RE: Musing Posts 3
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Musing Posts 3
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The question cannot be answered with one
Hundred percentage because we cannot be
Certain about whether bitcoin will be banned or not,the government of the country which is indja
Are the ones that have the power to ban bitcoin
In the country,but why should the government
Ban bitcoin in india??they should have a genuine
Reason why they feel that bitcoin should be banned and why they do not support it
Bitcoin is a good cryptocurrency and i believe
That a governement should allow bitcoin in their
Country because it can be used as a form of payments in the country and also the government needs to understand that there are
Some of its citizens who do bitcoin business and
When you ban bitcoin then it will affect some of your citizens and that is not good for your government and the country as a whole
I believe that the reason why government
Might probably want to ban bitcoin is if they
See it as a ponzi scheme,but i believe that the
Government should first of all understand how bitcoin works before they make decisions whether to ban it or not
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Bitcoin will never be banned. Both the people of India and the leaders alike have realized that crypto currency cannot be dismissed easily. The govt. of Kerala, a state in India has already made plans to introduce blockchain based services and it was in the news, worldwide. Also, the people of India have invested millions in crypto as seen from the exchanges which are increasing rapidly.
There may be regulations and even if banks withdraw, other companies like paytm will enter the field. Exchanges like wazirx has started a p2p and koinex is all set to introduce loop. Koinex is a big name and its customers will definitely not lose trust easily. The govt. will realize this sooner or later and be among the first to embrace the new technology.
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I don't think so, they are trying to regulate bitcoin but regulation is not easy process that's why they are taking their time to understand how regulation will be done. Once they complete their research they will regulate bitcoin. Because every country are regulate bitcoin in this day, so India will also follow other country.
Why India will regulate bitcoin ? Because cryptocurrency will change the world. This is best technology we all know and Indian government are aware of it. Blockchain is transparent so its reduce corruption and make fraud less system.
Every business will switch their business centralization to decentralization.
India government know very well if they ban bitcoin people will still buying. China ban bitcoin but we all know Chinese people are still trading. Its decentralized blockchain based currency , no one can stop it . So Indian governments will regulate and they will start taxation on bitcoin.
And people are ready for tax pay. So hope they will make right decision and bitcoin will be legal in India.
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India's central bank, Reserve Bank of India (RBI) bans all legal financial institutions in India dealing with Bitcoin Cs. The ban was announced by RBI on Thursday (5/4/2018).
"Given the associated risks and their immediate impact, it has been decided that an entity governed by the RBI will not deal with or provide individual services or business entities serving or dealing [digital currency / cyptocurrency]," RBI said in an official statement as quoted by CNBC International.
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For formal financial institutions that already provide Bitcoin Cs services need to end the relationship within a certain time, which the bank said will be announced separately.
Cryptocurrency attracted the attention of regulators after Bitcoin prices rose from US $ 1,300 / btc to US $ 20,000 / btc last year. On Thursday the price of Bitcoin was close to US $ 6,887 / btc.
Most digital currencies, such as Bitcoin, are not supported by the central government, which means each country has different standards and regulations. Bitcoin and other cryptocurrencies are not a legitimate means of payment in India.
Before Thursday's statement, the Indian government had issued warnings about trade-related risks. Digital assets have problems with consumer protection, market integrity and money laundering, says RBI.
The government has planned to "take all measures to eliminate the use of these crypto assets in funding illegal activities or as part of the payment system," India's finance minister told lawmakers in New Delhi in February, according to a transcript by The Hindu newspaper .
The state tax department sent a notice about cryptocurrency investments to tens of thousands of citizens after a national survey showed transactions worth more than $ 3.5 billion had been done over a 17-month period.
Thursday's statement is part of an announcement on broader policy regulatory measures to strengthen financial market regulation. RBI is more open to blockchain, a technology that supports virtual currency, is said to have the potential to improve the efficiency and inclusiveness of the financial system
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The answer may be 'yes' or 'no'!! It depends entirely on the government . I'm a huge lover of crypto but I have to be pessimistic in this issue because centralized forces have a huge impact on shaping government in India!
Considering the long-term benefits I surely would hold as much as crypto I could get because many countries has legalized it...
Crypto could never be crushed from world because many people had started knowing the huge advantages of it!
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The Indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.
In a meeting yesterday, Jaitley renewed India's commitment to end use of BTC and other cryptocurrencies in what he said was India's struggle against money laundering and terrorism financing.
He said: "The government does not recognize crypto as a legal coin and will take all measures to eliminate the use of this crypto asset in funding unauthorized activities or as part of the payment system".
But he did not rule out the possibility to see more blockchain technology.
He said: "The government will explore the proactive use of blockchain technology to deliver the digital economy."
Bitcoin prices in India are exchanged consistently higher than those of international ones, mainly because the Indian capital control system makes it difficult for residents to buy BTCs abroad.
According to Sathvik Vishwanath, founder of Indian bitcoin platform Unocoin: "Bitcoin trade has increased in recent months. Early last year we gained about 10,000 new users every month. "
If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.
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India's Finance Minister, Arun Jaitley had a great time cryptocurrency when he delivered an annual budget planning speech on February 1. Considered the Indian government will and even "able" to ban the use of Bitcoin in its country. Market immediately reacted and resulted in the fall of Bitcoin and other major crypto currencies. Based on coinmarketcap data, the average decline in the past 24 hours is more than 10 percent.
The negative response was due to Jaitley's statement that crypto money was not legal tender in the country and promised to crack down on all violations of the law regarding crypto money. This statement was then "packaged" in a language that misled / misleading the mainstream media and social media that there would be a ban on everything related to cryptocurrency.
In the budget planning speech, Jaitley said "The government does not recognize crypto money as a legitimate payment and will take steps to get rid of the use of crypto assets in financial activities that violate the law or as part of a payment system."
The context of the statement, the Minister of Finance will get rid of all the use of crypto money that violates the law. The key word is in "breaking the law". But the media is trying to lead opinions with headlines "Bitcoin is banned in India". With the emphasis on the key words in "all use of crypto money" as if ignoring additional information behind it is a violation of the law.
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