Recently Indian government came up with the plans of regulating cryptocurrencies within the country. As a part lawyers were asked to frame regulatory compliance and asked for describing the same. Now once again a dilemma has got initiated. This might be due to the view bitcoin being used on money laundering, darkweb needs and other on other illegal platforms. Possibly we can expect acceptance, because if it is to be banned they could have never taken into consideration for regulating as well no teams could've been assigned for the work.

Definitely, you are correct there bro! But I guess there are connections about corruption and most of the governments in the world fear about that especially those corrupt government that gets a lot of benefit with the system we are used to. Let's make Japan an example for a least corrupt country and they are accepting Crypto Currencies and legalizing it because their governments are not that corrupt like other governments and they are not afraid of the blockchain technology that can be used to make a whole government system corruption free. This is based in my opinion and my own point of view.

It is ok to say it. The Indian people themselves know how corrupt their own government officials are. Every person in the cryptospace knows.

It is highly unlikely for present Indian government will do anything that give any legality to the bitcoin. The  government is currently more worried about the black money and I guess there might be internal fear in government might be black money be converted to Bitcoin.

Well I mean, it's a legitimate concern. Managing economies is hard enough as is, and adding an uncontrollable variable on top of that surely wouldn't make things any easier. Either way, I personally don't think crypto can destabilize economies as it currently is. Their worries are several decades too early. I just don't know if they're purposely thinking way ahead or are ignorant of the topic at hand lol.

I'm from India as well, I'm not offended by your words but let me remind you that most of the Govs in each country are there to fill their own pockets. Indian Gov is not just using cash and Banks here, but they are putting their "black money" outside the country (mostly in "SWISS" Banks) in order to remain safe if a raid gets conducted at their premises and they are even using crypto themselves for the same money-hiding (or I should say money-laundering) purpose. It's not hidden that most of the politicians (whether corrupt or not) are involved in cryptocurrency investments themselves, or just think as to what is stopping them from banning crypto here? They're now playing positive and coming up with some possible regulations (but fuck regulations, I'm loving Bitcoin the way it is now).


How exactly can that be the scenario?
Did US lose after allowing its citizens to use BTC? Nope, it's gaining only in its value. I don't understand what makes them think that use of Bitcoins would either destabilize or narrow down the value of the major (reserve) currency when, if used properly and gained more in proportion to other countries, can only let the local currency shine. I don't think Bitcoin is too big yet to make such disastrous harms to our local reserve currency and it really needs an extremely huge market cap for that to happen.


They're just adding more stuff like those heavyweight words in order to scare their people to stop using it or show up with all the transactions, pay taxes and be their puppet by showing all the info and finances we do, or else get fucked by them by being sent into jail.

@OP,
For your kind information, the image you used has nothing to do with crypto as he was Datta Phuge (Gold Man of India) who (lived in &) was killed in Pune for his love and devotion towards Gold.

that is exactly why Indians have been buying bitcoin nonstop for over 2 years now, even with all the roadblocks that their corrupted banks have been placing in front of them to try and prevent their people from buying bitcoin. if you check out last prices in India you can see that at some point during 2017 they were buying bitcoin about 30-40% above the global (USD) market value.

Well even if Indian government regularize it, least people would be interested. The things are straight, no one wants to use currency which will be regulated by government,. We use only bcoz its untraced. Other than that, there is no use of using it. If its global payment kind of thing, we can use Dollars or pound for it.

every government in the whole world has concerns about bitcoin, I wouldn't call it "worried" but it is a concern for sure. it starts from small things such as the fact that many people are being blinded during the rallies and lose a lot of money by buying bitcoin in the bubble and panic sell during the drop or get sucked in the altcoin pump and dumps. and it goes as far as illegal activities that has been happening over in the dark net,... but that is nothing new. different governments are reacting about this "concern" differently though. we have seen those that choose to regulate bitcoin and eliminate the scammers by letting people freely be educated about bitcoin and use legitimate places for their trades. and some try banning it and end up letting more scams happen as people go for the decentralized way of trading bitcoin and get scammed more.

in the end this is temporary, it may last a couple of years but eventually we will see a uniform regulation instead of "fear" of bitcoin.

The minute I see news that their government is planning to have  their own cryptocurrency or two is the moment I realize that these regulations that the RBI is pushing is only for their citizens to favor their own locally created crypto which I think is really unconstitutional, first of all they will say what cryptocurrencies are legal or not in their country so by this part alone we now see that the RBI is trying to eliminate competition against their upcoming ICO, this is really not about the Indian Rupee but it is about their greed in the system.