If India Bans Cryptocurrency as per the draft law, What happens next?

[cointikka]

Already the market has started reacting to the FUD. I think the Ban will not affect the community, it will be possible to trade and Hodl cryptos if they know how to do it?. As cryptocurrency does allow Anonymous Transaction. I am not sure about wallets, What do you think and What can you suggest?

Why did I posted it in Stake discussion?

I am sure there is a large gambling community in India and this might be an important information for them.. What do you think?

 

[barbaris]

I think that just a lot of players will go into the shadows and will continue their business in spite of the law. Why this law take earnings from not rich people, I do not understand.

[rdbase]

That is what it will come down too. There will be a blackmarket for cryptocurrency buying and selling if that law actually does take effect.

The government doesnt realize it could be making money from regulating it and not outright banning. Working with it instead of fearing it.

[Kate]

Umm this is kind of like just bitcoin discussion to be honest. And India bashing bitcoin is not that big since there are ways you can still buy them online from other easily. 

[cointikka]

19 minutes ago, barbaris said:

I think that just a lot of players will go into the shadows and will continue their business in spite of the law. Why this law take earnings from not rich people, I do not understand.

Every government depends on rich people money, do you think the government will think stop money flow. This is the worst part of democracy in the 21th century. There is nothing new Corporate always rule. Money talks. That is why people from the biggest democracy invested in crypto.

[williamshennie9]

Yes, it will be a huge blow for bitcoin. That will not stop users from using bitcoin in India though. Many users will find ways around it, and still use bitcoin. If they didn't ban it, that would be awesome!

[neich]

3 hours ago, barbaris said:

I think that just a lot of players will go into the shadows and will continue their business in spite of the law. Why this law take earnings from not rich people, I do not understand.

good words. cant tell it better.

The government doesnt realize it could be making money from regulating it and not outright banning. Working with it instead of fearing it.

im curious what countrys will get banned too

[rajamishra]

hello friends its a biggest issue from last few months who are using crypto in india.if its happen somehow we are try for a intermediate solution for  it and waited for when india will passed the crypto bill .its a corporate game may be some corporate house try to introduce their crypto coin.

[rdbase]

1 hour ago, neich said:

good words. cant tell it better.

The government doesnt realize it could be making money from regulating it and not outright banning. Working with it instead of fearing it.

im curious what countrys will get banned too

Yeah. 10 years is a long time to go to jail for just trading cryptocurrency.

Btw, nice words as well.  Hahah!

[Dragunov]

Probbably they banned Cryptos because India is a very poor country thats why they cant handle it .So yep thats the reason why they did that. GoodLuck Everyone

[sheenazbay]

this is still a stage of consideration. consider the option to ban digital currency based on the Prevention of Money Laundering Act (PMLA) because it is said to be used for money laundering. The Ministry of Corporate Affairs reportedly stated that cryptocurrency was used in fraudulent schemes to "cheat deceived investors".

[Etude]

I think people will still find ways to use crypto despite the ban since it is something very useful and not easy to be traced when careful enough.

[Kate]

Also to add india has the top 5th world largest population country wise and to stop a huge population from using bitcoin is just more than impossible and not in their hands reach at all

[polor12]

nothing will happen.. remember crypto is only being spoken about among the countries government. any government., to put at that.. is not recognize as currency as of yet. sincein not in world market to be traded etc. they banning nothing basically.. is not physical in any way and no one has ownership of it.. how is ban,, are they going to be monitoring everyone transaction and purchases..to see if you they using crypto,. is ridiculous to see any government trying to ban some thing that they cant control coming in and out digitally..  if they want to ban then they should ban the internet.. since the only place where they can do any transaction with crypto..is not replacing any currency at all  if that is the reason they are worried about,,