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[AudraMiller]

The draconian bill in India is essentially a way that the Indian government is aiming to make sure that bitcoin possession, or any other cryptocurrency for that matter, is considered to be entirely illegal and those that do not abide by this can face criminal prosecution. There has been many articles regarding speculation opn such, however this seems to be confirmed, as the Indian government seems to be trying to promote their digital currency. What are your thoughts on this? This may take away from the release of their digital currency would it not?

 

[BusyCat]

Well India is a large country and it's obvious many people don't stop trading g cryptocurrency so soon. They will find one or the other way to trade crypto using foreign exchange or foreign relatives / friends. But blockchain technology is promoted here though not the private assets like Bitcoin , ethereum.

 

[achawaskey]

Many countries are looking for ways to make more revenue especially this covid 19 time and Indian government has discovered that there is untaped huge revenue in crypto. This is why there making creating there own coin and laws to back it up.

 

[Niftyicon]

I am guessing that the Indian government thinks that its own digital currency may not get enough acknowledgement in the face of other Cryptos. I think people will still find a way to deal in Cryptos over time.

 

[Wisdom01]

Well i thought the finance minister already said positive thing regarding crypto in the country , because i really dont understand what is making them take it as illegal again

 

[Kunkun]

Well i thought the finance minister already said positive thing regarding crypto in the country , because i really dont understand what is making them take it as illegal again

I think they are trying to promote their own coin, so if other cryptos are still available and legal , people might not invest in India's coin so they are trying to monopolize the market

 

[Wisdom01]

I think they are trying to promote their own coin, so if other cryptos are still available and legal , people might not invest in India's coin so they are trying to monopolize the market

Many people might not really want to invest in the coin , since most people dont really like what the government have control over i think , since anything is bound to happen due to change in government

 

[Kunkun]

Many people might not really want to invest in the coin , since most people dont really like what the government have control over i think , since anything is bound to happen due to change in government

True, I'm not justifying the government action, it's not entirely fair because they left them with no choice, let's see how things unfold though

 

[Brain]

The draconian bill in India is essentially a way that the Indian government is aiming to make sure that bitcoin possession, or any other cryptocurrency for that matter, is considered to be entirely illegal and those that do not abide by this can face criminal prosecution. There has been many articles regarding speculation opn such, however this seems to be confirmed, as the Indian government seems to be trying to promote their digital currency. What are your thoughts on this? This may take away from the release of their digital currency would it not?

Oh wow, this is getting really serious. So it has gotten to this already. Well, the government might know better why they do not want Crypto currency in their country

 

[funkymoney]

the finance minister said they would encourage blockchain technology and startups using the various resources related to crypto, but not sure about the complete ban on bitcoin. the bill still needs to be passed, likely in this session. This kind of ban happened in 2018 but the supreme court quashed it. That's why the government is taking time to understand this crypto ecosystem and tabulate the bill. Hope they regulate it properly rather than banning them completely