Bitcoin Forum

you can still sell it outside india

12. Central Bank Digital Currency

Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.

13. Ring-fencing regulated entities from virtual currencies

Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.

https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.

That's right in general. They can force centralized exchange sites like Localbitcoins and Remitano to stop offers in India, but they can't stop Bisq and other more decentralized exchanges the same way.

Take action!
 https://bisq.network/ (https://bisq.network/)

Liquidity won't come to decentralized exchanges until you bring it!
Still don't see any INR offers on Bisq order book.

They need contributors too, such as Java devs:
https://bisq.network/contribute/ (https://bisq.network/contribute/)

At least, spread the word on social media!

Well not sure this is true or not but seems like death of crypto in India .

https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms

Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins :)

Not true .

After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system.
That's another reason why the interest rates have remained unchanged this time around.
Banks have not become poorer .  All the peoples money have been collected to infuse funds into the banking system via demonetization.
Only major problem is that the NPAs keep growing nevertheless. !! :(

but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..

Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution

the stupidest decision ever taken by RBI. entrepreneurs will now move to other crypto$ countries. there was such a huge potential to attract investors and developing the economy while bitcoin and other digital currency become stable.

RIP Coinsecure ;-;

Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading

The Court has sent notices, but has not issued a stay order. There is a big difference between the two. If the courts do not give any interim relief, but continue hearing the case, the exchanges might as well forget about reopening.

Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution

As far as stay order is concerned, petitions have already been filed and you can expect an interim stay order would be affected on the first day of the hearing or at least within the first month of the hearing start date. As far as I know that is the common procedure in such instances, look at the Aadhaar case for instance.

If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.

The world moving on from Bitcoin? Not going to happen.
An interim relief is not a victory at all, it is just an 'interim relief'. The deal with any economical movement in a country involves the legislation first and then a governing body is formed and then the action is taken. But here the thing is reversed in case of Bitcoin, we were always standing on pillars of sand with no legality defining our existence within the country. To terraform those pillars or sands into the shoulders of atlas we'll need to form a political body that can 'lobby' for us. Buy the gov. like multinational corps bought this BJP gov & put it to power.

Such a ban - if you can call it that, was necessary, we will now get our act together and take the right steps that we should have taken way back in 2011.