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Author Topic: Some countries are moving backwards?  (Read 656 times)

Zen10

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Some countries are moving backwards?
« on: June 10, 2019, 09:31:41 AM »
News on the proposal to ban crypto in India and jail to 10 years anyone caught holding has quickly circulated in social media and maintream media. The Reserve Bank of India (RBI) denied they had anything to do with the proposal but base on their previous stance, they would likely agree to this also. It won't come as a surprise to me it this proposal is signed into law.

What do you think of this proposal? Is the Indian government really moving backwards in not allowing crypto to flourish in their country?
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Redix

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Re: Some countries are moving backwards?
« Reply #1 on: June 10, 2019, 11:55:01 PM »
India still has a problem with crypto legalization there. I think this issue has already discussed in the previous year. I am not surprised if it happened in India. But I will be very surprised if Japan or Switzerland bans or doesn't allow crypto there.

Paul76

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Re: Some countries are moving backwards?
« Reply #2 on: June 11, 2019, 04:29:59 PM »
News on the proposal to ban crypto in India and jail to 10 years anyone caught holding has quickly circulated in social media and maintream media. The Reserve Bank of India (RBI) denied they had anything to do with the proposal but base on their previous stance, they would likely agree to this also. It won't come as a surprise to me it this proposal is signed into law.

What do you think of this proposal? Is the Indian government really moving backwards in not allowing crypto to flourish in their country?
2016 India scraped 500 and 1,000 rupee bank notes overnight, wiping out over 80+ % of its cash reserves.
What followed was a humanitarian catastrophe among the unbanked classes.
Even if they ban cryptos, this would be nothing compared to that criminal political act.
Modi got re-elected. Go figure





Pelanavreo

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Re: Some countries are moving backwards?
« Reply #3 on: June 11, 2019, 04:46:15 PM »
Bank and Government  ???
Both have a very close relationship because some people who want to seek a momentary advantage will do anything to prohibit crypto from developing and can be used for payment transactions.

I'm not surprised by this news if the Indian government bans crypto, I think they did not do that, because blockchain technology is part of crypto and if they prohibit it, they will not use this technology, both banking and the Indian government.  ::) ::)

Zen10

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Re: Some countries are moving backwards?
« Reply #4 on: June 11, 2019, 08:58:22 PM »
India still has a problem with crypto legalization there. I think this issue has already discussed in the previous year.
Yes, there were already measures taken before but none like this. This is a total ban and you could end up in jail by just holding. So far, I have not seen a copy of the proposed bill.



2016 India scraped 500 and 1,000 rupee bank notes overnight, wiping out over 80+ % of its cash reserves.
What followed was a humanitarian catastrophe among the unbanked classes.
Even if they ban cryptos, this would be nothing compared to that criminal political act.
Modi got re-elected. Go figure

I do not follow politics in India or any of the past events.
What happened exactly after they scraped those paper money?
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.MULTI-CHAIN WEB3 CRYPTOCURRENCY  WALLET.


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Jan_Vl

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Re: Some countries are moving backwards?
« Reply #5 on: June 12, 2019, 07:43:29 AM »
Did anyone hear an official statement of the government that it wants to ban Bitcoin? Because there are a lot of rumours, but officially no one tells about it

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Re: Some countries are moving backwards?
« Reply #6 on: June 12, 2019, 07:05:18 PM »
I often hear this news, in India there is still no clarity about using crypto. I am more surprised if a country that has used crypto like Switzerland has banned the use of crypto suddenly.
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Paul76

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Re: Some countries are moving backwards?
« Reply #7 on: June 12, 2019, 07:43:10 PM »
I think they did not do that, because blockchain technology is part of crypto and if they prohibit it, they will not use this technology, both banking and the Indian government.  ::) ::)
Nope, a Gov can ban cryptos and use blockchain.
In order to prohibit cryptos Govs don't need to tear down the blockchain.
They can even create a sovereign crypto, a crypto controlled by them

Paul76

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Re: Some countries are moving backwards?
« Reply #8 on: June 12, 2019, 07:57:40 PM »
2016 India scraped 500 and 1,000 rupee bank notes overnight, wiping out over 80+ % of its cash reserves.
What followed was a humanitarian catastrophe among the unbanked classes.
Even if they ban cryptos, this would be nothing compared to that criminal political act.
Modi got re-elected. Go figure

I do not follow politics in India or any of the past events.
What happened exactly after they scraped those paper money?
What keeps transactions in any society going is liquidity in the money-markets. Given that most people are stuck with banned currency, they are telling anyone they owe money to that they will only make payment in form of the banned notes, which now trade at a discount.

