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India Proposes a Ban on Crypto Again

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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

 

Edited by BTC Future
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Well, when the India is now adopting Bitcoin, many people there are being happy with that because they can now used it freely but as of now by reading this topic, i feel so bad for them because they're prohibited again to used it.

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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

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The strange thing is the fluctuation of the Indian governments views on cryptocurrencies, because a large portion of them operate by encryption, and India is one of the countries that affects the price significantly, and it got partial acceptance in the beginning, so why do they retract their decision?

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1 hour ago, Mcd0d0 said:

Well, when the India is now adopting Bitcoin, many people there are being happy with that because they can now used it freely but as of now by reading this topic, i feel so bad for them because they're prohibited again to used it.

It is still proposed till now, not implemented. In fact, I don't think the government have any power in its will to ban any cryptocurrency activities after the ruling by the supreme court in 2018. What the government needs to do is bring up a regulatory body on all crypto related issues. I don't see a reason the Indian Government feels a lot of treat legalising cryptocurrency.

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My Altcointalks username —° Raqeebzy

 

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Where this article published can you provide the information, because mostly I follows few crypto tubers for latest update, but anyone you tuber not give this news, recently we feel so happy when Indian government remove ban, but now what's happen and why once again government want ban crypto I can't understand its really very sad news for Indian crypto users.


 

   

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2 hours ago, BTC Future said:

btc.jpg.f8f1ad714b64b80f345aa3c3f4727315.jpg

 

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.

 

 

 

Sources:

EconomicTimesIndia

Cointelegraph

Bitcoinist

BTCmanager

 

Banning cryptocurrency in India will not be great for the people because those people that is using cryptocurrency to earn will be stopped and they will find new ways to earn unless in having cryptocurrency as a method of earning in their country

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2 hours ago, Honny143 said:

Where this article published can you provide the information, because mostly I follows few crypto tubers for latest update, but anyone you tuber not give this news, recently we feel so happy when Indian government remove ban, but now what's happen and why once again government want ban crypto I can't understand its really very sad news for Indian crypto users.

I have given many links inside the post. All the underlined words are links to additional information. Sadly crypto youtubers sometimes miss many news. I really felt bad reading this and tried to notify the Cryptotalk community as soon as possible.

Edited by BTC Future

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I didn't think that this is happening beacuse there is alot of big invester belong from India . infact if India ban Crypto currency then also there is alot of ways by using them, we can easly access exchanges and used BTC .

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@BTC Future I wonder what would happen next if India again decides to issue ban against cryptocurrency? As a big brother in south Asian countries, every move made by India does make the huge sense. Recently I was hearing like Nepal is also preparing to legalize cryptocurrency I think they got inspirations from India.I really do not know the reasons why India has so many doubts on cryptocurrencies !! 

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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. The 1 to 10 years of imprisonment indicates that this time the ban is very strict. 

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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. 

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It is very sad news from India, banning crypto will damage their own development. I think to develop in digital sector cryptocurrency are very. I hope India will unban crypto soon.

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17 hours ago, Mcd0d0 said:

Well, when the India is now adopting Bitcoin, many people there are being happy with that because they can now used it freely but as of now by reading this topic, i feel so bad for them because they're prohibited again to used it.

Yes this is really bad news that will affect Indian crypto traders or users when the ban will be implemented and i feel for them as well,this is also sad development on cryptocurrency in that country.

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After such a long journey of around 10 years Crypto exchanges have been officially allowed to trade with banks but again talking about ban? It's really a bad topics and i think it's been raised by opposition parties in cabinet but be sure bro this won't happen as India is already too ahead in forming digital India Campaign.

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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2 hours ago, George10 said:

Yes this is really bad news that will affect Indian crypto traders or users when the ban will be implemented and i feel for them as well,this is also sad development on cryptocurrency in that country.

Well, i hope that they can also used some other coins like altcoins and stable coins to continue their job in trading and holding to get some profit daily.

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1 minute ago, Mcd0d0 said:

Well, i hope that they can also used some other coins like altcoins and stable coins to continue their job in trading and holding to get some profit daily.

Sure if that can happen then it will be much better for them but in my opinion I think the ban can also impact on the price of bitcoin since the demand of bitcoin from that country will be cutt off let's hope this issue will be resolved and ruled according without implementing a ban.

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20 minutes ago, George10 said:

Sure if that can happen then it will be much better for them but in my opinion I think the ban can also impact on the price of bitcoin since the demand of bitcoin from that country will be cutt off let's hope this issue will be resolved and ruled according without implementing a ban.

Well, these coins has their own and one price only circulated in the world so India cannot be changed the price of it by being decentralized of it, i hope you may understand mate.

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4 hours ago, Ridam said:

After such a long journey of around 10 years Crypto exchanges have been officially allowed to trade with banks but again talking about ban? It's really a bad topics and i think it's been raised by opposition parties in cabinet but be sure bro this won't happen as India is already too ahead in forming digital India Campaign.

I really hope so. India has a lot to offer in this field and blockchains along with cryptocurrencies can help the economy as well. This is too strict approach and instead I think that the use of crypto should be encouraged.

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RThe real enemy of crypto is not India, it is the bank of India that is the real reason behind the first bank and also pressuring and making all possible moves to make sure the course of India bam it again

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I think that if the cryptocurrencies are canceled in India it will be a loss for these countries because the entire population will not be able to work in crypto.

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On 6/12/2020 at 5:48 PM, Whited35 said:

@BTC Future I wonder what would happen next if India again decides to issue ban against cryptocurrency? As a big brother in south Asian countries, every move made by India does make the huge sense. Recently I was hearing like Nepal is also preparing to legalize cryptocurrency I think they got inspirations from India.I really do not know the reasons why India has so many doubts on cryptocurrencies !! 

I'm not sure, but I hope that people won't get discouraged. Keeping even a small amount of money in crypto is always a good insurance. India is a vast country and difficult to manage. The population, at least in major cities can be considered skilled in technology but there is lack high speed internet. If I understand correctly most people there still use dial up modems.

In my opinion the Indian government should beging advancing the internet infrastructure and provide cheap access to everyone if possible and not worry too much about cryptocurrencies. Instead of banning them they should actually be encouraging their people to learn to code and create projects and companies based on this technology. China has banned the trading of cryptocurrencies and not the projects or access to the coins. They understand that this is backwards and you can't stop progress.

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I think that India is banning and it's against any people who is using Crypto currency because it's affecting on Indian economy! But I think that many people will still work in crypto because it very profitable thing !

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I can not understand either the information is not correct or the government of India in delem. Recently, there has been news about India's adoption of cryptocurrencies at the state level and Vice versa. Where is the truth ?

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It is sad news for India but I hope that the government will light up what are the advantages of crypto currency. I think it is much better for making laws and regulations about crypto and not totally banning it to the country.

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