The End of Indian Cryptocurrency Dream? Government to Discourage Use of Crypto’s
In the past there have been political call to declare cryptocurrencies as illegal, however, the central bank of India – Reserve Bank of India- has issued caveats to the users of these currencies to deal with them at their own risk. As is buying, selling, trading, or mining is not illegal per se under the existing framework of law in India. Cryptocurrencies if not legal, its most certainly unregulated in the Indian market. This lack of regulation has made the case of Indian cryptocurrency industry establishing their own self regulatory body by the name of Digital Asset and Blockchain Foundation of India (DABFI).
Talk about Bitcoin and cryptocurrencies in the Indian Parliament was set to motion with the doubt, if the cryptocurrency was a “ponzi scheme” in order to regulate this relatively new industry. This lead to the formation of inter-disciplinary committee by the Indian Finance Ministry in April, 2017. The committee was vested with the task of taking opinion of legal status of these cryptocurrencies under the framework of Indian law and also studying the legal structures governing crypto’s in other countries, in order to protect the consumer interests. As part of this study the government also invited suggestions from the public on to the website www.mygov.in.
Perhaps its disheartening to realise that this long awaited decision has been served to us with no plausible outcome for the Indian crypto investors. The committee has recommended the government to take immediate steps to discourage the use of cryptocurrencies. The reasons cited in the recommendation are to protect people frauds, money laundering, terrorism etc.
This comes in the times where cryptocurrencies have started gaining popularity amongst Indian investors and since have been in soring demand. Moreover, RBI has been optimistic about the technology of Blockchain to check counterfeiting and other banking problems.
Right from trading into cryptocurrencies to mining them is becoming the trend. Since demonetization cryptocurrencies have gained awareness and since then has started becoming popular amongst Indian investors.
The report is yet to come in the public domain and so is awaited. So it remains to be seen how the government adopts these recommendations.
Meanwhile, what do you guys think about cryptocurrencies, should they be illegal? Upvote and Leave your Comments I would love to read what you think about it.
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The new explosion of the cripto coin is in the air. I say this because all the cripto coins are less than half the price. This simply shows that we are now in a crisis. And any simple economic thinking says that after a period of crisis there is an increase. My advice is "invested in steem now". Buy Steem now ..... go on any exchange and buy Steem !!!! I promise you will be a happy man within 5 months. It does not matter how much you invest ... it's important to be a consecutive one. If you have 200 usd or euro that spends every month on things ... listen my advice !!!!! BUY STEEM !!!!!!!!!!!
That is what we should do for all of us who are part of this community. Think a little ..... if each of us would buy 10 usd Steem that would be the price today ???? Multiply the number of Steemit users by 10. how many times do we spend 10 usd on anything ??? we need to do something.!!!!!
I propose an exercise. From this moment we have 5 days to save $ 10. After 5 days, those who have saved $ 10 will all buy at once. For example at 20 o'clock Germany .. ok?
Today we are on August 9th. On August 14 at 20 o'clock Germany we buy !!!!!!
I will publish this article every day until the 14th and I promise to do this every day until we join.
Yours faithfully, Teodorescu
Hey Teodorescu,
Thanks for suggesting the idea of buying steem. I am relatively new to the Steem. Surely i will look into it.
it is painfull really
Yea! But we hope for the best, lets see.
meep
There is a lot of interest specially from banks for Bitcoin and other cryptos to not become used day to day because it will be a big loss for them, but governments know that if they make them illegal they will be missing out on a lot of technology and will be behind other nations that already have adopted them!
Surely it will be a missed opportunity if they are declared illegal. However, I am more keen on reading the report at length once it comes to public domain. I hope the Ministry works its way around all the obstacles. I have listed them in my other post which you may check out at https://steemit.com/india/@adityavijayr/scope-of-bitcoin-and-altcoins-in-india.
Indian people are smart enough to ignore discouragement.
Definitely India is gaining pace in the crypto market. I find my self a little late investing into crypto market, however, be late than never.
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STOPI think the situation is different now. There is a new cryptocurrency coming up 'Lakshmi', I'm not sure how the banks will welcome the cryptocurrency. If there is any political gain or scope of FDI then the government will swiftly agree.