Reserve Bank of India Governor Calls for an Outright Crypto Ban

[Sithara007]

Again the drama starts. RBI governors have this habit of making hostile statements against cryptocurrency. And it is not just the RBI officials. Subhash Chandra Garg (then the Finance Secretary of India), back in 2019 wanted to impose a jail term of 10 years on anyone who just possess cryptocurrency. But then the finance minister rejected his recommendations and after a few months Mr.Garg entered in to a spat with one of the government figures and got fired as a result. This time also, I don't think that the recommendations from the RBI governor will be considered by the minister.

[_BlackStar]

Instead of banning crypto outright and supporting CBDCs completely, then I guess regulating it to some extent would be more profitable on the part of the government. The problem is that the government doesn't seem willing to open their eyes and acknowledge how important this technology is for the financial system, while they want to have competitors by offering new fiat currency ^{[Central Bank Digital Currency - CBDC].}

India is known as non-crypto friendly country, they are selfish with their attitude towards crypto and users. But in the end they can't stop crypto completely because there are always ways that will help many users to stay on crypto.

[Slow death]

countries like india have a political system that to some extent i would consider to be a frightening political system based on controlling every citizen, even religion in india also suffers persecution, it also has discrimination in social classes, it is clear that the government of india has never he liked bitcoin and for obvious reasons, the governor of the bank would not talk about this subject without being aligned with the government's thinking, that is, it is a collective thinking of the government, I remember that years ago there was a minister from India who was constantly speaking ill of bitcoin and I have asked myself several times if we would ever see the government of india speaking well of bitcoin, and from what I see we will not see the government of india speaking well of bitcoin any time soon

[Smartprofit]

It's a pity that government officials in a large country like India are so hostile towards cryptocurrencies. 

The more people like President Salvador Bukele in the world, the faster Bitcoin will become the world's reserve currency. 

However, most governments of different countries are negative about the prospect of introducing cryptocurrencies into the financial system. 

They are afraid of bitcoin because bitcoin is good money (decentralized and deflationary) and such good money can force bad fiat money out of circulation.

[o48o]

India can't make their mind, they are like a new China.

In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again

[_act_]

India can't make their mind, they are like a new China.

In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again

In China, do you know you can buy and have bitcoin or altcoin of your choice? The ban was on not seeing crypto as a currency. China ban bitcoin and altcoin mining, but it is the second in the world that mine bitcoin now, I do not know how that happened though. Know that India support crypto, it is their central bank that banned it that time that indians took to court and they won. India central bank hate crypto but what they should deal with is fiat because they do not even have the right to anything about crypto, only SEC and commodity regulators should have say on cryptocurrencies.

[Flexystar]

India is very big democracy and it could impact the decision of governor in adverse way possible. Not sure how big is crypto community in India but some articles suggest it’s fairly big to impact the crypto space at some point in future. If they have imposed such high taxes then damn it’s gonna be hard for the Indians to survive for very long in the crypto space. I mean how one can survive in such harsh conditions? It is clear case of trying to have full ban of crypto in India. I mean if they wanted to accept it then they should have made the taxation in slots. For example, for earning 10,000 USD 5% tax or may be for 50k USD 10% tax like that.

[Alpha Marine]

People like this have ignorance written all over them. They are always scared of what they don't understand and what they can't control. It's disgusting. They're so hell-bent on seeing crypto fail. He is already influencing the government's perspective on crypto. He can't give you a solid reason why he's against crypto, just the same old things we've heard before and would still hear from people like him.
Blaming the FTX crash on crypto is like blaming fiat currency for the fall of a bank. His being for CBDC and against crypto tells you all you need to know about his motive. He just needs something he can control.

[jaberwock]

ndia has become a complex country to run. If they are not the most populous country in the world already, it must be not very far. Lost of groups trying to get their share of the government handouts and their bit of power are the real problem in India, not cryptos. I guess all governments need to have some enemy at a point, particularly if things do not go well.

It's the most democratic country as being claimed. Das may realize soon that the CBDC will also be questioned whether it also has some underlying value. Because at least in crypto it's the market that will decide whether it has value or not. It's the demand of the people, the buy orders in the market identify BTC or crypto to have a value.

Banks are stealing the value of our money and so will this CBDC. But not for long because money will now be reliant on the crowd using it.

I don't think they will question it but they are in fact pushing it. CBDC is their own creation, that is why. This is the currency that they can control the most and not those Bitcoin and other decentralized crypto. If there are people that will hate CBDC, it will only be us here who support only the original cryptos.

In crypto, I think it was the people who give value with it and not the market. The value of cryptos will also depend on our actions. The market only shows the data's or the outcome of what we do. CBDC's value on the other hand was created by the banks or backed by the supply of the fiats that they create. It doesn't depend on the crowd like on what we have with cryptos.

[o48o]

India can't make their mind, they are like a new China.

