India government makes law for cryptocurrency

This is going to be a real problem because many of us are using crypto as a payment method for so many things just like betting . (EDITED- commercial links are not allowed)

I hope they just regulate and not completely ban. That's what they are doing in other countries.

Charles Betwala wrote:

This is going to be a real problem because many of us are using crypto as a payment method for so many things just like betting . (EDITED- commercial links are not allowed)

I hope they just regulate and not completely ban. That's what they are doing in other countries.

Welcome to boddunan Charles. Just a note - please do not post your personal commercial links, it is against rules!

Banking is one f the largest institutions in India that brings in huge huge revenues to the government and the government is bound to stand firmly with it because growth in cryptocurrency transactions would slowly corrode the banking system , even completely destroy it. There is bound to be resistance against any new venture , more so if it poses a direct threat to an old well established institution..But many of the developed countries have adapted crypto in a sensible and intelligent manner thereby making it easy for the two to co exist. Most of the banning has come only from developing nations so far ! 

Charles Betwala wrote:

This is going to be a real problem because many of us are using crypto as a payment method for so many things just like betting . (EDITED- commercial links are not allowed)

I hope they just regulate and not completely ban. That's what they are doing in other countries.

In India we are not using it for payment, but we are earning it using different sites. If government makes crime to keeping it than we can earn this currency.

usha manohar wrote:

Banking is one f the largest institutions in India that brings in huge huge revenues to the government and the government is bound to stand firmly with it because growth in cryptocurrency transactions would slowly corrode the banking system , even completely destroy it. There is bound to be resistance against any new venture , more so if it poses a direct threat to an old well established institution..But many of the developed countries have adapted crypto in a sensible and intelligent manner thereby making it easy for the two to co exist. Most of the banning has come only from developing nations so far ! 

It is not legal in India. If more peoples begins to use it for transactions than it is assured that it will destroy our banking system. Financial crime also increase with increase it use. 

anil wrote:

usha manohar wrote:

Banking is one f the largest institutions in India that brings in huge huge revenues to the government and the government is bound to stand firmly with it because growth in cryptocurrency transactions would slowly corrode the banking system , even completely destroy it. There is bound to be resistance against any new venture , more so if it poses a direct threat to an old well established institution..But many of the developed countries have adapted crypto in a sensible and intelligent manner thereby making it easy for the two to co exist. Most of the banning has come only from developing nations so far ! 

It is not legal in India. If more peoples begins to use it for transactions than it is assured that it will destroy our banking system. Financial crime also increase with increase it use. 

Most of the scams in the recent past have taken place through some of our prominent banks. Crypto currency will not aid financial crimes , in fact because of its transperancy of transactions it will make it much easier to track such crimes if and when rney take place, which in itself would be a detterant 

usha manohar wrote:

anil wrote:

usha manohar wrote:

Banking is one f the largest institutions in India that brings in huge huge revenues to the government and the government is bound to stand firmly with it because growth in cryptocurrency transactions would slowly corrode the banking system , even completely destroy it. There is bound to be resistance against any new venture , more so if it poses a direct threat to an old well established institution..But many of the developed countries have adapted crypto in a sensible and intelligent manner thereby making it easy for the two to co exist. Most of the banning has come only from developing nations so far ! 

It is not legal in India. If more peoples begins to use it for transactions than it is assured that it will destroy our banking system. Financial crime also increase with increase it use. 

Most of the scams in the recent past have taken place through some of our prominent banks. Crypto currency will not aid financial crimes , in fact because of its transperancy of transactions it will make it much easier to track such crimes if and when rney take place, which in itself would be a detterant 

You may be right but what happen if for some reason this currency became failed. Who will compensate. 

@anil, who will compensate if the Indian currency goes bust? Cryptocurrencies are virtual currencies which are in transaction in almost all big countries. People deal with them on their own risk and being too volatile in nature CC are not in everybody's portfolios.

suni51 wrote:

@anil, who will compensate if the Indian currency goes bust? Cryptocurrencies are virtual currencies which are in transaction in almost all big countries. People deal with them on their own risk and being too volatile in nature CC are not in everybody's portfolios.

Didn't know that Crypto currency holds so much importance that Indian currency also can go into oblivion. Are we heading towards a only Crypto currency future?

usha manohar wrote:

anil wrote:

usha manohar wrote:

Banking is one f the largest institutions in India that brings in huge huge revenues to the government and the government is bound to stand firmly with it because growth in cryptocurrency transactions would slowly corrode the banking system , even completely destroy it. There is bound to be resistance against any new venture , more so if it poses a direct threat to an old well established institution..But many of the developed countries have adapted crypto in a sensible and intelligent manner thereby making it easy for the two to co exist. Most of the banning has come only from developing nations so far ! 

It is not legal in India. If more peoples begins to use it for transactions than it is assured that it will destroy our banking system. Financial crime also increase with increase it use. 

