India is Planning to Ban Cryptocurrencies

[Klismannm12]

India should trade with caution though I'm not against them baning cryptocurrencies but their should remember that cryptocurrency feeds a lot of mouth in their country they should not because they want to bring in their own and then with an end so that is used in cryptocurrencies.

 

[Shahid Abbas]

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.

I did not know about the news from this and now when I saw this news now, i shocked of why India cryptocurrency banning As you all know the future of cryptocurrency is very bright but still we do not understand it properly.

 

[Yanizie]

This is bad news on crypto space, traders and crypto users within the country can exchange their crypto to fiats or else they will use VPN services which some exchangers and wallets forbid to use such VPN services. If the ban will not be lifted within a year, I think possibility is to use VPN or go outside the country.

 

[Shivay]

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.

Being an indian , i found it really bad that my government is not taking cryptocurrencies seriously and wants to ban it. There are many pros and cons but still they should take public opinion on it . There are many people who want cryptocurrencies to be accepted by the government.

 

[Nurudeen]

Yes I just heard about the need yesterday and I don't think that will be a good thing for the country owing to the fact that it will limit the chance of Chinese investors from making money from the global crypto currency exchange Business going on right now. They can still just sustain the recent one and launch there's

 

[Kelly5]

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 truth of the matter is that, even if the Indian government wants to still go ahead and barn cryptocurrencies in their jurisdiction, it doesn't stop the wave of general cryptocurrency adoption that's coming for us all.

 

[iamgroot]

Their government will not do that thing to put them in a bad situation, most likely they did it for the good of their country. Just like when they banned apps, games and other platforms developed by other countries, based on what I read on social media sites, their prime minister said that such apps and websites are "prejudicial to sovereignty and integrity of India, defense of India, security of state and public order "

 

[tuna89]

If India is willing to set up its own crypto or blockchain, they are free to set it up but without banning other Cryptos instead they can always come out and compete with the available Cryptos and see how they can perform, they can as well integrate the Cryptos and theirs into the central banks for proper regulation to prevent any frauds.

 

[Mawome]

Why would Indian government ban crypto currency in there country? What has crypto got to do with government? Is crpyto their problem? I don't see it as reasonable conclusion a lot of countries are crypto currencies, people are mining on daily basis making their money how come India is against it.

 

[Jeremiah Trump]

If you go through ajazeera new in two thousand and nineteen report news you will see where India plan to ban all private crypto currency in the new budgetary session that started in January Twenty nine . Earlier in two thousand and eighteen also India had banned crypto currency trading. But for now I don’t think they can do that we the way things are now

 

[Sotherefore]

I don't see the need for them to ban the use of cryptocurrency in their country because cryptocurrency is a digital currency and anyone that has the interest to use it is permitted I don't see the need for them to force their belief on people that may not really be interested, a lot of Indians like cryptocurrency.

 

[Bart Simpson]

If other nations would like to set up their own crypto, they may do so, but without banning other cryptos instead of having a centralized company, government, etc. say otherwise so everyone would have to use theirs, it'd be in their best interest to see how the other cryptos perform. They can set up their crypto to integrate with the government, bank, etc. to prevent corrupt activities.

 

[Eodine]

We have seen India develop sophisticated technology in the past so building a crypto currency for the country is not far fetched. Although their recent statement on ban and release for funds would leads to an effect on crypto currency

 

[Sotherefore]

Every other part of the world is accepting and adapting to cryptocurrently as the general mood of transaction in some online business but yet a developed country like India is trying to bann cryptocurrency. I wonder what is the reason behind such action of them

 

[Chaudhary10]

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.

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[Abbeyola]

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.

Is like the new thing around the world is ban of cypto currency, according to the Nigerian senators or let me say government,they said cypto currency has made the local currency more or less like useless and value less.
So, what is Indians excuse for the ban of cypto currency now.

 

[Mahnoor]

India's government plans to introduce a bill in the country's lower house that would ban private cryptocurrencies such as bitcoin and create a national cryptocurrency.

The so-called "Cryptocurrency and Regulation of Official Digital Currency Bill" moves "to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India."

 

[zenith]

If that what they want to do then their own ban is good not the kind of senseless ban we saw in Nigeria without any plan on ground to do anything.the world right now is going crypto and I like that idea of changing that fiat to digital.our own here are completely clueless about what cryptcurrency is all about.they just bunch of analog guys.

 

[Doradorwa]

The controversy around the ban of crytocurrencies by india central bank is still understandable unlike of that of my country that just ban cryptocurrency without a valid explanation as if we are goats... Most country are feeling inferior to an electronic money and this is understandable.

 

[Killjoysrevenge]

I think they did it with a purpose, though crypto is undeniably useful specially in our time. I think they were concern about their goverment's security thats why they planning to ban it.