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Topic: Indian Finance Minister on Cryptocoin. (Read 276 times)

suvo05 (OP)

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Indian Finance Minister on Cryptocoin.

March 06, 2021, 02:36:35 PM

We want to make sure there is a window available for all kinds of experiments which will have to take place in the crypto world. It is not as if we are going to look inwards and say we are not going to have any of this. There will be a very calibrated position,

https://twitter.com/CNBCTV18News/status/1367810414679977987

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 03:38:46 PM

Not enough emphasis on what should be the main concern: "..cryptocurrency will have to be planned and how it has to be regulated".

So, to my Indian friends, non-custodial wallets are your best friend especially if it's the case that your government calls for a ban(but more of illegalization).

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 05:05:30 PM

Quote from: suvo05 on March 06, 2021, 02:36:35 PM

We can't really say whether this should be taken in a good way or not because the term "experiments" can be taken as

1. Experimenting with CBDC
2. Experimenting with native cyptocurrencies within India
3. Experimenting Bitcoin and altcoins.

If it's the third then it might be a good sign since it might lead to regulation and eventually acceptance of cryptocurrencies in India as a whole.
If it's one of the first two then it will simply they will be prohibit the use of cryptocurrencies than the ones created in India or by the RBI.

To be honest, the Indian government has only been making ambiguous statements when it comes to crypto and doesn't really have a clear mindset right from the beginning.

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 05:45:36 PM

If i'm not wrong India was banning Cryptocurrency Before right? and just saw the tweet that your shared and really curious about what kind of "experiments" and basically this means Indian Govt View to Cryptocurrency especially Blockchain was changed? From my opinion The only reasonable Experiments is CBDC which is normal since some country was Experiminting this too like China, Indonesia, Well looking forward for another update.

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 06:41:43 PM
Last edit: March 07, 2021, 06:57:10 AM by eaLiTy

Quote from: suvo05 on March 06, 2021, 02:36:35 PM

If we talk about the great Indian financial minister you cannot trust anything she says, a couple of years back when there was a economic slowdown in the automobile industry she came up with a claim that the reason for the recession is millennials as they book Uber and Ola rather than buying automobiles Cheesy

.

So do not expect things that are a bit complex will be easier for these politicians to understand and i am sure the change in these statement from the past months is because of the influence by the cryptocurrency group formed by the exchange owners who had multiple talks with the ministers to revise their decision of a blanket ban.

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 06:58:05 PM

Quote from: suvo05 on March 06, 2021, 02:36:35 PM

In January, the Indian Parliament presented the Bill on Cryptocurrencies and the Regulation of Official Digital Currencies, 2021 for discussion during the current parliamentary sessions on the countrys budget.

The purpose of the bill was described as creating a facilitating framework for the central bank's digital currency issued by the RBI and for "banning all private cryptocurrencies in India".

If this happens and the only coin allowed is the one supported by the government as a whole, I think it will make the whole crypto market in India meaningless.

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 07:24:38 PM

The response from the Indian community on Twitter was positive. If the Finance Minister in India needs to take a very calibrated position on crypto to regulate it. Indian crypto enthusiasts are eager to wait for the law to allow them to handle their crypto without problems. Anyone would like it and as time is short, the time to act is now. Already other nations are taking a step forward with innovation and India with human and technological potential should target cryptocurrencies as well.

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 08:19:00 PM

Quote from: mk4 on March 06, 2021, 03:38:46 PM

Cryptocurrencies in India is far beyond to be banned, the bank of India is doing all in its capacity to ban cryptocurrencies but it is getting turned down, the fear of crypto ban recently in the country also escalated but there are more positive news recently that cryptocurrencies will not be banned in India, it will only be regulated.

Your advice is the truth, be it ban it no ban, it is better to make use of noncustodial wallet, that is the best crypto pet crypto users can have.

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jerrison

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 10:32:14 PM

Cryptocurrency has come to stay and Indian nation ahs a great role to play as they make up a significant percentage of the world's population. Therefore, they should create and enact laws that will further encourage crypto related activities as it will only put them in front as concerning things that relates to crypto.

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Re: Indian Finance Minister on Cryptocoin.

