Reserve Bank of India Governor Calls for an Outright Crypto Ban

[Cryptodebjoe]

When top government officials get more apprehensive about BTC i personally feel is the right time to get more BTC because if you check the indian population about 115 million people which make up only 7.3% of the population are using crypto currencies in2021 and the number could double this year, its a huge sign that crypto s the future and BTC is leading the way

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[Anonylz]

It is a shame that till now India authorities still refusing to see the good side of btc. What has happened to force take such harsh decision.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.

[Cryptomultiplier]

Although he has a good reason for his actions and enforcement of CBDC as the future of money, he cannot defeat the genius behind cryptocurrency and its technology from which CBDC benefits.
Unless he along with other groups also agrees, then his single-handed opinion might not be taken too seriously to the point of adherence.

[Distinctin]

It is a shame that till now India authorities still refusing to see the good side of btc. What has happened to force take such harsh decision.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.

Not surprising why until now India is not progressive at all because they seem to focus on losing opportunities than simply embracing it. Rather than adopting crypto because the citizens will certainly benefit from it as there might be secret crypto enthusiasts hiding, but it’s more on the governor always use his position to control the people and their way of living. It’s a shame that people won’t also prosper because the government makes it hard for them.

[Sithara007]

Although he has a good reason for his actions and enforcement of CBDC as the future of money, he cannot defeat the genius behind cryptocurrency and its technology from which CBDC benefits.
Unless he along with other groups also agrees, then his single-handed opinion might not be taken too seriously to the point of adherence.

Too early to say anything. They tried the same back in 2019. There was a lot of outcry and the proposal was dumped by the finance minister. Now the RBI governor is again making noise. I don't think that anything has changed between 2019 and now, regarding cryptocurrency. CBDC is a good idea. But the governor is an idiot if he thinks that if he ban cryptocurrency then the users will flock to purchase the CBDC. The biggest advantage with Bitcoin is that it is protected against inflation. Now compare that with INR, which lost 10% of its value against the USD during the last few months.

[Findingnemo]

What he is trying to do is to crush the technology which really extinct the banking system if adopted as early as possible by spreading false information.

AFAIK, the current ruling party especially the finance minister of India has no knowledge about anything so they will completely believe what the authorities report to them so it's kind of a hard phase for them to survive.

[Fiatless]

I doubt many new-age Indians as well as legislators will take heed of what he said, especially now that more and more people are being more accepting of bitcoin's existence and by adjacent, cryptocurrencies. That being said, since he's on a position of power it is still possible that he could make take some measure to realize this dream of his, however India being a democratic state, they'd have to speak with the people ultimately which as of now considering how my Indian friends think of it, is gonna be futile.

The only thing the Indian government can do is to regulate the bitcoin environment. Regulation would be difficult but a total ban might be impossible. Indians would look for diverse means to bypass the systems through VPN and other means. The government official that is advocating a ban on cryptocurrencies was just airing his view but I think other government officials don't share the same view with him. With the rate of bitcoin awareness, some government officials are beginning to understand that bitcoin is here to stay. That is why they would encourage their government to make favorable policies on bitcoin.

[Ayers]

It is a shame that till now India authorities still refusing to see the good side of btc. What has happened to force take such harsh decision.
Why all the time they want crypto to be ban in India? Btc has evolved so much for this type of shallow thinking. This is selfishness and nothing more.

Accepting bitcoin only benefits the people, but the government has almost nothing, so they have a reason not to accept it, if we were in their position, we would do the same. We cannot accept something that will compromise our strength and only benefit others.

But no matter if they ban or introduce any harsh measures, they will not be able to stop bitcoin and investors. Take a look at China for instance, they have not been able to completely ban cryptocurrencies as of yet. Not only could it not be banned, but huge taxes were also lost.

[hyudien]

Reserve Bank of India governor Shaktikanta Das surely have a personal motive of pushing CBDC force feeding it to their citizen.  "CBDC future of money",  funny how he state that when the technology behind CBDC is just a copy of what is in Cryptocurrency technology.

Banning crypto but trying to introduce more CBDC into society? sounds like bullshit like you said he doesn't know what he's talking about when it comes to CBDC which means the use of blockchain technology itself which has already been done by crypto. I don't think this is related to the foundation and value of crypto, but rather the same narrative which is the inability to recognize the flow of funds out there that comes in and goes out without monitoring. No wonder we find alibis like this everywhere when the government of a country bans crypto but at the same time they introduce CBDC.