Is India Going To Ban BITCOIN Again?

[Jlife]

No matter how serious this countries are banning crypto currency. They will one day finally adopt crypto currency after they see great importance of Blockchain technology. As country as El Salvador can legalize Blockchain technology , they see the important of Blockchain technology

the reason most of the countries here are banning cryptocurrency is because they believe that a lot of people will take out money from the economy and invest in cryptocurrency thereby making the economy of their country to start collapsing

 

[Justin]

India has banned crypto in the past and it may try to ban again. But unlike China, where government's decision cannot be challenged, India is a democratic country.

 

[Richard92]

India has banned crypto in the past and it may try to ban again. But unlike China, where government's decision cannot be challenged, India is a democratic country.

Indian husband the use of cryptocurrency in their country because they see it as a way of carrying out fraud activities and also it is a decentralized market.

 

[mcjerry]

the reason most of the countries here are banning cryptocurrency is because they believe that a lot of people will take out money from the economy and invest in cryptocurrency thereby making the economy of their country to start collapsing

If that is the case. Then they should have there own stable coin in there country currency. Like for example here in my country Nigeria that they banned crypto currency. They can create there own crypto currency that is stable coin and will be equivalent to naira.

 

[eLdavis]

its possible that they might ban it again. But i believe with time, they would sort things out. There are so many developed places in India, so they should know the value of crypto. Things just needs to calm down for now first, they would take their time to find and create a reasonable solution that would be accepted by all.

 

[Jlife]

If that is the case. Then they should have there own stable coin in there country currency. Like for example here in my country Nigeria that they banned crypto currency. They can create there own crypto currency that is stable coin and will be equivalent to naira.

Yes they can create their own cryptocurrency as a stable coin but people do not like investing in stable coin because it doesn't add any value into their life , a volatile cryptocurrency is profitable on long-term investment.

 

[Senator]

I wouldn't fret if the Indian government will go ahead to ban Bitcoin. Because if they do, there is still the option of peer to peer trading systems open to all in most exchanges to trade without involving the banks directly with the exchanges

 

[mcjerry]

Yes they can create their own cryptocurrency as a stable coin but people do not like investing in stable coin because it doesn't add any value into their life , a volatile cryptocurrency is profitable on long-term investment.

Stable coin is not meant for investment. As the name tells, it is just a coin that is equivalent to a fiat currency. We can not buy the coin and be expecting profit. It is only meant for people that wants to save there funds to crypto currency but don't want the fund to fall in price.

 

[Jlife]

Stable coin is not meant for investment. As the name tells, it is just a coin that is equivalent to a fiat currency. We can not buy the coin and be expecting profit. It is only meant for people that wants to save there funds to crypto currency but don't want the fund to fall in price.

Anyway the best cryptocurrency to invest on a volatile cryptocurrency example of such as bitcoin and that is the one and also investing on, the function of stablecoin is that the volatility and depreciation will not affect it. That Just the reason.

 

[Chibson]

maybe the reason is because it is affecting the economy and of course your local currency but I think the government is really taking it too far.

 

[Dora Wi]

but this is not the real issue because they should try to improve the economy of their country, the United States of America do not banned cryptocurrency but yet they have the best economy in the world, even China also.

What you say about the US is true - although I don't think there's necessarily a causational relationship between Bitcoin not being banned and the US having a great economy -, but China has been pretty hard on cryptos for a long time. Also, Bitcoin is still not widely accepted, and while I'm all for Bitcoin gaining bigger acceptance, we don't know what will happen once it becomes a frequently used payment method.

 

[Kelly5]

If the Indian government will go ahead and ban the use and transactions in Bitcoin, the Indian citizens can always go the way of the peer to peer trading system to transact

 

[Setho]

A lot of governments in the world have been complaining about how the bitcoin and crypto have been negatively affecting their economies so won't be surprised .

 

[Nomad]

India is a democratic country, it cannot ban bitcoin or any other crypto currencies because even when it bans, the decision will be challenged in the court. THis has happened in the past

 

[Jlife]

India is a democratic country, it cannot ban bitcoin or any other crypto currencies because even when it bans, the decision will be challenged in the court. THis has happened in the past

But I believe they have banned financial institute from partnering with cryptocurrency transaction already and the Law court have not not done anything about, I don't think this is really the fact.

 

[Chibson]

I think India has a right to place a ban on cryptocurrencies and bitcoin if they perceive that it is affecting the our local currency and the economy generally.

 

[Yusuf]

Banning crypto currency exchange Business now is not the way forward as a lot of people are already benefiting from the sector in India. That is some people's source of livelihoods and I think it just need to be regulated that's all

 

[btaliat]

I don't know why countries see fuss around bitcoins. They claim that the mining is not ecosystems friendly but to me this is just a flimsy excuse to ban the activites of cryptocurrencies

 

[GIFTMICHAEL]

I believe the issue of banning Cryptocurrency in India have relaxed a little bit not lime before, when them and China where dragging the first to ban it. Their judiciary never allowed that to hsooen they are solely behind BTC stand in their country.

 

[Shigobad2020]

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

They are again planning to ban Bitcoin In India and also stop all the trading platforms going on with it of all rhe cryptocurrencies

Govt to introduce bill for banning cryptocurrencies. Here's what you need to know

The Regulation of Official Digital Currency Bill, 2021, which is scheduled to be tabled at the upcoming Union Budget session, aims “to create a facilitative framework for the creation of the official digital currency” and “prohibit all private cryptocurrencies in India”.

www.hindustantimes.com

Being an Indian , I found it really bad.


I saw this on the Hindustan Times India -

https://www.hindustantimes.com/india-news/govt-to-introduce-bill-for-banning-cryptocurrencies-here-s-what-you-need-to-know-101612007129123.htm

Comment your opinions down below -

Bitcoin usage has been banned throughout the whole Indian country, not only bitcoin but the use of every crypto currency has been banned in India and i dont think the ban will be lifted soon.