India will Punish Bitcoin Holders

[Setho]

India is one of the biggest game players in the crypto market and I think that such a crack down would affect bitcoin a lot and we would see what happens.

 

[Kelly5]

Lol!! How the Bitcoin ban in India affect the global trading of Bitcoin when India to begin with are not the largest known holders and transaction volumes in Bitcoin?

 

[Bookwormlux]

I read on another forum that India is trying to retrace from their stands on the current crypto currency ban and it would really make sense for investors there.

 

[Jlife]

The Indian government will issue a law that prohibits holders of Bitcoin (cryptocurrency) both investors, traders, exchanges and miners. If this bill is passed, India will be the first country to prohibit the ownership of Bitcoin (In China it does not prohibit the ownership of Bitcoin). So what do you think will the Bitcoin Ban in India affect global prices?

Ok ,how are they going to punish cryptocurrency Holders when cryptocurrency as a whole is a decentralized currency in which no one is capable of tracing the transaction in cryptocurrency.

 

[eLdavis]

We all know alot of persons would still secretly invest and trade on crypto currency. Recently there have been alot of countries placing ban on crypto and i guess India has become part of them.

 

[Alexandoy]

We all know alot of persons would still secretly invest and trade on crypto currency. Recently there have been alot of countries placing ban on crypto and i guess India has become part of them.

You may be confident with your opinion but what if the banks start to check on the bank accounts with connections to crypto coin? The user may be arrested and brought to jail. You are doing something illegal because crypto trading is illegal. That is only the trading aside from the holding.

 

[gammarays]

Well I won't blame the Indian government because they want to protect their citizens and businesses from the volatile nature of cryptos same with China. However, crypto is a force to reckon with globally. The ban should be lifted and people allowed to engage in crypto upon signing a disclaimer.

 

[Josemendez]

Well I won't blame the Indian government because they want to protect their citizens and businesses from the volatile nature of cryptos same with China. However, crypto is a force to reckon with globally. The ban should be lifted and people allowed to engage in crypto upon signing a disclaimer.

Most of these companies do not know that despite the ban , citizens can still engage in cryptocurrency in one way or the other. They also failed to consider the effect it will have in them

 

[Yusuf]

I really don't know why most of these countries are clamping down on the crypto currency exchange Business and the fact now is that they don't have any choice thant to embrace the business because the sector has come to stay

 

[Setfragil]

No matter the ban, people will still deals in bitcoins and other cryptocurrencies in India because it is a digital assets that cannot be seen or know if one transacts with it.

 

[eLdavis]

You may be confident with your opinion but what if the banks start to check on the bank accounts with connections to crypto coin? The user may be arrested and brought to jail. You are doing something illegal because crypto trading is illegal. That is only the trading aside from the holding.

You are right in what you said, but like i said, people would still secretly trade and invest even with the risk of being jailed or accounts blocked, they would still trade now the reason is simply because to majority of them, crypto currency is all they have as a means of lively hood. Now this has been taken from them suddenly and was not replaced by the government. Many wount take it lightly

 

[Man]

I think this will be a very good mood by Indian government but I don't think they will punish the current people who are associated with cryptocurrencies. Government will allow a decent exit to everyone. The impact on price globally, will be short-term and there will be a lot of buyers to buy them across other countries.

 

[Niftyyem]

I think India's stand on the matter of Cryptocurrencies has changed and I think the government has become more accommodating than it was before.

 

[Emmy]

It can affect the price of bitcoin as there would be a huge lose of crypto holdlers. I just think that some countries can still embrace crypto by accepting it as a legal tender which one country has already done. I think we shouldn't focused on developed countries as they also want to have their own cryptocurrency instead.

 

[Thinker009]

I don't think the law was later accepted and I don't understand why the government want to really ban Bitcoin based on the importance it have

 

[Lens]

I don't think a ban in India will have a significant effect on cryptocurrency. Countries where the bitcoin whales reside will be greatly affected if such countries banned cryptocurrency. It doesn't really stop the bitcoin hodlers from investing. They investors will resort to peer-to-peer transaction.

 

[Alexandoy]

May I know from the Indians here if the ban on Bitcoin is being enforced and being respected by Bitcoin users? The law or any kind of regulation is only effective when it is implemented forcefully otherwise it is just a law that has no effect at all.

 

[Sextafeng23]

this will affect the bitcoin growth again, i think there should be a way that this should not affect the holders and investors.

 

[Justin]

I think India has already allowed cryptocurrency investment, transaction and mining. However, I hear that India is planning to ban all sorts of privacy coins.

 

[mcjerry]

Since crypto currency is anonymous, I don't think that it will be easy for them to find any holder of crypto currency. The only way to know the holders and investors is if they say it out that they are in to crypto currency. As for me no one knows if I have bitcoin or not. This is not a bank account that can be track by the government