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[SCAMEXPOSER]

India who has been controversial about Crypto currencies now focus more on the growth of cryptocurrency, recently the Central Bank of India sent a strict warning against banks preventing customers from exchanging fiat to cryptos, they can only carry out the usual AML/KYC requirements as directed by the Reverse Bank of India. The attention around Crypto Trading is growing massively as they are set to even have a crypto hot spot for the entire continent. This is a major win for the industry as it gains acceptance in the country.

 

[Wisdom01]

Am glad the country is taking such steps and any banks that dont take or follow the directive of the central bank might be banned ,

 

[BusyCat]

And this is the great news that all we Indians anticipated for. Even we are surprised Central Bank is actually supporting the crypto ,which most of them never expected , and we were in fear of ban of crypto everyday. I hope crypto will be accepted in other countries which still don't allow people to use.

 

[SCAMEXPOSER]

And this is the great news that all we Indians anticipated for. Even we are surprised Central Bank is actually supporting the crypto ,which most of them never expected , and we were in fear of ban of crypto everyday. I hope crypto will be accepted in other countries which still don't allow people to use.

The support for Crypto currencies recently by the government of India might be connected to the recent aid they recieved in crypto-currency.

 

[Wisdom01]

And this is the great news that all we Indians anticipated for. Even we are surprised Central Bank is actually supporting the crypto ,which most of them never expected , and we were in fear of ban of crypto everyday. I hope crypto will be accepted in other countries which still don't allow people to use.

I think gradually it would be accepted as many countries are beginning to see the impact , my fear is that , the change of government in India would add a negative influence on crypto

 

[BusyCat]

I think gradually it would be accepted as many countries are beginning to see the impact , my fear is that , the change of government in India would add a negative influence on crypto

I dont think the government will be changed till next elections. And even any government will support crypto for sure , lets hope for the positive.

 

[SCAMEXPOSER]

I think gradually it would be accepted as many countries are beginning to see the impact , my fear is that , the change of government in India would add a negative influence on crypto

Yeah there is high possibility of alteration when a new government comes in but it depends on the level of progress cryptocurrencies adoption has made

 

[Niftyicon]

It is so great to see India change its stance about cryptocurrencies. That is actually a step in the right direction. I am genuinely excited for the people being able to use Cryptos without issues.

 

[Wisdom01]

Yeah there is high possibility of alteration when a new government comes in but it depends on the level of progress cryptocurrencies adoption has made

Well i hope they would have gone very far to the extent that no government can just come and spoil the plans and progress they are developing

 

[SCAMEXPOSER]

If the current government is able to generate huge revenue from cryptocurrency offcourse the new incoming government will only improve and sustain it

 

[Wisdom01]

If the current government is able to generate huge revenue from cryptocurrency offcourse the new incoming government will only improve and sustain it

I really hope the upcoming sees the revenue and also follow suit for the improvement of crypto currency , because many government don't like the crypto existence

 

[CyberPreNurse]

This is nice development as it would help boost the confidence of so many Indian crypto traders who were actually getting frustrated with the regulatory rumors that have been around all this while.

 

[Josemendez]

India who has been controversial about Crypto currencies now focus more on the growth of cryptocurrency, recently the Central Bank of India sent a strict warning against banks preventing customers from exchanging fiat to cryptos, they can only carry out the usual AML/KYC requirements as directed by the Reverse Bank of India. The attention around Crypto Trading is growing massively as they are set to even have a crypto hot spot for the entire continent. This is a major win for the industry as it gains acceptance in the country.

This is indeed a good news for Indians. They have actually been able to stick to their opinion of accepting crypto despite the earlier struggle by the government

 

[SCAMEXPOSER]

I expect more from Indians in this forum to update about cryptocurrencies activities and updates we share at least fro further verification.

 

[Wisdom01]

This is nice development as it would help boost the confidence of so many Indian crypto traders who were actually getting frustrated with the regulatory rumors that have been around all this while.

Many india crypto lovers might be seeing that as a barrier and issue ,then the India government have already clarify things to the benefit of crypto lovers who loves to trade more

 

[SCAMEXPOSER]

I wish the Nigerian government will give cryptocurrencies a trial at least for citizens willing to take the risk in Investing into cryptocurrencies. Indians are lucky.

 

[gammarays]

Hahaha, they're warning banks not to restrict crypto transactions so they can have full access to their 30% tax. If they want to ban it, they can ban it fully. I know there must be a walk around for Indians. There are many ways to generate revenue from crypto aside taxes.

 

[BullyMaguire]

Hahaha, they're warning banks not to restrict crypto transactions so they can have full access to their 30% tax. If they want to ban it, they can ban it fully. I know there must be a walk around for Indians. There are many ways to generate revenue from crypto aside taxes.

Ofcourse they would. Because people who still do trades and transactions through crypto currency gets their money taken in form of taxes. Having the interference of banks hinder their plans no? Instead of people getting sucked dry they are forced to use other means to trade crypto into fiat that would be a lost to them

 

[gammarays]

Ofcourse they would. Because people who still do trades and transactions through crypto currency gets their money taken in form of taxes. Having the interference of banks hinder their plans no? Instead of people getting sucked dry they are forced to use other means to trade crypto into fiat that would be a lost to them

Yes, planning to increase it shows their real motive that they're after the money not to protect citizens. Indians will look for indirect means to avoid the tax. I heard that crypto platforms in India have enforced the rule and deducts the tax from people transacting with it.

 

[achawaskey]

India government through there central bank has seen that they can make more revenue from cryptocurrency trading, and base on there population, and the economic situation, they now decide to left the restriction.