India Proposes a Ban on Crypto Again

[BTC Future 3946]

On 8/18/2020 at 4:31 PM, hossamm94 said:

but they can ban it from depositing in banks,

Yeah, that is what India was doing so far. It changed since last year and now they talk againg about banning. Other countries have prison terms as well. I hope this won't be the case with India and lately there have been no news about this.

[bhaiegoo 1517]

I am also feeling sad for Indian users when hearing that type of news. Some country think that their economy is effect from that type of forum and coins. That is why they banned and feel that after passing some times they will be unbanned. 

[CryptoDemon 370]

On 6/12/2020 at 4:24 PM, BTC Future said:

 

The Indian government is once again considering to propose legislation to prohibit and ban the use of Bitcoin and other cryptocurrencies in the country.

 

This news comes just a few days after the RBI (Royal Bank of India) confirmed that there was no banking ban on the crypto industry right now and a few months after the Supreme Court of India struck down the previous ban. The previous Indian ban on crypto lasted for two years and now it seems that another law will take effect, during a time where major exchanges as Binance have already expanded in this market, and others as Kraken and Coinbase are examining the opportunity.

 

The RBI also has plans for a digital rupee which according to reports will be based on blockchain distributed ledger technology. The country has also removed capital controls for withdrawals of money out of the country, up to $250,000 which was an incentive for exchanges to consider expanding in the region.

 

The draft of the proposed law seems to be indicating that offenses will be punishable with imprisonment for a time between 1-10 years.

 

[RECENT NEWS]: Wazirx exchange executive Nischal Shetty explains that it would be difficult for such a law to pass.

 

Sources:

EconomicTimesIndia

Cointelegraph

Bitcoinist

BTCmanager

 

If the crypto currency will be banned again in India, it will be having a hard time to recover because there is a lot of crypto users there and they will be forcibly sell all of their crypto coins and it will also cause us to have a hard time to occur the mass adoption.

[BTC Future 3946]

On 8/22/2020 at 9:23 AM, CryptoDemon said:

If the crypto currency will be banned again in India, it will be having a hard time to recover because there is a lot of crypto users there and they will be forcibly sell all of their crypto coins and it will also cause us to have a hard time to occur the mass adoption.

There is not that many. Cryptocurrencies were banned in India for many years and only lately the government had allowed it again. It has not become a huge market and a band decision won't affect prices negatively. The problem is that there won't be an openning in India if a decision like that is passed as a law. 

[Hatred 1388]

On 6/12/2020 at 5:03 PM, Shahud said:

i was really happy when news came that india accepted and legalise the bitocin but as of now after reading this news i am really very sad that i belomg to india country.but i will just verify the news about banning ofthe bitcoin

That's sad, mate. I hope your country's government will not accept that kind of law again. Just a suggestion, maybe you and other crypto users from India will make a petition to make crypto legalize again and there are lot of benefits that they can get from using crypto. 

[AlexBerkut 51]

On 12.06.2020 at 12:24, BTC Future said:

 

The Indian government is once again considering to propose legislation to prohibit and ban the use of Bitcoin and other cryptocurrencies in the country.

 

This news comes just a few days after the RBI (Royal Bank of India) confirmed that there was no banking ban on the crypto industry right now and a few months after the Supreme Court of India struck down the previous ban. The previous Indian ban on crypto lasted for two years and now it seems that another law will take effect, during a time where major exchanges as Binance have already expanded in this market, and others as Kraken and Coinbase are examining the opportunity.

 

The RBI also has plans for a digital rupee which according to reports will be based on blockchain distributed ledger technology. The country has also removed capital controls for withdrawals of money out of the country, up to $250,000 which was an incentive for exchanges to consider expanding in the region.

 

The draft of the proposed law seems to be indicating that offenses will be punishable with imprisonment for a time between 1-10 years.

 

[RECENT NEWS]: Wazirx exchange executive Nischal Shetty explains that it would be difficult for such a law to pass.

 

Sources:

EconomicTimesIndia

Cointelegraph

Bitcoinist

BTCmanager

 

I wonder why cryptocurrencies are so disturbing to the Indian authorities? Are they helping crime thrive with anonymous payments? Or are they really competing with a not-so-good banking system?

 

[1qDan 478]

Lately many nations are becoming interested in creating virtual currencies or references of the currencies that represent them, China with the Yuan and now India with the rupee.

 

Returning to the issue in question, the laws that are usually adopted in that country are not very effective, regulating a growing market such as cryptos is just one way of wanting to exploit companies that want to work in India.

[fzdesign 50]

On 6/12/2020 at 4:24 AM, BTC Future said:

 

The Indian government is once again considering to propose legislation to prohibit and ban the use of Bitcoin and other cryptocurrencies in the country.

 

This news comes just a few days after the RBI (Royal Bank of India) confirmed that there was no banking ban on the crypto industry right now and a few months after the Supreme Court of India struck down the previous ban. The previous Indian ban on crypto lasted for two years and now it seems that another law will take effect, during a time where major exchanges as Binance have already expanded in this market, and others as Kraken and Coinbase are examining the opportunity.

