Bitcoin Forum

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

How's the hearing goes by the ban?

This is what I've researched - Cryptocurrency exchanges in India brace themselves for RBI ban (https://bcfocus.com/news/cryptocurrency-exchanges-in-india-brace-themselves-for-rbi-ban/16936/)

So in case that the ban is real, I guess exchanges will give you directions on how you can cashout your crypto's into fiat.

But if there's a total shutdown and everyone's forbidden to withdraw, buy and sell crypto's, your option is to move to your nearby countries where crypto's aren't ban.

If only bank of india banned cryptocurrency and not the government, maybe it is not totally a real problem of cryptocurrency business, and I'm sure there is a future solution on that certain issue. And this is not the first time I heard about issues of banning about cryptocurrency, some issue of banning is a total banned by government but it has already resolved by the management of cryptocurrency business.

It means RBI has banned all access to exchange Crypto to Fiat and there is no way to exchange Cryptocurrencies to Fiat in India
I think an alternative way would be useful for this case, you can use exchanges from other countries that provide Fiat pairs in their service but, usually pairs Fiat that available is the currency of another country like USD, EUR etc.

But later heard they want to reverse the decision, instead they will  come with a strict rules of regulations to make people more believe about it....

First of all, people are misunderstanding this ban. This ban was only for stopping any official transaction on bitcoin to Indian currency. RBI does not want that businesses or any other money exchange services face any kind of heavy loss because of bitcoin's price fluctuation. That clearly means bitcoin cannot be used by any businesses inside India no matter if you pay tax or not. but that does not apply to any individual user who is selling bitcoins or buying bitcoins. That's why localbitcoin site does not get affected.

Cryptocurrencies are not banned in India yet. There is a hearing scheduled in July. It is expected that rather than banning them, they are possibly going to regulate cryptocurrencies and tax them. Regulations are a good thing indeed for cryptocurrencies.
On the other hand if cryptos gets banned, there is no need to worry, there are many possible ways in which you can withdraw. You can use localbitcoins.com to withdraw.

I think about the ban on virtual money in India is already commonplace, not only in India, in other countries are also many that prohibit.
but I hope someday, the state that forbids crytocurrency. will find the best solution.
so cryptocurrency can be accepted in the community.

Why we still talk about cryptocurrency being banned in some country ? I mean we allready read this kind of post a hundred times or more in this forum. And as i know goverment in india not banning you to trading or selling and buying crypto, like this guy said Lets keep our work in this crypto world like ussual, even if your country really banning cryptocurrency the exchanger or market where you put your coin will tell you the easiest way to cashout your money.

It is true that Indian government wants to be more cautious about bitcoin transaction. But they never said that they will ban it. Still, they ban it in India you can withdraw from other country's account.

The situation is really bad and Supreme Court has already banned all the case raises from the mega exchanger that is ZebPay.

You will mostly have to trade the bitcoin or altcoin with locals and find someone who is having big bag of cash and is interested in the crypto exchanges after this ban. And yes I am sure there are many people around there who is doing such hidden businesses.

I think localbitocoin website will be great hope for you guys if nothing worked up. And in the final solution exchange your coins with someone who is willing to pay you over the PayPal.

I think you must talk to other people that are outside your country which is india. You need a help from them for you to withdraw your coin into fiat and send it to you via remitance center or paypal I guess. or you have a friend outside your country that are trustworthy because there will be a person that will take advantage on you if they will know that you needed it.

I think the possibilty of banning Bitcoin in your country is so far from reality to happen because your government and central banks are considering the regulation than banning the investment here is the link https://www.ccn.com/cant-unilaterally-rule-on-bitcoin-legality-indias-central-bank-tells-supreme-court/ but just in case they will ban it then of course your local exchanges in the Indian users will be given a time to dispose the currency by setting a schedule of effectivity of the ban.

It's not an all-out ban but it does seem the effects are real. My previous post in a related topic:


And now:
https://i.imgur.com/Aw2kPUZ.png
A drop from 8 million to barely two is pretty serious in my opinion.

And for those saying locabitcoin is the solution...the best offer I see is 429,218.72 INR , that's 6251$....auch!


