In another round of FUD coming out of India there are reports circulating that India may yet again consider banning cryptocurrency trading. Let me tell you while it's true that the government is clamping down hard on Ponzi scheme and funding such schemes, there is no ban whatsoever on trading of cryptocurrencies on any Indian exchange.
“The bill is aimed at tackling the menace of illicit deposit taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.” -PIB, Govt of India
You can read more about the bill on the government website here.
Regulated deposits generally means that a ceiling and restrictions are imposed by a government regulator. But this doesn't mean that the cryptocurrencies will necessarily fall into the ambit of the bill.
Let the following image from a newspaper clipping of a top publication clarify it further. It is as specific and clear as it can get.
Some mainstream news agencies are creating FUD again and I've had a dozen people ask me if Bitcoin has been banned again! It was never banned in India and unlikely that there will be a ban on trading cryptocurrencies.
If you are a Steemit user, Bitcoin investor or a cryptocurrency enthusiast holding alt-coins in general, you needn’t fear anything. It’s business as usual for now in India. Please donot panic sell your coins yet again.
However, there are some new developments on the banking front with some banks yet again suspending accounts of exchanges. More on that in the next post.
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bitcoin is becoming stronger because of the Seqwit and Lighting network already running for cheaper transaction fees, time to buy the dip, lol...
I think that it's transparency they are pushing for more than anything. Governments will want to know who, where and how much so that they can get their cut.
Governments tend to follow money more so than anything else and crypto smells like new taxation to them so why would they ban it.
It’s good to clamp down on Ponzi schemes like bitconnect. These only damage the image of crypto. These sort of regulations should be embraced and not shied away from.
Regulated deposits generally means that a ceiling and restrictions are imposed by a government regulator. But this doesn't mean that the cryptocurrencies will necessarily fall into the ambit of the bill. It is true.
This comes at a time when indian Banking system has shown the greatest display of fraud . Of course Govt will embrace blockchain , and cryptos too. Sooner the better.
I do not see Indian govt banning bitcoin. They might take little longer to regulate it as they are confused over the tax reforms and regulation policies over crypto. In the mean time they are discouraginf=g it to stop injection of Blackmoney in crypto.. This is what i think :)
India could be counted as a bitcoin friendly country, can't see how they ban bitcoin at the near future, the only reason I see they banning cryptocurrencies is if the western world would force/ pressure them to do so.
India has some strong exchanges that are working with the regulators and I don't think that they are going to leave any time soon, those exchanges are just getting bigger and the demand for bitcoin in India is keeping on growing.
MAYBE I GO REPEAT BUT
I HAS TO LAUGH AT ALL KIND OF BANS :) THEY CAN MAYBE BANANA
https://steemit.com/bitcoin/@mfg/jxpqvmaz
I am not even scared coz I know crypto is going no where and there can't be ban placed on crypto coz crypto ain't Ponzi. This is actually they handiwork of bankster who don't want the success of Ponzi but they will all fail.
Good point 👍
waoo!!!
I believe in India fights real Ponzi Schemes and regulated cryptocurencies, It will have a huge effect on crypto trading.
The Indian Union Cabinet chaired by PM Modi has approved to introduce the Banning of Unregulated Deposit Schemes Bill, 2018 in the parliament, which may include Bitcoin and cryptocurrencies that have been seen largely unregulated so far.
The bill is aimed at “tackling the menace of illicit deposit-taking activities in the country. It will prohibit companies/ institutions running such schemes from exploiting existing regulatory gaps and lack of strict administrative measures which result in poor and gullible people being duped of their hard-earned savings.”
Leeches sucking on the poor and uneducated people.
Years in jail is the only acceptable punishment for these guys.
I love the comment
I was honestly starting to get worried. News of India banning cryptocurrency again had circulated around so fast. And for now atleast I know India is not having much influence in the falling prices of bitcoin. It had started to increase at a fast rate.. and suddenly today it's showing signs of another dip again. This is sad for the investors who got their coins at a high price, and a reason for celebration for those that are yet to invest in cryptocurrency.
I hope this news doesn't have huge bearing on the state of the economy even less the crypto economy. I feel they want to clean their coffers but my question is at what expense. Don't pay more to get less. Take heed!
Thanks for the information and advice to all bitcoin investors.
