Bitcoin Forum

After the long wait in the cryptocurrency, finally, RBI has something that they cannot deny. RBI will allow cryptocurrencies within the country though there will be new regulations that will be applied.

On Wednesday, around 12 pm IST, ET Now posted an article, mentioning that RBI will lift of the ban on cryptocurrency and will allow trading in cryptocurrency.

ET NOW Tweet (https://twitter.com/ETNOWlive/status/1006784111342751744)

Source (https://www.techllog.com/news/rbi-will-regulate-bitcoin-and-cryptocurrency/)

If that happens it is an interesting update as i was waiting for the supreme court verdict to have some clarity on the situation as these stupid people in power have no idea what they are trying to implement and all they want is an outright ban even without studying about it which is real stupidity and if they are planning to regulate it, more than welcome .

There is no official statement from govt side. There are two news first is saying that RBI issued notification without preparation, this is slightly modified statement. Actual thing is, in a reply of RTI application RBI said that there was no panel made for taking this decision. If they have set their mind to ban crypto why will they make panel. So there is nothing positive in this news.

2nd news is India is going to regulate crypto, In an informal discussion a member of crypto regulation panel said few statement. It doesn't mean that other member will also thing like that. So this is nothing but media's creativity. Situation is more or less same that they are in mood of eliminating crypto.

it will be regulated in this years or in coming year,there is no chance of ban continuation as we are democratic country and according to law any person has right to invest  their money or purchase anything which is not illegal,as bitcoin is not illegal in our country so there is great chance that govt take crypto in regulation.but still court hearing is there ,let see what outcome we get.

RBI's response to RTI

Link: https://drive.google.com/file/d/1TeePIKQx5G--mg5dsDMHfcH89q7dUHzM/view

The RBIs decision to ban all banks from dealing with cryptocurrencies was a very naive one. They did no research about the subject and just took the decision. What do they even smoke in their

Lets just hope that nothing is banned and crypto thrives in India. It'll be a good step for the economy if govt decides to regulate the market.

I think if Govt decides to ban crypto in India then this step will take India in backward direction. Crypto is here to stay and it'll benefit all the countries in terms of tech and monetary benefits.

Already we have seen many banks and companies involved in block chain development. But why RBI is taking backward step in order to ban the crypto currency and this makes the government think more negative about the crypto currency. This makes people more panic about the crypto currency.

If that happens then it'll really help the country to move forward in the age of digitalisation and help the country's economy to grow and become one of the biggest  economies in the world.  Lets see what finally happens and hope for the best.

RBI have not banned it earlier , they had issued warning about using them and they said govt. will not be responsible for any fraud or loss its totally up to user ,so they its better to stop using them, but with this statement it was also been said that they appreciate block chain technology and will try to use it in future and build a better digital India.

It was clear from the beginning that RBI/Govt is going to use blockchain in future but they don't support crypto. That's why they are going to stop all banking services to Indian crypto exchanges.

The confusion in cryptocurrency regulation is most worrying topic in crypto investors with no clarity they can get form bitcoin wallet companies and court and rbi itself so we should wait for some more time in this regard

So Indian crypto enthusiasts and traders can buy crypto from fiat currency from Fiat rupee if this news is true. This is indeed good news for crypto market.

But still nothing is clear and no one should take any step in confusion. If the Govt clears their stand on cryptocurrency and decides to support it, then it would really be good for the Indian population who are interested in Crypto. For one, I'll be putting a lot of money in it then.

We have seen many banks and companies involved in block chain development. But why RBI is taking step in order to ban the crypto currency.Crypto is here to stay and it'll benefit all the countries...

I guess this thread is old but whats update on this OP ?