Bitcoin Forum

http://www.businesstoday.in/current/economy-politics/cryptocurrency-dealers-indian-rupee-bitcoin-usd-7000-exchange-rate/story/263187.html

On the other hand, market experts believe that closing down cryptocurrency dealers or exchnages is not the way to stop use of cryptocurrencies. Government will have to put a stop on buying and selling of crptocurrencies in cash. In the event of their closure, buyers can always head out to foreign exchanges, experts told The Economic Times.


in simple words, it's impossible for india to ban Bitcoin because just a panel members opinion about banning crypto like Bitcoin will never gonna happen or considered at all.

even if Indian government announce officially to ban crypto , well, we all have international exchanges and we all know what to do  :)

India can't ban Bitcoin though maybe a regulation in exchanges and some other kind of laws will be given to its citizens in using cryptocurrencies is the move that they will do because no countries in the world can really ban Bitcoin as it is an international digital currency and its one great characteristic is being decentralized so meaning no one is controlling it so no one can ban it either.

Most Governments now are taking actions regarding the growth of Bitcoin with just a short period of time and I really don't know if they are just trying to help their citizens to protect from criminal events or they just want to put some tax on it because they know that there is a big amount of money is already involve in cryptocurrencies.

What a bad news. But need more patient to see the last. About 6 months before I thought that bitcoin can't go more price up, but now I am surprised, some of the reason bitcoin price is high. So, think you what can be in the future.  Indian govt. if published the news, then say directly.

not just india. many other countries also banned bitcoins. I just do not understand why they do not accept bitcoin. In my opinion, bitcoin has more potential in the future. But many people do not trust it

Meh, it won’t do much to the price even if it does happen. Maybe there will be less ‘show bob & vegena pics’ using sex services on the dark web but that’s about it.

That is not a good news . India is the one of the largest economy of asia . And bitcoin is the future of the world. How India can ban it ?

So what?China try to ban bitcoin but they cannot do this and finally bitcoin price 7000$+.So if india ban bitcoin hope bitcoin will be increased 9000$.Bitcoin used now all over the world

There are very less chances of Bitcoin to get banned in India because recently the Reserve Bank of India RBI has announced that they are not responsible for any loss durimg trading done by Indian. Plus RBI is playing safe side because they nither legalized bitcoin in India nor the ban bitcoin here.

That will be bad bad thing for the bitcoin. India always having a large market. it will be a dent to bitcoin. :o

Nope. India is a fledgling market in Bitcoin. Even if the government takes such action, it won't affect Bitcoins global price. If Bitcoin can shake off China's ban, then this will be just a pin prick.

I agree with you that India won't ban Bitcoin. But I don't agree with your other statement. I think there are lots of people in India dealing with Bitcoin. There is a large community that can affect the Bitcoin.

I wonder if the ban in india will have the same impact on bitcoin as the temporary china ban. It all went sharply downhill.

If India bans btc, there is a thing we need to think carefully.  Seem, btc market is being narrowed, specially it's asia market. In there has pretty countries banned btc, example China.... Is that a sign for the debacle of btc? Although btc price is high now. I can't understand.

If India happens to ban Bitcoin then it will shake BTC a little. India is a huge market for cryptocurrency. Hope the Government will be very careful and sleep over that decision and will not be in haste.

I’m not convinced that ban is the real intention of Indian government. Probably they want to regulate the exchangers and that is not the same like banning. Bitcoin is very spread in India and even such drastic measures like ban would not stop people from using it or ruin the market. Similar like China, India is also big country and significant at Bitcoin market but still the impact that such annoucements or actions might have on Bitcoin price they will not be dramatic or long lasting. Anyway, we have already seen similar scenarios.

I think at most government can put limit on exchange.

I was expected that India is crating their own crypto currency, if they are in fact creating their own currency, then they may be thinking about to banned bitcoin and launch their own crypto currency, so that people may start using it and give more preference to their own currency, but i do not think  any other currency can compete with bitcoin, i am sure that it will be a time wast struggle and no such desire result can get from this. Because bitcoin is a universal and decentralize currency and any other currency which may be created by any other country may not have such qualities.

