Can't use this on the paytm(tm) - India's upcoming crypto regulation in favor of digital legal tender

[williamcll]

Following the move made by a few other countries, India may soon begin restricting the use of cryptocurrency, the extent of this ban is not detailed but it is likely part of the plan to issue digital rupees.

 

Quotes

Quote

The government is set to introduce a bill to ban private cryptocurrencies and create a framework for an official digital currency to be issued by the Reserve Bank of India (RBI) during Parliament’s Winter Session starting November 29.“A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies that have mushroomed over the last decade.

 

Private virtual currencies sit at substantial odds to the historical concept of money,” RBI deputy governor T Rabi Sankar said. India, which has seen keen interest among investors to invest in cryptocurrency and also many investors already making investments, continues to warn citizens against putting their money on cryptocurrencies citing high financial risks. Prime Minister Narendra Modi chaired a meeting to discuss the future of cryptocurrencies earlier this month and also warned against cryptocurrency falling in the wrong hands. The Centre also said that it is planning new changes in the income tax laws in a bid to bring cryptocurrency gains under the tax radar and also to introduce them during the Union Budget next year.

 

My thoughts

Certainly going to help with GPU prices in the country but I am going to assume some people are going to compare this with China's Crypto ban. Heck what can you even buy with crypto in India?

 

Sources

https://www.hindustantimes.com/business/govt-to-ban-cryptocurrencies-make-way-for-india-s-own-digital-currency-101637682873353.html

[adarw]

digtal tender? aka credit card? 

[williamcll]

6 minutes ago, adarw said:

digtal tender? aka credit card? 

No, because credit cards are still tied to cash in the bank. This would have no cash at all, think bitcoin but always 1:1 to the dollar.

[adarw]

1 minute ago, williamcll said:

No, because credit cards are still tied to cash in the bank. This would have no cash at all, think bitcoin but always 1:1 to the dollar.

oh that makes sense. its just centralized crypto with probably less price movement.

[Helpful Tech Witch]

8 minutes ago, williamcll said:

No, because credit cards are still tied to cash in the bank. This would have no cash at all, think bitcoin but always 1:1 to the dollar.

 

5 minutes ago, adarw said:

oh that makes sense. its just centralized crypto with probably less price movement.

So like a Indian version of USDT?

[adarw]

Just now, HelpfulTechWizard said:

So like a Indian version of USDT?

thats what i was thinking, but i guess the Indian gov would control it. 

[RockSolid1106]

Does anyone even use Crypto there? I really want to know where you can actually spend/use that in India anyway.

[WolframaticAlpha]

2 hours ago, williamcll said:

Certainly going to help with GPU prices in the country

GPU prices are out of whack for India even without the scalping. AMD cards are marked up insanely and the only choice you have is to go green or to buy one from the US. Even nvidia prices it's newer cards with a whackton of markup, and the used market is essentially dead, since my country men expect that they will be able to sell back things with a markup/same price. It is better to buy old new stock here as compared to second hand, because it is only 2-5% more expensive.

 

1 hour ago, RockSolid1106 said:

Does anyone even use Crypto here? I really want to know where you can actually spend/use that here in anywhere

Fixed that for you. The places where you can actually spend crypto are either illegal(in some part of the world) or are extremely niche or were started by a certain south african social media influencer and entrepreneur 

 

There is a reason for that. 

 

Crypto is being held as a speculative item by so many idiots, that I hate it. I am not saying that everyone is a cryptobro. I have met people who themselves have created blockchains, and many who genuinely believe in the gospel of decentralized systems. The tech is extremely clever as well, but a large section cryptomarket hypes up shitcoins and buys crypto because "it will go higher". Until this idiocy is eliminated from the market, I do not see it reaching mass adoption.

[Lightwreather]

8 hours ago, WolframaticAlpha said:

Crypto is being held as a speculative item by so many idiots, that I hate it. I am not saying that everyone is a cryptobro. I have met people who themselves have created blockchains, and many who genuinely believe in the gospel of decentralized systems. The tech is extremely clever as well, but a large section cryptomarket hypes up shitcoins and buys crypto because "it will go higher". Until this idiocy is eliminated from the market, I do not see it reaching mass adoption.

This tbh.

The underlying tech (imo) is pretty cool. And most governments would stand well to use within their financial systems (depending ofc on the method). But in it's current state, yea no.

btw, I give 5 minutes before Buckgup comes here

[Justaphysicsnerd]

14 hours ago, williamcll said:

Heck what can you even buy with crypto in India?

nothing afaik. The government here sees it as people using crypto to escape taxation and wants that sweet sweet taxes from your blood ! yep they are really hellbent on taxation, even before the prices of gas/ petrol/dieselt went up in the west, in India they were rising to ridiculous prices due to heavy taxation on them by the Indian government.

 

To convince the laymen to be on their side (they gave into the demands of over a year long farmer's protest just a few days ago, so they don't want the same backlash) they are calling crypto as a tool of terrorists i.e. they are saying crypto is exclusively used by terrorists to fund their terror activities which is very very similar to their usual political rhetoric.

[Justaphysicsnerd]

12 hours ago, WolframaticAlpha said:

GPU prices are out of whack for India even without the scalping. AMD cards are marked up insanely and the only choice you have is to go green or to buy one from the US. Even nvidia prices it's newer cards with a whackton of markup, and the used market is essentially dead, since my country men expect that they will be able to sell back things with a markup/same price. It is better to buy old new stock here as compared to second hand, because it is only 2-5% more expensive.

 

Fixed that for you. The places where you can actually spend crypto are either illegal(in some part of the world) or are extremely niche or were started by a certain south african social media influencer and entrepreneur 

 

There is a reason for that. 

 

Crypto is being held as a speculative item by so many idiots, that I hate it. I am not saying that everyone is a cryptobro. I have met people who themselves have created blockchains, and many who genuinely believe in the gospel of decentralized systems. The tech is extremely clever as well, but a large section cryptomarket hypes up shitcoins and buys crypto because "it will go higher". Until this idiocy is eliminated from the market, I do not see it reaching mass adoption.

Yep, another Indian here, especially agree with the last part of stupid people holding crypto as some sort of stock or bond. I have heard my boomer uncles ask me about crypto because they thought its just another investment just like stocks.