After China, India may ban Bitcoin. How It will affect the whole ecosystem

[Finasko]

As per the news report, the Indian Government May Take Strict Action Against Bitcoin Trading in India. How it can impact the cryptocurrency ecosystem. After China and India, the other countries may take similar action as it will be easy for them?

 

[Bitterom]

Unfortunately, India doesn't relate well to cryptocurrency afterall. Although it's possible to increase the countrie's economy with it, if it gets incorporated correctly.

 

[funkenstein_the_dwarf]

Chinese officials never banned bitcoin, it has always been easy to trade here. Only the big exchanges were shut down and regulated for some time which probably helped the community overall.

 

[CocoShon]

We'll find out pretty soon If there's any effect.

 

[Toros]

I think this will be a major blow if something likes this happens. India and China are of the major economies in the world. If we want cryptocurrency to be traded and accepted mainstream, then India and China should be in the frame.

 

[Bitterom]

I don't know if China and India have banned or are banning Bitcoin, it will be a huge catastrophic for the world of cryptocurrency. If they ban Bitcoin, soon more countries will follow them and impose such decisions. I hope it is a rumour and nothing else.

 

[Haert]

If it is true, then it will have a very negative impact on the whole cryptocurrency system. India and China are two of the biggest economies in the world. Their policies and strategies have a major impact on the World. I hope that the news is just a rumour and nothing else.

 

[FortFC]

Despite the banning bitcoins in China the country still continues to use it. So if something happens in India i believe indian citizens will also find the way out

 

[jOPLER]

I don`t think that it will change much, those who want to be in bitcoin business may simply go to live to another country

 

[Manfred]

China has the most blockchain patents, despite banning cryptocurrency
https://thenextweb.com/hardfork/2019/03/13/data-china-is-patenting-all-the-blockchain-tech-despite-banning-cryptocurrency/

 

[Daveyk15]

So the question for me is how do you spend your Bitcoin as that seems virtually imposible without converting it to real money. And for clarification I mean legitimate companies and not the dark web stuff. Until you can transact with Bitcoin easily it will be worthless outside of speculation and illegal activity. Mostly the reason governments want to regulate it or ban it, the side issue is global warming and wasting electricity mining it. Once the green brigade wake up to the wasted resources used on Crypto it will be global game over for all crypto.

 

[Bartab]

You can't ban maths!!!

 

[Utagawa]

There might be a ‘ban’ on using Bitcoin but let’s face the truth. No country can totally ban the use of crypto. It can also affect the stock market of India. Considering that using Bitcoin is mostly used in placing wagers in cricket leagues.

 

[evo12]

Now it is in the past