India: Another Media FUD Over Possible Ban On Cryptocurrencies? by firepower

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india · @firepower ·
$15.28
India: Another Media FUD Over Possible Ban On Cryptocurrencies?
CNBC TV18 came out with a report that the Garg committee tasked with creating a draft for regulation on cryptocurrencies have submitted a report to the government asking for a ban. 

However, I must add this report seems quite speculative and could be a ploy from the government machinery to further thwart the rise of cryptocurrency use in India. 

<center>https://cdn.steemitimages.com/DQmRLT37yAadhnMU2jnmENXcrPtfKWz8y354N2YL3EpXK4h/bitcoin-2008262_1280.jpg</center>
<center><sup>[Source](pixabay.com)</sup></center>

Supreme Court had demanded that the government submit information pertaining to this and the government had requested time. Also the committee is supposed to have a formal meeting in December and January. 

So it's unlikely that they have a bill ready to implement which leads to an outright ban. It's not feasible for the government to ban and restrict usage of cryptocurrencies. People are not in favour of this and executing a law that is hard to implement would be a foolish move on part of the government. 

You can watch the clip [here](https://www.cnbctv18.com/market/currency/government-panel-submits-report-on-virtual-currencies-suggest-a-complete-ban-1616021.htm) but at this point there is nothing to worry. Until we have an official notification from the government or submission of such draft to the Supreme Court in the case against RBI or a press release from the Garg committee it isn't official. 

Even if the draft is ready and submitted to the government, it is likely to be challenged in the court if it constitutes a ban on Bitcoin and cryptocurrency possession and trade. 

In a country that considers building statues as development instead of encouraging innovation these moves don't come as a surprise. Let us not be worried by news like this and stay clear of any media created FUD. 

Be aware!

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vote details (174)
@soham-pal · 
Maximum Indian Media is totally run by political powers... Or you can say monopoly paid FUD
 India is a copycat.. Actually govt. waiting for G20 and SEC to regulate cryptocurrency.
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@sathyasankar · 
>In a country that considers building statues as development instead of encouraging innovation these moves don't come as a surprise.

True words. The other day I had a brief discussion over cryptos with my family members. I know that no government can do anything with cryptos as there always an alternative way left.

I'm not going to stumble down by any move taken by the government. In this week I'm going to invest over 2000 steems here which I truly believe can even change my life if everything goes well.
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@face2face · 
Yes Media channels broadcast 80% false news and I don't believe on them. The correct news comes after a false news some days later always. 

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@shashiprabha · 
thanks sir for sharing update but this time is very 
frustrated  and upset time for any one  government machinery tedious .
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@prameshtyagi · 
Let’s Waite
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@steemflow · 
Better to stay focussed and wait for supreme court verdict. It is not wise to sway away with different rumours. ..especially with the TV broadcasting news channel...

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@sumit71428 · 
I really now don't give a dame about what the news channel or what the government is gona do i know one thing bitcoin is hear to stay and i will be also hear so just ignore the negitivity and continue being on the blockchain technology.

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@nainaztengra · 
Do you think India will ever go for Cryptos.  Its a big threat to them. Illegally they themselves must be also into it but I doubt officially they will favor it.
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@chireerocks · 
@firepower, In my opinion, this is happening from long time, if we have something which can bring effective change and can bring more opportunities, it has to face lot of suppression and people who support it too. Yes, it's really unfortunate to see that government is looking towards unnecessary developments but true Technology is facing the suppression out their when many are enthusiastic towards this Technology. Keep up brother. 👍

Wishing you an great day and stay blessed. 🙂

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@scienceblocks · 
I highly doubt if they can ban it.  They can try,  but failure will be worse than demonetization or generating jobs by buiding statues.  I mean seriously,  how effective anyone has been in even stopping torrents for that matter.  And trying to stop people from trading crypto is like trying to stop them from sending emails.  Let's say worst case scenario what could they do - block website dealing in crypto and ban crypto currency exchanges that run in the country.  Well best of luck with that.  They can instill fear,  at best.  Rather than this having regulated exchanges and rules to tax cryptocurrency,  would be more in favour of generating revenue out of this digital sphere.  They can then use this revenue to build more statues.  I hope they make a sane decision.
👍  ,
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