India Getting Very Serious About a Crypto Ban

[wry]

India has been one of the more aggressive countries in acting against crypto currencies.  Given that the recalled all of their own high value rupee notes a couple of years ago to combat "corruption"  (no actual corruption was harmed) I guess this should not surprise anyone.  Last year they shut off any organization openly using crypto from the Central Bank of India.  This resulted in stories like these:

and

However, they have now completed a study that has them concluding that all cryptos are "Ponzi" schemes and therefore the holding of crypto has to be banned in order to protect the people of India.

This of course is absurd.  I don't know why this cryptos as ponzi narrative wont die, I guess because it's easier than saying "We are banning our citizens from holding crypto because we feel this overwhelming need to control everything they do."  It is just so transparently self serving and false it really bugs me.

Anyway, while they can easily ban conversions of crypto into rupees like they have already done, I think it's another thing entirely to try and ban people from even possessing crypto.  I hope they fail spectacularly!

Link:  https://www.coindesk.com/indian-government-again-discussing-ban-on-cryptocurrencies-report

[williamshennie9]

How can cryptos be a ponzi scheme? Who is the mastermind of all this? - Nobody! Crypto is decentralised. I think this is more of a government trying to intimidate people from investing into crypto for fear that it may become popular and decrease the dependance on the rupee. Just my thoughts on the matter.

[allisonn]

6 hours ago, williamshennie9 said:

How can cryptos be a ponzi scheme? Who is the mastermind of all this? - Nobody! Crypto is decentralised. I think this is more of a government trying to intimidate people from investing into crypto for fear that it may become popular and decrease the dependance on the rupee. Just my thoughts on the matter.

It's very easy and righteous for you to say that but if I were the de facto ruler of a populace that has great disparities in education levels etc, I would want to straight up ban crypto stuff for the time being.

The dream of getting rich through bitcoin and altcoin speculation fuels a ton of scams, and this is not even considering that many (I dare say most) altcoins are scams in themselves. Many of them are planning to cure cancer or make your car share data with your fridge, 2 years and trillions of dollars later none of them has anything to show. Read our white paper! Attend our conference! Have you seen the site for Augur, with a market cap of $240m? Compared to Stake, the Augur site looks and works like a dumpster fire.

If a guy really wants to get into crypto, a shallow ban wouldn't affect him. And he would be more aware of and accept the risks of his actions, of which there are more than can be listed. He wouldn't come crying to me when his favorite shitcoin drops 99% in value, or the "cloud mining" scheme he invested in disappears into the clouds.

[cryptofly]

"Promoting Bitcoin as a Ponzi" scheme is no other than advertising.  We all know the power of marketing.  I don`t know what percent of the Indian Population is with cryptos, but I am sure that is a very low percent; so this bad advertising will work great in order to stop the masses to get involved in cryptos.  All is about control, bank control.  Bitcoin is a nightmare to them.

[ceastem]

Ponzi scheme? haha

They're just making things up to have excuses to ban crypto in India. I wonder why people there just believed it like that, I thought India is full of techies that knows so much about technology. I bet those people that really knows about crypto ain't believing them but can't do much about it. It's a shame though, I'm sure they do not know /realize all about crypto's potential.

[martianarmy]

I am in India and i am still using them. They didn't really banned crypto but just restricted them. Reserve Bank of India told that they are not going to exchange the cryptocurrency through banks and it is restricted to only exchange. But they didnot banned using them. But peer to peer cannot be banned. I am still using it. But still government is paying tax to bitcoins.

[laron]

maybe it was valid while in the country it was also not allowed but over time now it has returned, but in my country cryptocurrency is not able to buy goods just as an investment

[Aajaablast]

Hellow 

Iam from India and I can freely buy bitcoins altcoins their is not restrictions we just give some taxes for little amount of crypto and also their is many way ( websites) we can use in India to withdraw crypto to bank 

Dirctley withdraw crypto to bank us not allowed ( its take verification process and its banned now )

In the end yes we can use bitcoins they cant just banned bitcoins in India !

Thanks

[nhoyasim101]

any from india here? how would it effect if you are one of crypto inthusiast in country,s planning to ban crypto like india?

 

[Aajaablast]

38 minutes ago, nhoyasim101 said:

any from india here? how would it effect if you are one of crypto inthusiast in country,s planning to ban crypto like india?

 

They ain't just banned. the banned is like directly using using your bank money to buy crypto stuff .

