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India Rejects Cryptocurrency, But It Isn't Giving Up On Blockchain (betanews.com)

Posted by BeauHD on from the sorely-misunderstood dept.

Mark Wilson shares a report from BetaNews: A budget speech given by India's finance minister led to numerous reports that India was banning the use of cryptocurrencies such as Bitcoin and Ethereum within the country. While Arun Jaitley noted in a speech that the Indian government does not recognize cryptocurrencies as legal tender, his slightly ambiguous language resulted in something of a misunderstanding. Now the Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) has spoken out in an attempt to clarify the issue, and allay fears that Bitcoin et al are on the verge of being banned. At first glance, Jaitley's speech certainly seemed to imply that the Indian government wants to forbid the use of cryptocurrencies. In reality, he merely voiced concern about how cryptocurrencies were being used, and announced vague plans to introduce regulation to stop their use for illegal purposes. Delivering his speech, Jaitley said: "Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries. The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy."

12 of 51 comments (clear)

  1. Cryptocurrency is tool of INFIDELS! by Alalalalalalalalalal · · Score: 1

    BeauHD must be PUNISHED for being an INFIDEL and promoting such banished usurer's blasphemy as well as being a SODOMITE.

    1. Re:Cryptocurrency is tool of INFIDELS! by hunter44102 · · Score: 1

      paper currencies can be inflated and over printed which steals money from everyone. These block chain currencies have a hard limit on coins. Also how do you ban an open protocol that's decentralized and global?

    2. Re:Cryptocurrency is tool of INFIDELS! by Anonymous Coward · · Score: 1

      There's a hard limit on coins-per-cryptocurrency, but not on number of cryptocurrencies. Thus the total number of cryptocoins is unlimited and subject to inflation.
      So, while in operation, a cryptocoin's coin-limit is deflationary, but the act of creating that cryptocurrency in the first place is inflationary to an at-least-equal extent.

      Also, INFIDELS are awesome. Glory and Honor to the INFIDELS!

  2. Cryptocurrencies? by dohzer · · Score: 1

    The world would be a much easier place if we shorten that term to "crypto" from now on.

    1. Re:Cryptocurrencies? by Threni · · Score: 1

      Or even just "data"; it's more general.

    2. Re:Cryptocurrencies? by pauljlucas · · Score: 2

      Except "crypto" has little to do with digital currencies.

      --
      If you reply, do so only to what I explicitly wrote. If I didn't write it, don't assume or infer it.
  3. bad headline by religionofpeas · · Score: 4, Insightful

    India Rejects Cryptocurrency

    Followed by an article which explains they don't.

    1. Re:bad headline by Orgasmatron · · Score: 1

      Fake news about fake news. We should be cynical about it by now.

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      See that "Preview" button?
  4. Can someone explain blockchain sans currency by goombah99 · · Score: 1

    First I know what a block chain is and how I would do it. I can see there is no need for a currency at a technical level.

    On the otherhand it seems to be that it's not possible to have a distributed blockchain without having some limiter on who can emit it. That is, it has to be hard to compute the hash or anyone can come along, unwind the past transactions and double spend.

    So how does a blockchain work when there's no limits on how fast one can hash?

    Or conversely if there's no incentive to hash via either mining or fees then why would anyone do it. And if no none is doing it, then the difficulty of doublespending goes down.

    This last feature seems like it's the built in end state of bitcoin by the way. Once miners lose interest then the dificulty goes down. And then someone will have enough latent compute power to come along and run a double spending operation.

    --
    Some drink at the fountain of knowledge. Others just gargle.
    1. Re:Can someone explain blockchain sans currency by Vairon · · Score: 1

      I've wondered this too every time I hear a new company or organization say they're going to utilize a blockchain for something. The related articles always fail to mention what the POW or POS that blockchain is going to be based off of is.

  5. Re:Blockchains are Trotskyte international Communi by smallfries · · Score: 1

    This is fantastic to see. 5M+ user accounts and so few have what it takes to write this. Well done!

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  6. Say it ain't so? by thunderclees · · Score: 1

    One wonders how India would ban a cryptocurrancy?
    Most are decentralized, buyers and sellers can trade in other currencies and then convert.
    Miners operate by proxy.