Let them try and enforce it  ;)

in my opinion the BTC, where it has become a universal currency, albeit on a small scale today, soon globalization will be colossal, we will be able to travel, buy, and structure with just BTC .. can help many economies from 3rd to 1st world. So India is hardly going to be left out.

dont beleive everything you read. So many wants to ban bitcoin and start their own. The truth is, they are too late at the game. They should have done this in 2010.... too late!

Another wild goose chase by the Indian government rather than facing something that would contribute to the efficiency of their system or even look at ways of ensuring its being used for the betterment of their society considering the level of economic decadence in that part of the world, they are looking at ways to create avoidable heated argument in the country.

The issue is that if they are serious about shutting down bitcoin, they should better shut down the internet of the country because anything short of that is a futile effort the moment they cannot do that, bitcoin will continue to penetrate and more popular.

A lot of government are afraid. They cannot control the price of this currency; I am not surprised about that information.

I have also read about their own national digital currency (maybe not crypto, just a digital currency). In this case, it's an understandable step to ban the competitors (cryptocurrencies). If they ban (or just regulate) bitcoin, the average Joes won't choose bitcoin instead of the government's digital currency.
India already has a digital payment system (Tez by Google) and maybe the goverment has seen it's advantages and now they want their own system (because they need to control it if they want to influence their own economy directly).

Banning BITCOINS in India will never gonna happen because it is a big matter and RBI  has already announced that they are not going to legalize BITCOINS but that does not mean that they want to ban it forever. In fact a huge project is going on making India's digital currency but that will not have any affect on Bitcoins. If they wanted to ban it then it may be done years before.

Indian government had take the step but it's will be granted online income would be damaged. And loss art gross income. May should government take his own currency.

Some people ban it and fight it some people use it.
The more you ban they higher price of accest is.
Do you know that legal weed :D is kicking ass of mafia and cartels.
So if thye ban it people will start buying it.

What are you talking about? None of our crypto earnings will be affected just become some random panel suggested banning bitcoin. They never implemented something like this. It is just a suggestion and even if they did implement it sometime in the future, do you really anything is going to change in the crypto world? China tried this recently and everyone observed the result. Bitcoin has hit its ATH a little bit earlier and no government can stop this rocket from reaching the moon.

Good point! Is it easy for people in India to find a way around if a ban will occur? I have invested some in a india altcoin and like to know.

Considering what the Indian government has done with gold, let alone cash, then India doing all they can to squash Bitcoin is 100% certain.

There are only 40 nodes there and not much in the way of infrastructure so it's no great loss right now, but to shut off more than a billion people is a dick move. They're going to do it anyway.

this is another negative news, however it still remains to be just fear, since there is no final word yet, i think what india is trying to do is to promote heir own cryptocurrency since they had already created one, i think what they are trying to do is to copy japan's j-coin, since there seems to be very large opportunity, if you promoted you own cryptocurrency, specifically if it was made by the banks or governments, the profitability is high. i think they would not ban bitcoin, rather they will use bitcoin, in order to exchange their cryptocurrency, since bitcoin's value is going up, what they can do is to close exchanges, so there will be no competition, since that is always been the case in some countries, they close down exchanges, since there are a lot of scam ICOs that are popping up, and even if india  bans bitcoin, i think the majority of indians that are using bitcoin are offshore, there will just be a slight impact or no impact at all, since more an more people are gaining trust on bitcoin, and it might e just like what had happened to china, after a few months, we no longer feels china's presence and still the movement of bitcoin goes up.

I just dont understand because last two months ago India declared bitcoin a legal and they would regulate the crypto currencies in which they also make a new digital currency coin of their own that will represents India then now they would like to ban it this time. Anyway they just say they will going to ban and did not say the reason behind if banning will take place so therefore the government of India will may consider this plan of banning.

haha. No problem! As you can see "In the event of their closure, buyers can always head out to foreign exchanges, experts told The Economic Times.". Traders in India can use the international exchange to execute their transactions.

This article is pure crap. I am from India myself and I have not heard of any such news yet. They would have surely mentioned in the news if they were going to ban Bitcoin. The article had just one or two lines mentioning India and nowhere else was the country mentioned. India is in a state of legalising crypto currencies but making some regulations. So this article must be a fake one. i don't find any reason for India to ban Bitcoin.
India has been trading crytpos since many years now. There are exchanges as well which support Bitcoin transactions.

 Exactly, they cannot stop their people from trading in international exchanges.

