Bitcoin Forum

RBI ban Bitcoin?

Its a small market in crypto terms. Who cares?

What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? :D

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

well india has one of the biggest population but we dont know if they have more people know about bitcoin.. well if it so the market will affect this news

hmm I'm waiting for another comment, what makes you think RBI block bitcoin? if there is any news, please be clear

Size means nothing, also it's a lot more than 132 million...
Volume is everything.
India has rather small trade volume in crypto, to compare:
Australia, 24 million people = https://coin.dance/volume/localbitcoins/AUD/BTC
India, 1.324 billion people = https://coin.dance/volume/localbitcoins/INR/BTC

Even Nigeria has India well and beat = https://coin.dance/volume/localbitcoins/NGN/BTC

I wonder how we would react to that news
"Nigeria bans crypto currency"

Bro Indian is a huge crypto market remember it

Well, I do not know if this is just fake or FUD, but this was posted 4 hours ago :

https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies

and this 2 hours ago :

http://www.business-standard.com/article/finance/reserve-bank-of-india-considers-issuing-its-own-virtual-currency-118040500757_1.html

and

https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294

None, looks like reputable sources.  ::)

*One of the countries that need it the most... f#$%#*

India is a country with a large number of people interested in Bitcoin. Indian central bank warns Bitcoin users of possible risks. That does not mean that Bitcoin is prohibited or violated by the law . Notification of the Reserve Bank will not adversely affect Bitcoin or any other virtual company. Which can make people more interested in Bitcoin.
It is not easy for more than 200 countries to accept the presence of Bitcoin in their country. I believe Bitcoin will soon become an official currency all over the world.

If this news comes to be true, it will have huge impact on the prices. The current trends in Indian exchanges show the same.

Though Indian is the most populated country country in the world and also in the world of internet and technology, but these does not determine the existence on bitcoin. As many other country are still and and still continue to patronize cryptocurrency.  

If that would happen I really think there are a number of percent on the community that are in india and they are really using bitcoin as payment, And Zebpay and Unocoin will have to shut down operations and might move their companies to some other countries, And if that happen RBI will issue guidelines on what may happen to all existing bitcoin and money transfer on Zebpay and Unocoin.

The last link of NDTV is one of the reputable source of news in India.

It's so sad to see India to ban Bitcoin and other cryptocurrencies. I assume most indian crypto users would still be holding their coins . Lets see how everything turns out in this 3 months time-period. I know most users would be angry about the government's decision, in the past too people have expressed their concerns against government thinking to ban crypto.

Yes RBI ban bitcoin is not a new news any longer because we have heard so many news like that in the past but bitcoin continue. Bitcoin have cross the stage of ban distractions and more country of the world would join and accept bitcoin as transaction medium.

That is true and there are already articles published online about that sad news. The banks are no longer allowing citizens of India to buy bitcoins. The reason is absurd and we do not know if later they will shift their decision like China does. But as long as the people supports bitcoin then bitcoin will still be strong in India amidst these issues. But we cannot deny that there will be a major effect and a decrease of bitcoin holders when this happens.

I'm sure they have a lot more than 132 million people

although india is not grossly important to bitcoin since the vast majority there have very little money for investing.

Yeah I agree with you, i think india has huge crypto market. Currently, many ICO projects have arise up from Indians.

This is a very sad news. They want to ban bitcoins because it looks risky and then they want to launch their own coin. Where is the logic in this ?

true and also they never cared about the bans their government has been putting on bitcoin so far in the past couple of years and their volume and also the price they are paying to buy bitcoin has been a lot higher than the price that we are paying for bitcoin in USD and the volume is also lower.

How can you consider the volume between two countries by only comparing the Localbitcoin site.Is this the only site which involves bitcoin buying and selling...

I heard that one in ten transactions of bitcoin was happening in India. ::)

relaxed India is small compared to some countries that are pro bitcoin

later also by itself he will accept the existence of bitcoin

I would like to shed light upon the actual situation of the notice released by RBI.

