Bitcoin Forum

Hey Guyz,
So finally indian Govt. announced bitcoin as illegal currency. And they will take action against individuals who will invest in it.

So what should Indians do at this time?
Should they sell their cypto before its too late, or wait if future hold something good for them.

Or if they donot sell then will it be safe to do transaction or use exchanges in india?

Or is there any alternate way to sell crypto without attracting Govt attention?


REF-:

https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

https://economictimes.indiatimes.com/news/economy/policy/arun-jaitley-settles-the-bitcoin-issue-for-once-and-all/articleshow/62737852.cms

http://www.livemint.com/Politics/xmBDOdP2H2hbXH7eV1VTqL/Budget-2018-Crypto-currencies-illegal-will-eliminate-their.html

https://www.hindustantimes.com/india-news/union-budget-2018-bitcoin-other-cryptocurrencies-not-legal-govt-to-eliminate-their-use/story-MrpXhzzrc9HwNxItWuGw3L.html

http://www.india.com/news/india/union-budget-2018-19-bitcoin-crypto-currencies-illegal-government-to-eliminate-its-use-says-arun-jaitley-2873185/


Hey Guyz,

There was a lot of drama After budget declaration in india that crypto is illegal in india from now on.

But after checking the statements made by indian FC, I can say that maybe Bitcoin trading is not illegal in india.

Sorry for all the mis-understanding.


                                                                                                Trade btc with no FEAR

Is there a link to the news?
Has the Indian government declared it illegal to invest in bitcoin and encrypted cryptocurrency?

We will not believe that if you do not include the reference link, try to find a reliable source and do not get the issue unclear.

Crypto is anonymous enough for trading , selling if you take care about it . Do not invest in projects wich is requiring to do KYC and do not use exchages with mandatory KYC and you will be fine. If you need a cashout , there is always an options , it differs from country to country , but you always can trade crypto for fiat at a black market .

Hmm  :-\

Yeah today was budget declaration for 2018 in india, and cypto was announced as illegal and also announced that they will take all necessary steps to stop crypto in india

Yes, I'm not at all surprised, I honestly do not know how things are in India at the moment with crypto-currencies, I think that there are a lot of people from India and I think that they will tell us how the state treats crypto currencies now?

I'm not really following about the development of crypto in india. I think, there will be no major impact even though India has banned on bitcoins. This is proof, that corrupt systems still occur in India. yes I think so

whether this is a kind of issue for bitcoin to continue to decline or indeed the Indian government really prohibits bitcoin,
I think if bitcoin is banned in india as the currency is fair,
if bitcoin as an investment is also prohibited maybe this is the cause of the drop in current bitcoin prices now.

Bitcoin is either legal or illegal in india but new icos and ponzi programs and public meeting on any investment programs are nt legal in india so exchangers can run as of now

Today in india bitcoin came down to 6500$ after the news

It's true. Here's a news source: https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

It sucks, because a lot of states seem to have a knee jerk reaction that involves banning the sale of cryptocurrencies. I suppose that these corrupt systems of power don't like the idea of wealth distribution and financial freedom. Crypto is a revolution for a reason. ;D It is especially unfortunate, and somewhat hypocritical for a country like India, which has stated aims of being a cashless society.

I think that the Indian government will come around, though. Just look at Russia. Crypto was once banned there, but now it is legal, and Russia may soon become one of the world's biggest crypto hotspots.

If you have decent amount of bitcoins or you can live outside your country i suggest move to other countries that doesnt have any regulations about cryptocurrencies,venezuela would be a perfect place you can start mining there or you can cashout anytime without any hassle.Or you can choose to stay and to do what you need to do,cashout would be easier when you have relatives outside the country you can send them your bitcoins,which they will cashout outside your india then they will send your money to your bank account.But migration for me would be the best choice some exchange from china moved to japan/south korea to prevent regulation,houbi if im not mistaken that was the largest bitcoin exchange in china.

The amount of bad news this last month is crazy. Seems like every single day someone is banning or fudding or there is a scandal. Seems like a coordinated attack. What the hell is going on.

Moving to Venezuela would be a terrible idea. The country is unsafe and unstable, and there are regular crackdowns on crypto miners. It is one of the worst choices for a country to move to.

It's probably true mate, here's the link of the news, https://www.ccn.com/india-signals-crackdown-bitcoin-cryptocurrency-usage/ and it says that "India Signals Crackdown on Bitcoin, Cryptocurrency Usage". But still some users are not believing of this news, they said that it's only a FUD and they just manipulating the bitcoin price.

they have internets now in india too?

Comeon Don't think India is far behind, the rate india is catching with world if it continues india will be one of the top 3 in world soon

If this is true, I can only apologize for the Indian people, whose government has rejected a great technology and people will therefore miss out on their chances of gaining more. If you are a bitcoiner from India, I suggest that you emigrate to countries that allow bitcoin because your country may arrest you for bitcoin or you forgo bitcoin and all cryptocurrencies.