They banned because we people just new to crypto and their is chances to get scammed. If anyone of got scammed then they straight says . " why gov. Allowed crypto In India"

Also their are some  youth who invested in crypro and some of kids do gamble away

"This is also a risson they don't want gamblers becouse we people can't earn enough money and if we start gambling and losses away all money 

Then " Maybe crimes will start"

Their are more risson

"" but now and from begging we using crypto if we loss our money then its our responsibilty ""

Thanks 

[Shaniqua]

17 hours ago, williamshennie9 said:

How can cryptos be a ponzi scheme? Who is the mastermind of all this? - Nobody! Crypto is decentralised. I think this is more of a government trying to intimidate people from investing into crypto for fear that it may become popular and decrease the dependance on the rupee. Just my thoughts on the matter.

maybe more so he meanth like a pump and dump scheeme but on a large scale... idk but i know crytpo markets for sure are controlled by big playas

[Kate]

Like how i don't even know , how do people do research about something that is trustworthy and comes to such a conclusion that bitcoin is a ponzi scheme ? What the hell who did the research ? 

[Eben]

India’s decision on the legality of cryptocurrencies has been a long time coming. Finally, they've made up  at least something 🤔

[hanvee]

21 hours ago, wry said:

India has been one of the more aggressive countries in acting against crypto currencies.  Given that the recalled all of their own high value rupee notes a couple of years ago to combat "corruption"  (no actual corruption was harmed) I guess this should not surprise anyone.  Last year they shut off any organization openly using crypto from the Central Bank of India.  This resulted in stories like these:

and

However, they have now completed a study that has them concluding that all cryptos are "Ponzi" schemes and therefore the holding of crypto has to be banned in order to protect the people of India.

This of course is absurd.  I don't know why this cryptos as ponzi narrative wont die, I guess because it's easier than saying "We are banning our citizens from holding crypto because we feel this overwhelming need to control everything they do."  It is just so transparently self serving and false it really bugs me.

Anyway, while they can easily ban conversions of crypto into rupees like they have already done, I think it's another thing entirely to try and ban people from even possessing crypto.  I hope they fail spectacularly!

Link:  https://www.coindesk.com/indian-government-again-discussing-ban-on-cryptocurrencies-report

my country also not allow buy or trading crypto currency tho but we still can hold it ... even there not allow but it pretty easy to buy crypto on auto site.... the price is pretty good and very fast ! tho 

[AxelG]

What can you do, not all authorities recognize Bitcoin, or simply see him as a specific competitor in the national currency. As an option to move to another country, and if there is no possibility, it means that such people do not have earnings on the cryptocurrency as such.

[rajamishra]

hello friends its very sad news for us some time its hurt when government declared for digital india and other way ban to digital currency.some hope still there within some months or in a year its should be some intermediate solution for crypto users in india.if only of china and india government adopt it then where the price of crypto no one can imagine.

[nattekut]

BTC and crypto in general just got a lot of negative attention during the past years. But this is something you will and can never stop. As soon as BTC/crypto started booming a couple years ago there launched multiple scummy crypto Ponzi shemes every single week. Just look at projects like onecoin, crypto888, octapartners and many more. They all claimed to launch there own coin but were just using the crypto hype to rune and hide their ponzishemes. After the ponzis there were the ICOs. There have been several good ICO's. But for every good ICO there have been 50 scam ICOs.

Because of all this negativity around crypto lot of countries are becoming full non believers and want to ban crypto to protect their people (they say). But I also think they just want to keep control and use the negativity of crypto as reason for banning but actually they just don't like loosing control over their people and monetary system

[Kate]

On 4/28/2019 at 6:15 PM, Eben said:

India’s decision on the legality of cryptocurrencies has been a long time coming. Finally, they've made up  at least something 🤔

Yup i know right ? It is like a never ending war , first they ban the banks to provide their services to crypto exchanges and then they try to ban the crypto buying and selling sites and then they say it is a ponzi scheme , whatever they do they can't control a billion number of people that use crypto. 

[Etude]

Seems like a very stupid and absurd move indeed by the Indian Government to do such a thing as outright calling it all a Ponzi scheme even with the benefits of the blockchain technology which is the future.

[bmg]

I really hope something changes  and I hope it changes soon.  That is just lame trying to make it where people aren't even allowed to have it. 

[Shaniqua]

i wonder what the punnishment would be if people were to bypass the internet securitties that have and in fact get some.

[KiXxnTRiXx]

Hmmm, a ponzi hey.. aaahh.. i could get into this way too much.. all i am going to say is, these people should stop being a hypocrite.. the money system we have now, the banks.. these are built based on the same concept... heck the governments even made or legal for banks to create money out of thin air... lol.. yet they call crypto ponzi.., hahaha.. thats priceless...