Election results and impact on crypto policies in India

[kentrolla]

As we are aware that the ruling government which as killed Indian crypto market is all set to retain the power for third time in a row and they have already destroyed Indian exchanges as well as traders by implementing draconian policies and exorbitant taxes but what happens if they win again? Will it be more painful and more restrictions on crypto ? Or they will change their mind? If more restrictions then how do we survive I mean those who cannot relocate to another country.

[pakhitheboss]

As we are aware that the ruling government which as killed Indian crypto market is all set to retain the power for third time in a row and they have already destroyed Indian exchanges as well as traders by implementing draconian policies and exorbitant taxes but what happens if they win again? Will it be more painful and more restrictions on crypto ? Or they will change their mind? If more restrictions then how do we survive I mean those who cannot relocate to another country.

The ruling political party is very intelligent under the administration of two Gujarati's as to how manipulate the citizens of this country.

On North side of India they play the majority card and on South side of India they play the development card. East gain they become neutral to sought out the local issues, while in west they are again using the majority card.

The problem is that we as Indian citizens do not have a strong opposition. Look at those opposition leaders all are tainted and some of them don't have basic understanding of what is happening in India.

If the I.N.D.I.A alliance had won they would have jeopardize the current economic structure and would have completely banned crypto as per my understanding reading through their manifesto. Whereas the current government is more focused with security of financial gains that it has achieved over the past 10 years.

That is the reason why they have started in regulating the current Bitcoin and cryptocurrency market with strict laws. I am not a supporter of the government policies but it feels they are squeezing us to follow their rules in a business that focuses in privacy, security and no government control.

I hope they come up with some ease with their policies, in particular with their crypto gain tax and TDS.

[Bitcoin Smith]

As a matter of fact, we can't do much we have to accept whatever policies they bring, and I don't think it would go much easier on crypto unless someone with the actual knowledge becomes Finance Minister.

But crypto won't be in their target for a while if BJP comes to the power again because someone from BJP already spitting out some facts that their focus will be moving the democracy in the way of dictatorship I mean actual dictatorship, so there might be high chances that they will change policies that will make no election at all in the future of India (which is hard to believe) but that will be their main agenda in their next ruling period.

[Bureau]

As a matter of fact, we can't do much we have to accept whatever policies they bring, and I don't think it would go much easier on crypto unless someone with the actual knowledge becomes Finance Minister.

But crypto won't be in their target for a while if BJP comes to the power again because someone from BJP already spitting out some facts that their focus will be moving the democracy in the way of dictatorship I mean actual dictatorship, so there might be high chances that they will change policies that will make no election at all in the future of India (which is hard to believe) but that will be their main agenda in their next ruling period.

Crypto is already in the verge of collapse in India due to all these restrictions. I doubt they will change anything in the existing policy as they have in a way regulated crypto business. Today we will know which political party will be ruling the country for the next 5 years. The wave is still favouring the boat of Mr Modi and he is going to get the third term.

[Bitcoin Smith]

Today we will know which political party will be ruling the country for the next 5 years. The wave is still favouring the boat of Mr Modi and he is going to get the third term.

At the time of 12:20 almost half votes are counted, and it seems BJP is set to begin their 3rd term but there is a complete twist they are not going to the parliament with single majority like the previous terms because they're only leading in 240+ and it has to be 272+ to be single majority ruling part. So I see some hope now, Rahul and INDIA ally brought back the game on pair with 230+ leading means we are going to see some changes for sure.

[pakhitheboss]

This time the ruling party got fucked like anything. They were so confident before the polls that all their strategies will work for them. The opposite alliance utilized this opportunity and became stronger in the 2024 election. Although I feel that we will see a lot of issues coming within the I.N.D.I.A alliance, I am still happy to see them destroying the ego of a singular party which made things so bad for crypto business in India.

Thank God that bitch of an FM is not to be seen. These IAS officers will now get someone who might be able to focus on us as a community rather destroying the community. This is just the beginning and by next election if the ruling part doesn't work in our favour then they will lose.

[Rotten Egg]

Thank God that bitch of an FM is not to be seen. These IAS officers will now get someone who might be able to focus on us as a community rather destroying the community. This is just the beginning and by next election if the ruling part doesn't work in our favour then they will lose.

I guess, you mean previous FM Nirmala Sitharaman here. If that's the case, why do you think she can't be the FM again?

