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.