If China was not able to stop bitcoin i do not think India will. I cannot see its effect aince we are seeing all time high .

They should just accept the fact that bitcoin is real and instead of banning exchanges they should regulate it. They can impose taxes on it.

I am pretty sure that the wise ass that propose to ban crypto exchanges is a politician who does not understand the blockchain technology or crypto currency.

If this is true and if their government completely ban all cryptocurrency it will be a huge effect on Bitcoin Price. It will be a huge dump.

I don't think it will effect on bitcoin at all, i have doubt how many people will able to buy bitcoin from India, even though it is large population and huge economy, but still they are not developed country, have little access to high speed internet, and online banking is terrible.

I think it is rumor that india may ban bitcoin.beacause before somedays also came such rumours that india have to banned btc.And  it's very tough to banned cryptocurrency.beacause if the btc banned in india then we have other options to  go with international market.so it's quite impossible to banned cryptocurrency in india.Before some month i also hear that the RBI will be launch india's own cryptocurrency. ;D

This certainly happens because countries around the world started to ban bitcoin and in my country live bitcoin was also banned by legal :(

I think they will ban bitcoin for some time while formulating regulations on how to make it safe as investment for their citizens. Then bring it back up again with some restrictions on transacting. All the while, smart investors will buy in on the low price during this. Rinse and repeat.

Bitcoin  is banned in many other countries not only in india. I think the indian government should accept bitcoin  because it is  an international currency and bitcoin is doing business online in the international market with networking.  I believe that in the coming time, all countries bitcoin is accepted.

In india, you can also invest in bitcoin in online marketing, but you  have to convert bitcoin into exchange by exchanging it to your india money currency, Bitcoin works online at international market,  it is only in the coming time will be accepted in india . 

Exactly,indian government is totally confused about bitcoin.Some times,it decides to take severe actions against it.Some times,it takes a sudden U-turn and forms a committee to give recommendations to legalize crypto currencies.

And now,another U-turn.Even if it bans bitcoin,still it could not completely stop bitcoin users from using it.I had already planned what to do if such a critical situation arises.I would just sell my bitcoins to my friend in dubai and just ask him to send money to my bank account.That's it.

No,now India also accepting the bitcoins.they are using the zebpay,xapo,unocoin wallets.but future days we can not estimate.Indian government may take some changes.

I would want to see how they want to make it happen in that place. What I see here is just a country trying to make a statement since other countries are doing the same thing forgetting that the basis of statement making is beyond holding press statements without the ability to back it up with the right amount of technological infrastructure to back it up to stop an innovation such as this and in my honest opinion, India is not there yet.

That's probably because it's not news yet. The report is just based on the opinions of advisors who are set to meet with the Indian government regarding cryptocurrency regulation. It doesn't bode well, but it also doesn't indicate what the government will actually do. I think it's reasonable to expect that some governments will follow China and Vietnam with anti-Bitcoin regulations.

In time, they'll back down from these positions when they see how ineffective they are. In reality, it's good news in the long term. Governments banning Bitcoin means it's made the big time. We've made it, guys! :D

I don't think bitcoin will be banned in india because i heard that india has legalized the bitcoin just before 6 months so i don't they will ban.Bitcoin is doing good for the country's economy helping increasing the income of traders.If the ban also nothing to worry because the bitcoin is fully anonymous so you can use it anywhere and you can convert it into indian currency at any time.

base on the news that we read online a lot of different countries may or may not ban bitcoin. and we have been reading this kind of news for years and so far only a handful of countries actually banned bitcoin and they never even made the news.

as far as Indian news goes I see them adopting bitcoin more than banning it. the volume in that country is ridiculously high to the point that price of bitcoin was about $2000 higher than the current value that we see on the exchanges such as bitfinex last time I checked it.

Is it really possible for a country to cut off means to purchase bitcoin or any other coin in that manner? Wouldn't a VPN solve most regulations they might put?

Truth is that no one can ban bitcoin or any cryptocurrency. We have international exchangers and we have vpn.

Well the India government seems to have a love hate relationship with bitcoin. I think I remember one politician who has been attacking bitcoin and doesn't like it before. Totally forgot his name though. But this is just speculation, its they ban it, Indians will still try to find way to trade bitcoin. This has happened in China as well, Chinese still trades underground as reported. So I doubt that this step will really curb out bitcoin in India.

yes, the country of India will follow the footsteps of japan.

