India: Banning of Unregulated Deposit Schemes Bill, 2018—Does It Affect Cryptocurrency Trading?
In another round of FUD coming out of India there are reports circulating that India may yet again consider banning cryptocurrency trading. Let me tell you while it's true that the government is clamping down hard on Ponzi scheme and funding such schemes, there is no ban whatsoever on trading of cryptocurrencies on any Indian exchange.
“The bill is aimed at tackling the menace of illicit deposit taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.” -PIB, Govt of India
You can read more about the bill on the government website here.
Regulated deposits generally means that a ceiling and restrictions are imposed by a government regulator. But this doesn't mean that the cryptocurrencies will necessarily fall into the ambit of the bill.
Let the following image from a newspaper clipping of a top publication clarify it further. It is as specific and clear as it can get.
Some mainstream news agencies are creating FUD again and I've had a dozen people ask me if Bitcoin has been banned again! It was never banned in India and unlikely that there will be a ban on trading cryptocurrencies.
If you are a Steemit user, Bitcoin investor or a cryptocurrency enthusiast holding alt-coins in general, you needn’t fear anything. It’s business as usual for now in India. Please donot panic sell your coins yet again.
However, there are some new developments on the banking front with some banks yet again suspending accounts of exchanges. More on that in the next post.
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bitcoin is becoming stronger because of the Seqwit and Lighting network already running for cheaper transaction fees, time to buy the dip, lol...
I think that it's transparency they are pushing for more than anything. Governments will want to know who, where and how much so that they can get their cut.
Governments tend to follow money more so than anything else and crypto smells like new taxation to them so why would they ban it.
It’s good to clamp down on Ponzi schemes like bitconnect. These only damage the image of crypto. These sort of regulations should be embraced and not shied away from.
Regulated deposits generally means that a ceiling and restrictions are imposed by a government regulator. But this doesn't mean that the cryptocurrencies will necessarily fall into the ambit of the bill. It is true.
This comes at a time when indian Banking system has shown the greatest display of fraud . Of course Govt will embrace blockchain , and cryptos too. Sooner the better.
I do not see Indian govt banning bitcoin. They might take little longer to regulate it as they are confused over the tax reforms and regulation policies over crypto. In the mean time they are discouraginf=g it to stop injection of Blackmoney in crypto.. This is what i think :)
India could be counted as a bitcoin friendly country, can't see how they ban bitcoin at the near future, the only reason I see they banning cryptocurrencies is if the western world would force/ pressure them to do so.
India has some strong exchanges that are working with the regulators and I don't think that they are going to leave any time soon, those exchanges are just getting bigger and the demand for bitcoin in India is keeping on growing.
MAYBE I GO REPEAT BUT
I HAS TO LAUGH AT ALL KIND OF BANS :) THEY CAN MAYBE BANANA
https://steemit.com/bitcoin/@mfg/jxpqvmaz
I am not even scared coz I know crypto is going no where and there can't be ban placed on crypto coz crypto ain't Ponzi. This is actually they handiwork of bankster who don't want the success of Ponzi but they will all fail.
Good point 👍
waoo!!!