The Indians are planning to ban crypto in their own country.

Discussion in 'Crypto Assets' started by Trader Curt, Nov 23, 2021.

  1. Manish Singh@refsrc / 8:59 AM CST•November 23, 2021
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    Image Credits: Getty Images

    India plans to introduce, evaluate and enforce a bill to prohibit “all private cryptocurrencies” in the country, according to a legislative agenda for the winter session.

    The Indian government said Tuesday evening that the proposed law will permit “certain exceptions” to promote the underlying technology of cryptocurrency and its applications.

    The bill — called Cryptocurrency & Regulation of Official Digital Currency Bill 2021 — will also create a “facilitative framework” for the creation of the official digital currency for the country, the legislative agenda adds.


    It’s worth pointing out that the description of the bill is identical to the one New Delhi listed for the previous parliamentary session earlier this year. The winter session of the parliament starts November 29.

    Lawmakers in India have for several quarters been discussing risks of cryptocurrency trading and trialing a central government-backed digital currency.

    An increasingly growing number of Indians, many of whom have never invested in the stock market or any other asset class, have started to trade cryptocurrencies in recent quarters, prompting concerns among some that they might end up losing their money.

    Local cryptocurrency exchanges have reported growing volumes of transactions and user bases this year and raised record capital from high-profile investors. CoinDCX, backed by B Capital, and CoinSwitch Kuber, backed by a16z and Coinbase Ventures, became unicorns this year.


    India’s Prime Minister Narendra Modi, and several other lawmakers as well as several industry stakeholders have held several meetings in recent quarters to discuss the cryptocurrency space and some of the recent developments.

    At least one top Indian minister recently held conversations with a prominent venture capitalist and suggested that India is likely to formulate a law that will support innovation following China’s decision to ban cryptocurrency trading and mining, according to a source directly familiar with the matter.

    Many lawmakers, in the meanwhile, have also expressed concerns about the nature of ads carried by cryptocurrency exchanges. A consensus was reached in that meeting that these “irresponsible advertisements”, which promised wild profits to consumers by investing in crypto, were misleading youths in the nation and must be stopped, TechCrunch reported earlier.

    Several Bollywood stars, including legendary Amitabh Bachchan, Ayushmann Khurrana and Ranveer Singh, who have starred in several of the country’s biggest blockbusters, have promoted cryptocurrency trading in TV and newspaper ads.

    Lawmakers have also expressed concerns around potential misuse of using crypto trading vehicles for laundering money and financing terrorism efforts.

    Shaktikanta Das, governor of the central bank Reserve Bank of India, said last week that the country needs to have much deeper discussions on the issue of cryptocurrencies.

    “When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved,” Das said at an event. “I’m yet to see serious, well-informed discussions in the public space on these issues.”
     
  2. I didn't plan on making this post a FUD post, but just wanted to point out to take this news with a grain of salt. India has had these talks multiple times in the past, and right now it looks like no one can take them seriously. And it shows by the charts, because they would have already tanked. They are just like China who doesn't know what they want to do with Bitcoin, first they ban it, then they unban it, and now they are trying to ban it again, it's the same situation with India.

    So this news to me is a big joke, and just wanted to point out that you really can't take India seriously. So Hodle on
     
  3. Tokenz

    Tokenz

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  4. mute9003

    mute9003

    so the govrenments are starting to realize that crypto is a real danger to their monopoly on power
    banks are realizing that crypto is a real threat to theri financial power over people

    we are doing it right by pushing crypto to be a decentralized currency
    or possible world wide economic collapse if the crypto becomes more popular before banks figure out how to control it
     
    NoahA likes this.
  5. NoahA

    NoahA

    This is the part that worries me. The phrase "careful what you wish for" comes to mind.

    I think the best solution is BTC as a store of value, and fiat to do all the other stuff. But of course if people refuse to hold fiat and just use it to pay bills, etc, then it will have little value.

    The transition phase will be extremely turbulent.
     
    GangstaTrada and johnarb like this.
  6. I think crypto currencies would make inflation even worse. we now have another source of money to compete for food, energy, shelter, services... These resources are not unlimited while money could be generated indefinitely. I don't think it's a healthy competition.
    the under world loves crypto currencies because it facilitates the illicit trades,... then what's the point of the war on drugs, police, Customs Duty, system of laws,... to legitimize crypto currencies.
    what if one of the Bollywood stars uses crypto currency to solicit prostitute. would that be a bad marketing scheme? then what's the point? star power is mis-used.
     
    GangstaTrada likes this.
  7. kroxobor

    kroxobor

    I guess it will be be a big blow to crypto as the uptrend is based on fresh flow of investors without that many coins will tank quickly.
     
    GangstaTrada likes this.
  8. padutrader

    padutrader

    the biggest enemy is government itself...so they must do things that make people look away from them...

    to convince them that others are a danger

    every family has lost their income due to the ridiculous and non transparent policies of government..including mine.

    with government currencies depreciating at a rate of 20% all of here are looking at starvation within a decade unless our income is inflation protected.

    if people want it government ban will only make it go underground.....

    today i can trade all banned items like forex ....in spite of the ban.

    with internet connectivity government is slowly becoming impotent.......
     
    tomas262 and Trader Curt like this.
  9. padutrader

    padutrader

    it will probably double faster.........because you do NOT need buying to sustain uptrends.....only a total lack of selling....and who is going sell now.
     
    johnarb likes this.
  10. johnarb

    johnarb

    I'm not selling and long term holders are not selling either

    Short term holders' coins are at very low levels

    You are correct, there will be a lack of sellers, soon™️


     
    #10     Nov 24, 2021
    Trader Curt and padutrader like this.