Reserve Bank of India Governor Calls for an Outright Crypto Ban

[BitcoinPanther]

India has always had a not-so-friendly approach toward cryptocurrencies. Even when the rest of the world was embracing the idea of cryptocurrency adoption, India was taking the opposite stance.

Even though blockchain technology has received a warm welcome in India, the central bank has tried to suppress cryptocurrency in the nation. With a 30% tax and 1% TDS, the Indian government had pushed almost $3.8 billion worth of cryptocurrencies to foreign exchanges.

As days pass, the dream of India steering towards a positive cryptocurrency stance is diminishing. Reserve Bank of India governor Shaktikanta Das recently spoke about cryptocurrencies at a Business Today event. Das restated his stance on cryptocurrencies, stating the necessity to outright ban them.

Reserve Bank of India’s Das said crypto is “nothing but gambling”
The RBI recently launched its CBDC in an effort to minimize the monopoly of cryptocurrency in the country. Das stressed that cryptocurrencies are, “nothing but gambling” and that their “value is nothing but make-believe.”

Das stated the necessity to impose an outright ban on cryptocurrencies and stated that there is no underlying value in it, not even a tulip.

“Every asset, every financial product has to have some underlying (value) but in the case of crypto, there is no underlying… not even a tulip…and the increase in the market price of cryptos, is based on make-believe. So anything without any underlying, whose value is dependent entirely on make-believe, is nothing but 100 percent speculation or to put it very bluntly, it is gambling,” the governor said.

Das also believes that legalizing cryptocurrencies will increase the dollarization of the economy, citing the loss of central bank control. He also cited the recent downfall of the FTX exchange as an alarming event. Das also stated that CBDC is the future of money.

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.

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.

[_act_]

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.

[Casdinyard]

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.

[BitDane]

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.

[Viscore]

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.

[romero121]

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.

That's awesome. India is a big market for gambling industries. More number of gambling platforms have got into existence over the last few years. The pandemic have made way for the development and even after losing of so many lives, the government isn't concerned about making any changes to the gambling platforms.

Everywhere the government want to control the money. In India the government wants tax and they tried all possible ways, but looks like nothing worked as they expected. Maybe that's the reason for such a statement. Even now India's legality on cryptocurrency usage isn't announced. People keep on using just because it is taxed, considering it legal.

[dothebeats]

Not really surprised that some prominent in India still calls for an outright crypto ban in this day and age. Most of the hostile entities against crypto are the higher ups, mostly because they don't understand much about cryptocurrencies and they want to push CBDCs so bad to forward their agenda. In CBDCs, they are still in total control of the currency and the economy, whereas in bitcoin and crypto in general, their hands are tied as to what they can only do.

[paxmao]

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.

[bittraffic]

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.

[Zlantann]

Not really surprised that some prominent in India still calls for an outright crypto ban in this day and age. Most of the hostile entities against crypto are the higher ups, mostly because they don't understand much about cryptocurrencies and they want to push CBDCs so bad to forward their agenda. In CBDCs, they are still in total control of the currency and the economy, whereas in bitcoin and crypto in general, their hands are tied as to what they can only do.

If the Indian government mistakenly outrightly ban cryptocurrencies, it would lead to an increase in illegal and unregistered crypto platforms. Indians would also seek alternative means of invading the ban. This would make the government lose the huge income they get from the sector through high taxes.

But this central bank chief should have known that CBDCs cannot replace cryptocurrencies because they have different features and people are aware that CBDCs are just online fiat solely controlled by the government. Most government officials keep using the same strategies of talking down on the crypto industry using examples of some failed ventures because they want to promote their CBDCs. This strategy would only attract those that are not well-informed about Bitcoin.

[The Sceptical Chymist]

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

Sure, I think we all know that here....but blockchain tech used in that manner will be a horror show for privacy, and I don't think the average person realizes (or cares) about it.  That should be frightening.

And haven't we heard this kind of talk from India before?  They're going to do whatever they like as far as their laws are concerned--same with every other country, right?  Hopefully that's all this is, talk.  They can't stop their citizens from using crypto, but making it illegal would certainly turn a lot of people away from it. 

Ah well, hope for the best India.  Also: prepare for the worst, 'cause it might just be coming to your neighborhood sometime soon.  And then globally.  *trying to remain optimistic*

[Hispo]

India 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.

India has always been a complex country to run and there are international critics on the way their leader, Modii has led such an heterogeneous nation.
He has given clues of his authoritarian beliefs and the idealism of the Indian culture over their neighbors. It is not strange his administration is against decentralized systems.

