India makes ownership of Bitcoin criminal offense - How to respond?
This India hating Bitcoin is already a classic issue now. What can we expect from this country, how many times do they ban Bitcoin or cryptocurrency? People supporting crypto in India maybe quiet a few, they need right people in the government to stand for them and act as there voice. This FUD doesn’t work to the current market anymore, people are used to it already.
This India hating Bitcoin is already a classic issue now. What can we expect from this country, how many times do they ban Bitcoin or cryptocurrency? People supporting crypto in India maybe quiet a few, they need right people in the government to stand for them and act as there voice. This FUD doesn’t work to the current market anymore, people are used to it already.
Ordinary Indians are losing out as a result of the hostile stance of the government. When the news first came out, the prices in various Indian exchanges and P2P platforms went down by as much as 20%. A lot of investors either sold their coins, or cancelled plans to purchase more coins. And in the end this resulted in huge losses for them, as the exchange rates rocketed from $19,000 to $49,000. Indians are not benefiting from the current rally, as they don't want to take the risk and invest in BTC at this point
There is some good news regarding this issue. One media outlet has reported that the government may be considering to postpone tabling this bill for a few months. As per the original schedule, the bill was supposed to be tabled during the second phase of the budget session (8th March - 8th April), but now they are saying that it has been postponed to the monsoon session (September 2021). This news is yet to be confirmed, but here is the link:
Cryptocurrency Bill may not be tabled in the current Parliament session
The Crypto Bill seeks to ban private cryptocurrencies and allow only the ones required to promote blockchain technology with ties to the Reserve Bank of India.
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The image you've posted is just a bill waiting to be passed. Although it is nice to be proactive but you are jumping the gun. I think its a lot more productive to think of ways we can educate the government on how it could be beneficial for the ecosystem as well as the economy on the long run. Fear will get us no where.
.The image you've posted is just a bill waiting to be passed. Although it is nice to be proactive but you are jumping the gun. I think its a lot more productive to think of ways we can educate the government on how it could be beneficial for the ecosystem as well as the economy on the long run. Fear will get us no where.
This India hating Bitcoin is already a classic issue now. What can we expect from this country, how many times do they ban Bitcoin or cryptocurrency? People supporting crypto in India maybe quiet a few, they need right people in the government to stand for them and act as there voice. This FUD doesn’t work to the current market anymore, people are used to it already.
Ordinary Indians are losing out as a result of the hostile stance of the government. When the news first came out, the prices in various Indian exchanges and P2P platforms went down by as much as 20%. A lot of investors either sold their coins, or cancelled plans to purchase more coins. And in the end this resulted in huge losses for them, as the exchange rates rocketed from $19,000 to $49,000. Indians are not benefiting from the current rally, as they don't want to take the risk and invest in BTC at this point. This situation clearly demonstrates how strong states are in regulating the circulation of any financial assets on their territory. If India introduces criminal liability for the use of cryptocurrency, the only real fight against this is to seek the cancellation of this ban also through parliament, through legislation. To do this, you can use the mass unrest of the people and any other options. Only if people themselves do nothing, then the authorities will put them in jails one by one. |
his situation clearly demonstrates how strong states are in regulating the circulation of any financial assets on their territory. If India introduces criminal liability for the use of cryptocurrency, the only real fight against this is to seek the cancellation of this ban also through parliament, through legislation. To do this, you can use the mass unrest of the people and any other options. Only if people themselves do nothing, then the authorities will put them in jails one by one. I haven't travelled to India ever since the pandemic broke out, and therefore I have to admit that I don't have ground updates. But some of my friends in India are saying that there are signs that the government may rethink on the proposed bill. As of now, it looks like the finance minister has decided to postpone presenting the bill in the parliament for "further consultations". I strongly suspect that the campaign against the ban carried out through social media platforms had an impact on this decision. The ban was essentially proposed by corrupt bureaucrats such as Subhash Chandra Garg, and the ruling party politicians simply went along as they don't have much of an idea about cryptocurrency. Now they realize that the bureaucrats were wrong. I am still hopeful that the finance minister will reject the bill in its present form and go for a regulatory bill similar to what the Russian parliament approved a few days back. All that said, I don't think that mass unrest is a viable option. During the last two years, there have been several incidents of mass unrest against proposed legislations (such as Article 370, farmers bill, CAA.etc). But none of them were fruitful. Close to 15 million cryptocurrency users in India. The sheer numbers will make sure that the government can't ignore them. The ban proposal was first suggested by Subhash Chandra Garg, the then Finance Secretary in 2018. The finance minister just went ahead with his plan, without realizing that a ban could cause huge losses to the Indian investors and may result in a backlash against the ruling party. At least now the politicians have realized that they can't blindly trust these bureaucrats to take important policy decisions. am still hopeful that the finance minister will reject the bill in its present form and go for a regulatory bill similar to what the Russian parliament approved a few days back. All that said, I don't think that mass unrest is a viable option. During