According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.

Well I agree to the fact that India has a small trade volume in crypto comparing to the other nations. But 132 million people means that it is a large market. And bitcoins has a large space to grow. But banning makes the room closed for the bitcoin.

China have 18.5% of world population India have 17.9%. Both of them bans bitcoin means it only available to remaining 63.6%  :( :(  


yes, we also need more accurate statement from the RBI and also from the exchanges.

I'm not going to list up every exchange to give an idea, but I compared across more than 1 and seen the same pattern, they're a low player in this game.

Well, yes it might be in India.  ;D

It is global news now, so we have to accept that their government is apposed to Crypto currencies. I still think they have a

hidden agenda with all of this, but time will tell if I am right about this. {They might release their own GovCoin soon}  ::)

This decision is going to come back and bite them in the ass..... but let's leave them to make mistakes.  ;)

RBI is central bank , not the govt of india , so it can not ban anything other than currency and bitcoin is treated as other type of asset in india bcoz only INR is legal currency there .

news in real was RBI barred all banks to deal with any person or company who trade/buy/sell any type of cryptocurrency . it means people can not withdraw funds from crypto sale to banks and neither they can deposit funds to exchanges for buying crypto . However govt secy still saying people can buy crypto in P2P txn or cash transaction .

also few days back news was there that govt may make a policy to legalize crypto . if that happens then RBI bank also will be lifted . as of now bitcoin is neither completely legal nor illegal in india .

Your analysis is completely immature one , you are only checking one site that too only track local bitcoin transaction .
reality is just on indian exchanges volume of all crypto currencies is more than 1500 btc daily . Also it is not the real data because mostly people dont do trading on indian exchanges because of scrutiny , high fees , govt strictness etc . if you see alexa ranking then most of top 10 exchanges worldwide have large amount of indian users . as per data only 2-3% of indians trade crypto but still that is large amount of people with more room to grow in India after becoming bitcoin fully legal .

India is a very big market even though it is not a rich country
But I think this decision will change and in the end
Everyone will recognize the crypto currency

No, no one can prohibit bitcoin. Bitcoin belongs to people and no one can take the digital currency from people, so bitcoin will always prosper.

Yes, its true that RBI has banned cryptocurrencies. But it doesn't mean that cryptocurrencies are illegal in india. people can still buy/sell and trade peer to peer. People have already filled a petition against the stand of RBI on banning of crypto. The petition is now set to be heard by the court on 11th september. Hope that it will be in our favor. Whatever happens, we will still be able to trade, buy and sell peer to peer.

No one cares about the RBI, so i think that this is more than useless, and probably a new trial of fud, so nothing else to see in here because we all know how this all works. Better to be focusing in other stuff instead of this irrelevant matter

RBI hasnt banned bitcoin yet.. RBI has banned the fiat being used to deposit and withdraw the money into bitcoin exchanges/ ecosystem...

However, there is a supreme court case ongoing and the final hearing for the same is on September 11, 2018 - where a decision would be taken..


Sometimes, government ban it temporarily to to slow things down until they figure out how to win this game.

No it did not ban bitcoin and there was a court hearing before 2 days and the final hearing will be in the month of September. I am sure RBI cannot ban bitcoin as far as India is concerned there are some big fish who has invested into bitcoins and they will not let RBI ban bitcoin.

I do not think that India will prohibit bitcoin.
All the same, India is located in central Asia where the countries' greatest interest is in crypto-currencies. Yes, and what is the prohibition of bitcoin? - already there are many countries that did not recognize bitcoin as a financial tool - and what? citizens in these countries and further if they want to use bitcoin in their own interests.

As we all knows that bitcoin is a decentralised crypto currency and no country has right to ban bitcoin so any country could ban bitcoin from their nation and what I mean is that country can ban people from using bitcoin from their national exchanges but they can use bitcoin from any international exchanges and yes RBI issued a notice 3 months back that every Indian needs to withdraw their money from bitcoin otherwise they will be responsible for their loses but still there are hopes that there could be some amendments in this notice.