Many countries are doing contradictory statements about Bitcoin. I'm sure they will think again.
We should wait for their next announcements.

C'mon dude, grow up. Stop being racist.

I suppose these articles may help >>> https://qz.com/1195316/budget-2018-busts-bitcoin-arun-jaitley-has-just-killed-indias-cryptocurrency-party/

https://timesofindia.indiatimes.com/business/india-business/trading-in-bitcoin-ethereum-other-cryptocurrencies-illegal-says-arun-jaitley/articleshow/62339092.cms

I'm subscribed to the main sources of information about the blockchain world and cryptocurrencies. Never saw such a loud news? Where did you get it?
It's important to get reliable information from reliable sources!!

I think the actual statement differs greatly from the what is being reported here. They will not consider bitcoin legal tender and want to crack down on illegal activities with bitcoin. I dont think that is any different to any other country currently.

Even if they do 'BAN' people from holding crypto, it is inherently difficult to prove since you can hold/sign up with just an email address (no need for ID unless you transfer to FIAT).

In my view, it is knee jerk reactions like this, that will ensure that crypto will survive and also succeed.

I think even though Indian state forbids bitcoin and makes illegal bitcoin but coin owner from india can use courage by not selling bitcoin first and save it. someone can sell bitcoin in another country that still receives bitcoin. so do not get exposed to panic sell and sell all assets in a cheap price.

You're right. Great insight. There haven't been talks of an explicit ban on cryptocurrencies, and I do suppose that the language resembles that of countries that currently legalize it, such as The US.

If you have the opportunity to invest in the crypto I think that you can create many ways how to avoid punishment by law. I do not think that someone from the  an officers of the law will give up one Bitcoin. If you know, what I mean. :)

It is because the India government are too "broad" regarding Bitcoin and altcoin scams without digging deeper and understand how everything works. It is why they classify cryptocurrencies as an illegal way of investing assets. However, if they should research more and understand about Bitcoin and other cryptocurrencies, they would likely consider them again.

Just like South Korea, they initially ban cryptocurrency trading and were against ICOs. But look at them now, they have no plans to ban cryptocurrencies anymore, but they only put an end to anonymous trading.

Give them some time to finally understand, I'm sure they're just misinformed and India may treat cryptocurrencies as legal later on.

All these FUD storm that is been concorted and dish out to the public is not accurate.  I am sure cryptocurrency enthusiast will not be moved by these deliberate attempt to discredit bitcoin and the technology behind it.

sources of information about the blockchain continue to decline or indeed the  government unfortunate, and somewhat hypocritical for a country !!

foolish gov will miss out on tech and will come back later just to regret it

I think it is too early for Indian GOVT to understand cryptocurrencies. If bitcoin is illegal in India then what about developers working on bitcoin projects?

If you guys are familiar with Indoa you will know that scams are very rampant in that country, remember MMM and TBC they are two high profile scam carried out in the country and alot of people lot their money, to me seen facebook and Instagram taking actions just shows how bad all these bad they have done for the space

I think its a fake news causing FUD on people you should post the link about that news  so that we can confirm that. Lets say if its true maybe the cause of it is theres many indian scamers and they have a lots of program or investment platform that scam people. Maybe there government found out that they do have lots of victim of scam because of crypto/bitcoin. But honestly no one could stop CRYPTO there will be comming more investor and mass addoption. China ban crypto, Korea too but they did not stop bitcoin.

Please be reliable on your claim that Indian government already banned bitcoin by providing us credible link about that. This may lead to misinformation and mislead people from India by panicing or by giving up all their coins. Please be sensitive enough to others especially when it deals about the investments of Indian people to Bitcoin. Again, I need a reliable link on this.

Its mentioned no where that cryptocurrencies have been banned in india. Its just said that its not a legal tender and government does not promote or encourage it. there is difference between the two. India is still on the same position as it was before about the cryptos no new thing has been said. moreover it has been declared that india will study blockchain and use it. so if you see overall, its still good news for cryptocurrency holders in india as india is making progress with blockchain. its neither legal nor illegal . it is just not being regulated in india. quote if you guys things the same or oppose :)

I wont believe you unless you give a link of your source. because as far as i know there are still no law or rules that government of india makes bitcoin illegal to trade in their country. but if this is true there is no reason to sell because bitcoin can be traded without using centralized exchange. indians can just do what chinese investors do, trading through over the counter. it is a peer to peer trade so no one will know that you have a transaction using cryptocurrency.

