Who Trusts Crypto here?

I don’t trade in crypto. I have little bit of money that I don’t mind loosing as investment in cryptos. I use Wazirx. Till now i haven’t had any issue with them other than that my ICICI bank account cannot be used for transferring funds.Trading is a whole different ball game. I am not sure how much load their servers can take. You also need to look in to the 1% tds rule that FM proposed this budget.

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@t7support bhai is it safe? I mean money wise. Also how do you transfer funds than? If possible please guide.

The money I put thus far and the coins I hold are still there. So safe until now. I hope for the same going forward also. Transferring money is online via netbanking or UPI with the banks they support.

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Thank @t7support bro. .

Once you buy it on a exchange, you can move it to your own cold wallet. In that way you can be the safest! :slight_smile:

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Boy o Boy , RBI is on :fire: :fire: these days when it comes to trolling crypto.

RBI deputy governor also quipped yesterday that banning crypto is the most advisable route that India can take.

No country/govt can ban crypto. The sooner govts understand this fact the better for them.

if two people wish to use crypto as a currency , they can. No one can stop them.

This only shows how scared the central banks all over the world are.

They are scared that people will reject this inflated fiat currency and opt for a better one.

In crypto , the people are the issuer. RBI and other central banks cannot digest this fact.

Crypto is fully banned in 9 countries including China. At least three dozen countries have seriously restricted crypto transactions. For a regulator the easiest way to deal with crypto is to ban it completely. Whether in India they will look to take bit more harder route is a thing to be seen.

Tell me how does the ban work?

if u have a graphics card , any recent one you can mine eth and get paid in bitcoin.

you can then spend that bitcoin online wherever its accepted. you can also send it to your friend.

No central bank/govt can stop you since they are not involved in that transaction.

When RBI banned crypto back in 2018, people were still buying/selling bitcoin using bank accounts on localbitcoin site.

Once something is made illegal govt can take legal action against those pursuing such activity. One may get away with it for a while but there is a very high probability of getting caught and penalized. I wouldn’t put myself in such a position.

Also in a public ledger which is transparent to anyone it is not so hard to find out who made the transaction. In this tech world it wouldn’t be hard to auto detect such activity.

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if that is the case , then you would need to ban investing in US stocks as well, because some of the US stocks are holding bitcoin.

Is India ready to ban investing in US stocks?

The crypto bill will give clarity on how the regulations would be. In India as of now crypto funds are not allowed.

As for US stocks, its up to the regulator on how they see it. There are always grey areas here and there.

The bottom line is legal aspect is uncertain at this point.

Regulators serve their own purpose.

In any case , they have to legalize it or else India will be left behind.

Also FM making statements like its not legal even after taxation is very irresponsible and incompetent.

Look at this bitcoin holding by US companies.

Is FM saying that holding these stocks is NOT Legal?

Right now it is not illegal. But it will be so if Crypto bill puts it that way.

But that is what I m saying.

They cannot make it illegal , considering that companies are now involved in it.

Currently it is not illegal. But they can make it illegal. That is what I was pointing to.

After seeing stuff like this. need guts to trust crypto :smile:


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