March 06, 2021, 10:37:24 PM

#10

Quote from: verita1 on March 06, 2021, 07:24:38 PM

At least, they are positive about it now. And they are open about possibilities in dealing with cryptocurrencies. But give them time to decipher what is needed to approach crytpo. Because let us admit, most government officials don't know how to deal with crypto, the reason why they don't know how to approach it. Formulating laws is difficult if you have no idea what you are talking about.

DapanasFruit

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 02:01:16 AM

#11

In my view, I think that eventually India will be adopting strict regulations towards cryptocurrency and not really to totally ban its use and trade. Or so I am hoping. India does not have to follow the path taken by China and Russia. With a good base of young people, India has a big potential to be an important player in the global cryptocurrency industry and this can be one of the best ways its economy can leapfrog into the future. All the business surrounding cryptocurrency can be a way to be bringing foreign currency to the local market especially if those businesses are playing with the global market. Let's see what can be in India.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 02:09:30 AM

#12

The government is trying to work things out, they know they can't stop cryptocurrency even if they ban it so there will be adjustments in the end and the government realized that already. But I would really be worried when it comes to the banking system. Users should be preparing for platforms where they can have their own keys and at the same time can trade freely.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 02:17:15 AM

#13

Quote from: Oshosondy on March 06, 2021, 08:19:00 PM

Yea but despite them failing to ban it, people should already be taking extra safety precautions knowing that they actually want to ban it. Also, even if they fail to ban it totally in the long run, who's to say that there isn't going to be tight regulations? Better safe than sorry.

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maxreish

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 02:34:22 AM

#14

Sounds like a positive move from Indian government. Atleast they are open for new experiments regarding cryptocurrency. Aside from banning it, there are tons of alternative solution like just implementing some regulations regarding this matter.
Glad there is one who stand and propose other constructive solution and reconsider the feelings of Indian crypto enthusiasts.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 04:16:32 AM

#15

Quote from: suvo05 on March 06, 2021, 02:36:35 PM

There are many positive signals, this interview was telecasted on mainstream financial media. The cabinet has not yet approved the bill and there is a big chance that the gates will not be closed completely.

I also watched Nischal Shetty's (CEO WAZIRX) interview on this topic and he sounds very positive. You can watch the video here - https://www.youtube.com/watch?v=Ruez8R8L3bM

P.S - The interview is in Hindi.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 04:23:25 AM

#16

Its weird that they keep talking about ban etc.
They can only choke the on and off ramps and ban themselves from bitcoin thereby risk losing total visability and driving it underground.
They have to come to terms that there will be a parallel Bitcoin economy worldwide that no one can control.
So it is wise to have a government initiative to acquire/mine bitcoin and encourage Indian citizens to do so also.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 04:30:18 AM

#17

Elections are around the corner and the government has realized that they can't suddenly antagonize 15 million strong Bitcoin users in India. Already they have suffered huge losses due to the government policies. When the Bitcoin rally had just started, the government came up with the proposal to ban cryptocurrency. A lot of investors sold their coins at a loss, only to see the prices increasing by 200% in the next two months.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 04:57:55 AM

#18

Quote from: Sithara007 on March 07, 2021, 04:30:18 AM

Typical politicians, promising to help the people whenever their needs are to be met. To everyone who are going to vote, please refrain from voting the people who are hypocrite, those who oppose a publicly favored policy and then suddenly changing their minds when the election day is nigh. These kind of hypocrisy will destroy the people little by little because once they are on that seat, their promises is as good as gone.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 06:46:55 AM

#19

The Indian government has pushed for a ban on the use of bitcoin or crypto currency in India and this is supported by its own prime minister and many other parties. The government of India does not recognize cryptocurrency as a legal means of payment and will take action to remove crypto assets from India. Another proposal is about providing 10 years in prison for people who violate the rules for using cryptocurrency.

In addition, India is now focusing on creating its own digital assets, which is focusing on digital rupees and staying away from the use of cryptocurrency.

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Re: Indian Finance Minister on Cryptocoin.

March 07, 2021, 07:02:47 AM

#20

Quote from: suvo05 on March 06, 2021, 02:36:35 PM

This statement by the indian finance minister seems to be a positive one. Recently we were hearing that bitcoin will be ban in india but after this statement it seems that they want to regulate bitcoin. They may have understood by now that it is not possible for them to ban the crypto altogether while other countries are accepting it.

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