the last two years, there have been several incidents of mass unrest against proposed legislations (such as Article 370, farmers bill, CAA.etc). But none of them were fruitful. For all the unlawful laws they introduced they will probably pay when it comes to the next elections, the farm bill protest is one of the biggest since the independence and look at the elections that took place in Punjab after that. The cryptocurrency community is not here to raise protest, the groups that includes the exchanges owners created an influence group to make them understand the situation and explain what a ban could do to the market and that is the only solution that can make these ignorant politicians understand the ground reality.I am still hopeful that the finance minister will reject the bill in its present form and go for a regulatory bill similar to what the Russian parliament approved a few days back. All that said, I don't think that mass unrest is a viable option. During the last two years, there have been several incidents of mass unrest against proposed legislations (such as Article 370, farmers bill, CAA.etc). But none of them were fruitful. For all the unlawful laws they introduced they will probably pay when it comes to the next elections, the farm bill protest is one of the biggest since the independence and look at the elections that took place in Punjab after that. The cryptocurrency community is not here to raise protest, the groups that includes the exchanges owners created an influence group to make them understand the situation and explain what a ban could do to the market and that is the only solution that can make these ignorant politicians understand the ground reality.Farmer protest was going on the right track until the Republic day. The public mood changed, after some of the protesters changed the national flag at Red Fort. Some say that supporters of the ruling party infiltrated the protests and did things like Red Fort raid and attack on policemen to devoid the farmers of public sympathy. Anyway, now it looks as if the support for the protests have waned. Looking at the Indian political system, the ruling party is supported by how the system functions. They have their strongholds in a few states such as UP, Bihar, Gujarat, MP, Karnataka and Rajasthan. These 6 states account for almost 40% of the parliamentary seats and this means that they can ignore the other states and come to power solely by concentrating in this region. The situation is quite fluid now. I hope that the finance minister has now realized her mistake. Legalization and regulation will be mutually beneficial for both the government and the Bitcoin community in India. Let's see how it goes from here. Farmer protest was going on the right track until the Republic day. The public mood changed, after some of the protesters changed the national flag at Red Fort. Some say that supporters of the ruling party infiltrated the protests and did things like Red Fort raid and attack on policemen to devoid the farmers of public sympathy. Anyway, now it looks as if the support for the protests have waned. You are not following the facts but still saying what the narrative created by the central government and the media they are holding, it was a planned operation and none of the farm leaders were in that protest but it was lead by a person belonging to the ruling party and even with that situation no one changed the Indian flag from the Red Fort, they hoisted the farm flag alongside and some of the media created a narrative that they changed the Indian flag which was debunked even by world media.Looking at the Indian political system, the ruling party is supported by how the system functions. They have their strongholds in a few states such as UP, Bihar, Gujarat, MP, Karnataka and Rajasthan. These 6 states account for almost 40% of the parliamentary seats and this means that they can ignore the other states and come to power solely by concentrating in this region. Lets take a look at this situation, in Bihar they won 53 seats out of the total 253 seats and how they are ruling, money and how they are able to blackmail the opposition party members and force them to join BJP, even Meghalaya they have won 2 seats out of 60 seats and BJP is ruling and that can be said in Jammu Kashmir and Goa as well.Lets see how the situation will unfold and i am hoping that the narrative of ban will be changed by the influencers. Close to 15 million cryptocurrency users in India. The sheer numbers will make sure that the government can't ignore them. The ban proposal was first suggested by Subhash Chandra Garg, the then Finance Secretary in 2018. The finance minister just went ahead with his plan, without realizing that a ban could cause huge losses to the Indian investors and may result in a backlash against the ruling party. At least now the politicians have realized that they can't blindly trust these bureaucrats to take important policy decisions. These politicians will never think about the people involved with any kind of business. They go with a plan and execute it as planned. They never look for the suggestion or survey from the people who are the making use of it. In India there is nothing to worry about the ban of cryptocurrencies, because I came across an article stating about political influencers owning large mining farms. This means mining is being set similar as an industry, but none were aware of it.This situation clearly demonstrates how strong states are in regulating the circulation of any financial assets on their territory. If India introduces criminal liability for the use of cryptocurrency, the only real fight against this is to seek the cancellation of this ban also through parliament, through legislation. To do this, you can use the mass unrest of the people and any other options. Only if people themselves do nothing, then the authorities will put them in jails one by one.I haven't travelled to India ever since the pandemic broke out, and therefore I have to admit that I don't have ground updates. But some of my friends in India are saying that there are signs that the government may rethink on the proposed bill. As of now, it looks like the finance minister has decided to postpone presenting the bill in the parliament for "further consultations". I strongly suspect that the campaign against the ban carried out through social media platforms had an impact on this decision. The ban was essentially proposed by corrupt bureaucrats such as