Sometimes Adaptation needs an Incognito mode to be more anonymous. They might say that they can ban bitcoin but it's not 100% sure, They cannot ban bitcoin as long as there is Internet in Their Respective country. They Cannot ban BITCOIN but They can Ban ICO's.

This was just like the news about CHINA, after banning ICO's they realize that they cannot ban Bitcoin because it is a very GOOD help for The Progress of Economy. 

It's more about sending a message to the masses and preventing easy access. In places like the USA, exchanges are becoming increasingly scared to do business with Americans, especially after what happened with BTC-e.

We can get around the bans with VPN on the no-KYC exchanges, but the people who will do so are definitely in the minority. Most people aren't technically savvy and don't know where to begin hiding their IP address. They'll go to the regulated, domestic exchanges like Coinbase and Gemini.

I think even if India will ban bitcoin in the near future, it will not affect bitcoin price. Even if bitcoin price will decrease for sure it will increase again just like what happen the last time they said China banned bitcoin. Well, many people are still not believing in bitcoin but for sure it will not affect the potential of bitcoin.

I think this is Fake News. Although I'm not Sour If it is really news, then it's really bad news for us. India is a big country, many people in India use Bitcoin. It will develop in that country. But I do not understand why the Indian government will banned BTC. Even the governments of many countries have banned BTC in their country. But this is a big mistake. There is a lot of potential in betting in the future.

I think if a country is blocking bitcoins or other, it is because it is a state effort to maintain the country's currency strength, it is feared that if a country legalizes the bitcoin eating the country's currency will weaken and there is no value so that the country is experiencing economic crisis.

If India ban Bitcoin like China recently did it will just create more traffic in foreign exchanges but it will not stop people from trading. China ban was one of best opportunities to buy cheaper BTC and when you look now at the price it didn't affect bitcoin value long-term, it just created an opportunity to buy cheaper. China is using now Japan exchanged, I believe India will do the same - start using other exchanges.

I don't think that any country can ban bitcoin as a whole because bitcoins are international currency so governments can only put a ban on bitcoin exchanges in their country, people would just use foreign exchanges.India banning bitcoins can be also a fake news just to create panic among people which will lead to panic selling and this would decrease bitcoins prices.

again.. more news like this coming from asia. After china, now india show up. But obviously, chinese decision some time ago quite give influence on bitcoin, yet they have a big share of this technology, and finally they decided to open it again. But for India, I think even if this really happened, I don't think it would have much effect on bitcoin development, although the population in India can almost rival the population in china, but I'm sure, still less than 2% of the population knows and uses bitcoin there. So no need to worry about this.

OMG. And what about all of these $10 investors:(

Since bitcoin is decentralized, it cannot be stopped by any government or group of governments. Indians can simply buy on the black market or online by bypassing government filters. Sooner or later bitcoin will become so prevalent that politicians will have to back off just to stay elected.

obviously this may not affect much bitcoin unlike for what was happen last time that some countries like china who have a big participate in bitcoin it affect much in bitcoin crypto currency but in this case this is not much be more make an affect on crypto currency.

See this tweet from Roger Ver

https://twitter.com/rogerkver/status/925808796303204352 (https://twitter.com/rogerkver/status/925808796303204352)

It already happens after the ban in China - the chinese businesses are looking for crypto-friendly jurisdictions like Japan.
As long as there are countries like Japan, crypto will survive. The worst thing would be mass-banning by many countries at the same time.

It's hard to control bitcoin. India prohibits bitcoin also can not prevent the development of bitcoin. Those bitcoin users can go abroad for bitcoin exchange. This approach only prevents the impact of bitcoin on India's economy

I read the news and I am following up with this news since last few months but I don't think that Indian government will ban Bitcoin at all. There is an official government database called UID  number (Unique identification number) in India which is allocated to more than 70% Indians and it includes every detail of the person including photograph, iris scans, fingerprints etc. I strongly believe that government would allow Bitcoins but through regulated way like exchanges which are ready to collect and share KYC details of the user. As we all know that complete ban is almost impossible on cryptocurrencies.