What does Russia, China and India have in common? A problem with authoritarian governments. It is simple. 

Also, the fact that man linked the failure of an exchange to Bitcoin is another sample of his ignorance.

[Lucius]

~snip~
And haven't we heard this kind of talk from India before? 

If you look back over the last 10 years, you will always find stories like this related to at least 3 countries, one of which is India, and the remaining two are Russia and China. The key thing that connects them all is the very low level of transparency of the political system, which also shows that they want as much control as possible over their citizens, especially in the financial aspect.

I honestly thought that the tax they imposed was something that would end the story, because the state is in profit, but when the governor of the central bank says "crypto is "nothing but gambling" then everything is clear.

However, even with the ban, anyone can still use Bitcoin through DEX, although it will certainly not be easy for anyone in the event that this happens, given that the penalties that were discussed were very high.

[Wind_FURY]

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.

It's laughable because the Cat is out of the bag/the Padora's Box is already open. The government can't do anything about the situation whether they ban it or not.

Central Banks don't like to evolve and enter a new age of free banking through cryptocurrencies. They are threatened, and through CBDC they probably believe that they can maintain their role as "central banks". OK, perhaps, but how would that stop Bitcoin?

[Ozero]

The Reserve Bank of India is also the central bank of India and has always advocated a ban on the circulation of cryptocurrencies in this country. But this is only the banking system, which is not a legislative body. I am more interested in the position of the legislators of this country, but they, like the government of India, cannot decide on their attitude towards cryptocurrency. In India, the situation is a bit like Russia, where the Central Bank has similar negative views on cryptocurrencies and there is also an ambiguous attitude towards cryptocurrencies, although there are crypto-currency regulation laws that have come into force that actually prohibit their use as a means of payment.

[avikz]

The current RBI governor is a puppet to the government, unlike Mr. Raghuram Rajan. So it's no wonder he is speaking the language of the government. But being a central bank, what else can you expect? Especially when the country is being led by non-progressive party!

But deep down his heart, he knows it very well that cryptos can't be banned completely. It's like banning the porn websites in the country. The ban exists on paper but the websites are all available.

[Fortify]

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.

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.

It is often to most corrupt countries that take the stance of banning new ideas, cryptocurrency is a prime example - it weakens the control of the government on it's citizens, which they can use to coerce them to think and act in certain ways. It's similar to how we saw Russia banning cryptocurrency (before they became desperate for ways to transfer money during the war they created against Ukraine). India is afraid that people are transferring money around without them being able to tax remuneration from overseas family members and try to tax it as much as possible. They're afraid that they will lose power as banks become more irrelevant, instead of adapting and embracing a new future.

[Hydrogen]

China and india have been rivals for years now. Both have soldiers stationed along their shared border, in anticipation of future war. In past years, experts and analysts predicted war would break out. Thankfully, they have so far managed to avoid it.

China having outright banned crypto. It is possible india does not want to adopt similar policy to what china did. In theory india might gain economic and financial advantages over china through crypto based job creation and taxation of their native crypto industry.

Now that the world is seeing that billions can be amassed in crypto with FTX and other ventures. Crypto's reputation could be similar to gambling and legalized marijuana. Most world leaders may be viewing it as a method to attract investment and boost tax revenues. "Legalize and tax it" could be common sentiment in circles of political leadership.

[Finestream]

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.

I supposed that this governor is like a narrow minded leader who only consider his own point of view rather than considering the voice of his people. Yes, he got the power but I think the banning will not be possible without the support of his subordinates. But if all his subordinates will have the same thinking on him, I might think that the Indian government will never be good enough for the sake of its citizens and that democracy seems never practiced at all.

[AmoreJaz]

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.

I supposed that this governor is like a narrow minded leader who only consider his own point of view rather than considering the voice of his people. Yes, he got the power but I think the banning will not be possible without the support of his subordinates. But if all his subordinates will have the same thinking on him, I might think that the Indian government will never be good enough for the sake of its citizens and that democracy seems never practiced at all.

we don't know how knowledgeable he is when it comes to crypto. but it seems he needs at least a short lecture about crypto, blockchain tech and btc. because as you learn more about the nature of crypto and blockchain tech, you won't contradict its existence because of so many benefits that it can offer in terms of productivity and transparency. we don't know the motive of this politician but i don't think all his other colleagues will agree with his position.