Well, it is not very good, but I don't think the indian crypto community is big anyway. And encouraging blockchain is kind of a good thing. Yet even if finance minister did say that bitcoin's use is not recognized, that still doesn't mean they'll ban it. In my country the main National Bank provided an official statement that cryptocurrencies are not recognized as means of payment and what is not recognized is considered illegal. However, there are lots of exchanges here, nobody is doing a thing about it and there was even the project of the law which would make btc fully legal.

This is total crap.

Indian government has just released the official budget plan for the year 2018 which specified one point about the crypto currency. It just mentioned that their prime minister might think upon the crypto currency to be discontinued from the India but they also mentioned through their Finance Minister that they will take interest in the Blockchain Technology and will see if there is anything that can be done for the nation through that technology. This is all because Indian prime minister is having goals to make India digital.

That’s not negative news at all. God lord, I am tired telling everyone that the news is actually positive than negative. Have fun with it.

This is obviously bad news.
There has been too much bad news lately about the cryptocurrency market, which has led to a decline in the price of bitcoin.
The countries that have banned bitcoin in Asia are corrupt countries because they fear that people will move their assets abroad.

Statement was different do read it, acc. to FC its not legal to use cryptocurrency in india anymore and govt will do all they can to stop it. And they will also use block chain in new products for banks etc.

So they are stopiing crypto-currency not the tech.

You see the diff?

To fear that country needs to be corrupted?

India is not ready for this change right now acc to me thats why they took this step maybe in future it can change

A shame if you live in India and are affected by this. But I think countries supporting crypto right now will have great futures, I believe they will be extra wealthy and the "dumb" countries who take stances like this can only watch how the crypto countries will become richer while realizing how they have missed the boat.

In my opinion, this is another manipulation of the market by the Crypto-currency. Especially in these news does not talk about a complete ban on crypto currency. Therefore, do not react to this news.

As far i know there is no official ban on bitcoin, so kindly stoping spreading fud.AP state government was first state to take initiative in blockchain technology.followed by axis bank to increase and improve their security.recently there was a news of bank banning the exchange accounts,major exchanges are still working and recent news is that arun jaitely warn people that govt will not be responsible for any loss in crypto and investors have to pay capital gain tax.nothing about crypto ban.

Dumb country like china?and do post in this thread if you do not know anything about bitcoin regulations in india .

Finally? Anyone that can verify this news?

If that is for real then they must obey but for sure there will be people who will start to do something crazy and will break that new law.

Just hold it, the declaration of illegality will be soon lifted.

Better to hold then.

Go in other countries and sell it.

This , The amount of bad news is really a lot this month . I know that JAN is always a down month for crypto but I never saw that amount of bad news in one month before .

What really amuse me is BTC is still holding comparing to the bad news we keep receiving . So lets hope we will have happy ending by the end of FEB .

Well, we can't control the government. They can ban whatever they wish to ban and including cryptocurrencies in their banned list is one of the most foolish decision they can ever make. These coins must be seen as assets of a country. It has great potential of increasing the economy if utilized properly. Hope that India will realize what they are about to lose. We can't tell people in India how to feel, this is a major crisis for them.

This is very alarming to our community,most of these countries wont allow any transactions or any activity connected to cryptocurrencies we might wake up in the future that every single country has its own restriction to our cryptocurrencies,this might be a problem where even satoshi doesnt seems to expect.Governments are holding the banks,which is the main competitor of cryptocurrencies.

The title is clearly oversensationalised nonsense.

The article that is being cited https://www.ccn.com/india-signals-crackdown-bitcoin-cryptocurrency-usage/ clearly quotes the finance minister, Arun Jaitley:


Cryptocurrencies have never been considered legal tender anywhere in the world, and pretty much every country in the world is taking measures (KYC, AML) in eliminating use of these assets in financing illegal activities.

You yourself wrote that the country is going to introduce blocking technology into the banking system, etc. D. Is it really that bad? you do not need to think only negatively, nothing bad happened  ;)

I think this rumor getting too viral,I don't think they meant to say banning bitcoin or cryotocurrency in their country they just want to eliminate the use of cryotocurrency from illegal activities.So don't consider they totally banned it then it will be the cause of price fall again.

I am not being negative, personally I am holding all my assets till india unban it.

I know india will come around is Russia.

thats is very unfortunate for indians as the world is progressing towards cryptos.I hope they will have a rethink as they stand to loose

If OP can't provide a link to where his information comes from, I guess this OP deserves to have a red trust for spreading false information. I really think this can drive panic to some holders who are expect btc will go up soon as we already hit the support level below.

I added some ref links from where I got the news.

They must be grateful after they embraces the new technology instead of driving it away. Some countries are just going to treat digital currencies as threat to their economy and that their people may launder millions. Japanese government I guess had more trust to their people.



Good. Its not true at all that India considers BTC as illegal. Damn OP.

Indian FC is saying to take all the actions to stop cryptocurrency use in india and they will not use it as payment method. Bcz some are using it for illegal activity.


