Bitcoin Forum

Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.

I think it's neutral right? They didn't support or they didn't ban crypto. They were just given an advice not trying to trade cryptocurrency, that's mean India still can trade crypto

Maybe they finally saw the right way. They are afraid that the caste system will be destroyed at this point.

I heard news regarding this more than a month ago, just a rumor. It is possible in the future but for now there nothing we should worry about.

This is a part of huge (unknown source of cover payments) PR campaign to decrease exchange rate of cryptocurrencies and discreditable crypto ideas.

Yes .. You are right I heard this news for too long, about the news of cryptocurrency in india, but all this in my opinion will not be a problem
and not to worry.

they did not ban Cryptocurrency .

but they banned deposit and withdrawal from indian bank accounts , even indians cant withdraw from foreign bank accounts .

so only option is person to person trading in cash , or trading with other coin .

I think two days ago someone is post the Bitcoin banned in India but I check the exact news. Bitcoin is not completely banned in India some regulation only possible so Reserve bank of India alert the Traders. Because many traders are invested in black money so Indian government is not supporting to Bitcoin trading. But future Bitcoin is the global currency all the peoples are using anywhere in all over the world.

Many of us here did not know that cryptocurrencies market need not to be adopted by governments and central bank before we can actually enjoy it or make business transactions with it. However, many people are using Bitcoin and blockchain technology now to do business and that is the beauty of the whole thing. We don't need approval from India central bank for p2p transactions and we should see that no matter how governments try they cannot killed bitcoin and other cryptocurrencies. Therefore don't sell your coins at loses because of governments.

This good news will of course restore confidence of cryptocurrency users in India to re-engage in its activities by using crypto as a business asset. And possibly in near future price of crypto will increase again

https://www.altcoinss.com/news/news-clarify-india-hasn-t-banned-bitcoin-yet?uid=11179

Yep. You are right, India haven't banned crypto currency and instead they have given instructions to central banks in India to avoid trading crypto by buying or selling. However, they have given 3 months time limit as well for winding up the trade from crypto currency. Hope some good news may follow after 3 months because India is striving towards digital economy.

This move has, in part, affected the price of BTC dropped in the past. India is a country with large numbers of people involved in the Crypto market, for which some investors fear and sell their altcoin to the market. So, in part, altcoin prices have fallen sharply.

I think this is just a basic warning form just for protection to newly joined beginners. if their currency transactions are forbidden to deal with crypto, then the greater the losses they will face themselves because the asset will move to USD and then can be exchanged to the rupee, it is a setback, for letting the asset move to another fiat currency.

I think India has seen the ban as the worst solution to crypto paralysis. Maybe it is on the verge of bringing a legal arrangement for this. Another dimension of the Prohibition becomes more attractive to a prohibited commodity. There is an interest in things that are banned by people and they can get into the affairs by raising the authority. The state administration might have seen it and tried to take measures.

This is good news. There are so many countries in the world that are allowing it to develop. Brava india!

The news was about Reserve Bank of India announcing that all the legal institutions coming under it's guidelines shall not deal in cryptocurrencies transactions but most of the people misrepresented that government of India has banned the usage of bitcoin which was not at all stated in anywhere. There is still no official circular on website of RBI and they might withdraw their statements as all exchanges like Zebpay are still functioning normally.The government is trying to find out legal regulations for the same as they understand ban is not a solution to problem. Inspite it they should regulate it and get benefitted from it.Don't worry everything is fine so stay calm.

I should say, that there is no direct ban on cryptocurrency in India yet. The Reserve Bank of India has forbidden banks to maintain fiat accounts linked to the cryptocurrency, but the trade itself is not forbidden. You can exchange cryptocurrency p2p or withdrow it to other countries and get fiat currency there.

Yup no need to worry about this news they not banned cryptocurrency but they are trying to put pressure on crypto users. Indian reputed crypto exchanging sites Unocoin, Zebpay and other sites are big companies they definitely find a solution for this problem.   

NO I think government will not ban the cryptocurrency directly but the are taking all possible indirect action against the cryptocurrency to discourage the people to trade with the cryptos.

I think no other government in the right mind would completely ban cryptocurrencies. They will help even small countries to stay powerful against great powers. Also There are so much fake news in the market so I am not surprised.

