Bitcoin Forum

Some cryptocurrency traders in india challenged the central bank’s order in court, citing constitutional issues. After a month India’s central bank barred regulated lenders from facilitating cryptocurrency transactions, trading volumes have surged radically alongside a sharp rally in prices. Analyst argue it would be counterproductive to push virtual currencies at from formal banking system, because

Read More: https://news.bitzamp.com/cryptocurrency-investors-bet-trading-will-survive-bank-ban-in-india/ (https://news.bitzamp.com/cryptocurrency-investors-bet-trading-will-survive-bank-ban-in-india/)

Reserve Bank of India banning banks in India to accept transactions from coin exchanges like Zebpay etc. This will make it extremely difficult and risky for traders to circulate crypto currency after 31st of July. But there still are ways to bypass this. A common one being staying anonymous by vpn and selling funds abroad and asking a close one for help. :)

It's good that people are trying to defend their constitutional rights, in particular, the right to use crypto currency. Of course, almost everything depends on the specific laws in India. In my country, the Civil Code provides for the right to make any transactions that are not directly prohibited by law. That is, if there is no direct prohibition to use the crypto currency, and it is the law, and not another by-law, we have the right to make any transactions in the crypto currency and no bank can prohibit it. Therefore, it is interesting what decision will be made on this lawsuit.

If the demand is there, which I believe there would be in a place with as much financial hardship as India, I don't think the govt could succeed long-term in doing anything to stop them.

the chinese are quietly trading away in large numbers despite the all out effort to cut off all avenues for them.

bitcoin never really went anywhere in india so interest will rise just as better p2p methods come along. soon there'll be some really solid decentralised options. there won't be any way it can be stopped no matter what banks try.