Most of indian top banks are blocking accounts of exchnages.

The biggest zebpay platform in india providing bitcoin added warning buy at your own risk we will not take any responsibility if money doesn't get back in bank.

I donot know what all this point out to.

Several governments of the world are taking contrary step against bitcoin everyday. The news of government ban in the early period of this year have been affecting crypto but what I see is that the government that declare bitcoin as illegal are coming back to crypto then they will say its legal.

please read carefully mates. finance minister has said that bitcoin is not a legal tender in india which means it can be bought and sold or kept as investment , buy cannot be used to buy stuffs , good and all. he also said that government will take action against illegitimate things and not against people that pay their taxes. whereas government has also promoted blockchain technology and has agreed to improve and use it in order to stay ahead in digital asset. people just interpreted all illegal and ban thing wrong. GL mate :)

It is better to wait for the official announcement from the India government. Without a proper source, it is really hard to believe the news nowadays.

Subpoena: Notes of price manipulation by Bitfinex are thickening

For some time now, there is a suspicion that Bitfinex is tampering with the market for cryptocurrencies. Now the US authorities are investigating.The operators of Bitfinex are also behind the cryptocurrency tether.many people know this too and the course of btc will sink

So far all FUD.

But of course, it'll suck if they end up banning it completely. Wonder if it's just btc or cryptos in general.

customs of characteristics with the demographic of india as compared with the prc country that they have similarity on population of the large numbers of citizen but india has with the less on manufacture industry as investment from investor country.

that those may leads on initials as the differences with the chance on citizen to gains with the returns from work of compliance with the casual business or trading with the offlines entrance,
as the offers to work with the online business might gives as extras of returns while raising limit on level of perspectives that improving scale on rate with the indicator value of resistance as moderating use with different aspects of initiation as referring details of qualification.

In fact, the oppression of the digital currency market in India began in December last year. Then the users had problems with withdrawing funds from bitcoin-accounts and the tax service firmly took up trading floors to obtain information about traders.
In what we have the decision of the Indian authorities "dropped" bitcoin again!  :(

I really find it hard to believe that this is the final view of the governement in India.
I always saw the country as innovative and relativly openminded towards Crypto. So all of the crypto's are illegal? Ripple for example as well?

No,you are wrong.There is no confirmation from the indian govenrment that they banned the crypto currencies.He just stated that it is never considered as a legal tender in their country and they will take actions to stop using crypto from illegitimate activities that doesn't mean they banning it.I hope there will be a taxation system on bitcoin soon. So stop creating FUDs and it will cause more price fall.

it depends on individual whether they quit bitcoin or not.Indian government is not allowing bitcoin because money laundering and terrorist funding.the authority said that the government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system. I hope it is not their final decision. if they take the decision then it will not good for bitcoin investors. it is better to wait for the official announcement for the discussion on this topic.

No such thing happened. Its the same old news in a new shell that was presented today and noobs sold bitcoins for as low as 4500 USD in one of the biggest exchange in India - zebpay.

Recently some countries are saying contradictory statements over bitcoin anyway these statements will damage bitcoin price.
With this statement I have seen high volatile in zebpay in bitcoin price.

Well if this really happen, I feel sad but IMO it will not affect to much just like Chinese incident.
India as I know already have many contrary against bitcoin so not all people using bitcoin as main transaction.

All they can do for now is sell or try to move into exchange that still legal to trade because they can't trade on India or they will face the law enforcer !

It's heartbreaking that there is news in India that makes the crypto market plummet, Indians are very much involved in cryptocurrency but surely there are those who take advantage of this opportunity to buy as much bitcoin they can, I think with this kind of news the market value will be decline.

Mmmmmn not sure about this - where is the proof ??

There is no confirmation that bitcoin is totally banned in India. It is said that there will be the strict actions against the individuals who are not paying their taxes when buying cryptocurrencies.

As I said earlier It is very unlikely that they would ban Cryptos in India rather they are looking forward to use 'smart contracts' like Estonia and Dubai which are based on blockchain technologies for keeping land records, etc.; land records has been an intractable problem for a large country like India and declaration of pilot around using ‘smart contracts’ can help start more innovations around blockchain technology and also may also reduce corruption. Next time Listen to FMs speech instead of believing in news.

Bitcoin itself cannot be illegal. The use of bitcoin, exchange or trade may be considered illegal in some territories, yes, the same as they restrict imports or exports of certain goods. Not an issue in my opinion.

I think it is just a misconception. I read about it and there was a bitcoin walletprovider called Unocoin that has stood up to its belief in bitcoin and dissected the view of India's president towards bitcoin and other crypto currency. It was said that the support for use of crypto on illegal activity is what the indian government is seriously gonna run after, not the supporter for bitcoin. I hope it will be made clear to everyone what he means so that bitcoin will recover from this fall. Read more on this here: http://fortune.com/2018/02/01/bitcoin-price-india/

There has been no such decision made yet, and one should not create panic over words misconstrued and misunderstood. Heed the various responses here holding a very valid interpretation of this news item.

