Bitcoin Forum

India is the very low contributor for crypto currency in terms of investment . You can check there is no major revolution happened in India using blockchain technology not even a single reputed crypto exchange. Even investment for crypto currencies is very less. More over apart from ponzy scheme not even a single valid blockchain preoject happened in India. Even market doesn’t effect till now because of Indian fud

Market is already facing a dump when India closed their doors for crypto, only 2% drop was observed in market globally. This clearly indicates that such a step only infected the small traders of the country and no one else. On the other hand local exchanges saw, large scale selling which led to push the price to 5393 USD. Possibly such steps will take them down from global market and decrease the speed of virtual growth in country nothing else.

Thats not completely true. The market did move a lot after the Indian FUD happened. There was sharp drop in 22% on the India's major exchanger that is ZebPay wallet. (Its wallet cum exchanger now). The volume is way more than you can imagine and you might be looking at this market in technological dis-advancement. That might be true looking at the India's problems. However, India does have richest person around and even farmers are more richer than small scale start up company.  People know only superficial things but not what runs inside the country. Dont underestimate them, those are the same people who sold last night and were responsible for 22% drop. Getting info from the friend overseas. ;D

Edit : 2% Global according to this quote and 22% in the Zebpay.  :)

Well I agree with your statement since if we carefully observe the price of bitcoin after the news went out there are no major changes in the bitcoins value. It seems that the world does not mind what is happening right now in India but if it was a western country then the bitcoin community will give a response. The other reason probably is that the bitcoin holders have more than enough of those negative issues on bitcoin and does not mind anymore.

I don’t see any reason to panic at this news and if you look at the market you will see that the market also didn’t react at this news. This shows that India has very less influence in bitcoin. India will regret for banning bitcoin but we don’t have any reason to worry because there is still a lot of other support to bitcoin.

Thanks for stating the obvious in way that is not so obvious.Someone needs to get their facts right.

1.Indian has number of local exchanges (most of them are useless piece of shit anyway) which are designed according to Indian market needs,that is people don't use PayPal/Neteller here so direct bank deposits are used instead.To name a few,the shit-list includes Zebpay,Coinsecure,etc.

2.Market doesn't get affected by any FUD's.

No one cares about what happens in there, they have zero influence over the market, so there is no way that the price can crash even more.
Stop posting this kind of FUD, we all know that india is not going to affect anything in here.

i agree with you, i think it doesn't matter that RBI decided not to aloud Indian regulated banks to make transactions with crypto. Cause India doesn't have enough influence to change the situation. i think another countries decide to support RBI in this, then we are in trouble. but it is not going to happen.

Well I don't think this would affect the market much either. There are some people who own btc/ other cryptos in India and I think a lot of them might not have sold them till now. But when they do, btc's price might drop a little bit but I dont think it would be much of a problem.

In the past 3 months, every time a bad news was announced, Bitcoin price dropped. For example cryptocurrencies ads ban by facebook and twitter. It was not related to bitcoin, but it affected the market.
So, after this news from India, for bitcoin price fall, there was no need to sell the bitcoins by the Indians. A bad news was enough for bitcoin fall. I think the price did not fall because the market condition has changed and it is not related to what the OP believes.
If the market is in a downtrend, every ban news is enough for the price fall. I think now the market is in a uptrend.

I think there will be effect each time crypto facing the bad news, and I supposed India crypto users is quite little, but so seems like this news doesn't affect too much on the market, but actually we need every users that we can get to make crypto bigger and be able to be used globally, so no matter how small the users, it's such a shame that the bank need to take this action

This is not true because a lot of people have invested in Bitcoin, so there might be some influence. But that's not the worst part, spreading rumors is what is affecting the crypto world. Take India itself for example, people misunderstood the statement of rights totally and thought that bitcoin has totally been banned whereas the real scenario was that rbi had issued a warning that banks can't deal with crypto users or corporations.

The only people that we know that are from India are the bounty hunters, i am sure that 40% out of them are from India, or Indonesia.

It is a good country, a beautiful one, but they do not have much effect over economic things like crypto.

For me it really created a lot of panic for newbie traders are they see India as big market for crypto. However, when everything has settled down they will understand that this is just pure FUD to sway most of them. Its a totally misunderstood statement and the media just put some spin on the article for clickbait.

Now after the dust have been settled, bitcoin jumped from $6500 - $7K as of the moment. So if there is a effect, it will be only temporary just like other FUD in the past.

I agree with the statement that you katakam, that the problem RBI India this does not affect the cryptocurrency. because before RBI make the decision, the price coins cryptocurrency has been down far. However, what do RBI could affect other countries, and neighboring countries India very in to worry about would prohibit bitcoin and crypto other. hopefully what is done in India this is the last state prohibit bitcoin. because bitcoin actually very much its benefits for human life.

It is true with what you say, that India is a country that is not very influential in the world of crypto, so it need not be too worried, what I see here influential countries are countries like China, Japan, America and others,

And, in fact, nothing significant has happened in India. The Reserve Bank of India recommended that its banks suspend transactions with the crypto currency. However, this bank does not play any significant role in this. Crypto-currency there continues to go and bargain on stock exchanges as before. However, the crypto-currency market in India is not yet developed, there are no solid exchanges and exchangers. Therefore, the crypto currency does not react to such a minor incident.

I think they haven’t imposed ban directly. They just instructed the Banks not to deal business with Crypto. They can’t actually ban something without any reason. Anyway, India ain’t rich in Bitcoin so far. So, market won’t get affected that much I think.

But if you are an ICO developer, I don't think its a good idea to forget India as a potential target market. Remember India isn't really strict when it comes into Bitcoin and other altcoins as they are only strict when it is being used in a performance of an illegal activity. Missing the Indian market which has a billion in population and a lot of youth who are willing to enter into a fast growing investment will make the ICO missed out a lot of potential investors. I don't care about the current status of India now, but if the if it has potential I will still make my ICO available in their country.