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[Balint098]

As per Coindesk, the federal cabinet of India is preparing to bring yet another decision that will hurt the crypto community in the country. Reportedly, they are going to discuss about a bill that will ban crypto trading in the country. Although, the government has sought to utilize blockchain in several different sectors, like education, land record and medicine, they were still against cryptocurrency in general.

 

[Niftyicon]

If the Indian government could embrace the technology behind crypto in other areas what then is the problem with crypto's use. This wouldn't be helping the people in anyway.

 

[Bookwormlux]

If the Indian government could embrace the technology behind crypto in other areas what then is the problem with crypto's use. This wouldn't be helping the people in anyway.

Guess it is just a ploy to frustrate the masses, and it is not good. The people need to speak against it, if the government wants to ban it completely they should , not that they will restrict how the masses use it while they themselves use it in another way.

 

[Niftyicon]

Guess it is just a ploy to frustrate the masses, and it is not good. The people need to speak against it, if the government wants to ban it completely they should , not that they will restrict how the masses use it while they themselves use it in another way.

We really do not know what the conclusion would be but the news is all over and causing some concerns. I think a ban is just too extreme.

 

[Bookwormlux]

We really do not know what the conclusion would be but the news is all over and causing some concerns. I think a ban is just too extreme.

Yeah. They have to reconsider it, many people are making a fortune from crypto currency and they should not serve as obstacle with their ban, especially if they are not having an alternative to make life better for citizens.

 

[Brain]

Guess it is just a ploy to frustrate the masses, and it is not good. The people need to speak against it, if the government wants to ban it completely they should , not that they will restrict how the masses use it while they themselves use it in another way.

Well stated, the government is always out to restrict the masses on things they will also use as well. They always want the masses be on the receiving end which is appalling

 

[Niftyicon]

Well stated, the government is always out to restrict the masses on things they will also use as well. They always want the masses be on the receiving end which is appalling

I just feel this is just so unfair to the people. If the government has anything against crypto, they could as well give people the freedom to do as they please at this own risk instead of outrightly banning it.

 

[Balint098]

They're afraid crypto will devastate their national currency and reducing the value of fiat money. Just like why Russia bans crypto as payment.

 

[Brain]

I just feel this is just so unfair to the people. If the government has anything against crypto, they could as well give people the freedom to do as they please at this own risk instead of outrightly banning it.

I totally agree with you, people prefer to always make their choices than being limited. Taking financial risk is personal so the government would have allowed that.

 

[Niftyicon]

They're afraid crypto will devastate their national currency and reducing the value of fiat money. Just like why Russia bans crypto as payment.

I feel this is probably the fear of most governments that are against crypto. To be sincere, I cannot really blame them, people are already using crypto to stay afloat and beat the effects of inflation.

 

[Bookwormlux]

I feel this is probably the fear of most governments that are against crypto. To be sincere, I cannot really blame them, people are already using crypto to stay afloat and beat the effects of inflation.

If that is what they fear, why don't they just make things favourable in a way that people would not see crypto as a means of escaping their unfavorable policies?

 

[Yugocean]

Wrong news
Actually in September, Crypto Bill was Omitted from Parliament. In March, 2020, Supreme court revoked RBI ban on crypto trading, so there is no ban for now. Another news is DeFi protocols UniLend Finance and PlotX already successfully completed their seed rounds in India.

 

[Balint098]

If that is what they fear, why don't they just make things favourable in a way that people would not see crypto as a means of escaping their unfavorable policies?

They can't do that, all governments want firm control of their country and, if possible, people. And crypto will give that to people, while the government can't control them.

 

[Yugocean]

They can't do that, all governments want firm control of their country and, if possible, people. And crypto will give that to people, while the government can't control them.

I know, but what I said is the news. due to Covid Problem, there are less task in Parliament too, so only very important bills are here. Maybe government make crypto taxable instead of just banning, because it is not easy to ban something that is pure virtual.

 

[Bookwormlux]

They can't do that, all governments want firm control of their country and, if possible, people. And crypto will give that to people, while the government can't control them.

That is where the problem comes then. People would still have a way of bypassing then no matter how hard they try to make strict policies. This is certain, because people want to survive at a costs.

 

[Balint098]

That is where the problem comes then. People would still have a way of bypassing then no matter how hard they try to make strict policies. This is certain, because people want to survive at a costs.

For governments, allowing crypto is like allowing guns to be freely sold on the street lol. The government can't control and restrict everything but still want to control at least part of it. It's not just about survival since even criminals are also using crypto. Also, most people who want to survive in hard times would simply turn to prostitution or do crime instead of crypto since crypto requires specialized knowledge that not all people have.

 

[Niftyicon]

I know, but what I said is the news. due to Covid Problem, there are less task in Parliament too, so only very important bills are here. Maybe government make crypto taxable instead of just banning, because it is not easy to ban something that is pure virtual.

If it hasn't been completely banned then that is good news. However, I hope that the amount of control the government wants to have on crypto will still not be tantamount to a ban.

 

[Rollerkid]

For governments, allowing crypto is like allowing guns to be freely sold on the street lol. The government can't control and restrict everything but still want to control at least part of it. It's not just about survival since even criminals are also using crypto. Also, most people who want to survive in hard times would simply turn to prostitution or do crime instead of crypto since crypto requires specialized knowledge that not all people have.

That is very true. I don't think the government of India can really ban its citizens from cryptocurrencies related activities. Well, even though they may make it ilegal, but people will still be engaged in it.

 

[Bookwormlux]

For governments, allowing crypto is like allowing guns to be freely sold on the street lol. The government can't control and restrict everything but still want to control at least part of it. It's not just about survival since even criminals are also using crypto. Also, most people who want to survive in hard times would simply turn to prostitution or do crime instead of crypto since crypto requires specialized knowledge that not all people have.

That's a really disturbing one. Whenever technology presents us with what would make life easy, some people see the negatives in it and usevit to perpetuate evil. One won't blame the government considering issues like this.

 

[Bookwormlux]

If it hasn't been completely banned then that is good news. However, I hope that the amount of control the government wants to have on crypto will still not be tantamount to a ban.

That is it. If the government have very strict regulations on it in a way that would affect its use by citizens, then it is better to ban it completely Because there is no difference.