Lol. You probably do not understand. This is government regulation. Why do you think that the government should promote the use of bitcoins. Any regulation always contains two options. One option with the plus sign is another option with a minus sign. Do you think that the government is interested in taxes on bitcoin? No. They will take the money through Fiat. They do not want to give people freedom. For them it is more important than any money.

Bitcoin doesn’t care about this as before china had banned it it is now back and cross it previous high price and India will regret about this decision.

Because this coin has a lot to deliver and banning it is simply saying good bye to the development and progress and more of it bitcoin is not confined to any region as India bans it other regions will come and join community and india is under developed country so no worries.

Another country next to Vietnam banning some uses of cryptocurrencies. Maybe their government is just thinking of its people, they can't really ban bitcoin and crypto by just shutting down exchanges, bitcoin users can just send and receive bitcoins peer-to-peer. If China can't do anything to stop it, how much more with less influential countries?

Indian economy is a developing economy. Popularity of cryptocurrencies is limited. People have mobile phone , internet connections but they still hesitate to do online transactions. They have strong faith in fiat currency. Bitcoin is gaining popularity among young generation in urban and metropolitan cities only. Many bitcoin exchanges are operating in india. Governments has not yet banned any exchange. But central bank RBI issued a circular and warned its citizens no to trade or invest in cryptocurrencies like bitccoins for security reasons.

No it's bad news, bitcoin is not support some country. India is one of them but they don't baned bitcoin . many people work and invest in bitcoin and they earn from bitcoin.

Perhaps the government is still waiting for other countries to come up with their own regulations which the Indian government could simply copy.  ::)

the Indian government is only worried if many of its people are going to take much advantage of investing and trading bitcoins without paying taxes to them.
say it is China who has done this, but the people are still active in the community. if India wants to follow China, bitcoin people not need have to worry, they can still make transactions in overseas exchanges.

This will be the worst decision the Government of India will take because they should not stop the use of cryptocurrencies but rather try their hands on stopping the ongoing scams. Just the way Roger said, they will be stupid enough if they decide to eject cryptocurrencies out of their country just for the sake of their own satisfaction (to keep control over people's finances). Governments are scared due to the fact that they might lose it to Bitcoins which is why they are in the making of something that could give a shock to either people who are in support of Bitcoins atm or could be a shock to themselves after seeing money being sent offshore for trading.

Probably they are following what China did to their country but I'm sure they'll still buy those cryptocurrencies but with moderation already once it will be implemented by their government. Maybe they just want it centralized because of how much bitcoin had increased.

No Indian government can't ban Bitcoin.But they can add some regularities on the exchanges.Because even Indian government needs this technology.

Here the question is different: the main thing that Bitcoin did not forget about India :)
Any country in fact can, in a single-term perspective, abandon the use of Bitcoin. In fact, countries that officially use Bitcoin are much smaller than those who do not recognize crypto-currencies. Basically, this is done with an eye on the future creation of its own crypto currency

If they want it to happen, they will ban it. That's why many Indians are going to suffer with the ban. But we can't with this "ifs" and "may" while theres no application of what they want to happen. Following the footsteps of China? They will even unban it later.

I think its a FUD news. they want to crack down bitcoin. nonetheless their government are very corrupt they will ban bitcoin specially those trading exchanges. but for my opinion India is one of the best economy in Asia. some of my friends there wants to open a start up business using blockchain.

This is pretty much some of the same we are seeing every week nowadays. Price gets uncomfortably high, governments get concerned about capital flight (In India's case they have all that black money situation going around. I guess 7000 was the magic number this time. This was China, the was the SEC with the ICO regs, and this is all the talking bank heads that have something negative to say every time we reach new heights.

If we breach 10k, expect most sane governments to step in very suddenly, and regulate very heavy handed.

As per a recent CNBC India report, a committee of finance ministry officials, IT ministry officials, NITI Aayog, and Reserve Bank officials, may be inching closer to legalising virtual currencies in India.

I went through some articles, Indian PM and finance minister is planning to make India is Digital India in few years, so they are ready to accept the all digital transactions. And the bitcoin is also a digital money so I think they will not oppose and they might be accepted bitcoin as a legal currency in few days.

Well it’s not true in Asia India is a very big market for trade and just few days before India make bitcoin legal in his country and now they start taking profit from it so I think it’s totally untrue that India is going to banned bitcoin in his country its also true that in need bitcoin for is economy and in some part of India there is a poverty so India will not banned bitcoin.

