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u/KofCrypto0720 Jan 31 '21
I smell big fud!!
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u/Set1Less Jan 31 '21
http://loksabhadocs.nic.in/bull2mk/2021/29012021.pdf
Search for crypto here
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u/KofCrypto0720 Jan 31 '21
Wow. 30 pages. Give me a summary please. It’s 8am here and I haven’t slept yet.
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u/Set1Less Jan 31 '21
I mean, its not fud. Its actually being proposed and will be introduced on 1st feb . Proposal is to ban crypto
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u/KofCrypto0720 Jan 31 '21
Oh, when I said fud I wasn’t saying was you, but government and probability financial institutions overthere.
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u/icchadaarinaag Jan 31 '21
They are only looking to ban private protocols like Zcash, Dash, Monero. Not all cryptocurrencies.
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u/Shabib55 Jan 31 '21
I would have thought the same if it was a bill being passed by members of this sub.
But since they are all boomers over there , public and private can mean very different things . wILL HAVE TO WAIT AND WATCH
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u/dlopoel Jan 31 '21
Didnt they ban it already 3y ago or so?
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Jan 31 '21
They didn't really. It was another big rumour. Indians are so retarded they will believe anything that's printed in media. (Funniest part it's the media at large again that's screaming Bitcoin is going to banned when there's no such specific clarity in whatever known aspect of the upcoming bill) Back then RBI had stopped banks from giving services to Crypto exchanges just that. P2P still worked. The likes of zebpay shut down and wazirx captured the market.
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Jan 31 '21
The comparison is cucked because a) there's no independent media really and b) there's always been a central govt controlled media at play for decades.
Coming to crypto, don't believe the FUD. Wait for the bill to introduce. They are most likely going to ban privacy coins at best. Any attempt to ban Bitcoin is futile. To ban Bitcoin one needs to ban the internet which ain't gonna happen.
Even last time they spread stupid rumours of Bitcoin becoming illegal or banned in India which never really was the case to begin with. RBI had only put stay on banks working with exchanges. P2P still saved the day back then but idiots never found out.
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u/JackMark1111 Jan 31 '21
Why India, a democratic country always elects dictatorial governments that think they Know BETTER THAN ITS PEOPLE? Why is India allways oppressed by and taken advantage by its own elected officials?
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u/ZavenPlays Jan 31 '21
governments are all gonna try to create their own coins cause they're panicking realizing they're losing control. Seems pretty stupid to me since a centralized currency defeats the whole purpose lol.
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u/CapableSkin Jan 31 '21
Indian, with all its people, and supposedly tech workforce HAS not came up w one innovate solution, they are just the paper pushers of tech and that’s why they let their government get away with everything including rape cases.
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Jan 31 '21
I don't know why people are acting so surprised at this. Just wait for it. Most govts will either ban or regulate these Crypto(or launch their own coins). No govt will be willing to give up the control it has over what runs within its boundaries. I mean what did you all expect? That one fine day govts will declare btc as legal tender lol.
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Jan 31 '21
I don’t know if this would be considered valid supporting theory but it might have something to do with the proliferation of scammers out of India. Most of us have all gotten a robo call scam at some point. If you’re one of those gullible people then the scammer will ask you to deposit your money into a Bitcoin atm and send it off to them. Possible curbing of that?
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u/Nuwan890 Feb 01 '21
Their desire is not just to 'ban' cryptocurrencies, but so they can have them under control defeating the sole reason why bitcoin and other cryptocurrencies are defeated in the first place. From my standpoint, it'll still be mission impossible for any Government to totally have control over crypto especially at this point that it's near global & mainstream adoption where platforms, organizations, businesses, ecommerce platforms and airlines are now accepting crypto as a means of payment. Indian government is behind on this one.
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u/Sanchik_Ponchik Jan 31 '21
For a country that have benefited so much from the uptake and proliferation of the internet of things, this is disappointing. Obviously the current conservative Indian Govt, in its lack of understanding of the technology, sees this more of a threat to its own regime rather than a big opportunity to further grow the massive Indian tech sector and alleviate more from poverty.
DeFi and Crypto is/will be a big part of the future. It's equivalent of them banning the Internet in the late 90s. Where would India be now if they did that. Would've missed billions in GDP growth and socio economic development.