India to ban all cryptocurrencies
- Thread starter awesomewebsites
- Start date
MKSKS
Banned for failing to resolve dispute.
- Jul 11, 2013
- 6,098
- 4,464
While NDTV profit says something different.
"The Centre is likely to bring a Bill in the winter session of Parliament to bar all cryptocurrencies in India, barring a few exceptions, and create a framework to regulate digital currency issued by the Reserve Bank of India (RBI)."
https://www.ndtv.com/business/government-seeks-to-block-cryptocurrencies-in-new-bill-prices-crash-10-points-2622418
Let's wait few days more for winter session and then it will be clear maybe .....
Yes rumours were always there but this time the bill is to be tabled in the winter session.
ranga
Senior Member
- Aug 9, 2009
- 800
- 628
First, this is not a rumour, the bill is coming no doubt about that. It's what's in the bill that will matter, will it pass or go to a committee, that is also unknown. Overall attitude of government is towards banning, but let wording of Bill come. It increases risk surely of anybody holding crypto in India.
R4v3nbl4ck
Senior Member
- Sep 29, 2020
- 1,071
- 1,313
I'm not from India, but according to most articles, it looks like the Indian government wants to ban PRIVATE cryptocurrencies.
To me, it means coins like Monero and Zcash. Not Bitcoin, Ethereum and other coins with a public and transparent blockchain.
If that's the case, it's not really a big deal. How is the government going to track who is using these coins? It's impossible.
To me, it means coins like Monero and Zcash. Not Bitcoin, Ethereum and other coins with a public and transparent blockchain.
If that's the case, it's not really a big deal. How is the government going to track who is using these coins? It's impossible.
- Oct 23, 2021
- 565
- 41
Currencies are pumping right now this is good time.
Erroralrobert5
Junior Member
- May 21, 2021
- 112
- 35
where did you get that message ?
blackbeans
Elite Member
- Nov 29, 2008
- 9,247
- 4,806
What's happening in India is not much different from what's happening in other jurisdictions.
For example, in the United States, many policy-makers are concerned about what a decentralized global financial system would mean to the US dollar.
You have to understand that the US dollar is not only a medium of exchange; it's also an instrument for US economic control.
This control is not necessarily controlling other countries' economies but of the US economy.
The idea is if control is taken away from the economic policy-makers in Washington DC, where does the power go?
Of course, you will get the obligatory paranoia from certain sections of the US intelligentsia.
But the bigger picture is when governments can no longer control their currency, they can no longer screw around with inflation and use it as a secondary form of taxation.
Have you noticed that some developing countries devaluate their currency to get out from under their loans?
You can't do that anymore if you switch to a cryptocurrency standard.
So, yes, there are serious misgivings and, frankly, fear about cryptocurrency not only in India but in many jurisdictions.
It's because when you have people who look at their currency as a form of control over the economic destiny of the people they govern, you best believe they're going to come up with many ways to hinder, slow down, or control alternative financial models that rob them of their power.
That's the bottom line here.
I wouldn't be surprised if some jurisdictions try to come up with schemes that try to penalize their populations for holding crypto.
The good thing about crypto is it's decentralized and, depending on how you play the game, anonymous so the schemes can easily be worked around.
The only downside is if you live in a developing country, how do you get your money back to your local banks?
That's the problem, but there are solutions if you dig deep enough.
For example, in the United States, many policy-makers are concerned about what a decentralized global financial system would mean to the US dollar.
You have to understand that the US dollar is not only a medium of exchange; it's also an instrument for US economic control.
This control is not necessarily controlling other countries' economies but of the US economy.
The idea is if control is taken away from the economic policy-makers in Washington DC, where does the power go?
Of course, you will get the obligatory paranoia from certain sections of the US intelligentsia.
But the bigger picture is when governments can no longer control their currency, they can no longer screw around with inflation and use it as a secondary form of taxation.
Have you noticed that some developing countries devaluate their currency to get out from under their loans?
You can't do that anymore if you switch to a cryptocurrency standard.
So, yes, there are serious misgivings and, frankly, fear about cryptocurrency not only in India but in many jurisdictions.
It's because when you have people who look at their currency as a form of control over the economic destiny of the people they govern, you best believe they're going to come up with many ways to hinder, slow down, or control alternative financial models that rob them of their power.
That's the bottom line here.
I wouldn't be surprised if some jurisdictions try to come up with schemes that try to penalize their populations for holding crypto.
The good thing about crypto is it's decentralized and, depending on how you play the game, anonymous so the schemes can easily be worked around.
The only downside is if you live in a developing country, how do you get your money back to your local banks?
That's the problem, but there are solutions if you dig deep enough.
Rowdy Devil
Supreme Member
- May 2, 2016
- 1,362
- 1,361
the interesting thing is..
the number of crypto holder in india is more than share market investor and while share market is falling day by day.. if govt ban crypto chances of more people joining share market is higher and rbi is also planning to create own token so they ban it its in their favour ..
the number of crypto holder in india is more than share market investor and while share market is falling day by day.. if govt ban crypto chances of more people joining share market is higher and rbi is also planning to create own token so they ban it its in their favour ..
- Nov 9, 2020
- 4,568
- 2,671
Lol, these guys - https://u.today/breaking-india-refutes-private-crypto-ban