This massive moral dilemma has come to appear because people found themselves stranded with banned notes overnight, and want to avoid the 20% hit in value that they will have to take by converting them through the mafia.

Imagine someone who has collected ten million rupees in cash, facing the ban a day before he had to return the money to someone he borrowed from. What is  he likely to do? Force his creditor to accept these banned notes, or bear the loss of 20%, which he might not have the capacity to absorb?

Spouses are fighting, as they have suddenly become aware that their significant other has been hiding cash for a rainy day. Poor people are almost invariably getting paid in banned notes, which requires them to line up in queues the next day to convert what they received, wasting at least 50% of their productivity –  assuming they have a job.

There are moral dilemmas galore. But this had to happen in a society run by rulers who have absolutely no sense of morals, reason, not to mention respect for private property.

Money deposited in the banks is mostly frozen, something that people are not yet paying much attention to, for all their focus is on getting rid of the banned cash. The problem of frozen bank accounts will surface once the current conversion stops by the end of this year. That is when the salaried middle class, which mostly supports Modi, will finally wake up.

It is also clear that Modi has to take more and more increasingly repressive steps to keep people from taking protective measures. As noted above, India will rapidly become a police state.

The worst sufferers are poor people, whose ownership of currency was neither unaccounted for nor corrupt. Not being street-smart and not understanding how banks work, as they are often bullied by standoffish bank officers, they are stuck with the old currency, clueless as to what to do.

They are the silent 25% to 50% of the India population. They cannot even participate in the money-converting mafia, because they don’t understand many of the things that look quite simple to members of the middle class.

Should a single person have so much power to be able to destroy the lives of almost one out of every five human beings on the planet?

https://www.zerohedge.com/news/2016-11-25/when-money-dies-indias-demonetization-massive-man-made-disaster

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CoinMarketer

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Re: Some countries are moving backwards?
« Reply #9 on: June 13, 2019, 06:42:56 AM »
News on the proposal to ban crypto in India and jail to 10 years anyone caught holding has quickly circulated in social media and maintream media. The Reserve Bank of India (RBI) denied they had anything to do with the proposal but base on their previous stance, they would likely agree to this also. It won't come as a surprise to me it this proposal is signed into law.

What do you think of this proposal? Is the Indian government really moving backwards in not allowing crypto to flourish in their country?
I thought that was a hoax news because some indian government agency not confirm or deny it?

rituvohra01

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Re: Some countries are moving backwards?
« Reply #10 on: June 13, 2019, 08:08:04 AM »
I had also read about this news on internet. May be India is against bitcoin as well as blockchain technology.

RabbbitAngstrom

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Re: Some countries are moving backwards?
« Reply #11 on: June 13, 2019, 11:32:52 AM »
I had also read about this news on internet. May be India is against bitcoin as well as blockchain technology.

More likely they are doing it on a purpose just for the good of interests of the wealthy class. What's important - I don't think that the government will let go such opportunity for making money from cryptocurrencies, especially when the market is rapidly growing, I am sure they are going to be part of the whole business, but unfortunately they won't allow regular people do it.

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Re: Some countries are moving backwards?
« Reply #12 on: June 13, 2019, 12:13:26 PM »
The attitude of the Indian government is very vital for the development of cryptocurrencies. But I think they will not ban cryptocurrencies because India is still a liberal country. They just need some strict regulations which will not allow scammers to cheat Indian investors. Actually, these regulations are necessary for all countries.

Paul76

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Re: Some countries are moving backwards?
« Reply #13 on: June 13, 2019, 06:27:44 PM »
What's important - I don't think that the government will let go such opportunity for making money from cryptocurrencies, especially when the market is rapidly growing, I am sure they are going to be part of the whole business, but unfortunately they won't allow regular people do it.
True and true.
Cryptotrading yields fees. Fees yield income. Income is subject to taxation. Govs like taxation.
= Govs like crypto-trading

They won't allow regular people to partake.
That would mean allowing cryptos to enter into competition with India's legal tender, the rupee.
As the rupee is a weak currency, that's dangerous. People could really abandon the rupee for cryptos.
So they will keep cryptos usage, and their benefits, for companies and banks

717

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Re: Some countries are moving backwards?
« Reply #14 on: June 14, 2019, 03:49:49 AM »
I often hear this news, in India there is still no clarity about using crypto. I am more surprised if a country that has used crypto like Switzerland has banned the use of crypto suddenly.
I think the country only wants to make an FUD, where they have been waiting for a low price to buy, if the news makes many people panic and sell assets, then their plan is said to be successful

 

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