By the way...Its not a small market...And it is not only in India...It is all over the world...


RBI,as per i know RBI banned bitcoins for a while in India or they are thinking to ban because of the illegal or the transaction for the crimes are done using bitcoins or crypto...So they are thinking to ban...But then also we can use bitcoin as Internet is everywhere.

RBI is accepting the Bitcoin but some regulation is possible in after legalized. But three days ago some bad news are comes in India so peoples are expecting banned in India so again this conversation is continue in this forum. Myself India is a high population country so many whales are available in India but some it is decentralised platform so they are all against in crypto. Bitcoin is a forever Cryptocurrency so as soon as possible Legalization is comes in India.

One of the things that we can experience on this particular market is that all of the news are relative and when you're hearing about something you need to check it few times.

Unfortunately the RBI is now opening for cryptocurrency.
there are 2 open Exchange from India, what I know is WazirX and ZebPay.

the two are always up to date and always send the latest messages to my email.

Bitcoin is a coin that is not valid in every country. In some countries this bitcoin illegal at one time. Similarly, the Reserve Bank of India does not accept this bitcoin. In Bangladesh like India, this bitcoin illegal. It is expected that this bitcoin will be valid once a day in every country.

:D Your statement is totally fallacious. India cannot be considered as a small market as it is one of the most populated countries.
Well I am not sure regarding RBI ban ,but i have listened a news from some source that India's finance minister Mr.Arun Jaitely has said in one of his  speech that crypto curreny will not be legalised in India in future. So lets see what happens and we must wait for the official notice by RBI regarding this.

Though i'm still confused about this news because i still don't get any reliable source but if it is true then it could be another shocking news for the bitcoin users.

The legal status of Bitcoin in India is still not clear. RBI has filed a case against the digital exchanges dealing with Bitcoin due to which a temporary stay has been imposed on them .The decision regarding the working of  these exchanhes was to be made on 20th july but now it is postponed and will be made on the next hearing that is on 11th of september 2018.Then we will come to know that whether these exchanges will work or not.So we can't say that Bitcoin is illegal in India.It is just a temporary stay on the exchanges imposed by the supreme court.

That's sad.They Ban Bitcoin and then there is news about Jiocoin. Seems something fishy

It was clear from the beginning that RBI/Govt. is going to use blockchain in the future but they don't support crypto.
And in the month of April, 2018, RBI has banned all banks and wallets from dealing with Bitcoin and any kind of cryptocurrency.

Yes!!
RBI is a densely populated country, however despite the high population density, most of the people there are not knowledgeable about coding terms!
However, I am not sure that your information is correct !!

Heard some rumors about the ban of bitcoin in India, but I do not know the exact information. It will be hoped that this will not happen.

India is a very populated country if RBI ban bitcoin then it will definitely gonna effect the market.

I agree with you buddy and  the thread topic didn't include the proof  reference if that's true or not how people can sure that's news is legit and not a fuds news.

India May Treat Cryptocurrencies As Commodities (https://cointopper.com/news/news-india-may-treat-cryptocurrencies-as-commodities-instead-of-a-complete-ban), Instead Of A Complete Ban with this The Indian Govt Plans To Launch Crypto (https://cointopper.com/news/the-indian-govt-plans-to-launch-crypto-tokens-for-financial-transactions) Tokens For Financial Transactions and Indian State of Telengana To Sign MoU For Blockchain Technology (https://cointopper.com/news/indian-state-of-telengana-to-sign-mou-for-blockchain-technology)

This does not restrict Indian crypto users from using localbitcoins.com or crypto for fiat transactions and vice versa with other encrypted users. In some countries this illegal bitcoin is at the same time. Similarly, the Reserve Bank of India does not accept this bitcoin.

A notice came on 03/04/2018 from reserve bank of India 🇮🇳 that all the crypto traders have to withdraw their all money that they has invested in bitcoin and within 3 months of period, crypto will be banned from India and then after exact 3 months on the month of July, crypto has been banned in India but it doesn’t mean that holding or owning a bitcoin will be illegal in India 🇮🇳, we Indian are unable to use any domestic exchanges but we are free to use any international exchange as bitcoin is a decentralised crypto currency.

