India’s Potential Banning of Bitcoin Shows Government’s Continued Inept Attitude to Bitcoin

by Blockspectator News 3 weeks ago

India is reportedly looking to ban cryptocurrencies, thus locking itself out of a massive wave of economic innovation, at a time when countries like Russia and Finland are scrambling to welcome the cryptocurrency industry to their shores.

The government of India is once again discussing banning cryptocurrencies.

According to anonymous government officials who have details of this development, they have said that several government departments in the country are unfortunately backing the idea of a complete ban on both the issuance and trading of cryptocurrencies.

If this rumored ban is passed, this would, of course, be devastating to the average citizens of India, not to mention existing Indian crypto enthusiasts; another out-of-touch government regulating something which they don’t understand.

A surprise draft bill which is called ‘The Banning of Cryptocurrencies and The Regulation of Official Digital Currencies Bill 2019’ is reportedly circulating the relevant officials in India.

Then we must further take into consideration with the tale of the digital rupee, which of course is the central banks crypto fantasy, which no-one is excited about except the central banks. This is due to it being a centralized government controlled currency.

Governments want to control, and they can’t control Bitcoin, which is why they often make these awkward attempts to try and ban the marketplaces, obvious examples being China’s repeated attempts to curb cryptocurrency activities within their jurisdiction.

However, nothing has been approved or fully set in stone in regards to the bill, based on feedback from the consulted departments who are all anti crypto.

Currently, Indian cryptocurrency companies are unable to access local banning services, which is something that has been challenging in the court system. However, the courts are now waiting for legal guidance from the government for further official action.

This bill if passed will be cutting a further 1.35 billion people from easy access to cryptocurrencies. When combined with the Chinese ban, this means out of a global population of 7.5 billion people, over a third of individuals at the state level could be prohibited from easy access to Bitcoin.

Source


OneCoin, Scam, Court, Bitconnect General News
7 hours ago

Justice! Former OneCoin Investor Pursues Class Action against Ponzi Scheme

Positive news released by Bloomberg revealed how a former investor of the notorious scam, OneCoin, would be seeking damages and a class action suit to claim back lost amounts defrauded in the scheme. Christine Grablis will represent herself and others, […]

General News
7 hours ago

The Best IPO of 2019 Just Got Even Better

The good times continue to keep rolling for Beyond Meat. Already the most successful IPO of 2019, their stock continues to soar in value as well as receiving bolstering news concerning one of their meat-based rivals. Investor can’t get enough […]

Price Manipulation, Markets, Cryptocurrency, Bitcoin Adoption
2 weeks ago

The Pain of Price Manipulation and why it Sucks!

It is hypocritical for centralized trading outlets to fault cryptocurrency exchanges for price manipulation. Ever since cryptocurrencies and cryptocurrency trading gained popularity, news concerning alleged price manipulation has surfaced and increased significantly. Nevertheless, cryptocurrency trading surges on despite the negative […]

Adoption
2 weeks ago

Bitfinex- Too big to fail?

Where there’s smoke, there’s fire. The charges brought against iFinex, the parent company for Bitfinex and Tether, are an indicator of the opaqueness surrounding the operations of Bitfinex and Tether. House of Cards When the NYAG made her charges formal, […]

Blockchain
2 weeks ago

Insights Network announces mainnet support for EOS

Following their recent growth, Insights Network is adding support for the EOS mainnet. Insights Network launched the INSTAR blockchain and INSTAR wallet which saw their activity increase significantly leading to their top ten ranking on Block’tivity’s list of most active […]

Blockchain
2 weeks ago

Beam | Keeping your money away from Big Brother

Beam and its underlying technology, Mimblewimble, are an exciting concept in regards to the issue of cryptocurrency privacy. While Bitcoin may be the flagpole cryptocurrency, during transactions, Bitcoin exposes a substantial amount of information, particularly about sender and receiving parties’ […]

Research
3 weeks ago

Bitcoin mega trend- awareness continues to rise

Bitcoin has become a demographic megatrend- according to new research by Blockchain Capital partner Spencer Bogart. In spite of the very challenging year and a half experienced by the cryptocurrency markets, Bitcoin familiarity, conviction, and propensity to own Bitcoin have […]

Uncategorized
3 weeks ago

Taxpayers eligible to receive refunds in Bitcoin – potential bait?

U.S tax citizens will now be able to receive portions of their tax refunds in Bitcoin. This was made available following the announcement that the Cryptocurrency payment services firm BitPay will be partnering with Refundo- a company specializing in tax-related […]

Uncategorized
3 weeks ago

Cosmos | Is the hype justified?

Over the past month or so, many cryptocurrency enthusiasts were miffed as to why a project called Cosmos (ATOM) was appearing in the top 20 projects on CoinMarketCap.com. There appeared to be minimal information on the projects supply or even […]

Uncategorized
3 weeks ago

What is Mimblewimble? How does it relate to Bitcoin?

Mimblewimble is a relatively new privacy-orientated technology with origins from the Bitcoin world. The project is a new blockchain protocol that aims to improve Bitcoin’s UTXO model. UTXO stands for the unspent output from bitcoin transactions. UTXOs are processed continuously […]