India Bitcoin ban won't work

bartosimpsonio · Mar 27, 2021

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 · Mar 27, 2021

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 · Mar 27, 2021

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

BrandingCat · Mar 27, 2021

INDIACOIN incoming.

SeedPhrase · Mar 27, 2021

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I'm proud to be an Indian but hate Govt and their outdated rules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 · Mar 27, 2021

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

Gogol · Mar 27, 2021

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 · Mar 27, 2021

bartosimpsonio said:
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 · Mar 27, 2021

Gogol said:
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 · Mar 27, 2021

RoiBox said:
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 · Mar 27, 2021

NirvanaWolf said:
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 · Mar 27, 2021

Gogol said:
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 · Mar 27, 2021

NirvanaWolf said:
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 · Mar 27, 2021

Mr Positive said:
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 · Mar 27, 2021

Gogol said:
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 · Mar 27, 2021

sunil0021 said:
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 · Mar 27, 2021

sunil0021 said:
Move to payeer, its a russian company i think. Never asked for documents and i have processed over $1M.

NirvanaWolf said:
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 · Mar 27, 2021

RoiBox said:
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 · Mar 27, 2021

bartosimpsonio said:
Do people vote in India?

Destroying value usually loses votes.

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

sunil0021 · Mar 27, 2021

NirvanaWolf said:
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.

India Bitcoin ban won't work

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