INDIA is planning to regulate Cryptocurrencies - BAN all private cryptos
Hope you are all fine and doing well. Since yearersay evening, there is lot of chaos in INDIA as indian parliament is going to bring a bill regarding regulation of crypto. There is lot of panic in the market. I sold my holdings at 50K loss in the morning after reading bill. The first line of bill reads " India will prohibit all the private Cryptocurrencies and will launch a currency regulatd by RBI" . As all Cryptocurrencies as private, it means india is going to ban all cryptos.
However , on my part, it was a decisions that I took in panic after reading the bill. But it is worth mentioning that India has anticipated to bring same bill last year too but the bill remained on roster and was not put for discussion. Just an hour ago, I saw statement by one of the parliamentarians quoting that My understanding is that govt has not finalised a crypto bill yet. Does it mean that bill is incomplete yet or it means bill is yet to be made. So it could be taken as a positive point as bill is unlikely to be finalised within few days.
Further continuing the above said person's statement, he said " My view is that, ban on private Cryptocurrencies is the only way possible* . So it is a red flag sign for crypto users. However, we should not jump to any conclusion yet but some safe practices must be looked for by those who are holding cryptos.
I am of the opinion that, crypto ban is not a sane step at this juncture when countries are legalising crypto. El Salvador is the live example. What are your views, please share in comment section below.
It's an old phenomenon every new things appears through a phase of uncertainties .
As crypto trends in India is escalating I think GoI wants to regulate it not ban ,they know ban is not a solution Govt. need money to squeeze out from crypto's ,it has opened a new frontier to earn money for GoI,hence it will be come under ED & IT scanner, some charges/taxation will be levied on it.
What happened when China banned.
In my view we should keep calm and postive , I am experiencing stock market since 25years, seen so many ups and downs, Sensex and Nifty's are now roaring to 60k.I remember in 2008 at the time of economic slowdown it came down to 8000 mark every thing was cloudy and clouds are not permanent.
Stay positive and Steemed☺️👍🙏
Yes regulation seems to be the main concern bothering our govt for multiple reasons. Let's hope that something progressive comes out of bill. Ban is a regressive step.
Correct,they should must regulate. Many big houses have invested in crypto's, their looby won't give GoI a free hand on it
GOI is not going to ban crypto. They will only put some regulations only. So that it is not misused. After all crypto is the future
Hope so.
So, I am following this news closely as well. My take on this is that every time India comes up with something like this, they are always thinking about the past. In February 2021, the bill that was supposed to be tabled was outdated and did not consider any of the advancements that crypto has undergone since 2018.
Now again, from what I read, there has been no mention of the utility of crypto. For example, they still view Ethereum as just another currency out here to compete against INR. What they fail to understand is that ETH is much more than just a currency! If they end up banning ETH, what would happen to all the smart contracts? We cannot interact with smart contracts, NFTs, or even the metaverse without having access to these tokens.
Even if they do decide to go ahead with the blanket ban, I have a strong feeling that someone would challenge the bill based on how immature this is going to be. Additionally, their whole argument of Bitcoin being a currency would also be invalid now with the Taproot upgrade in place.
I feel that instead of having a few financial people setting up the rules, they need to also bring in a few techno wizards to the team and then come up with a bill. This is just another nonsense move to get their buddies to buy some real good crypto at a discounted price.
Greetings @starlord,
AGREED, these people are already having Cryptocurrency but they want to buy more at cheaper rates (discount rate)
It's nothing more than a scam
Amid numerous speculations , let's presume sanity prevails.
It would be a foolish decision to ban the cryptos in india considering the huge number of crypto holders and the amount invested. If govt wants regulation they can do it like Japan but blanket ban is unacceptable.
I totaly agree with @stralord on this.
Thank you!
Govt is least concerned about number of holders. And yeah regulation seems to be the main concern bothering our govt.
The Government of India will bring the bill to the Lok Sabha on Tuesday. Because we do not have much knowledge, so we cannot say anything right now. Let's wait, let's see what steps the government takes, but I also do not think that the government will ban crypto, maybe they impose direct indirect taxes on it.
I too agree with Starlord.
Yes, u r right. We should wait and watch. There is possibility of not even bringing it for discussion just like prev year. The other side cannot be ruled out.
Dear in my portfolio I have 600k worth, but I am in loss 100k, I have no fear I earned a lot from cryptocurrency #wazirx #india wants crypto
Profit or loss are part of trading but now things seem unpredictable.
I know you are right but they create chaos in the market
I don't hold any crypto and don't have much clue on this..however in my opinion Banning crypto currency or assets is not a good idea for sure .
What? You aren't holding any steem either ??
Nope ... :-(
Will learn and explore and then will invest some day .
You will gradually get to learn everything. Stay consistent.
Thanks
Hope so... :)
Dear @varsha001, your steem power which you are accumulating slowly is also a crypto currency. I must say, please start steemit crypto academy courses to understand about the blockchain and cryptos.
Academy courses will provide very good knowledge about crypto.
#affable #india
Hey @atulboss,
You're right, I must start it at earliest.
Thank you so much for your feedback .
I don't know why they crypto ban in India, if you need financial growth you should be allowed unless we continue a poor
No need to panic, they say that they going to submit a proposal of a ban on only Private cryptocurrencies, not all cryptocurrencies, Private means which is not transparent in transactions.
You should not take this kind of news seriously. This will take a lot of time and necessary time will be given to each investors. @drqamu
Things will be clear soon.