[Bureau]

I simply did not understand why the BJP lost so many seats. They are now dependent on the support of Nitish Kumar and Chandrababu Naidu. If these two guys remove their support or move out of NDA and join the alliance then we will see Rahul Gandhi as the new PM. If the alliance forms the government I do not feel they will do anything good for the crypto community as they will be busy with their own internal power struggle and hate agenda of Modi.

[Bitcoin Smith]

I simply did not understand why the BJP lost so many seats. They are now dependent on the support of Nitish Kumar and Chandrababu Naidu. If these two guys remove their support or move out of NDA and join the alliance then we will see Rahul Gandhi as the new PM. If the alliance forms the government I do not feel they will do anything good for the crypto community as they will be busy with their own internal power struggle and hate agenda of Modi.

Losing the dominance on UP is the actual difference for not reaching numbers enough for single majority and it's due to the reason of high unemployment rate, inflation and people realized especially women voters.,their Ram Mandir stunt didn't work either cause BJP lost in Ayodhi.

I don't think NDA alliance will broke or at least until this moment so Modi will become the PM but this alliance is enough to last long for 5 years terms is highly questionable...

Even Modi is losing dominance in his own place and he won by the margin of 1.5lakh+ difference but in the previous terms it was over 4 and 5 lakh vote difference which may even lose the confidence of RSS over the Modi's political future.

[TheUltraElite]

I actually used the opportunity to buy some of the stocks that dropped on yesterday's market and managed to inflate my folio by quite a bit. This was a good time to buy because panic selling happened with stocks thinking that BJP is going to lose and these are the times that the diligent investors should jump into the foray and catch the dropped stocks.

Bitcoin though, does not really care because this is not really a worldwide phenomena, USA elections effect it in a different manner.

I dont care about the election results though, only in my gains from the market.

[pakhitheboss]

I dont care about the election results though, only in my gains from the market.

You did the right thing in buying in the dip, there was a big dump and everyone who understands stock market should have utilized this opportunity. If it is not a big issue for you can please disclose which stocks did you buy?

Nitish babu and Naidu garu have now become the king maker. Read that the cunning Sharad Pawar has already contacted Nitish Kumar and offered him a lucrative position, if he joins the Indi alliance. I have a strong feeling that this guy will leave the NDA and that will be decisive.

Mamta didi is not interested anymore to be part of the alliance as she is not going to be part of the alliance metting schedule for today. I somehow want the opposition to come to power and then do what they promised to my fellow countrymen.

As they have said they will abolish all previous decisions and laws taken by the BJP, I am wondering whether they will remove the tax law and come up with a new one. If that happens then we can make good profits like we did before 2022.

[pawanjain]

I actually used the opportunity to buy some of the stocks that dropped on yesterday's market and managed to inflate my folio by quite a bit.

Even I had bought some shares to average out but it wasn't much though. I didn't have enough capital, just 10% of my existing portfolio.
Anyway, it's good to buy assets at cheaper price. Now that Modi government is back on track I guess the prices will start rising further.

I somehow want the opposition to come to power and then do what they promised to my fellow countrymen.

As they have said they will abolish all previous decisions and laws taken by the BJP, I am wondering whether they will remove the tax law and come up with a new one. If that happens then we can make good profits like we did before 2022.

Why will they withdraw the rules which are giving them monetary benefit directly ?
Higher tax means more money for them which will eventually be used for corruption.

[TheUltraElite]

You did the right thing in buying in the dip, there was a big dump and everyone who understands stock market should have utilized this opportunity. If it is not a big issue for you can please disclose which stocks did you buy?

Top banks of the country shhh

The market rebounded back after the election results day, so the time for buying is up now. For now just wait for the ministers to swear in and assume their offices and see how the market reacts to those news.

To me elections no longer hold any value, I am just interested in the side gambling that happens.

[Bureau]

Top banks of the country shhh
 For now just wait for the ministers to swear in and assume their offices and see how the market reacts to those news.

This will be interesting! The existing IT minister has lost the election, who will be the new one? I am eager to find out whether TDP gets the FM or it will a BJP MP. I have read and heard in mainstream media that according to thier sources TDP has asked for FM. How much truth it holds cannot be verified as it from their sources.