Wow, using PayPal and WU to transfer crypto earnings....
Common.

Still we have time until 5th July after that we will get to know about ban or nit, incase RBI ban Bitcoin exchanger in India do not very they is way to exchange in localbitcoins and more options is there.

Currently the Banks associated to crypto exchanges will follow RBIs guidelines and will cease their support to them. This means that the withdrawals and deposits will not be present. Soon there is a hearing in court regarding this matter in mid of July. The scenario will become clear after that only. Till now, cryptocurrency is not banned but you won't be getting banks services for withdrawals and deposits.

Now we have the next hearing on ban on 3 July and it is before that final date of ban which is 5 July. The ban may be removed.

There was another bad news for bitcoin. if in India forbid, then you have to go abroad to withdraw the crypto currency. There is no choice anymore, because the Government of India bans Crypto. really unfortunate for the people of India, may the Indian government can correct and revoke the rules

I think the best you should go to a neighboring country does not ban the cryto exchange. The exchange will be easy. You can also do it in your place in many other ways. But that is illegal.

Should the Indian government be able to compete with other countries in the world Cryptocurrency, because I think the Indian state will lose if it should prohibit Bitcoin.
many ways to make money withdrawal, just search on google! you will surely find it. so no need to worry about the incident and I hope everything can be in good condition.

Yes, it's true, because after all, there are still many countries that are still neutral on cryptocurrency and although India may be banning completely for cryptocurrency use, I'm sure it will not affect the cryptocurrency market. If in India can still access the internet I think it is very difficult to prevent the use of crypto. There are still many ways to exchange your bitcoin to fiat, you can use usd as an alternative I guess, if you do not want to move state.

It is very bad and has affected more than 10 million people financially (read somewhere that India has almost 10million trader base of crypto).First the government has ban the trading sites who does illegal transaction and now they are going after business man and people have "illegitimate"crypto asset and this has been stated by government.Soo the currency is not totally ban people who do illegal transaction are been caught and that is fair according to me.This according to experts will reduce the fraudulent and frauds and will bring volatility in prices which are out of control now.
https://www.google.co.in/amp/s/inc42.com/buzz/indian-govt-crypto-assets-cryptocurrency/amp/

As per the current scenario it only looks like that india's central bank has stopped banks from doing transactions relating to cryptocurrency and associated companies through banking channels. This doesnt means complete ban on cryptos because cryptocurrency dont really require any bank to work with but the problem here is for the investor who want to invest and withdraw money. For them I think zebpay a popular indian exchange is knowns to have its setup in Singapore using which they can easily transfer forex to indian accounts by making all major conversions in some other currencies. I think exchanges are the one who will have to find a way out or else they will face the biggest loss. So dont worry we also have localbitcoins.com to find people in localities too.

I want to go to India for a few months. Can I have problems with crypt? What is the difficulty?

Any government has the statutory right to ban any commodity from operating within it jurisdiction but the fact still remains that most of the news about bitcoin ban by countries are fake and are generated by fuds in other to discredit bitcoin for they own selfish goal, bitcoin is very hard to be Ban due to it decentralized nature and freedom from any third party involvement.

There are still 3-5 ways to get crypto if the banks in India "ban" bitcoin.

https://www.cryptogamblingsites.com/country-guides/india-crypto-currency/

Meetup groups in India, anonymous exchanges, gift cards to buy small amounts will ALWAYS be available regardless of what countries ban crypto.

The decentralized exchange Bisq won't go down because India bans bitcoin and local bitcoins still works.

I heard only the banks of India banned crypto currency, government did not as because the banks feel threatened about the transactions of crypto currency that people are making.

india will not gonna ban crypto bcz india gaining hge profit from crypto but centeral bank trying to ban crypto in india but the bank customer will not use bank account if rbi ban crypto.

It is true that Indian government wants to be more cautious about bitcoin and Altcoins transaction. But they never said that they will ban it.

And, if they ban it in India you can withdraw from other country's account. So I don't think it will have a big impact if they ban, except for weak hands

I heard that bank in India has banned bitcoin. But it's not illegal in this whole country. So according to this logic bitcoin isn't illegal in India. The investors can invest in bitcoin.

