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[aryan4]

India is preparing to ban private cryptocurrencies.
According to the bulletin published yesterday on the official website of Lok Sabha, the lower house of India's bicameral parliament, the Indian Parliament will consider a bill prepared by the government to ban private cryptocurrencies in the next budget session.
It is stated that the bill has a good chance of passing, as the ruling party controls the parliament.
If this happens, could the markets be affected?

 

[aryan4]

Banning is the easiest thing I think. Why would they want to close these markets that all societies accept? Could it be the problem of money laundering, which is probably always on the agenda?

 

[fastmoney1]

The cryptocurrency ban in India is something that many countries are already implementing trying to get control of them in one way or another. Cryptocurrencies are accepted with financial means in all parts of the world and the economies of governments are affected by that control of cryptocurrencies.

 

[Niftyicon]

This is not really new coming from India and even at the point of banning, many still find ways of making their transactions with Cryptos. I hope the bill isn't passed for the sake of the people who need these Cryptos to help them get more value for their funds.

 

[aryan4]

I saw the news today on the Hindustan Times India , but why is the government banning it again. They should take public opinion on this decision instead of filing a case in the supreme court which they previously lost in March 2020.

Unfortunately, sometimes states or officials can be very persistent in their decisions. I don't know, but I think it's a problem they are probably very uncomfortable with.

 

[achawaskey]

Banning privately own cryptocurrency, what will be the next option to it or will the government take control of that, and what will happen to employed. They should think twice before taking decision.

 

[aryan4]

Banning privately own cryptocurrency, what will be the next option to it or will the government take control of that, and what will happen to employed. They should think twice before taking decision.

States and institutions related to these businesses are uncomfortable with many things. But I guess what concerns them the most must be the use of coins for illegal businesses.

 

[Brain]

I think the ban is ongoing already I read about it just yesterday and I wonder why. The government needs to think through about this before taking these actions

 

[Equinoxx]

The prime intention behind banning crypto currencies is to prevent money laundering and other dark web transactions. But, India is planning to develop it's own crypto currency according to recent reports emanating from financial sources.

 

[Brain]

This is actually not the first time India is going to place a ban on crypto currency according to an online source it was banned because of the rise in online crime rising since Bitcoin became popular means of payment

Due to rise in crime online but this happens everywhere even offline. This doesn't seems a logical reason for a ban though. I don't get this ban all the time

 

[anil02]

India is preparing to ban private cryptocurrencies.
According to the bulletin published yesterday on the official website of Lok Sabha, the lower house of India's bicameral parliament, the Indian Parliament will consider a bill prepared by the government to ban private cryptocurrencies in the next budget session.
It is stated that the bill has a good chance of passing, as the ruling party controls the parliament.
If this happens, could the markets be affected?

India is big country and many peoples of doing trading of crypto. Indeed it is some what like speculation. Speculation in India is illeagal. So it may be reason that Indian government will banning it

 

[Brain]

Not that I agree with the government policy but they would have taken plans and known that the ban would be effective or they would start it's own crypto currency.

Okay then if taking their own stances will help their economy then so be it. But I still believe that their economy would have benefited more from the use of cryto

 

[Fairchildftw]

They are about to release their own currency "Bharat Coin" which isn't Decentralized, they clearly knows most of the people don't know about centralized and decentralized and gonna invest in just because of the Digital currency hype!

 

[Owii430]

I don't think this is a good idea. India shouldn't ban cryptocurrency because the rest of the world is making policies and trying to regulate cryptocurrency so this is a regressive step which india would take. Better to regulate cryptocurrency.

 

[rivakwa]

We

Banning is the easiest thing I think. Why would they want to close these markets that all societies accept? Could it be the problem of money laundering, which is probably always on the agenda?

We are use to all these threats from Countries.But will not stand the test of time.I know why government's of Nations are behaving like this,they are trying to stop money laundering but that is not the best way to go about it

 

[rivakwa]

We

Banning is the easiest thing I think. Why would they want to close these markets that all societies accept? Could it be the problem of money laundering, which is probably always on the agenda?

We are use to all these threats from Countries.But will not stand the test of time.I know why government's of Nations are behaving like this,they are trying to stop money laundering but that is not the best way to go about it

 

[Rollerkid]

India is preparing to ban private cryptocurrencies.
According to the bulletin published yesterday on the official website of Lok Sabha, the lower house of India's bicameral parliament, the Indian Parliament will consider a bill prepared by the government to ban private cryptocurrencies in the next budget session.
It is stated that the bill has a good chance of passing, as the ruling party controls the parliament.
If this happens, could the markets be affected?

If they had seen the effects of the privacy coins on the nation becoming bad, the better option l think they should have chosen is to ban it in their country, but not to ban the markets over there that serve the whole world.

 

[BullyMaguire]

I just feel bad about our crypto people in india going through this ban instead of support they are getting this. Hope it all sorts out

 

[Josemendez]

India is preparing to ban private cryptocurrencies.
According to the bulletin published yesterday on the official website of Lok Sabha, the lower house of India's bicameral parliament, the Indian Parliament will consider a bill prepared by the government to ban private cryptocurrencies in the next budget session.
It is stated that the bill has a good chance of passing, as the ruling party controls the parliament.
If this happens, could the markets be affected?

According to information gathered from India financial Minister , she said that India has not banned crypto ,but deliberations is ongoing with the Reserve Bank of India