[kentrolla]

As we are aware that the ruling government which as killed Indian crypto market is all set to retain the power for third time in a row and they have already destroyed Indian exchanges as well as traders by implementing draconian policies and exorbitant taxes but what happens if they win again? Will it be more painful and more restrictions on crypto ? Or they will change their mind? If more restrictions then how do we survive I mean those who cannot relocate to another country.

The ruling political party is very intelligent under the administration of two Gujarati's as to how manipulate the citizens of this country.

On North side of India they play the majority card and on South side of India they play the development card. East gain they become neutral to sought out the local issues, while in west they are again using the majority card.

The problem is that we as Indian citizens do not have a strong opposition. Look at those opposition leaders all are tainted and some of them don't have basic understanding of what is happening in India.

If the I.N.D.I.A alliance had won they would have jeopardize the current economic structure and would have completely banned crypto as per my understanding reading through their manifesto. Whereas the current government is more focused with security of financial gains that it has achieved over the past 10 years.

That is the reason why they have started in regulating the current Bitcoin and cryptocurrency market with strict laws. I am not a supporter of the government policies but it feels they are squeezing us to follow their rules in a business that focuses in privacy, security and no government control.

I hope they come up with some ease with their policies, in particular with their crypto gain tax and TDS.

Very true, I wish the same and to be honest if they remove these restrictions by understanding the nature of decentralisation and crypto it would help them gain some reputation because if any government when they go against crypto or new technologies it looks like they are patronizing us and wants to to stay at the same level and not prosper. I just wish this government works for betterment of nation instead of doing communal politics and they should focus on helping the BPL people to uplift and create more jobs than the freebies.

[Bureau]

The swearing ceremony will happen today and a lot of new face will get ministries. I am eager to see who gets the FM and IT ministry? As these two will decide what will happen next in the upcoming budget for crypto in India. Cannot say that there will be a reduction of tax but will not be happy if additional tax get added to the existing structure. Since TDP is part of the coalition government they shouldn't allow any harsh policies against crypto.

[TheUltraElite]

The swearing ceremony will happen today and a lot of new face will get ministries. I am eager to see who gets the FM and IT ministry?

They will all be pawns of the current government. Either way whether we see improvements in crypto taxation system or exchanges being accepted as mainstream, remains a mystery for now which only time can demystify.

Keep your fingers crossed and continue to stack your coins on top of one another as bitcoin keeps rising.

[pakhitheboss]

snip..

Nope! They will not be pawns of the BJP as there are two kingmakers in this coalition. If the BJP wants to rule for the next 5 years, it will need to satisfy the requirements of the current coalition parties. I am not expecting anything new from them and do not think there will be any changes in the current taxation for cryptocurrencies and Bitcoin. They will continue with the same old tax policy but there is a need to regulate these Indian exchanges as they are doing whatever they want without any interference by the law agencies. They are still operating with the same license as a software development firm has and there should be clarity with their permits as they are not developing anything. They should be required to pay the same license fee as a broker on the Stock Exchange of India to operate. They have already alienated their users with exorbitant withdrawal fees and uncooperative policies governing their exchange.

[Bitcoin Smith]

List of minister for NDA released few minutes ago, surprisingly there is not much change in the list of minister and every important department handed over to the same one who was in their last round.

Ministry of Home Affairs - Amit Shah

Ministry of Cooperation - Amit Shah

Ministry of Defence - Rajnath Singh

Ministry of External Affairs - S Jaishankar

Ministry of Finance - Nirmala Sitharaman

Ministry of Corporate Affairs - Nirmala Sitharaman

Ministry of Road Transport and Highways - Nitin Gadkari

full list: https://www.ndtv.com/india-news/modi-cabinet-portfolio-announcement-live-now-in-modi-3-0-who-gets-what-ministry-see-full-list-5860230

[pawanjain]

Top banks of the country shhh
 For now just wait for the ministers to swear in and assume their offices and see how the market reacts to those news.

This will be interesting! The existing IT minister has lost the election, who will be the new one? I am eager to find out whether TDP gets the FM or it will a BJP MP. I have read and heard in mainstream media that according to thier sources TDP has asked for FM. How much truth it holds cannot be verified as it from their sources.

Lol, sad to see your excitement ruining. Even I thought there would be a change in ministers but it seems that Modi wants to stick to the existing ones.
Either is too lazy to make a change or may be he already has a plan in place for the upcoming few years.