This is incorrect information. The government of India does not issue a ban on bitcoins and all other electronic coins. I think the bad guys want to make the e-money market disturbed so they make this news.

In case if Indian government ban cryptocurrency then I think the RBI will provide some instructions by which the investors can withdraw their money.

 I am really wondering what if my country would ban bitcoin also what I am about to do if I was already living off from cryptocurrencies? If my family exists only from that? What I going to do?

The news of crypto currency being banned in India is for real. People will get directions fron the exchange to withdraw and cashout their crypto currency into fiat money.

The finance ministry at the time warned these currencies are vulnerable to hacking due to the fact they are stored in electronic format and suffer potential malware attacks.

The ministry said in a statement: “There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. "Consumers need to be on alert and extremely cautious as to avoid getting trapped in such Ponzi schemes.”

There is always a way for you to use them without being responsible to the government. The law is designed to manage people, and lawyers are the ones who are born to overcome the law. Look to them and they will help you.

Obviously I am in no means trying to encourage you in doing this, but if my country bans crypto exchange, I would first use a VPN to exchange my coins into bitcoin through an exchange site and than sell bitcoin on one of the peer to peer exchange like localbitcoin, it would be safer to sell via moneygram or western union, I know that might not be the best option and you might lose some on exchange fees but it is an option.

Yes, crypto currency ban in India. India's current President  Narendra Modi. thinks it is dangerous for india and it can be harmed.

You could just sell it in any of the foreign cryptos exchanges.

I heard the news before. But in India so many people’s are using bitcoin. In near future bitcoin will change Indian economy in a positive way. Because this market is too large. After that Indian government will accept bitcoin.

Crypto is NOT BANNED IN INDIA. I read about it and apparently what has happened is, India's regulatory bank RBI has issued a statement that banks can no longer be in touch with crypto exchanges and also exchanges can't deposit or withdraw any fiat from banks after a specific date(I don't know what has happened recently but this was the case a few days/weeks ago). Normal people don't have anything to do with it. Just buy/sell your bitcoins at localbitcoins.com

Already posted our article above about the India Bitcoin issue.

People who aren't in India still don't seem to understand the situation in India though...

The Rupee has hit 15 year LOWS
https://qz.com/1271603/why-the-indian-rupee-is-sliding-and-what-it-means-for-the-economy/

People will use Bitcoin to transact and store wealth, which will further devalue the Rupee. It will NOT stop people from using Bitcoin in India anymore than it will stop people buying and selling gold.

Two years ago the bank of India said they had to remove the 1000 and 500 rupee notes because of illegal activity
https://www.theguardian.com/world/2016/nov/08/india-withdraws-500-1000-rupee-notes-fight-corruption

That didn't stop the Rupee from declining in value in the global economy. People who held bitcoin instead of Rupee back in 2016, have GAINED value from the Rupee they stored in Bitcoin.

People who kept their Rupee in Rupee, have less spending power with that money today than if they bought USD with Rupee even.


Cliffs: The Rupee will keep losing value and bitcoin continues to be seen as a better storage of wealth in India.

Not banned. In India as of now central bank asking banks to stay away with transactions involving cryptocurrencies.
i think its just some discussion on regulations not abt banning

Please look at Indian section For this type of Questions.

Bitcoin is banned Still in India , Recently Rbi Planned to remove ban from Bitcoin as per economic times. Private banks of India already Blocked the customers who trade in crypto but still banks like State bank , Pnb Accept crypto tranx..

People Are looting Government by not paying Tax Gst amt on products. And Not using make in India products instend they use branded Products which comes from Us..

4 years back Ruppe price was 45 rs as per 1$ . Why it Increased in less time... Reason behind this We have to change our self then ruppee will increase...


