India Proposes a Ban on Crypto Again

[cryptovlek 2597]

I don't think they will take any decision like that because this will send india years behind the evolution of finances and they will doom the Indians in a very bad financial position that will not allow them to escape even after maybe one generation or two pass. They should adopt cryptocurrencies instead and allow everybody to use them.

[Braulio Eurea 720]

Governments like India take these measures to prohibit cryptocurrencies because they feel threatened by the cryptographic world, they do not control transactions with cryptocurrencies, since this is a private initiative, the question is that governments want to control or regulate the means of payment and as long as they do not allow it to regulate the cryptographic world, they will not accept it as legal.

[percare 3192]

I wouldn't want this to happen, it will be a step backwards for this country that has so much potential to become the hub of technolgy and advancement. All the world hopes that india will become stronger economy and with regional power around will become the next economic center of the planet.

[kryptonick 2659]

It will be bad for India as a country and an economy if they exclude from their business cryptocurrencies and outlaw them. They will not allow cryptocurrencies that can be billions of dollars in value to be created in India and they will not allow jobs to be created and the people to feel freedom to use the new money. I feel bad when I read about that and it is the same for all countries.

[Red-Jones 1150]

On 10/16/2020 at 8:31 AM, its.cryptologic said:

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. 

 

people can use VPN as they wish but at the end of the day people will need to use banks to remove their coins from online places for banks and be able to buy things in the real world, and banks because they know the government has banned cryptocurrencies will refuse transactions that involve cryptocurrencies

[Cryptomint 433]

Now these news are boring me now. Many time I have listened and also read in the articles which say that now the India is going to ban. But it is not.

[Pranto1 40]

I think not only India but no country in the world can block bitcoin directly but they can keep it away for a while because bitcoin.This will be an inspiration for everyone associated with crypto.  Let's hope the news goes wrong and no restrictions are imposed.

Good luck

[Nicole018 4548]

It is really disheartening to see India not accepting cryptocurrencies. The citizens of India are not at all aware of the huge potential possibilities that come with the use of cryptocurrencies in the transfer of fund. I hope the government would not pass such a law as it would definitely be a huge loss for the people. Let's hope that cryptocurrencies would be accepted in India as well.

[MalikAdnan 1662]

Yes i think firstly India govt decide the accepting of Crytpo in the country. On this occasion everyone is happy because this is the best for the traders. But latter now the India govt. banned  the currency in the country.

[khan22 3478]

India is not going to ban the crypto again becasue now the crypto market is 100% legal in india and in india peoples are not use the crypto currency easily and they make trade easily and make money through that.

[guatazoo 7150]

Indian government is going crazy now because they are always restricting cryptocurrencies from their country and come to legalize it in fee days. 

[VijithaVarghese 1994]

I think it's because of the cryptocurrency scams people are creating in the country. But am not sure if the information is right as lot of people talk about it . I think still people would continue using it as a lot of people are really looking forward.

[jackycrypto485 1055]

Most countries now plan to issue their own national digital currency, but I think that this is a way to evade the acceptance of Bitcoin and cryptocurrencies that are witnessing a great expansion and spread in all countries of the world, of course it is known that digital currency differs from the cryptocurrency because it is centralized and controlled by the government or Central bank or cryptocurrencies are decentralized and uncontrollable.

[MoralStories 1127]

Don't know where the world is going right now it is been happening in many countries that they are constantly banning the cryptocurrency and making it illegal to use it.

[zhoutong 2188]

There was some proposal as I recall but it wasn't forwarded, it will be changed and be a proposal to regulate, tax and perhaps create some restrictions. I think India will abandon any ban thoughts and proceed with some regulations that might be strict though.

[Zeshan7736087 287]

I have been listening multiple news regarding cryptocurrencies in India. Some say that they are adopting it while some say that they are banning it. India have one of the largest populations so decision of this country will affect crypto currency a little bit.

[Nupeboy 627]

Yes this is a very sad news especially for the Indians people that are trying to use crypto freely by getting this news am sure they will be disappointed and unhappy about this decision make by their government 

 

[Ahmad ah 1212]

If this happens and this law is passed, it will be a real disaster, as this will affect the bitcoin price because a large number of Indians are investing in Bitcoin, and if they exit the market, it will cast a shadow over the digital currencies. I am upset about it and hope this law will not be passed.

[Farukatie 1271]

Yes you are right..recently indian Supreme court take a decision again to ban crypto currency but its true that lot of investors, trading master from India.. They are hidden becuase india not yet agree to accept bitcoin and another currency..but hope they Will legal it soon and we can see a huge change on crypto currrency price again..the Govt also Afraid About the crime..    

[Syriana 350]

We feel sadness and sorrow for the condition of the Indian people because they cannot use the cryptocurrency in complete comfort, and I hope that banks and banks will back down from their decisions and allow work on cryptocurrencies, but this requires intervention from the people or whales in India so that everyone can earn and improve their financial situation

[abohasnn9 2401]

This is not a good thing by the state of India that imposes taxes on cryptocurrency traders, in addition to that it was noticed by the countries that developed a plan to create their own cryptocurrency, in addition to India being one of the largest countries using cryptocurrencies, so this is not good for her. Thank you.

[Amna Hareem 1213]

On 6/12/2020 at 1:24 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

 

 Dear it is really very bad news I think Bitcoin should be legal in all countries because it is the right of the People's to use it and earn through it because in other countries people are using Bitcoin earning the huge profits through it so Indian people also have right to earn throw it and earn a good profit and all countries are accepting Bitcoin because it is becoming popular day by day so I think Indian government should accept Bitcoin.

[Naseer Ahmad78 721]

I think that countries which are under developing can't ban the crypto industry because it is now strong financial platform,But if the crypto industry bann any country, then the people working inside it will be very effective because it is providing  people employment during this pandemic situation.

[JesusFries 1958]

India bans cryptocurrency at first because the government seeing this as a illegal especially they're near to the countries which are having a lot of wars, cryptocurrency can be used to laundering the terrorism and buying illegally.

[m7md 0]

Despite the strong reluctance that governments show towards cryptocurrencies and the wealth of them hindering their spread and eliminating them, they grow rapidly and their prices increase dramatically due to their inability to control them