Hello,

As far as I understand from the statement of the Finance Minister of India Arun Jathley, the government forbids the crypto currencies as a means of payment, but not as a means of investment and trade.
That is, places that accept crypto currencies will have to stop, but people will be able to trade on the exchange for the crypto currencies.

"The government does not consider the crypto currencies as legal tender and will take all necessary measures to eliminate the use of these assets."

No no no they have not. This not true. They just said bitcoin isn't a legal tender of currency, which is true for most other countries as well. Legal tender is a currency in which rejecting payment is illegal, bitcoin is not legal tender in most countries. They reinforced just that, which they have multiple times in the last 3 years. So half knowledge about news and economics has given this nothing news fud status and caused bitcoin to go under 10k $. Which hopefully it bounces back from.

If that's true then this is a very sad news. It's not a long term decision that's for sure.
India's government wants to control, but no one can win the fight against crypto.
You can still use crypto don't sell them all, just continue to do what you did before.
There are local dealers that will buy coins and you still can earn big bucks.

We should wait for the law or regulation to be enacted. There is no enforcement without that. Its an intent going by the statement nothing less nothing more.

If this news is not true, why create such topics? Or it was done, in order to make FUD and mislead the holders of bitcoin or alt crypto coins. I do not know another explanation. There are bad news from all sides, which have a negative impact on panicsellers

It was said that usage of bitcoin is not legal in India, but they did not say using it is against the law... and they need to use Fiat to pay in their purchases, and daily transactions this statement  is to fight against money laundering and fight against  terrorists and terrorism activities by the means of stopping usage of bitcoin in purchasing  supplies for their  weapons...

Brilliant, I was wondering why Bitcoin was dumping this hard but that makes total and complete sense. How many gov'ts are going to come out and ban? Can we all do this tomorrow please so it is not to effect the markets? Please and ty :P

Same story once at each 3 months.. only calm down and hodl!

Typical FUD when the market looks weak, just to make more people get out. I remember they kept on saying China would ban Bitcoin. Funny thing is, these tactics are usually only prevalent during tax season. As long as it can be regulated in some way, I highly doubt Bitcoin will ever be permanently illegal in India.

there are many countries that ban Bitcoin and only prohibit Bitcoin made as a means of payment or used for sale and purchase transactions, I think India do this too..

$13000 = HODL  
$12000 = HODL
$11000 = HODL
$10000 = HODL   ;D ;D ;D ;D ;D

sell at 12000 and buy at 9500. that's cool. I always read hodl here, hodl. And you lose your money. High sell and buy low is much better. Let's see where the BTC price is in a week? 5000 and HODL?

In my opinion, the unstable market fell again against the backdrop of this news. That's from whom I did not expect this, it is from the Government of India. They have always been loyal to the crypto-currency market. This is a very strange statement. Let's see how it ends, but for the inhabitants of this country this is very bad news.

Every day we have terrible news...WTF?? Maybe capitalists understood, that the crypto is real danger for them? 8)

It could be like you think. Remember that big businessmen control governments.

Most of these news are fake, especially for most people to sell their coins. Now you just need to wait. Only HODL

They think they can stop bitcoin. There will be black market after that and the country benefit nothing from black market. Crypto users are not stupid. How strong india and china? In fact, Chinese still can trade and invest in crypto asset. Just , wait for Indians do the same a Chinese.

Indian Govt. did that because a lot of people in India bought Bitcoin and may be have more money in BTC then in national currency. In this case can be undermining of national  currency, that is not favorable for national government. I think everything is easy.

Unfortunately this is the truth. I do not understand the real position of Indian government, but they declared Bitcoin illegal. Here is the video about it:
https://www.youtube.com/watch?v=zsvcXmJQjgw

This is just a FUD,most of the big players always does this fud spreading to get these people to sell their bitcoins,then they will easily take profits and aquire more bitcoins,this is how dirty these big players manipulating ther market.

I dont understand these news. I should say more - I dont understand people who believe these news and especially people who make decisions to buy/sell depending on these news. Why are you like that??
Bitcoin was made to be DECENTRALIZED electronic cash system. Governments ban bitcoin(lets say) but they cant ban us - people who use bitcoin.
Bitcoin will work ANYWAY - no matter what
So I truly dont understand all these peole

A magazine or daily news can write anything up. This links aren't reliable do you have any video streaming to back this claim up don't believe what you see in the daily news 70% of those news are rumours.

A crypto noob can't think that way they are easily manipulated.