Not an issue if btc banned you cannot invest or withdraw. But youncan trade from one wallet to another

As in one of the quote above, already bitcoin is banned in India. Recently RBI came up with plans of taking back the bans and allow usage of bitcoin through regulation. By this time there is a hearing on 5th July related to this. If something positive happens can expect a price pumping else the downtrend might go even low.

yes, cryptocurrency trading into fiats has been banned by RBI (Reserved Bank Of India) as they don't want to show or help the crypto as a legal payment in the country . The thing is the trading into INR is banned by RBI but government hasn't banned the cryptocurrency, so their is a hope than government can soon regulate crypto in INDIA . In case, you want to trade crypto straight into bank you can wait till regulation of crypto or can move to neighboring countries where cryptocurrency is not banned

There are very few chance of banning the crypto currency . Only new guidelines will come in place so one needs not to be much worry but if it happens the trading company is also opening their foreign branches so our money will be safe.

it's a serious matter, a concern is sure to happen to everyone if in their country has banned krypto, but I agree on the above post, that the ban definitely gives the krypto user time to immediately withdraw their funds before the government closes it

Attempts to ban cryptocurrencies already showed total inefficiency. If India ban crypto, Indian business and investors will just work through asian region and this will do no good to India, but do good to other countries. Indian government is not so stupid I think, so they will definitely try to regulate crypto somehow, and not ban it completely.

so certain the ban will still be lifted after they have so much rethink and the implications, they will rather put a regulations to it by then instead of the permanent ban

In india still bitcoin is legal, it is not banned. RBI just inform to stop the bank accounts of the people who deals with the bitcoin transaction. But still people are using it only. Indian government is planning to introduce their own cryptocurrency. So the government will not banned the cryptocryptocurrency in india. Bank only stopped the transaction from changing bitcoin to fiat. But still government didnt take any action against cryptocurrency.

Many countries accepting btc or crypto currency based on their benefits but I don’t know why they are ban crypto currency where as many people of India can earn lots of profit but this is not good decisions taken by government also they will suffer based on this ban issues.

That's not a good news. It was heard that there will be a hearing in July about it. Maybe they are not going to ban it but will put some regulations on it.

people soon realize they can't ban crypto. i think this bans for another reason we don't know yet.

Recently Government of India banned Cryptocurrency and The Supreme Court of India had sought a response from the Indian Government for a petition asking for regulation of cryptocurrencies. The government is yet to respond and not only India, China also banned cryptocurrency.

In General, I rarely bring my crypto assets to fiat, although in my country it's not regulated in any way, accordingly it's not prohibited. If your country really presses cryptocurrencies, then you just have to wait, perhaps the situation will change , transfer coins from exchanges to wallets for greater security and leave until better times. Now is not the best time in any case, to sell cryptocurrency and withdraw in fiat, just losses.

Not all countries accept cryptocurrency, which is normal. The Indian government has views to issue that ban.This can cause a lot of difficulties for trading in this country. The number of people involved in the crypto market is huge. I am more interested in India because of the ICO projects from this country. Typical example is Merculet, the project has been on the floor for some time

This is really disappointing for crypto users of India based on this they can’t do or they can earn profit from here also they can but its very tough and risky so their govt. should consider this so people can earn more and this is not smart idea taken by govt.

In a stuation were the cryptocurrency ban also affect Exchanges, there are better option such as having a trusted friend in another country were there is no ban,who can assist in trading the cryptocurrency to our fiat currency better still keep your currency pending on when the ban will be lifted.

Wake up guy, and find out information thoroughly! Obviously, in India, the government does not prohibit bitcoin. People are still free to work with it. However, they have an advice for everyone, avoid transactions for cryptocurrencies.

India is quite strict about the rules of virtual currency, India has stopped the banks from performing transactions related to electronic money and affiliated companies through the banking channels.

i just read all the replys
& thanks for your wonderfull suggestions

It will be tough to withdraw that amount from the exchange. In that case they maight have to withdraw this from the exchange of other country. But I believe that before taking the final decision, RBI will allow traders to covert their coins into fiat for a short time.

In that case you have to transfer the amount of bitcoin to other exchange where it can be coverted to fiat. And thus you can convert to rupee, I think. However has the RBI announced cryptos in India finally?

The ban is being misunderstood totally. This ban was first put to protect the bitcoin from being converted directly into Indian currency.

