Quote from: avikz on July 10, 2018, 08:05:59 AM

Quote from: Burogh on July 10, 2018, 07:44:19 AM

Quote from: maxy1999 on July 06, 2018, 11:02:10 AM

i dont know why india is not legalizing the cryptocurrency ?

I think the reason is like others country. Government or central banks must be saying that bitcoin ban because it can use for any illegal activity etc etc. They should take and regulate bitcoin because it will helping many peoples

Yes, that is one of the reasons as Banks are seeing crypto currencies as a direct competitor of their business. However, the main reason behind this ban is the over reserved mentality of Indian government. For every new thing related to money, they show a negative view at first and then slowly adopt it. The same thing will happen for bitcoin too. The way blockchain technology is progressing, no governments will be able to keep themselves blind for longer time. It has to be adopted to be prepared for the future.

Also one funny explanation given by one of the senior officials of Indian government is that, the government is worried about the possible tax evasion. In a country of 1.3 billion people, the number of taxpayers are only 12.5 million. People are not paying taxes anyway. What change crypto will make in that scenario. It's laughable! The banking cartel is opposing it and government is listening to them.

the absence of global regulators greatly complicate life with the emergence of global technologies, public authorities are more difficult to perform the usual duties.