India Bitcoin ban won't work

[bartosimpsonio]

Nice video with some stats

https://www.cnbc.com/video/2021/03/15/india-may-be-about-to-criminalize-cryptocurrencies.html
How can you ban crypto in India with billions of U$ invested legally by over a million people? It's just gonna destroy value.

They should regulate it and live with it IMO

 

[sunil0021]

They are about to regulate crypto now. "The corporate affairs ministry has announced companies will have to disclose any holding or dealings in cryptocurrencies or virtual currencies in their financial statements filed with the Registrar of Companies."

Source: https://indianexpress.com/article/e...mandatorily-disclosed-in-roc-filings-7246115/

 

[MisterF]

They make the rules and then change them to suit their own needs....

 

[BrandingCat]

INDIACOIN incoming.

 

[SeedPhrase]

while other countries running towards NFT and Crypto, here Indian Govt is trying to Ban Crypto that's why India is backward coz Govt itself Holding it back..
I'm proud to be an Indian but hate Govt and their outdated rules

 

[Deleted member 1333509]

I'm going to stop eating Chicken Korma in protest if they do this.

 

[Gogol]

The only issue I have is the exchanges asking for documents. If I am taking crypto from my clients, govt can't track shit. However, what if.. for example binance decided that they want to share my transactions with the it dept? The Indian companies are already told to show all their transactions. I think they will comply (wazirx and zebpay). Binance shouldn't care much.. or should they?

 

[Dopious]

It's just gonna destroy value

That´s the whole point from the goverments side, then build their own crypto, same tactic that has been done for thousands of years by people in charge.

 

[NirvanaWolf]

The only issue I have is the exchanges asking for documents. If I am taking crypto for my clients, govt can't track shit. However, what if.. for example binance decided that they want to share my transactions with the it dept? The Indian companies are already told to show all their transactions. I think they will comply (wazirx and zebpay). Binance shouldn't care much.. or should they?

Moved my BTC to Electrum from Wazirx. And ordered a Ledger, will move ETH once I receive it. Good luck to the government officials tracking my BTC on a hardware wallet. Lol.

 

[Mr Positive]

That´s the whole point from the goverments side, then build their own crypto, same tactic that has been done for thousands of years by people in charge.

it won’t work people are happy to pay taxes for bitcoin because it helps them earn extra and become rich while a stable coin will do nothing for them it’ll die a slow death simple

 

[Gogol]

Moved my BTC to Electrum from Wazirx. And ordered a Ledger, will move ETH once I receive it. Good luck to the government officials tracking my BTC on a hardware wallet. Lol.

It should be enough for asset storage (i will be doing the same)... But, the exchanges won't work anymore.

 

[NirvanaWolf]

It should be enough for asset storage (i will be doing the same)... But, the exchanges won't work anymore.

I'm personally not in a hurry to sell as I haven't invested anything. Only holding what I receive in payments. But if I have to I'm sure there are exchanges and other middlemen services where I can exchange by receiving a wire transfer. I'll figure that out later. No pressure.

 

[Gogol]

I'm personally not in a hurry to sell as I haven't invested anything. Only holding what I receive in payments. But if I have to I'm sure there are exchanges and other middlemen services where I can exchange by receiving a wire transfer. I'll figure that out later. No pressure.

Plsssss pm me if you manage to find a solution.

 

[Dopious]

it won’t work people are happy to pay taxes for bitcoin because it helps them earn extra and become rich while a stable coin will do nothing for them it’ll die a slow death simple

Will work for the goverment just fine, they don´t wan´t people to be rich, they wan´t peseants that produce for them, always been that way .. =)

 

[sunil0021]

Plsssss pm me if you manage to find a solution.

Move to payeer, its a russian company i think. Never asked for documents and i have processed over $1M.

 

[NirvanaWolf]

Move to payeer, its a russian company i think. Never asked for documents and i have processed over $1M.

But they do say they need KYC done.
https://payeer.com/en/aml/
Can't trust an exchange with large sums. You never know when they'll lock you out at their own convenience. Hope you're withdrawing your coins regularly.

 

[Dopious]

Move to payeer, its a russian company i think. Never asked for documents and i have processed over $1M.

But they do say they need KYC done.
https://payeer.com/en/aml/

Would love some more information on this subject to, please take your time, and answer this .. =)

 

[bartosimpsonio]

That´s the whole point from the goverments side, then build their own crypto, same tactic that has been done for thousands of years by people in charge.

Do people vote in India?

Destroying value usually loses votes.

 

[Dopious]

Do people vote in India?

Destroying value usually loses votes.

Ok, if you say so, it must be so.

 

[sunil0021]

But they do say they need KYC done.
https://payeer.com/en/aml/
Can't trust an exchange with large sums. You never know when they'll lock you out at their own convenience. Hope you're withdrawing your coins regularly.

KYC is for some specific Russian users that want to load money in their account with some specific russian card. I have attached screenshot of a ticket i submitted on payeer some time ago. And the $2000/day limit is if you want to withdraw the payment to your card or something, it's not applicable on transfers to other users.

And about trust payeer is a big company (not allowed in US i think due to their regulations), my friend is doing nearly $100k/day transfers on btc trading etc. and it's running smoothly, Hope this answers your questions.