I think the problem is that they are not "crypto" noobs but "trading" noobs. Many people dont understand what is crypto about, they buy ripple for 3.6 waiting for 10-20-100$ in few months, thats crazy. What will they do if someone autoritative will say "ripple is scam"? They will see that the price is going down and say "ok, I'll sell". What if someone will say to someone "crypto"(even noob but - "crypto") that bitcoin is scam? They will answer - stfu, see you later broke buddy.
Thats the difference

Unfortunately that was the news #1 of February, 1, 2018. It has affected the market, and all altcoins (Bitcoin, too) started to decrease. I believe that stabilization will come very soon, but investors are shocked. The best policy is to wait.

whether because of this news the global market is falling and even surpassing the record of bitcoin correction late last January, but I believe bitcoin has its own way to increase its value again

It seems to me that in India and before this statement it was not very good with crypto-currencies, because judging by the fact that we are told about India on TV, there in general everything is very bad and without crypt. I am not surprised

OMG... After Asia India...I think that someday the European Union will adopt legislation regulating altcoins

Such a sharp drop is most likely due to the statement of Indian Finance Minister Arun Jetley on Budget 2018. He said that the government does not consider crypto currency as a legitimate means of payment. After that many mass media started writing about the imminent prohibition of bitcoin and other crypto currency in India.
But this is a complete nonsense, because India does not prohibit all the crypto currency.
Conclusions that can be drawn from the statement:
The authorities of India do not recognize bitcoin as a means of payment and will struggle with using crypto currency in illegal actions, as well as discouraging the public from using crypto currency as payment instruments.

Now a lot of news made for whales to come in bitcoin. The big agencies control the price. People and traders have to understand that. All the experienced traders (whales) doing waves for bitcoin to buy at low price. Did you ask yourself why the news about Bitfinex and Tether come to us just in the end of January but it was already known in the end of December? I think the same situation now. YOu can be sure in few days we will see news like "India government deny news about Bitcoin and will start suing the agency that post that".

We are waiting for the Lightning now. Price will go higher. Just wait for the whales :)

Supposing they could hold the BTC they had, and keep collecting it up in bulk.
And when it is enough with the BTC they have, if the local government has not changed the policy, they should visit the state that legalize BTC and make withdrawal entirely.

So it's all FUD, right?

This happens quite a lot, the best thing you can do is monitor the news and react accordingly.

This is an alarming news. Just this, I heard over the radio that our country will also be making steps to stop or regulate the use of bitcoin in our country. Having in mind that what had happened to India might soon also happen to our country. In such situation, I suppose I'd just buy all the bitcoin I have in a none traceable way, that I believe there is, and put it into the bank and wait for another good place to invest.

Finance minister Arun Jaitley, in his budget speech on 1 February 2018, stated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India. This was supposed to happen sooner or later and as of today, it is banned in India. It is not only limited to bitcoin but other virtual currencies also come under this ban.

as i read it was fake news about india, and people just panicked for nothing, its like always for years was with chinese nothing new, people love panic to rebuy more crypto at cheap, because news matters wwe will receive more this kind of fake news in future, so we can cut profits from newcomers.

I am not surprised about this news. I think India is not a major country in cryptocurrency.
Don't panic about this type of news. Wait for good time in cryptocurrency.

It's not good news, but it's also not good reason for such drama.
People in India don't have much money to dramatically influence the price of Bitcoin. Countries in Europe, in the other hand, have much more influence over the price of Bitcoin, because there are the investors with much higher purchasing power.

Everyday a country announce bitcoin illegal then they say its not illegal bla bla.
India cannot ban bitcoin cause too many freelancers getting paid on blockchain development. This will never happen.

Sad to say,but we have to accept it because that's reality.All we can do now after that announcement in india are to stay positive and don't panic.Even critics call cryptocurrencies a speculative mania that will end in tears for thousands of retail investors. And some say that the price volatility is a distraction from the value of the underlying technology, which will transform the way money is stored and transferred and upend conventional banking.We hope that after this,in the future there are no other  banning announcements and news like what happened in india.

Crypto is anonymous enough for trading , selling if you take care about it . Do not invest in projects wich is requiring to do KYC and do not use exchages with mandatory KYC and you will be fine. If you need a cashout , there is always an options , it differs from country to country , but you always can trade crypto for fiat at a black market .