You can ban anything you want. But it doesn't mean it ll work... After China ban the bitcoin price doubled :)

Why do you think that the government is interested in the problems of ordinary people. For the government it is important that the inhabitants lived on the edge of poverty but did not rebel. Such people are easy to control. Bitcoin breaks this system. So I would not be surprised if all of the state will fight bitcoin.

India has good business ethics,so may not possible to ban.bitcoin is popular in india also.indians are encouraging the digital currencies.may be india afraiding with fake news of bitcoin.

If exchanges are banned, the money would flow through cash transactions / black market, which would be even worse.

The only logical decision they can take now is to enforce proper KYC policies on Indian exchanges instead of banning them.

Hey, are you from india? From your statement i can just share that you will not care what your government do about bitcoin.
So you still keep use bitcoin. Thats good decision that you still support this crypto.

It will also stop all the Indian account signature farmers as well, joking.  Even if so still is not healthy for Bitcoin and as  I recalled Bitcoin has always been illegal in India.  I once try to hire an Indian to develop a website and pay him in Bitcoin and he said it was not allowed and that was a few years ago.  Indians are learning that the gov or the banks cant really stop Bitcoin so they do continue to use it as of today.  Message to you guys do not let anyone tell you how and where to climb a mountain.  We strive for  world currency which we all can use.

India. ::)

It's very likely that they feel bitcoin will have an impact on their economy, so it will be ban :'(

https://economictimes.indiatimes.com/markets/stocks/news/rbi-working-on-cryptocurrency-policy/articleshow/61067211.cms

RBI is working on new rules may be implemented next financial year

From our perspective forcing through regulations will be the only logical way to go for the governments, but they obviously think in a completely different way. For them it's like someone (Bitcoin in this case) is holding a knife up their throat ready to cut through, where they in a split second have to come up with ways for them to stop it. That's basically also the case with China shutting down its exchanges. I am quite sure that it's nothing more than an attempt to buy time, in order to come up with more fitting (for them) regulatings. It's stupidity that they haven't done this back in the days where the general public was still falling for 'Bitcoin is the currency of the underworld' nonsense. That would be the only way for them to at least have a chance of somewhat succeeding in prohibiting Bitcoin usage.

Is that so? I though that bitcoin is unregulated in bitcoin till this news come out. And also there are a lot of Indian around here so I though it isn't the case. However, if their government decided to ban bitcoin, no need to worry I think you can go the same way as the Chinese do, go OTC and continue with your bitcoin earnings or trading.

As i read in this forum i notice many countries like china and even india banning bitcoin, what happen to these country? I think bitcoin is the best cryptocurrency right now so theres no reason to banned bitcoin. Well i think that is because they think that bitcoin can replace the paper money thats why.

they can try but never suceed. If they ban it it will just become more popular. History has proven this. Besides who can they attack - Bitcoin is decentralised!

No,now India also accepting the bitcoins.they are using the zebpay,xapo,unocoin wallets.but future days we can not estimate.Indian government may take some changes.

I found that many countries have banned bitcoin but it still exists and is used very commonly. I think this will not affect bitcoin. Then everyone will understand the importance of bitcoin.

this really strange why Reserve Bank of India (RBI) ban bitcoin just for security reasons, I think this illogical. if they have not tried or use bitcoin how they can assess if the security of bitcoin it's not strong.

First china, now india. Did the people who are into banning bitcoin in india not realized that they cannot ban bitcoin. Since they hold the position maybe in the government they have the power to ban it but guess what it is just going to be banned at that place. Should the bitcoin holder wanted to transact in bitcoin he or she can just simply fly out of the country or deal with bitcoins in different exchanges other than india. These people is not fully aware of what bitcoin is and what it is capable they just ban it just because they thought it was being used in illegal activities.

Why would India take such a decision because they know well that most of their economy and income of mass comes from bitcoin, there is much poverty in India already and they cannot take risk more by banning bitcoin. It is helping in overcoming unemployment by making people to earn good and meet their financial needs, so such an act is not expected from India

There are very less chances of Bitcoin to get banned in India. Probably they want to regulate the exchangers and that is not the same like banning. India is a very big market for trade and just few days before India make bitcoin legal in his country and now they start taking profit from it so I think it’s totally untrue that India is going to banned bitcoin in his country