Most of the scams in the recent past have taken place through some of our prominent banks. Crypto currency will not aid financial crimes , in fact because of its transperancy of transactions it will make it much easier to track such crimes if and when rney take place, which in itself would be a detterant 

It might be so, but to bring it into mainstream of living is something that requires some serious awareness. I do not even know how to use crypto currency or what is it in the first place.

epraneeth77 wrote:

usha manohar wrote:

anil wrote:

usha manohar wrote:

Banking is one f the largest institutions in India that brings in huge huge revenues to the government and the government is bound to stand firmly with it because growth in cryptocurrency transactions would slowly corrode the banking system , even completely destroy it. There is bound to be resistance against any new venture , more so if it poses a direct threat to an old well established institution..But many of the developed countries have adapted crypto in a sensible and intelligent manner thereby making it easy for the two to co exist. Most of the banning has come only from developing nations so far ! 

It is not legal in India. If more peoples begins to use it for transactions than it is assured that it will destroy our banking system. Financial crime also increase with increase it use. 

Most of the scams in the recent past have taken place through some of our prominent banks. Crypto currency will not aid financial crimes , in fact because of its transperancy of transactions it will make it much easier to track such crimes if and when rney take place, which in itself would be a detterant 

It might be so, but to bring it into mainstream of living is something that requires some serious awareness. I do not even know how to use crypto currency or what is it in the first place.

We can not use it for shopping. Earn or buy it and sell when price of it is more than buying price. 

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

usha manohar wrote:

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

All thing is right but it is not legal currency.

anil wrote:

usha manohar wrote:

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

All thing is right but it is not legal currency.

India is not ready for anything that is transparent as of now, but one can never say what happens in the future

usha manohar wrote:

anil wrote:

usha manohar wrote:

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

All thing is right but it is not legal currency.

India is not ready for anything that is transparent as of now, but one can never say what happens in the future

True...but I think that is because majority of the people are not computer and technologically literates and apart from using smartphones for games and chatting, they really cannot do anything much beyond that. So virtual currency is something that will take a lot of time to relate with personally.

Kalyani Nandurkar wrote:

usha manohar wrote:

anil wrote:

usha manohar wrote:

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

All thing is right but it is not legal currency.

India is not ready for anything that is transparent as of now, but one can never say what happens in the future

True...but I think that is because majority of the people are not computer and technologically literates and apart from using smartphones for games and chatting, they really cannot do anything much beyond that. So virtual currency is something that will take a lot of time to relate with personally.

Possible but all those who can be sent internet can easily use crypto currency

usha manohar wrote:

Kalyani Nandurkar wrote:

usha manohar wrote:

anil wrote:

usha manohar wrote:

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

All thing is right but it is not legal currency.

India is not ready for anything that is transparent as of now, but one can never say what happens in the future

True...but I think that is because majority of the people are not computer and technologically literates and apart from using smartphones for games and chatting, they really cannot do anything much beyond that. So virtual currency is something that will take a lot of time to relate with personally.

Possible but all those who can be sent internet can easily use crypto currency

Crypto currency is not  a safe currency. It have not any base so it have too much ups and down in its price.

anil wrote:

usha manohar wrote:

Kalyani Nandurkar wrote:

usha manohar wrote:

anil wrote:

usha manohar wrote:

Crypto currency is virtual currency which is like any other currency except that every transaction gets recorded. You can withdraw your bitcoins in any currency of your choice. The present value of bitcoin vs Rupees is around 6,91,000

All thing is right but it is not legal currency.

India is not ready for anything that is transparent as of now, but one can never say what happens in the future

True...but I think that is because majority of the people are not computer and technologically literates and apart from using smartphones for games and chatting, they really cannot do anything much beyond that. So virtual currency is something that will take a lot of time to relate with personally.

Possible but all those who can be sent internet can easily use crypto currency

Crypto currency is not  a safe currency. It have not any base so it have too much ups and down in its price.

You cannot judge a widely accepted currency based upon n rumors and half baked media reports  For those interested . there are any number for f articles and videos that go in detail about its history and concept . And by the way it is only the most in demand shares or currencies that see the maximum fluctuations in price .Today's price at the maximum was 7,53_453 Rs to a bitcoin

Cryptocurrency should not be completely banned but in fact should be brought under the government‘s regulation. 

At the time when every other country is either dealing with crypto currency or is planning to start the use of cryptocurrency, banning in our country would make is lag behind the other countries in this technology. 

Though there is a risk of hiding black money through crypto! But that’s where the government should start putting rules and norms and bring everything under its own control. 

Harman Walia wrote:

Cryptocurrency should not be completely banned but in fact should be brought under the government‘s regulation. 

At the time when every other country is either dealing with crypto currency or is planning to start the use of cryptocurrency, banning in our country would make is lag behind the other countries in this technology. 

Though there is a risk of hiding black money through crypto! But that’s where the government should start putting rules and norms and bring everything under its own control. 

If government will start putting rules and bring everything under their control than it will be legal currency and we will  accept it.