HODL. This strategy begins to transform into its true meaning -  Hold on for dear life
I can't see the end of this falling and I'm afraid our optimism let us down

Don't trust all the news. News about the prohibition of bitcoin in India turned out to be FUD... again
https://ambcrypto.com/bitcoin-not-banned-india-community-lashes-misinterpreted-news-published-certain-news-sites/

is there a reference you can share here?

great again the countries is getting in the way of it's own development

Let’s think about what is happening, if cryptocurrencies were to drop to zero, which is the primary fear of a person who is in the 'panic-selling' mode, then the blockchain technology won’t take off. Even a country like India who recently said they want to stop 'illegal activities' wants to explore the blockchain technology. The only lesson history teaches us is, buy when it dips, sell when it peaks

There are enough 'panic-selling' mode people to drop the market. They hear smthng in the news and sell immediately, controlled by their fear of losing the money
However, that's a good opportunity for those who know what they are doing.

that is really a bad move by the government of India banning BTC

And it seems to me that the crypto currency in India can become even more attractive. After all, the forbidden fruit is very sweet. Perhaps in India the story will again be repeated with a ban on the production, sale and transportation of alcohol as in the United States in 1920-1933. How it ended we know.  :D

I have a feeling that this Arun Jaitley guy is the dumbest member in Modi's cabinet. The middle class and the salaried individuals are up in arms after the recent budget. If Modi loses in 2019, then Jaitley would be the guy to blame.

Good evening! Despite the fact that world news reports about the "ban" of bitcoin and other cryptocurrencies by the Indian authorities, India, in fact, does not prohibit any cryptocurrency or the ability to trade it on exchanges.

in my country my government said'trading bitcoin is a sin'.lol.also I read that news they understand wrong the expert which talked about bitcoin

All this news was needed to drop bitcoin, and then buy it to anyone. In fact, everything was exaggerated very much! If we have passed the bottom, now only positive news awaits us!

Indian gov't drama caused alot of trouble, but it also proved that how fake news can affect the market so easily. People need to stop believe in fake news.

As far as I understand, the Indian Government is trying to impose measures on the anonymous buying and trading of crypto currencies.
As far as it concerns if you buy with personal data and everything is transparent, it is not forbidden.

That is the most stupidest shit i have ever heard all they are doing is they are damaging their countries progress and economy

Indian government is hurting their own economy they are hurting progress in their ccountry

Indian government is hurting their own economy they are hurting progress in their country

This is a quote from the Minister of Finance of India:
"The government does not consider crypto currencies as a legal tender and will take all necessary measures to eliminate the use of these assets."

This does not prohibit users from trading or investing in coins on the crypt-exchanges. I think!

can you share this news link I mean why do people post this stuff here if they don't know about it this is called spamming you know

Where are you read that it's a fake news?

Its cool that you have noted the misunderstanding. Thanks for sharing which seems to be meant well, and the following correction.

As usual this is the demonstration of market manipulation, some big whales are trying to manipulate market annoucing fake news

Yes, this is really fake news. Because of these and other similar news there was a collapse of the crypto currency market. If it's sensible to look at the current situation with crypto currencies, then everything looks pretty good. I hope that the market will go up.

Glad to hear that it is fake news about India banning Bitcoin and hope that Bitcoin will recover soon after the fuds are cleared.

From such and similar news there is an influence on the market of crypto currencies. This influence forces the price of coins to rise or fall, but now we all understand that this is fake news. It is necessary to carefully analyze and recheck the news before making your decision.

Is it true,
may be there because they are supposed to make the currency of their own country and it will be applied to their own country.
similar to what had happened in China a few months ago.

sometimes indeed much-slanted news about bitcoin and this is only used for a few people to buy in cheap bitcoin. with the news that is not true, this may soon give fresh wind to the price of bitcoin anytime soon.

Yes, indeed, news of this nature significantly influence the market. This was done with intent, it was beneficial for someone to have this news.

As far as I know, crypto currencies in India are not punishable.  :) This once again proves that you do not need to fully rely on the news. It is necessary to question every news, because only one news can greatly affect the market.

Yes, it is possible, but it seems to me that the Indian government understood the benefits that a crypto currency can give to a country. Gradually, all countries will come to this understanding.

Yes, it is the usual management of the consciousness of the masses, the imposition of opinion. This is how the fake news spreads, which have an impact on the crypto currency market.  :(

Yep, crypto and government are perceived natural enemies but at some point they must work together if there will be any legit future or chance at wider adoption.

this is great news for the crypto community it brings

positiveness on crypto itself

business and investment material always have an issues like fake news and sort of it, but we need always to check and find the truth information.

Recently, this fake material has become too much. In addition, the number of fraudsters has sharply increased in the ICO sphere, this negatively affects the entire scope of crypto currencies, serious steps are needed to regulate the industry and toughen the penalties for scam.

Now a huge part of my time is spent checking news and facts. Fake news is really a huge problem, which is very difficult to combat.  :-[

Bitcoin have no final status in india till today. there are many positive and negative news on social media about the status of bitcoin. also indian government has constituted a committee to suggest a framework for regulating these virtual currencies and to understand there current structure and legal implications. till then it's virtually a bit of a haze.

