Information about crypto ban in India

[awesomewebsites]

Taken from a Twitter account :

An anonymous senior source in the government who is aware of the discussions, says :

1) "India is not going to put a blanket ban on digital currencies, but rather treat them as commodities"

2) “I don’t think anyone is really thinking of banning altogether. The issue is about regulating trade. We need to know where the money is coming from Allowing it as a commodity may let us better regulate trade and so that is being looked at"

What does it mean for crypto to be treated as commodities ?

 

[b1step-ahead]

Taken from a Twitter account :

An anonymous senior source in the government who is aware of the discussions, says :

1) "India is not going to put a blanket ban on digital currencies, but rather treat them as commodities"

2) “I don’t think anyone is really thinking of banning altogether. The issue is about regulating trade. We need to know where the money is coming from Allowing it as a commodity may let us better regulate trade and so that is being looked at"

What does it mean for crypto to be treated as commodities ?

at the very least more regulation and you can kiss being anoymous goodbye.

 

[awesomewebsites]

at the very least more regulation and you can kiss being anoymous goodbye.

Any example of commodity trading in India or anywhere else ? I do not have any problem in my holdings being in knowledge of government.

 

[loldrops]

No more localbitcoins, limited number of exchanges/brokers who verify identities, minimum account deposits, high fees.

 

[b1step-ahead]

Any example of commodity trading in India or anywhere else ?

commoies trading in the US is huge. Chicago exchange https://en.wikipedia.org/wiki/Chicago_Mercantile_Exchange

To be a publicy traded commodity you have to be transparent, regulated etc... I think it would kill the entire concept of crpto.

Once a coin gets regulated im sure 10 new one's will pop up to replace it. Govt's love control and to regulate things.

 

[BusinessSmack]

Awesome news, we payout almost half of our affiliates in crypto and we have a lot of affiliates in India.

 

[awesomewebsites]

Awesome news, we payout almost half of our affiliates in crypto and we have a lot of affiliates in India.

This is not confirmed news. There is hearing on 29th July which will make things more cleat.