Subhash Chandra Garg, and the ruling party politicians simply went along as they don't have much of an idea about cryptocurrency. Now they realize that the bureaucrats were wrong. I am still hopeful that the finance minister will reject the bill in its present form and go for a regulatory bill similar to what the Russian parliament approved a few days back. All that said, I don't think that mass unrest is a viable option. During the last two years, there have been several incidents of mass unrest against proposed legislations (such as Article 370, farmers bill, CAA.etc). But none of them were fruitful. Close to 15 million cryptocurrency users in India. The sheer numbers will make sure that the government can't ignore them. The ban proposal was first suggested by Subhash Chandra Garg, the then Finance Secretary in 2018. The finance minister just went ahead with his plan, without realizing that a ban could cause huge losses to the Indian investors and may result in a backlash against the ruling party. At least now the politicians have realized that they can't blindly trust these bureaucrats to take important policy decisions. I am still hopeful that the finance minister will reject the bill in its present form and go for a regulatory bill similar to what the Russian parliament approved a few days back. All that said, I don't think that mass unrest is a viable option. During the last two years, there have been several incidents of mass unrest against proposed legislations (such as Article 370, farmers bill, CAA.etc). But none of them were fruitful. For all the unlawful laws they introduced they will probably pay when it comes to the next elections, the farm bill protest is one of the biggest since the independence and look at the elections that took place in Punjab after that. The cryptocurrency community is not here to raise protest, the groups that includes the exchanges owners created an influence group to make them understand the situation and explain what a ban could do to the market and that is the only solution that can make these ignorant politicians understand the ground reality.I am still hopeful that the finance minister will reject the bill in its present form and go for a regulatory bill similar to what the Russian parliament approved a few days back. All that said, I don't think that mass unrest is a viable option. During the last two years, there have been several incidents of mass unrest against proposed legislations (such as Article 370, farmers bill, CAA.etc). But none of them were fruitful. For all the unlawful laws they introduced they will probably pay when it comes to the next elections, the farm bill protest is one of the biggest since the independence and look at the elections that took place in Punjab after that. The cryptocurrency community is not here to raise protest, the groups that includes the exchanges owners created an influence group to make them understand the situation and explain what a ban could do to the market and that is the only solution that can make these ignorant politicians understand the ground reality.Farmer protest was going on the right track until the Republic day. The public mood changed, after some of the protesters changed the national flag at Red Fort. Some say that supporters of the ruling party infiltrated the protests and did things like Red Fort raid and attack on policemen to devoid the farmers of public sympathy. Anyway, now it looks as if the support for the protests have waned. Looking at the Indian political system, the ruling party is supported by how the system functions. They have their strongholds in a few states such as UP, Bihar, Gujarat, MP, Karnataka and Rajasthan. These 6 states account for almost 40% of the parliamentary seats and this means that they can ignore the other states and come to power solely by concentrating in this region. The situation is quite fluid now. I hope that the finance minister has now realized her mistake. Legalization and regulation will be mutually beneficial for both the government and the Bitcoin community in India. Let's see how it goes from here. ~ You are not following the facts but still saying what the narrative created by the central government and the media they are holding, it was a planned operation and none of the farm leaders were in that protest but it was lead by a person belonging to the ruling party and even with that situation no one changed the Indian flag from the Red Fort, they hoisted the farm flag alongside and some of the media created a narrative that they changed the Indian flag which was debunked even by world media.Farmer protest was going on the right track until the Republic day. The public mood changed, after some of the protesters changed the national flag at Red Fort. Some say that supporters of the ruling party infiltrated the protests and did things like Red Fort raid and attack on policemen to devoid the farmers of public sympathy. Anyway, now it looks as if the support for the protests have waned. Looking at the Indian political system, the ruling party is supported by how the system functions. They have their strongholds in a few states such as UP, Bihar, Gujarat, MP, Karnataka and Rajasthan. These 6 states account for almost 40% of the parliamentary seats and this means that they can ignore the other states and come to power solely by concentrating in this region. Lets take a look at this situation, in Bihar they won 53 seats out of the total 253 seats and how they are ruling, money and how they are able to blackmail the opposition party members and force them to join BJP, even Meghalaya they have won 2 seats out of 60 seats and BJP is ruling and that can be said in Jammu Kashmir and Goa as well.Lets see how the situation will unfold and i am hoping that the narrative of ban will be changed by the influencers. I hope they change their mind, at least the situation in the world will force them to do so. Close to 15 million cryptocurrency users in India. The sheer numbers will make sure that the government can't ignore them. The ban proposal was first suggested by Subhash Chandra Garg, the then Finance Secretary in 2018. The finance minister just went ahead with his plan, without realizing that a ban could cause huge losses to the Indian investors and may result in a backlash against the ruling party. At least now the politicians have realized that they can't blindly trust these bureaucrats to take important policy decisions. |
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