Bitcoin Forum

"Reserve Bank of India issued a press release on Thursday that had a directive for withdrawing support to virtual currency businesses. The news sent a frenzy across the Indian cryptocurrency community and everyone could only talk about how India’s central bank has ‘banned’ cryptocurrencies. A massive wave of FUD followed in the market driving down the prices of cryptocurrencies in India significantly. But, did RBI just in fact ban cryptocurrencies?

RBI is a banking regulatory body and controls the monetary policies of India, but it is not a legislative body. It can set directive regulations for the bodies that come under its defined authority, but cannot control or penalize other businesses or individuals.

A law to ban the use or trade of cryptocurrencies in India has to come from either the elected governments (whether central or state) or the judiciary (Supreme Court of India or the State High Courts)."

I thought this was good news because of the recent FUD, despite everything.

Thoughts?



https://thenextweb.com/hardfork/2018/04/06/no-india-not-just-banned-virtual-currencies

These are just part of the market manipulations that you should be immune of,because it is part of the game! never let anyone or any FUD distract you instead look for some facts,if you didn find one surely it is FUD.I do loved to see india to get ban because most of the scammers are coming from india,second to the russia which is where most scammy ICOs are created.

I believe if it is only for FUD, and I also believe if the problem of cryptocurrency restrictions in indian can be an issue for the increase or decrease in price. so i also see if this is an issue game to make the price of cryptocurrency unstable.

Until now India still trades cryptocurency and is not yet authorized to ban it, there is now a very wide spread of issues that corner crytocurency not only in the country of India but in some other countries too, maybe it is an issue from people to get their own profit.

Doesnt matter FUD or not,because the community isnt going to be affected by these restrictions only those people from that country will be much affected,nothing to worry about you can always move from other countries because i believe if theres a will theres a way to work things out,do not be fooled by these fake news research as always.

Totally agree with you. I don't understand why people are thinking India banned Crypto. RBI is concerned mainly banks. Banks are asked not to deal with anything related to crypto. It doesn't mean the country banned Crypto. Banks were never friend of crypto. So, this is nothing new actually.

it is very interesting information and i am sure india will support the crypto currency also in the future later. and I hope with this crypto currency will recover in a short time?

Wow,its nice to hear in ears, thats despite of all this happening implementation of RBI ( Reserve Bank of India) of not accepting  the cryptocurrencency and withdrawing there support,there is also a little sunshine,that this implementation of banning in digital currency in india has  been judging from the elected government,so maybe this  decision of the supreme court of india will be in favor to  the digital currency sytem,to continue to make  bussiness in the blockchain market.

Now Pakistan has "banned" bitcoin and cryptocurrency.

https://www.ccn.com/pakistan-central-bank-bans-banks-from-cryptocurrency-ico-transactions/

While most countries from the other parts of the world are positive toward cryptocurrencies, I think regulations are a reflection of this positive attitude, India will probably not do such mistake.

Let me clarify the doubts related to this:

1) They have not mentioned the ban word but indirectly they had put an end only. They asked banks to stop all their business with entities and exchanges dealing with crypto. This means that people will not be able to withdraw or add money to these exchanges from bank accounts.

2) Some people are saying that now people will start using cash for these transactions. If this happens government will ban it completely.

usually these negative news are being followed by good news about the regulation. Govs are making announcements so they can make a regulatory frameworks for cryptocurrencies...

Yup, i also heard that news somewhere in internet sources., but i cannot verify if its true or not., but one thing we need to consider is that market is run by hear says and fake news, and can greatly affect the market prices., there are whales and big market players that manipulates the market law of demand and supply that affects over all prices.,which is really hard for some others. Maybe next time government should issue right protocols for the use of cryptocurrency directly, that could be read on government gazettes.

Have a nice daw

It doesn't matter for me. Either way, this WON'T stop the cryptocoins. They will find a way against regulations, that's my belief.

As Pakistan did ban cryptos, I bet India will not, cause, you know. I hope this will be the case, because any bans are increasing hostility to the market, projects, products and blockchain technology. I think we had the same thing in Ukraine as India has now. So, our National bank said it doesn't recognize cryptocurrencies and that what's not recognized is not legal. There appeared some news referring to it as the ban, but nobody really did a thing and the bank doesn't have the right to do that. India has its own blockchain committee and dozens of exchanges, I don't think the gov will take risks of banning that.

yes, but that may stop cryptocurrency users from using that currency

I agree with you
a group of people want to make FUD to benefit from people who panic, I think this can also be made a moment to buy more bitcoin

They have asked banks not to allow crypto transactions. This is discouraging for the investors and we may see even more strict announcements in future.

I guess that it was the fake information for dump the bitcoin price once again. Fuckin whales want to buy btc for 4-5k, so that they post a lot fake news now. We mustn't panic and sell btc, only hold will bring us a lot of profit in future!

Same thing over and over. Country X has banned bitcoin, and a few days later news about how it is not actually banned.

That news actually drove price of crypto currency down. I believe the ways are the one spreading the news so that people can dump and buy from week hands.

I've heard another part of the story. A huge amount of money from high level officials, politicians and billionaire from india are invested on cryptos white as well as black. And they won't let the ban take place. Not until they cash out.

There is so much confusion and uncertainty around cryptos right now, that any news item sends people into a frenzy, without taking time out to verify the facts to settle their fears.

The Indian startup Cali Digital Ecosystems filed a complaint against the decision of the Central Bank of India to prohibit banks from providing encrypted asset services. The company plans to launch its own cryptocurrency trading platform, CoinRecoil.



On Tuesday, Kali's digital ecosystem submitted a complaint to Delhi's High Court of Justice against India’s Central Bank, Ministry of Finance, and GST Council to seek court support. “The central bank is banned from refusing to provide cryptocurrencies. Service decision." The company said that the central bank's ban is "arbitrary and unconstitutional."

The company initially planned to launch CoinRecoil, a cryptocurrency exchange, in August 2018, and stated in the petition that it had "had invested heavily in this area." However, due to restrictions on bank services by the Indian Central Bank earlier this month, the exchange will not be able to operate.