In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again

In China, do you know you can buy and have bitcoin or altcoin of your choice? The ban was on not seeing crypto as a currency. China ban bitcoin and altcoin mining, but it is the second in the world that mine bitcoin now, I do not know how that happened though. Know that India support crypto, it is their central bank that banned it that time that indians took to court and they won. India central bank hate crypto but what they should deal with is fiat because they do not even have the right to anything about crypto, only SEC and commodity regulators should have say on cryptocurrencies.

I meant that it was meme that markets went down every time China "banned crypto". Somewhere right when i started crypto, they banned banks from crypto transactions, price dumped and headlines said that china banned crypto. 2017 they banned ICOs (China bans crypto again). 2019 they labeled mining as undesirable industry. 2020 they went for OTC crypto traders. 2021 they banned crypto trading and mining. And now that i am googling apparently they unbanned trading again: https://techstory.in/chinese-court-unbans-crypto-trading-but-theres-a-catch/

If my memory serves me correctly, india has done some banning and unbanning too.

[mindrust]

CBDCs are just fiat that claims to use blockchain technology, but they are fiat. They offer no value more than fiat.

I hope indian government will not be very stupid to leave cryptocurrencies and ban it. The reserve bank of India governor is only self-centered but he is just a single person. Single person can not ban cryptocurrencies when the citizens likes it. He wants ban of what the government sees as a means of getting more tax.

Te reserve bank of India governor see crypto as gambling, he should propose ban of gambling in India too.

Even if the Indian government will ban crypto, that won’t guarantee that people will stop from using it completely. The citizens will surely find ways on how to access crypto, even if it means going outside India to make  crypto transactions. Well, I guess you’re right, the governor is just selfish and greedy, he will do everything in his power to ban crypto but we know for sure that crypto is here to conquer the world inevitably, but it won’t mean eliminating fiat as crypto and fiat should still work hand in hand.

That's true but you can't deny that it will delay crypto adoption a lot in India. Yes the individuals will be able to use crypto and the gov/cb won't notice it unless someone reports these people but on the other hand, no Indian company will ever accept crypto. That would practically kill crypto in India. Only the very hardcore fans will be using crypto and the general mass will avoid it.

Crypto itself is decentralized and can't be stopped but the gov stop the companies that do business with crypto.

[Smartprofit]

India can't make their mind, they are like a new China.

In 2019, they banned crypto and by breaking the ban you risked imprisonment of up to 10 years.
Next year (2020) they removed the ban. They really don't know what they are doing.
Imagine getting sentenced 10 years in jail and next year you hear that what you did would be legal now, and after 3 years it would be illegal again

In China, do you know you can buy and have bitcoin or altcoin of your choice? The ban was on not seeing crypto as a currency. China ban bitcoin and altcoin mining, but it is the second in the world that mine bitcoin now, I do not know how that happened though. Know that India support crypto, it is their central bank that banned it that time that indians took to court and they won. India central bank hate crypto but what they should deal with is fiat because they do not even have the right to anything about crypto, only SEC and commodity regulators should have say on cryptocurrencies.

In my opinion, China nationalized all mining farms. 

All of them became the property of the state or moved their production to other countries (for example, to Kazakhstan or Russia).  The Chinese Communist Party is mining Bitcoin for its own needs (in particular, to circumvent sanctions).

It is likely that both China and North Korea are actively mining Bitcoin.  China has a lot of hydroelectric power plants, so during the rainy season they can be used to efficiently mine Bitcoins.

It is a pity if India does not follow this path (if it is categorically not ready to legalize Bitcoin, as El Salvador did).

[South Park]

People like this have ignorance written all over them. They are always scared of what they don't understand and what they can't control. It's disgusting. They're so hell-bent on seeing crypto fail. He is already influencing the government's perspective on crypto. He can't give you a solid reason why he's against crypto, just the same old things we've heard before and would still hear from people like him.
Blaming the FTX crash on crypto is like blaming fiat currency for the fall of a bank. His being for CBDC and against crypto tells you all you need to know about his motive. He just needs something he can control.

What is so disappointing of all of this is that if this was about ignorance this could be solved by educating those which do not understand bitcoin and fear it because is something new and we could eventually change their minds, however this is about power and control, governments all over the world are happy to create as much money as they want with no repercussions for themselves as the ones that end up paying the price for their failed policies are the citizens, they understand very well bitcoin takes away that control and it would not allow them to keep stealing the wealth of their citizens and they are furious about this, and this explains why they are so adamant about banning bitcoin.

[Russlenat]

This reserve bank of India Governor failed to think the possibility negative impact of not accepting cryptocurrency or banning it.  With an additional cryptocurrency as mode of payment their merchant are able to have a diverse set of customer, banning cryptocurrency will leave these merchants with limited customer base.

Also if the government failed to adopt cryptocurrency and the country around them are into cryptocurrency, their country will be in a competitive disadvantage.  And also they will miss opportunities offered by the cryptocurrency and the growth that lies in this opportunity.

I do hope that the Reserve Bank of India Governor will realize the shortcoming if they ban cryptocurrency.

