like IPL, that too would be hampered altogether. Moreover creating a law where you can ban bitcoin but encourage startups based on bitcoin or providing solutions to problems faced by bitcoin or other cryptocurrencies is very difficult, there will be a thousand legal troubles for them. I don't think it's this easier.   

[pawanjain]

LOL  Seems like they took "aaj kare so kal kar, kal kare so parso" too seriously. Jokes apart, it's not surprising to see this delay.
We have seen such postponing of judgements many times already. May be they are just postponing it to the next session but we never know if they would actually pass the bill or postpone it again.
This is why I keep on telling people that don't take the bill too seriously and wait until the official announcement from the government has been made.
It's crypto and speculations are done on a daily basis. If we start taking all the speculations seriously then we will lose all our money way too quickly.

[Tigerw]

Hopefully India will change the government's mind about cryptocurrencies. For any government, there must be support from the people. I believe that the more people will switch to non-cash payments, then the governments will have more opportunities to implement plans related to economic growth. For the asian market, there is an interesting project Junca Cash, which will change and facilitate the possibilities of the consumer of money transfers.

[avikz]

It seems the Indian government is looking for wider consultations before zeroing down on the crypto bill. I have read a similar news today morning but unable to find it now. If it is true, I would say it is positive because if the government wants to ban it, they will do it anyway. But it's positive that they are trying to listen to the industry stakeholders before making a final call.

In the meantime, RBI governor is still lobbying against crypto as expected!

[pakhitheboss]

It seems the Indian government is looking for wider consultations before zeroing down on the crypto bill. I have read a similar news today morning but unable to find it now. If it is true, I would say it is positive because if the government wants to ban it, they will do it anyway. But it's positive that they are trying to listen to the industry stakeholders before making a final call.

In the meantime, RBI governor is still lobbying against crypto as expected!

If a bill has been already prepared why will the Indian government go for another round of consultation? They did consult it with some big name of the crypto community before the bill was being prepared and presented to the parliament. Those are just speculation created by the media in order to increase viewership and increase visits. They have been doing such things since 2018.

[libert19]

Pretty sure same thing happened last time too, when market turns cold they be like, people will automatically leave it lmao

[pakhitheboss]

Pretty sure same thing happened last time too, when market turns cold they be like, people will automatically leave it lmao

Absolutely that is the mentality of the Indian government but they seem to forget that not all leave the market and with the current hype in gamefi and socialfi a lot of Indians are joining and making some good money. The trend has changed a lot, not everyone is trading or holding cryptocurrency like they used to do earlier.

[teosanru]

It seems the Indian government is looking for wider consultations before zeroing down on the crypto bill. I have read a similar news today morning but unable to find it now. If it is true, I would say it is positive because if the government wants to ban it, they will do it anyway. But it's positive that they are trying to listen to the industry stakeholders before making a final call.

In the meantime, RBI governor is still lobbying against crypto as expected!

The problem government will be facing as I always say would be enforcement of this bill that they have drafted, if they are thinking of a complete ban, it's extremely difficult to create such a thing. Especially if they are planning to ban only the private key wallets transactions, because it's certainly impossible to find who is making which transaction using his wallet so technically law becomes useless, you are allowing trading on exchanges, which is already regulated even without any law, you are banning something which you know you just can't trace. I think this might be the biggest question government must be having in mind.

[pakhitheboss]

It seems the Indian government is looking for wider consultations before zeroing down on the crypto bill. I have read a similar news today morning but unable to find it now. If it is true, I would say it is positive because if the government wants to ban it, they will do it anyway. But it's positive that they are trying to listen to the industry stakeholders before making a final call.

In the meantime, RBI governor is still lobbying against crypto as expected!

The problem government will be facing as I always say would be enforcement of this bill that they have drafted, if they are thinking of a complete ban, it's extremely difficult to create such a thing. Especially if they are planning to ban only the private key wallets transactions, because it's certainly impossible to find who is making which transaction using his wallet so technically law becomes useless, you are allowing trading on exchanges, which is already regulated even without any law, you are banning something which you know you just can't trace. I think this might be the biggest question government must be having in mind.

I do not think that the government will impose a complete ban on the private wallet. In my opinion, they would put some kind of monetary slab like up to such amount can be kept in the private wallet and the rest has to be on an exchange. What about dust in the wallet can I be punished if I have dust in my wallet? 

[teosanru]

It seems the Indian government is looking for wider consultations before zeroing down on the crypto bill. I have read a similar news today morning but unable to find it now. If it is true, I would say it is positive because if the government wants to ban it, they will do it anyway. But it's positive that they are trying to listen to the industry stakeholders before making a final call.

In the meantime, RBI governor is still lobbying against crypto as expected!

The problem government will be facing as I always say would be enforcement of this bill that they have drafted, if they are thinking of a complete ban, it's extremely difficult to create such a thing. Especially if they are planning to ban only the private key wallets transactions, because it's certainly impossible to find who is making which transaction using his wallet so technically law becomes useless, you are allowing trading on exchanges, which is already regulated even without any law, you are banning something which you know you just can't trace. I think this might be the biggest question government must be having in mind.

I do not think that the government will impose a complete ban on the private wallet. In my opinion, they would put some kind of monetary slab like up to such amount can be kept in the private wallet and the rest has to be on an exchange. What about dust in the wallet can I be punished if I have dust in my wallet? 

But what is the purpose of that slab anyway, they can't even find out who has initiated which transaction in any case, by putting such limits they are just making things complicated, dusts obviously shouldn't be an issue in any case. Even if any such amount is prescribed it really won't be more than ₹100, otherwise it just defeats the whole purpose of the law and ban itself, I could create 100 wallets with amounts like 1000 to hold 1 lakh worth of crypto and government has to do efforts 100 times to tether each and every address to me, things are just too difficult for the government to enforce.

[uttoransen]

Our government already has a lot on its plate and making another 20% to 30% of the Indians mad by bringing a crypto bill should be the last thing they want to do.

Its good that they skipped the bill this session.

The next time they plan to bring this bill - the crypto holders of India will rise from 20% to 40%+ and that will be an even bigger angry vote bank to mess with.

Make the most of this time - invest more into crypto.