Quote from: Gyfts on Today at 11:34:52 PM

Quote from: eaLiTy on November 20, 2021, 09:54:24 PM

Quote from: illusion_ishita on November 18, 2021, 03:16:26 AM

Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.

There is nothing concrete to say that the Indian government is planning to ban all cryptocurrencies as we are hearing these rumors for a long time. The last i heard was that they might try to restrict cryptocurrencies as a mode of payment but will regulate the market.

Quote from: illusion_ishita on November 18, 2021, 03:16:26 AM

I think its a good decision by government.. What you guys think about it?

Is there anything that the ruling central government has done in the past 7 years other than dividing people. So do not expect anything that will do good for everyone Tongue

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They've plainly stated they want to regulate crypto currency, that is a step towards a ban. If they view crypto to be a threat (which any common sense government does), then they begin regulating the currency through convoluted tax law which makes no one want to use the currency.

If your left with high taxed crypto or traditional currency, no one will bother using crypto. And India has a poverty problem regardless, so there isn't any incentive for adoption. Adding in whatever regulations they can come up with will squash any crypto growth in India. Any crypto user should be against the regulation of crypto, it's one step before an outright ban.

does their government realise that a lot of its people are relying on crypto during pandemic? that the govt failed to provide their basic needs. ive seen a lot of indians here who are relying from all sorts of bounties. how can their govt address such shortcomings?
anyway, i believe this kind of discussion will be delayed because right now, most govts are focused on how to end this pandemic era.