Probably he thinks cryptocurrency is a threat to the government that’s why he calls for an outright ban for crypto. And he all knew nothing about crypto but a source of fraud and scams. But we all know crypto, or bitcoin is  legit and not scam, and maybe all bitcoin enthusiasts in India can attest to that. However, knowing he’s in high position, he will try to control everything even if it means losing huge opportunities not only for the country alone but also for the citizens living in it.

[Sanitough]

Instead of banning crypto outright and supporting CBDCs completely, then I guess regulating it to some extent would be more profitable on the part of the government. The problem is that the government doesn't seem willing to open their eyes and acknowledge how important this technology is for the financial system, while they want to have competitors by offering new fiat currency ^{[Central Bank Digital Currency - CBDC].}

India is known as non-crypto friendly country, they are selfish with their attitude towards crypto and users. But in the end they can't stop crypto completely because there are always ways that will help many users to stay on crypto.

India is certainly a non- crypto friendly environment but with the latest research, the crypto users in the country has been increasing every year so these people might lost their opportunities from the possible banning that the governor wants. But i don’t see high chances too that the governor will succeed in his goal knowing there might also be a lot of government officials that are secretly hodling crypto and are more crypto enthusiasts than fiat.

[Sithara007]

India is certainly a non- crypto friendly environment but with the latest research, the crypto users in the country has been increasing every year so these people might lost their opportunities from the possible banning that the governor wants. But i don’t see high chances too that the governor will succeed in his goal knowing there might also be a lot of government officials that are secretly hodling crypto and are more crypto enthusiasts than fiat.

Being a resident of India, I would say that the situation has improved a lot during the last 2-3 years. Gone are the days when Subhash Chandra Garg used to threaten cryptocurrency users in India with a 10-year jail term, just for keeping a few computer codes in their laptop. There was huge outcry back then and in the end the finance minister had to clarify that cryptocurrency ownership is perfectly legal. Now there are clear laws about cryptocurrency ownership and trade, and most of the users are paying their taxes for their capital gains from cryptocurrency without any issue.

[Kakmakr]

It is these third world country leaders that are bringing down their own country. They cannot understand the technology, so they discount it as nonsense or something with zero value.

To them, Fiat currencies have value.. because it is backed by a government and it is printed like toilet paper ....where the piece of paper has zero value, when hyper inflation kills it's worth.

They want people to believe that a piece of paper ... are valuable, because they say so. They manipulate the supply and they determine the inflation basket. (They feel important, because their signature is on that piece of paper)

Do we still need corrupt governments to tell us what are valuable or not? .....or do we find ways to secure our own wealth and our own future?

[Minor Miner]

India has never been crypto-friendly, the 30% tax is no different than trying to force people to give up crypto automatically instead of introducing bans or finding ways to stop it from the government. It is clear that they fear crypto threatens the monetary system in their country, and as the governor of the reserve bank, he will vehemently oppose it even if the Indian government uses it. Cryptocurrencies are likely to threaten his position as governor if he does not complete the maintenance of the monetary system in the country.

[Spacewalker]

India has never been crypto-friendly, the 30% tax is no different than trying to force people to give up crypto automatically instead of introducing bans or finding ways to stop it from the government. It is clear that they fear crypto threatens the monetary system in their country, and as the governor of the reserve bank, he will vehemently oppose it even if the Indian government uses it. Cryptocurrencies are likely to threaten his position as governor if he does not complete the maintenance of the monetary system in the country.

In principle, this is quite an expected reaction and line of conduct from the central bank of any country, because in the case of cryptocurrencies, we can talk about a conflict of interests and the central bank of any country will promote its own currency and will try to extinguish even the slightest probability of competition from cryptocurrencies. Therefore, in this matter, it is more worthwhile to rely on the position of the government, which, in theory, is more interested in extracting income and benefits from this and, in theory, is not interested in everything going underground in the event of a total ban. In any case, the idea of banning cryptocurrencies is a very bad idea and CBDC is a completely different sphere that can be divorced from each other without resorting to extreme measures.

[Renampun]

...

source: https://watcher.guru/news/reserve-bank-of-indias-governor-calls-for-an-outright-crypto-ban?utm_source=TelegramNews&utm_medium=TelegramNews&utm_campaign=TelegramNews

I hope this one man's understanding about cryptocurrency will not affect the government of India  turning 100% hostile against cryptocurrency.  It is clear that this person does not know what he is talking about.  Blaming the FTX fall to cryptocurrency  and doesn't even understand the difference between a TULIP BUBBLE and CRYPTOCURRENCY adoption and the technology behind it.

bubble tulips? ha ha ha. an economist is not an economic analysis that must be heard, the concept of cryptocurrency is different from the understanding of ordinary economists, so every economist who wants to understand cryptocurrency and the technology behind it must learn about the evolution of money, not just stick to old knowledge. FTX is just destroying the crypto market, those who hate crypto currency will definitely use the FTX case as their tool to brainwash the general public that cryptocurrency is dangerous.

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.

why isn't the Indian government busy solving the poverty of their citizens, why are they even busy fighting cryptocurrencies by creating CBDC shit, don't they want their citizens to get out of poverty?