RBI still pushes for the complete ban!

[Bitcoin Smith]

India's central ​bank has reasserted a call for a cryptocurrency policy "leaning towards prohibition," while the country's tax department warned that trading via offshore exchanges is hard ‌to track, government documents reviewed by Reuters showed.

The documents reveal a preference among key Indian agencies to use tighter curbs on virtual digital assets, even though the government has yet to adopt a policy to ban or regulate them

India central bank backs crypto ban, tax department warns of evasion risks, documents show

Like they actually care about the security of assets for Indians?

RBI managed to ban crypto in the past, then the Supreme Court managed to overturn that. Now, they are still insisting on a ban even after making the life of Indian crypto users a hell with 30% tax on gains and making ridiculous guidelines to follow for the exchanges to operate in India.

[Cointikka]

We will be hearing more such news this month. The government might come up with a few new laws in the upcoming monsoon session. The problem is that they are unable to stop crypto usage for illegal and terrorist activities. The right-wing media has also suddenly started talking about USDT being used by neighbours to fund terrorist and other things. They won't be able to ban crypto, but they will surely come up with more stringent laws.

[JSRAW]

Did they issued new advisory or these reuturs folks recycling old news as clickbait, just for the sake of reporting something?

Thought babus were pretty clear on sucking blood from start and all the bullet points mentioned in article didn't seem new thing. Btw nowadays asset managers started pitching crypto as part of portfolio.

[Cointikka]

Did they issued new advisory or these reuturs folks recycling old news as clickbait, just for the sake of reporting something?

Thought babus were pretty clear on sucking blood from start and all the bullet points mentioned in article didn't seem new thing. Btw nowadays asset managers started pitching crypto as part of portfolio.

Yes, there are many repeats in that article, but they have said that they have read internal documents and recent submissions, which makes the news new. I do not think they can influence the country's security politics by publishing a recycled article. Reuters in the past has written articles that somewhat tried to put the narrative of the West and influence the Indian opposition, but no one cares about crypto in India except the community.

I was not aware that asset managers are pitching crypto investment. What kind of investment is this? Do you have any details? I am guessing ETFs might be the one they are pitching.

[Nrcewker]

The right-wing media has also suddenly started talking about USDT being used by neighbours to fund terrorist and other things. They won't be able to ban crypto, but they will surely come up with more stringent laws.

Terror financing is nothing but just another excuse, and we all know the reality behind this. The main motive behind the RBI’s countless efforts to ban cryptos is the widespread adoption of crypto, which will accelerates India’s capital outflows. They know that if people keep investing in cryptos, then the banking sector will soon vanish. This will also depreciate the value of the Indian rupee in the international market.

Moreover, the RBI wants to control each and every monetary activity of ours, so they want every asset we hold and every rupee we make to be made with their permission. But, as always, thanks to the decentralized nature of Bitcoin, no one can really find out how many crypto assets I have unless I use a regulated exchange.

[JSRAW]

Did they issued new advisory or these reuturs folks recycling old news as clickbait, just for the sake of reporting something?

Thought babus were pretty clear on sucking blood from start and all the bullet points mentioned in article didn't seem new thing. Btw nowadays asset managers started pitching crypto as part of portfolio.

Yes, there are many repeats in that article, but they have said that they have read internal documents and recent submissions, which makes the news new. I do not think they can influence the country's security politics by publishing a recycled article. Reuters in the past has written articles that somewhat tried to put the narrative of the West and influence the Indian opposition, but no one cares about crypto in India except the community.

I was not aware that asset managers are pitching crypto investment. What kind of investment is this? Do you have any details? I am guessing ETFs might be the one they are pitching.

They could claim anything, that's what media does with their so called sources, there wasn't much news coming out from India regarding regulations etc so for right and wrong reasons, keep stirring the pot and start a new discussion.

Almost everything ETFs, corn, crypto, pre seed level projects etc as diversification in high risk category.

[Cointikka]

Terror financing is nothing but just another excuse, and we all know the reality behind this. The main motive behind the RBI’s countless efforts to ban cryptos is the widespread adoption of crypto, which will accelerates India’s capital outflows. They know that if people keep investing in cryptos, then the banking sector will soon vanish. This will also depreciate the value of the Indian rupee in the international market.

Moreover, the RBI wants to control each and every monetary activity of ours, so they want every asset we hold and every rupee we make to be made with their permission. But, as always, thanks to the decentralized nature of Bitcoin, no one can really find out how many crypto assets I have unless I use a regulated exchange.

I agree with all of your points, but Terror financing is a real issue. You can check this X post [https://x.com/PTI_News/status/2056721019625492769\]. It is now clear that USDT is regularly commingled with hawala channels, overseas Telegram handlers, and mule bank accounts to obfuscate financial trails. This is why they are so much against crypto, but they know 39 million users are bringing in 2 billion in revenue to India; they want to cash us in to get more in tax revenue. As long as there is terror involved, crypto will always be under scrutiny.

[pawanjain]

Like they actually care about the security of assets for Indians?

Security of assets for Indians? Lol, that's a nice joke. Banks have literally failed to do so and we have heard the cases.
Banks have failed to secure cash put in lockers and had claimed that the rats ate them.
Banks have also failed to secure hold put in lockers. Matter of fact, even the police have failed to secure the gold seized in investigations and claimed that monkeys took it away.
Indian police and banks have literally made a joke of themselves when it comes to such cases.
On top of this, they just provide a maximum insurance of 5 lakhs in case anything goes haywire in the banks and they lose customers money.