We all know that bitcoin is a decentralised crypto currency and no currency has the right to ban the bitcoin internationally and if any country is banning bitcoin from its nation then it means that its citizens will not be allowed to transact bitcoin through any of the domestic exchanges like in India , Zebpay is the domestic exchange but we Indians are free to use any international exchanges for transacting bitcoins and even local bitcoin like peer to peer transactions is also a good option.

I don't even understand the exact reason why RBI prohibits bitcoin. but I am concerned about this news. certainly bitcoin users in India will be saddened by this ban. be patient. :(

It seems to me that this is of little importance in the market. In my country, bitcoin has been banned since 2015 and this does not prevent me or my friends from buying and selling it. We even have a cafe that accept bitcoin and other crypto-currencies.

The Reserve Bank of India (RBI) said Thursday that banks and financial institutions under the control of the RBI would be banned from cooperating with e-currency trading platforms or participate in activities related to electronic money.

The RBI positions itself as merely seeking the interests of consumers, while also citing claims that are often used that cryptocurrency is only a tool for criminals and those who want to damage market integrity.

The Reserve Bank of India has made a very bad decision. They need to review their decision. I hope that it is just a temporary ban. India is an upcoming economic country with a lot of youth wanting to invest in Bitcoin. They will be left behind if they did not review it.

Bitcoin have cross the stage of ban distractions and more country of the world would join and accept bitcoin as transaction medium, India is the most populated country country in the world and also in the world of internet and technology so it not possible that people there not using bitcoin even it banned, I think still continue to patronize cryptocurrency in their country.

I think government can do anything include to support bitcoin again, only need time until they know if bitcoin can give more advantages than bad affect. They only don't know yet for now

well I am from India and yes that news is true, RBI has said we cannot Run businesses or any official transaction with cryptocurrencies but they have not said anything about exchanging Bitcoins or any cryptocurrency compared to clear transactions like I can use it for my personal reasons. They just restricted it for business use.

there has been no official statement about it, or there is no source that says RBI is a bitcoin tire. they're just looking at regulation on bitcoin.

We can not say that Bitcoin is illegal in India. So sad. Obviously RBI and Govt will use blockchain in the future but they do not support crypto. RBI is a densely populated country, however population density is high, most people do not know about coding terms! Listen to some rumors about the bitcoin ban in India, but I do not know the exact information. India is a densely populated country if RBI bans bitcoin then it will surely affect the market.

I think in the fall of bitcoin will begin to grow much faster than now, why do I think so can not say, there are many reasons that I still check and develop already on this is not small resources.

it never said the bitcoin is banned
it has clearly mentioned the acceptance of crypto currency in banks is not allowed

I think India government never said they ban bitcoin. Maybe they ban bitcoin if used as payment in merchant but i dont think they will ban bitcoin trading because i am believe they can not. Its like in my country, where people can not use bitcoin for buying goods in merchant but we have local crypto exchanger. Its like grey area

It is possible that the Indian government wants to protect its people from these risky investments, especially when the crypto market is depressed. And I believe that Indians who have been involved in bitcoin are unlikely to leave just like that, there must be other ways to continue their investments even though the RBI does not yet have the ability to manage bitcoin.

RBI asked the organizations it regulates to terminate its business relationships with cryptocurrency firms and individuals. “It was decided that, from this point on, companies regulated by the RBI should not engage or provide services to any natural or legal persons involved in or accompanying cryptocurrency. Regulators that already provide such services should withdraw from the relationship within a certain time, ”the RBI said. RBI set the last date for the termination of such relations on July 5.

These figures can be wrong. Because most of the Bitcoin trading has moved underground, due to the harassment from the authorities. Now the vast majority of the trades are happening through peer-to-peer exchanges or through anonymous websites set up abroad.