India is Planning to Ban Cryptocurrencies

[Mika]

If you go by Bloomberg report, India plans to ban all private cryptocurrencies in the new budgetary session that started on January 29. Earlier in 2018 also, India had banned cryptocurrency trading. However, crypto currency exchanges filed a lawsuit against the government's move and won the case in March 2020.

What India actually wants to do?

It is heard that India's Central Bank wants to go develop its own cryptocurrency. India is planning to create the blockchain version of the fiat currency.

What does this mean for the world?

The idea is still in discussion. However, this is definitely a good move for crypto investors and developers.

 

[Taimoor Jutt]

Yes they are planning very nice if it's true, because banning crypto currency in good move for their government and economy because when your currency is not exchanging then you get loss in economy. But launching their own crypto currency will be nice thing .

Post automatically merged: Jan 31, 2021

Yes they are planning very nice if it's true, because banning crypto currency in good move for their government and economy because when your currency is not exchanging then you get loss in economy. But launching their own crypto currency will be nice thing. It will give India to earn a lot as their population is too much so it will definitely boost them in Economic Growth.

 

[WhiteHouse]

Hmm, I hope they have thought this true first, banning private Cryptocurrencies will have some effect on them and the people that are already using Cryptocurrencies as everyday exchanges.

 

[Famok]

India plans to introduce a bill searching for to prohibit all personal cryptocurrencies within the united states of america during the price range session of parliament that started out Friday. ... Cryptocurrency exchanges responded with a lawsuit in the supreme courtroom in September and gained respite in March 2020.

 

[Vladv26]

I honestly didn't knew that they released the ban from cryptocurrencies in 2020 and I thought it was still banned. The government knows its literally impossible to control the cryptocurrency even if they ban so the best solution for them is to create a cryptocurrency that they are going to have full control over

 

[Blessedsam60]

Indian government cannot totally ban crytocurrency but will rather adopt an advanced way by which they will integrate crytocurrency into their fiat currency.
Let's not forget that some Indians created some cryto dem self, a typical example is Ecoin which is known as Email coin

Post automatically merged: Jan 31, 2021

Indian government cannot totally ban crytocurrency but will rather adopt an advanced way by which they will integrate crytocurrency into their fiat currency.
Let's not forget that some Indians created some cryto dem self, a typical example is Ecoin which is known as Email coin

 

[Folaham]

If you go by Bloomberg report, India plans to ban all private cryptocurrencies in the new budgetary session that started on January 29. Earlier in 2018 also, India had banned cryptocurrency trading. However, crypto currency exchanges filed a lawsuit against the government's move and won the case in March 2020.

What India actually wants to do?

It is heard that India's Central Bank wants to go develop its own cryptocurrency. India is planning to create the blockchain version of the fiat currency.

What does this mean for the world?

The idea is still in discussion. However, this is definitely a good move for crypto investors and developers.

The trust is on government when it comes to bank notes and how well have they done in protecting it. If government develops their own cryptocurrency like you sighted, we are back to the same old problem as the regulations is back with government whom to my opinion have done more harm than good to the bank notes.
Is the notes actually bad or is it not the government wastages and corruption in government that lead most african countries into shadow of themselves.
Control with govt have failed us as their policies have done nothing but to devalue our currencies every now and then

 

[Kayzzy3]

If you go by Bloomberg report, India plans to ban all private cryptocurrencies in the new budgetary session that started on January 29. Earlier in 2018 also, India had banned cryptocurrency trading. However, crypto currency exchanges filed a lawsuit against the government's move and won the case in March 2020.

What India actually wants to do?

It is heard that India's Central Bank wants to go develop its own cryptocurrency. India is planning to create the blockchain version of the fiat currency.

What does this mean for the world?

The idea is still in discussion. However, this is definitely a good move for crypto investors and developers.

Well that is regrettably a retrogressive step by the India government, suffice it to say that it is tantamount to a wild goose chase, they are not the first to try ban on Cryptos as a matter of reference, my country's present government tool a stand against crypto currency, but it could stop us.

India just wants to be in news obviously for the bad reasons.

Thanks you!

 

[Emma Aneni]

Well that is regrettably a retrogressive step by the India government, suffice it to say that it is tantamount to a wild goose chase, they are not the first to try ban on Cryptos as a matter of reference.

 

[Abbas ali]

The government has listed a bill that will prohibit “all private cryptocurrencies” in India and provide a framework for creation of an official digital currency to be issued by the Reserve Bank of India. ... In April 2018, the RBI had effectively banned cryptocurrency transactions via banks and e-wallets

 

[Holluwaphemmy]

I don't know how true this is but why would they want to ban cryptocurrencies in their nation , it's not really making sense. You would rather launch your own cryptocurrencies instead of banning crypto

 

[Akinwale701]

If you go by Bloomberg report, India plans to ban all private cryptocurrencies in the new budgetary session that started on January 29. Earlier in 2018 also, India had banned cryptocurrency trading. However, crypto currency exchanges filed a lawsuit against the government's move and won the case in March 2020.

What India actually wants to do?

It is heard that India's Central Bank wants to go develop its own cryptocurrency. India is planning to create the blockchain version of the fiat currency.

What does this mean for the world?

The idea is still in discussion. However, this is definitely a good move for crypto investors and developers.

Why would such decision be taken against Crypto currencies? What would India have said happen for them To take such a backward decion against Cryptocurrency. The fact is as a digital currency, Crypto currency has helped shaped the world in the best way it can, it has made payment to all countries available witojt having to pass through stress

 

[Taimoor Jutt]

It is a good thinking and planning by Indian government if we talk about their economic development, because banning crypto currency will strengthen their own currency so they are launching their own currency it is also good step by them. They have a lot of population, it will be effective.

 

[Rashid]

I think positive step by indians as launching theri own crypto currency, it will help them in a positive way, banning crypto currency will be only effective by this their own currency will strong so Nice move i think by their side. It is banned in some other ciuntries too. But banning this will give bad impact worldwide.

 

[Jimmie150]

I don't know why a country as big as India with their massive popular would be planning to ban cryptocurrencies in this 21st century. But I think it's a very wrong step in the wrong direction by their government.

 

[Tariq Shehzad]

I think that they have thought this true first, banning private Cryptocurrencies will have some effect on them and the people that are already using cryptocurrencies as everyday exchanges. So, it looks me not going to ban in india.

 

[Alogakho Esson]

Well I land that crypto currency owner won there case in India March 2020, Government has fail us they should allow individual to hustle and make there money

 

[BrolySSJ]

If they had to create their own cryptocurrency then it could be a good thing overall for the country because there will be a lot of promotion with business interaction with those countries that are for cryptocurrency and that are also looking into developing their own. And if it is listed on the various exchanges then this gives them a chance to improve its value as well.

 

[iamgroot]

It is interesting that the Indian government does not sleep and does not go blind to what is happening around it. I do not even know the full details of the news in your post, but it just proves that india is able to stand alone and be able to keep up with the world's largest and most powerful countries.

 

[Asad Ali]

I think they are afraid of money laundering because money laundering can be done easily through crypto.But this is a complete failure of the government as they are banning cryptocurrencies instead of bringing in a policy to curb money laundering.The same thinking is growing in our country Pakistan because our government is also strongly against crypto