I pray all will work out in all investors favor.
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maybe it will effect coz most of indians crypto traders are newbie they are doing panic selling most of indian exchanges of crypto came in the market from last six months people in india got to knw wht is cryptocurrency in last six months ..and i am afraid india is the corrupt country politician and everywhere there is corruption in india so they are scared to adopt blockchain technolgy
I do not think it's will happen in place like India no way
I read this article in today's newspaper and iam very disappointed by the news channels of India because they always spread these fake news about Cryptocurrencies to gain more TRP,
They do the same when the financial budget passed and this time they also do the same thing, it's really hard to believe on these news channels these days.
And I am very happy by the government that they didn't take any wrong decision about Cryptocurrencies.
Thanks @firepower for giving this news to all other Indian community members 😇
Thanks for bringing this clarification up to clear the air of yet another panic on cryptocurrency. The government fights just cause for the betterment of her citizens not cryptos
We must to clean up all the fonzi and scam coins from the world , i think all the internationals authorities should take part of it
The blockchian and cryptocurrency are the economy of the future just need to get ride of some scammers and it's will take over the world
India will never ban the crypocurrency because if they do it then it take more time to develop the nation. It's very necessary to participate in anything with rule and regulation.
Lot of people take statement as India ban Cryptocurrency. Even Jio soon launch JioCoin.
Govt. only want to aware people and tell then the risk behind it.
I don't really think that this will in any way affect cryptoworld. It takes quite a time for world to adopt a new technology.
Cool
I pray the government dont end up banning crypto currencies as a result of their clamp down on ponzi scheme because it would really affect the market
All post is all the great post and very important post sir.Bitcoin is a great coin of the world.Thank you so much sir.
government will take benifit of bitcoin , by banning it or making some huge news about it like they did today about pnb scams there ws 750 something btc was used in that scam lol they ll ban bitcoin or crypto traading to divert the mind of indian public and media from pnb and other scams
You post contain very helpful information.You have discussed many point of bitcoin,Steem,Crypto.I mean people do not sell their crypto because they are conscious.And i am also.Now Bitcoin Ban impossible
Let's hope that they will not ban crypto in your country. I think it's not fair at all! People worked a lot to increase their wealth and now the government wants to ban it?? Wowww...
wonderful & remarkable!
Auch für Kryptos gilt! Die 4 G
Gier - Glück - Geld - Geduld
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there seems to be more FUD every single day. I guess we have everyone attention at least. Good or bad it's still promotion.
Indian government started campaign of 'swach bharat abhiyan' on cryptocurrency too.
Buen trabajo, muy informativo tu blog. Gracias por compartir.
Thanks for the information. Very good
Yes! Cryptocurrency never will be ban in India in liue of trading.
Thanks for the kind information resteemed it.
Thanks for the great news, yes the news channel ate not have the knowledge about the working of cryptocurrncy, so published fake news simply to make popular their news.ITS published in India like a huge wave of rumours. Thanks for sharing the reality ,wish you a very beautiful time ahead, "The Star of Indian steemit community".
Yesterday, after reading the news some of my friends too asked me about the banning of cryptocurrency in India, my only reply for them - They will never kill their gold hatching hen 😂, In India the government only know how to talk big, not how to act big...
Moreover, two days before PMO had announced a tweet about regarding the blockchain and there impact, and how he thinks that it is in high-end of India to adapt such technology
.
So, from this we can say that Bitcoin or cryptocurrency will never be banned in India..but, restriction can be imposed on them - income tax...
Love the post, keep the good work
@casualwriter
This is my favorite Indian cryptocurrency website. :) Thanks for the great information, brother.
http://cryptomux.com/metcalfs-law/
The bill is aimed at “tackling the menace of illicit deposit-taking activities in the country. It will prohibit companies/ institutions running such schemes from exploiting existing regulatory gaps and lack of strict administrative measures which result in poor and gullible people being duped of their hard-earned savings.”
There have been no clear regulations aimed at cryptocurrency and hence the confusion.
Lately the Government was planning to regulate the exchanges in India. I don’t see anything to panic, hold on guys.
Is this affects any one
But BTCxindia is going to stop XRP/INR trading from 5th March 2018.
if ripple is added to coinbase then I am sure its value is going to increase .
Good post