 

The RBI also has plans for a digital rupee which according to reports will be based on blockchain distributed ledger technology. The country has also removed capital controls for withdrawals of money out of the country, up to $250,000 which was an incentive for exchanges to consider expanding in the region.

 

The draft of the proposed law seems to be indicating that offenses will be punishable with imprisonment for a time between 1-10 years.

 

[RECENT NEWS]: Wazirx exchange executive Nischal Shetty explains that it would be difficult for such a law to pass.

 

Sources:

EconomicTimesIndia

Cointelegraph

Bitcoinist

BTCmanager

 

I am not aware of this situation, but why would the Indian government want to ban crypto coins?

[Captain Karim 0]

India's position has become very fluctuating towards cryptocurrencies in the recent period, I hope we get out of this mess because a cryptocurrency ban in India will have bad consequences for the market.

[vladlengo 8]

Why India don't take one stance on cryptocurrencies, they put ban then High Court ordered to lift ban and then again they have put ban on cryptocurrencies. It's very sad because India has a huge population and there are many Indian people who understands this technology very well

[Ecoloco2020 55]

Hello, if they want to ban it, it is because they are afraid of it, governments in general prohibit things that can take away their power or cannot control, it means that bitcoin is good and the people I chose it and you cannot go against that.

[Mike1515 2977]

I think as much as we are adopting crypto currency we need to be very careful that we might not take the wrong turn because there is a lot of mistakes that one can make and in the end its one thing that can cost you really much from it so to me we need to follow the right direction. we need to work hard and be careful when adopting this kind of crypto they might affect our economies

[Mwangi 5611]

Its very important not only for india but for so many countries , the right idea be to know how to control the finances of your country , whichever route they come from but in the end the best is to be in a strategy that works perfectly for you and in the ened you just stand a chance to which one is able ot follow certain direction, its important one is able to look at that process and in the end we all able to understand how to be able to control what might happen in the future. there are also illegal activities going on and if a country sees a threat then its important to take control of it

[Syedbesharat 5423]

On 6/13/2020 at 5:55 AM, malik6314193 said:

I think it is good thing. It is bad news for indian crypto users. India is a market of 1.3 billion people and definitely huge number will be connected to crypto. But i think it will not going to happen. 

Well the governments of all countries doesn't control the crypto and afraid of lossing their control over people who can be rich and can transfer their funds without their notice. They will agree for the time but strike down again at crypto for gaining control of crypto exchanges in their countries like China did to exchanges in their countries. India is following this Kind of patron  against  crypto exchanges. 

[Zouhair laasri 34]

If you know about digital currencies, it will be good for many traders in India, but unfortunately there are those who do not like this field. I think this is a political decision.

[Gabomg 54]

The regulation of cryptocurrencies in India has been a roller coaster ride. Amid a nascent market in 2018, the central bank, the Reserve Bank of India, banned banks from providing services to crypto companies. After nearly two years of restrictions and lengthy legal proceedings, the nation's Supreme Court overturned the restriction in March of this year.

[khan22 3478]

India is a big country and so many peoples will use the crypto and they can not ban the crypto again becasue in the crypto market there are almost thousands of peoples working in it and they make good money through it.

[its.cryptologic 163]

Can a country every really successfully ban anything online? People will resort to using VPNs to get around the blocks. It should be an international law to have crypto unbannable due to it being a freedom choice. 

[yonkii 3205]

India should not ban cryptocurrencies. Some of the indian people have very low wages, they deserve better and with crypto they can work online to earn and make a better wage. It is not right from their government to not allow them to produce a better income for them.

[Shaza Ahmad 1682]

This is not in the interest of India, because whoever wants to deal in cryptocurrencies will find other illegal sources in the country and the government will lose taxes, I think that India should look carefully to what Russia has done in terms of legislation for cryptocurrencies while preventing them from using them to buy goods and services and benefit from these. Experience.

[Mella 3680]

I am not sure why is India is do this but this is wrong they should allow the crypto currency and not ban. This is not very good for the country of India and it will only make the Indians be in worse than before an not help them to make better living.

[Maaz sultan 265]

This is a bad news for all the indian crypto users but i thinks the government supports these crypto currencies and they bans these crypto currencies in limited way and lat work peoples to work with these crypto currencies .

[Sykkuno 2887]

A ban on crypto by India will not make any problem to crypto but it will not help India in fact, I don't know why they don't see this as a good way to increase the economic wealth of their citizens. Maybe they are too strict and should relax their laws to be a better and open government.

[bogdanoff 3173]

If India accepts cryptocurrencies we will have more than one billion people wanting to enter this market and use crypto for daily ways and try to make a job from the online economy. I think that India should think about it again, too many jobs and businesses will be created for them.

[Fixfin 2569]

One time the lift the ban only to think about enforcing it again. This is very bad for Indians as their government can't decide what to do with cryptocurrencies. I hope they will stop and think about this carefully as it is not just about trading and making profits. It is a new system of economy they try to ban.