I can not say exactly what is happening in India now, because I do not live there. Although probably the situation there is not very pleasant for India, I think that they exactly understand that cryptography will definitely negatively affect the corruption in the country.

It was said that usage of bitcoin is not legal in India, but they did not say using it is against the law... and they need to use Fiat to pay in their purchases, and daily transactions this statement  is to fight against money laundering and fight against  terrorists and terrorism activities by the means of stopping usage of bitcoin in purchasing  supplies for their  weapons...

Still it is not very encouraging. The government hasn't explicitly banned it, because it is not practical. They would like the stamp out the Bitcoin usage in India, but right now they are not capable of doing that. I would just advice every Bitcoin user in India to remain vigilant and careful.

Sometimes I get depressed when such fud news are shared by crypto enthusiasts and investors. Even if I see such news I won't share let alone open a thread for it. I appreciate the links attached to the OP to clarify any misconceptions. We need to start reading between lines. Later I got to know that the ban in crypto on social was not total just some request on ico before campaign to reduce scam.

I used to think that banning crypto was just a temporary solution in countries. To study and prepare a platform for implementation. But despite India until the end of not understand. Have they seriously decided to be occupied from cryptocurrency?

As per the prevailing laws, Bitcoin may not be illegal in India. But it is not recommended to convert your BTC to fiat or vice-versa while you are in India. Those who have done that in the past have faced harassment from the authorities.

This kind of issue is all about spreading of negative thoughts and perceptions of cryptocurrencies .Yes, cryptocurrencies market are decreasing because of negative feedback of others and now we encountered volatility in the market. One thing for sure bitcoin is not illegal, the use of bitcoin is making a money which it has a chances to grow by involving investment technology.

I don't think this is possible. India is a country with a large income gap. However, the protection of the capitalist class by the government is not very good. I believe BTC is the welfare of the young Indian elite.

Well, as a smart crypto investors, if we heard something bad about bitcoin, we should trying to find out whether the news true or not.
because some peoples want to bring fud here so they can buy from panic sellers. then they will sell higher later.

Indian did not ban bitcoin, what happened is that banks stopped carrying out transactions that involved bitcoin and other cryptocurrencies. The people can still use it but now it just means that they cannot buy cryptocurrencies using their bank accounts and bank cards which is what makes it hard. They released an official statement saying it was not a ban.

but from what I heard also that India is prohibiting ICO project going on, because I see that there is an ICO project ffrom India ( Enkidu)  which is currently postponed its sale because of a rule

Since 2013 government Indian government is using warnings on cryptocurrencies and Bitcoin. I think this time also they are doing the same. Infact they can't ban Bitcoin, only banks can't transact INR for Bitcoin.

Have you ever seen the latest news from the central bank of india that will be banning any financial institution that has any transaction to the crypto? Bitcoin is not 100% banned from there but the central bank of india gives a big announcement to any financial institution to not make any interact with bitcoin or crypto related.

These news should be false. Many people in India are buying and selling cryptocurrencies. Their countries should also need such economic income. They will not be banned!

Why will they say that when many people from Indian are making billions on bitcoin. They might not have not assume the illegality of Bitcoin , I don’t think that’s impossible. Is that the link to the site?

A friend of mine tolde me that it's legit, well at furst i didn't believe him, then i saw this thread, thanks man.

The government is manipulating the market, part of this growing community from India they are billions of people and CHina as well so they believe that the market is going to increase if this billions of people will go through it. Well be patience at this time the market is down now and we can see alot more in the coming months.

There was not point that bitcoin was announced as illegal in indian, the banks only stopped enabling crypto purchases which is what lead to the news of cryptos being banned which is not true. People in india can still buy and use crytpos, they just can't use banks to do so.

sometimes indeed much-slanted news about bitcoin and this is only used for a few people to buy in cheap bitcoin. with the news that is not true, this may soon give fresh wind to the price of bitcoin anytime soon.

Yeah, in which this kind of issue is one of the major reasons why bitcoin and other crypto currencies suddenly go down. I would say maybe their way of government affected so much on the crypto currencies and make so worst on them which come up on decisions to banned totally crypto currency to their country. We hope that some countries will able to purseu and discuss on the usage of crypto currency so that it will be legal for the good of all here in crypto currency community

Bicoin claims to be illegal in India. Where does this information come from, is it true? I have not seen relevant reports yet. Under the current general trend, I think the Indian government is very difficult to take action against individuals who invest in cryptocurrencies. People always have countermeasures.

And now also WazirX, Zeebpay and KoinNex are also open to the public.

So, does the Indian Government just scare the development of cryptocurrency?
I don't know, but I will continue to support cryptocurrency for the future.

Bitcoin in India is uncertain for regulation, because I used to see Bitcoin in India as ILLEGAL and now Bitcoin is there LEGAL.
A country with a large population but wishy to decide the law against cryptocurrency.