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RE: HOW IS IT WITH THE CURRENT CRYPTO BAN IN INDIA?

in Project HOPE5 years ago

Indian Government has not banned crypto... and you know what they can't for one reason.

I have been writting quite a bit on CRF India's covid crypto Relief fund...that fund started by Sandeep Nailwal has received crypto donations for covid relief work from Vitalik, criketor brett lee , and many others.

Business guys have done NFT sales donating the proceeds to CRF...that fund has atleast used that money giving it to NGO's that are doing good work, plus volunteers are there too, helping out for verifying supply partners, NGO's etc...

audits of crypto received and used are available.

So, why ban crypto when it has helped during Covid time?...

Govt. hates crypto, they are scared that BTC will replace rupee, they even said cryptos pose threat to the financial system of the country...

India is in a big mess everywhere - farmer protests, economic collapse, unemployment, covid crisis... and I am very certain under this Govt. if they continue to be hostile over everything - crypto, people who voice their views on covid situation, economy, farmers etc then INR will collapse one day.

Its hard doing crypto in India... for investor there is no proper information, education plus well known exchanges are looting us and banks are removing their support to crypto exchanges so withwals and deposits take time.

I have not used India Exchange for a while since I have not converted my crypto to fiat for a while or deposited new money from bank.

For bussiness people, they want to have crypto business in India, because demand for cryptos is high, and India is a very populated country with young perople .

For some reason even though Indian Goivernment is hostile towards crypto - Binance has captured India through partnering with Wazirx(one f the exchanges that loot us but is very popular)

Coinbase is planning to eatablish business here, plus Coindcx has foreign investors..I don't know details.

By now, Indian Govt. has realised a outright ban of crypto is not feasible, with China way ahead in Blockchain business - and already developed CBDC (central bank digital currency)...

Pakistan, has made bitcoin mining operations legal.

Therefore, its very stupid that India closes its doors you know for crypto, its too late!!

For me crypto is everything, my hope ... else its going to be suffering coz I know nothing other than crypto which can make me financial cool by myself through my efforts etc...

If there is a ban, I would be forced to do things unstraight... P2p , or something...

It is unlikely there will be a ban, although this Government will loot us through taxs and make our lives mesirable.

Right now, crypto regulation is not clear so tax stuff on cryptos is problematic I guess...

However, trading is possible easily here though hiccups are there...Indian exchanges where one can buy crypto directly and trade, no problem.

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 5 years ago 

I greatly appreciate your valuable comment @mintymile

Seriously, length of your comment is mindblowing :)
(upvoted already).

Cheers, Piotr

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