India is Planning to Ban Cryptocurrencies

[joy101]

Actually u don't really know the truth about it that the Indian government are planning to ban crypyocurrency in their country, maybe them are afraid money.

 

[Aaron625]

There are many rumours on crypto ban in India. Crypto is not gonna be banned in India anytime soon , and the number of active traders in crypto exchanges like Wazirx is increasing daily.

 

[Josemendez]

This plan to ban cryptocurrency happened some months ago. Presently , Indians are still using cryptocurrency and have seen a massive growth in cryptocurrency within one year.

 

[Lordfalcao]

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 in my country they did almost ban crypto for good bit instead they just withdrew they central bank support on crypto there by no bank over here support crypto.

 

[Hena101]

Actually i think all government should have sit down and have a rethink on the issue of crypto currency because banning it can do harm more than the good more especially in developing countries because many unemployed youth survived trading it, is better to regulate it.

 

[Shigobad2020]

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 use of crypto currency has also been banned in India for months now and its affecting the user of crypto currency in India at the present moment , I beleive the ban will be lifted soon.

 

[babdud02]

I’ve been seeing something like from many sites and forums and I’m wondering why people are so much concerned about this.As much as i know, india is going to set up their own coin and barn any other cryptocurrency in their country.I think they are still better than a country that totally barn the transaction of cryto without any better option

 

[Fizzy_boi]

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

Actually a lot of country are so afraid of this same factor of money laundering thinking it will be easier using crypto currencies wallet and it would be hard to detect but they are all bunch of clowns .

 

[Setfragil]

Actually a lot of country are so afraid of this same factor of money laundering thinking it will be easier using crypto currencies wallet and it would be hard to detect but they are all bunch of clowns .

Most countries that banned cryptocurrency do not really have a good reason for the ban. They all claimed it encourages money laundering by criminals. Do criminals not use fiat currency to commits crime?

 

[GIFTMICHAEL]

They succeeded banning it only for the supreme court of India to reverse the decision made by the lawmakers to favour the Cryptocurrency lovers.

 

[Sotherefore]

India is a country that has so much influence in cryptocurrency and if the Indian government is trying to ban cryptocurrency ,then it is going to affect cryptocurrency as a whole upto the first 5 months.

 

[Kelly5]

I would wish that the Indian government does not go ahead with the said proposed ban if the cryptocurrencies in their country for the sake of those dependent on it for their livelihood. But that does not affect anything in the general in the cryptocurrency world

 

[Nomad]

Indian government cannot actually ban cryptocurrency just like China did. China is a communist country and the government's decision is absolute. Where as India is a democracy.

 

[delnovem]

The government had earlier suggested that it will not impose an outright ban on crypto currency in India. A report suggests that the government is likely to appoint a panel of experts to explore how virtual coins can be regulated.​

 

[Elfinito]

creating a digital currency would actually be a boost for india instead of banning the whole crypto.
nigeria should learn from this too, instead of banning crypto which is fast becoming the digital world currency, they should rather develope it digital currency.
i heard some rumors of the federal government working on it but i do not see it coming too soon

 

[harrypaul]

Positive move by the Indian government, because creating a digital currency world foster the economy of the country in the digital space and I think this would also widen more trade in digital currency between the country and others

 

[mcjerry]

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.

It means nothing to the world. If they wants to ban crypto currency then they should ban it. It is just that it might be too late for them when other countries have legalize and making benefits from crypto currency

 

[Oliver4smile]

This will only result in unemployment and that is so disappointing, when citizens are struggling to survive by going into Crypto currencies business and yet the country is planning to ban it, they should prepare for massive increase in crime rate.

 

[Sincerem]

The news that went viral earlier about the ban is simply the opposite now, Indian government have seen reasons of making cryptocurrency a legal tender because they've seen it's benefits as the citizens are making a living through cryptocurrency investment.

 

[Setho]

The country has been making moves like this for a very long time now and this one is one of the latest. A country with such size should not be planning to buy cryptocurrencies at all.