The cryptocurrency market has created many jobs for Indian citizens including. Therefore, it is not profitable to prohibit it.

I think no country or government can ban cryptocurrencies, these currencies are decentralized and the concept of decentralized currencies based on blockchain technology that is solely based on the borderless economy, so these are truly global borderless currencies that no one can ban.

in reality, India banning banks to cryptocurrency is panic news for newbies want to invest in bitcoin in India and this fear will follow even if the government moves are positive

Those rumors and fake news are factors causing the market unstable and down. Plus insincere comments)))sounds distinguishing fact is one of skills we shall have in order to win in the market.

I think the Indian government reminds its people Because krypto currency has no formal foundation and regulatory authority, the crypto currency is prone to be misused for illegal transactions, money laundering, and financing of terrorism.

yes, the news about the RBI make many people speculate, but the indication of the big topic is the banning, even though the reality conditions are pragmatic, but this news makes everyone panicked and certainly affects the existence of the crypto world.

yes good if India does not prohibit cryptocurrency so growing rapidly. and all countries accept it openly so the development in the world of crypto is spreading and people do not rely on their government.

you talking about this news? https://cointelegraph.com/news/indias-central-bank-to-stop-dealing-with-all-crypto-related-accounts-not-ban-on-crypto-commenters-say
so, it's not affected with crypto market. stay cool

The new step is taken by Indian government to ban cryptocurrency

India haven't banned Bitcoin or crypto and they are going to come up with some regulations probably in June this year. There is false news roaming in social media that India has banned Bitcoin but that is not true. They said that all the central banks transferring fiat to crypto or crypto to fiat need to stop their transactions within three months. They are planning to introduce a crypto for themselves also.

they are not banned but are only some suggestions or just appeal to society. If indeed saw the potential in the crypto is at risk but promising, surely many people will be able to decide for yourself what kind of choices.

It'S the same with China, South Korea and more to follow. They annnounce a ban and some days later they announce unban. I guess they always buy into crypto then cheap.

this is a very logical explanation. governments in any country can not ban bitcoin or other altcoins in the crypto market.
because this cryptocurrency is not confidential and is not bound by law. so there is no rule of law than can prohibit it. and I'm sure only beginner investors are afraid of the news

Fake news or misinterpretations are very common and dangerous.
You should provide the links so as not to add more chaos to the existing one.

I do not understand what you mean, The title says that India is not banned from Crypto but in the article you said that India put a ban on trading Crypto. I do not understand what you mean, If India does not banned Crypto probably the market will rise sharply in the future. I hope this is true.

India should adopt this technology and cryptocurrency like country 'Malta' .
for now it may look like weird bcoz it is still new .
but after 5-10 years it will help a lot to indian govt to boost economy .

India did not ban cryptocurrency , but the main central bank RBI barred other banks to deal with such people who bur or sell crypto currency .
they also asked to delink any relation with indian exchanges for deposit and withdrawal ..
indians still have option to trade in cash or crypto to crypto pair .

Very good information. Thank you for having the best comments for the community. Right now I'm going back to the market and will try to buy as much Bitcoin and Ethereum as these are the best investments at the moment. I think if India does not prohibit Bitcoin, this seems to be making the BTC a $ 1000 increase in 20 minutes

You said a thing about Malta, they really rock! For those that doesn't have an idea about this news
Reference: https://cointelegraph.com/news/worlds-second-largest-crypto-exchange-okex-moves-to-blockchain-island-of-malta

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He said reserve bank, not the India which is representing to the Indian government.
Some other countries already did the ban and contributed nothing to the crypto market but is there a difference? none. The crypto market is destined to become of the biggest and most popular market next to stock market or it can even surpass it.

if that is the case then they are really not banning crypto, this will be a good thing for us investors making crypto still good for india, this will give a boost on cryptos in the future.

I also think that the cryptocurrency can not be banned, but if someone tries to do this, then it will not be possible to completely ban the cryptocurrency. I think the ban on cryptocurrency in India would have had a very bad effect on the economic situation in the country. Many people who believe that crypto is a future, would have moved to other countries.

it is probably now that it hurts the market, even if it is late to realize that it can be beneficial in the long run.