India Considering Harsh Restrictions On Cryptocurrency

2019-4-27 09:12

India has never been known as a crypto-friendly country, but now things might be about to get way worse for Indian cryptocurrency enthusiasts. The Indian government is thinking about implementing a new ban on Bitcoin and other digital assets. According to one Indian government official who wishes to remain anonymous, the potential ban could include the “sale, purchase and issuance of all types of cryptocurrency” in the country.

Multiple government agencies in India have taken a negative stance towards bitcoin and other digital assets. A regulatory committee that included members from India’s financial regulators like the DEA, CBDT, CBIC and the IEPFA took a public stance against cryptocurrency and stated that there has already been “a lot of delay in taking action against cryptocurrency.” They concluded that “there is an urgent need to ban sale purchase and issuance of cryptocurrency” in India.

India’s regulators think that the existence of bitcoin and other digital assets ultimately serve no purpose and went as far as calling blockchain projects scams.

“When it comes to investor protection, the IEPFA has to take a stand against certain things. Against Ponzi schemes, we are taking a stand. We think that cryptocurrency is a Ponzi scheme and it should be banned.”

India’s anti-cryptocurrency Finance Secretary Subhash Chandra Garg led the committee. He’s been openly against bitcoin and especially ICO’s in social media and in public. And the laws may soon reflect his opinions.

“The ministry of corporate affairs has in its feedback to the department of economic affairs pointed out the sale purchase and issuance of cryptocurrencies such as Bitcoin, Ethereum & Cashcoin etc. are being done by individuals and companies on false inducements of massive returns.”

These potential anti-crypto laws come as no surprise, with regulators constantly issuing warnings on crypto. Just last week the Reserve Bank of India released a list of financial products, technologies, and services that they deemed to have a negative impact on India’s economy. Cryptocurrency related investments were all over the list.

Aside from warnings about the obviously risky ICO investment class, they advised Indians to avoid trading, investing, and settling in crypto assets altogether.

The post India Considering Harsh Restrictions On Cryptocurrency appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Indian Rupee (INR) на Currencies.ru

$ 8202161.38 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $8158647.87 - H: $8278961.96
Капитализация $0 Rank 99999
Цена в час новости $ 367205.14 (2133.67%)

indian india cryptocurrency restrictions harsh considering government

Источник: zycrypto.com

indian india → Результатов: 126


Фото:

An Indian mental health clinic is treating its first Netflix addict

Most of us are no strangers to spending hours binging great and not-so-great shows on Netflix. But as it turns out, you can have too much of a good thing. An Indian user was so addicted to the service that he spent an average of seven hours a day streaming shows on the platform – and had to undergo treatment at a mental health facility to help wean himself off it.

2018-10-8 12:37


[Breaking] Indian Exchange Zebpay is Suspending Exchange Operations

India’s first Bitcoin exchange and wallet, Zebpay has announced that it is shutting down today. In an email blaster to all the users and announcements on all their social media, the exchange has announced that they will be suspending services as they are out of ways and ideas to continue providing exchange services in the The post [Breaking] Indian Exchange Zebpay is Suspending Exchange Operations appeared first on ItsBlockchain.

2018-9-28 11:09


[Breaking] Indian Exchange Zebpay is suspending exchange operations

India’s first Bitcoin exchange and wallet, Zebpay has announced that it is shutting down today. In an email blaster to all the users and announcements on all their social media, the exchange has announced that they will be suspending services as they are out of ways and ideas to continue providing exchange services in the The post [Breaking] Indian Exchange Zebpay is suspending exchange operations appeared first on ItsBlockchain.

2018-9-28 11:09


Фото:

Regulatory Clampdown in India Leads to Mass Exodus of Blockchain Talent

India is currently witnessing the mass movement of blockchain and cryptocurrency talent, as the regulatory environment toughens within the country. According to an article published by News18 on September 19, 2018, blockchain talent which includes developers, service providers, and blockchain-related companies are moving abroad to cryptocurrency-friendly countries like Thailand, Estonia, and Switzerland.

2018-9-22 07:00


Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban

A growing number of crypto exchanges in India have announced the return of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Several other exchanges in the country also allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.

2018-9-17 23:28


Фото:

TransferGo Banks on Ripple’s Blockchain Solutions for Indian Expansion

TransferGo, a digital payments solutions firm headquartered in London has announced that it has extended its remittance services to India. Per a press release published on September 5, 2018, TransferGo will serve its customers in India, enabling swift real-time remittances from “anywhere in Europe” with aid from Ripple’s blockchain solutions.

2018-9-11 21:00


RBI Ban Hearing in Two Days – What Indian Crypto Exchanges Are Expecting

The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting […] The post RBI Ban Hearing in Two Days – What Indian Crypto Exchanges Are Expecting appeared first on Bitcoin News.

2018-9-9 19:55


RBI Ban Hearing in 2 Days – What Indian Crypto Exchanges Are Expecting

The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting […] The post RBI Ban Hearing in 2 Days – What Indian Crypto Exchanges Are Expecting appeared first on Bitcoin News.

2018-9-10 19:55


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Binance tops list of 17 crypto entities probed for tax evasion in India

Binance accounted for the highest Goods and Service Tax evasion among registered cryptocurrency exchanges in India, according to the Indian Finance Ministry. Responding to a parliamentary question regarding tax compliance by cryptocurrency exchanges, Minister of State for Finance Pankaj Chaudhary…

Is India planning to ban cryptocurrency?

India is on the brink of a pivotal decision regarding cryptocurrencies as the government deliberates a potential ban on private digital currencies. The focus is now shifting towards the development of a Central Bank Digital Currency (CBDC) – the digital rupee.