I already heard this news before but i did not mind that until now India is still continue to banned cryptocurrency until this time because many countries today already lifting their ban advisory to their country, instead they are now encourage people to invest on it.

Your correct. But I dont think the banning is official yet. If this is true i dont think it wont be a total ban because many well appeal surely to save their investment and if this is really the case many will be travelling to their neighboring countries with crypto just to incash and that is insane for me.

cryptro currency is a whole new thing that's why some countries or some banks are still not comfortable with it system that's why they are not willing to use it but in India it is not ban yet, the government didn't file any paper work against it.

bad idea to ban crypto currency in india because make much people lazy to transaction in india with crypto currency and now much people transaction with crypto currency.

whether this is true or not, your other options to withdraw your crypto currency is to moved into other countries that crypto currencies are legal to be use of people out there. this is the only chance for you to withdraw your crypto currencies, but if the banned is for the exchange only, there maybe a future solution for that. and patience is the key to withdraw you crypto currencies in the future.

I know that Indian government was talking about crypto regulations and not outright banning? But if the government bans crypto your exchange will give an update on what next to do. But if total ban is what is already enforced in India the next wise thing to do is to move over to the next crypto friendly location.

It's very easy and in order for them to withdraw they can go to other countries were bitcoin is legalize or we can ask for our friends living in other countries to withdraw their investment.

I think this news caused bullish in the market.. lol just kidding..
I think india has not a really big volume in crypto, so it will not affect much in the market

And why would anyone contemplate such? Crypto is an independent stuff which should be allowed to thrive just like the internet and mobile telephony. I think there should be a very strong body (made up of people from the industry) in place to check such undue interference from the government or any other body.

Is this true? ??? ??? ??? ???

That is bad news but it can be solved by moving to neighboring countries where crypto is not prohibited. If you want to know more, you can search on google.

Final hearing is on 5th July let's wait and watch. Hopefully India will not ban VCs and if they ban Indians are good at making JUGAD (alternate)  :D :D

If RBI will ban crypto to INR you can do something like this for easy way to trade cryptocurrency…Buy and sell crypto to crypto or Transfer their digital assets to international exchanges and sell the currency there.

I think exchanges will instruct you on how you can cashout your crypto's into fiat. What if there's a complete shutdown to withdraw, buy and sell crypto's, the only way you can do is to move to your nearby countries where crypto's aren't ban.

Oh really!? I doubt it could be fake news. I think i last two months it was said that it’sbanned there and it was found out that was not true. Some just spreading fake news so that people will dump their coins.

We are just hearing this: Cryptocurrency exchanges across India are preparing for the approaching RBI ban. RBI on April 6 banned all banks and regulated authorities from having business relations with firms that deal with cryptocurrency. The exchange also said that: Our present intention is to allow crypto-INR pairs to trade even after our bank accounts shutdown.

its not shocking news now because this is going from many time some time they block and some time they not they are playing and wanna sucking peoples

They have not said cryptocurrency is illegal, or that it is banned in India, or that you cannot trade in cryptocurrencies in India, and they have not told cryptocurrency exchanges to shut down. They are only scared of it touching the fiat currency, and are worried about money laundering and terrorism financing.

Crypto is not banned in India. RBI just pulled banking services from the exchanges. If they do thay, then I think crypto to crypto trading will be there and people might be able to convert their crypro through peer to peer trading.

 I think that people would definitely find a way how they can operate, and how they can learn from cryptocurrencies, but you need to consider your country laws and act according to them.

I consider India as one of the world biggest manufacturers of Bounty Hunters, so if the cryptocurrency will be banned there, I think we all would feel this negative effect of that.

i think their is no positive or negative effect will happen
if in case of crypto currency has banned in india means surely we have another way to withdrawl

As per experts openion
              the RBI told that allow of crypto currency in banks has been banned  and RBI didn't  mentioned that           
               exchange of crypto curreny will banned in india or its indian users

Yes initially RBI sent a regulation to all the banks to not to deal with any entity which deals in crypto in any sense. But after then a lot has happened, and as per the latest news, a regulation has been implemented regarding crypto and by fortnight of july they'll release it in press and media. Let's wait and see what it brings in, hopefully something positive.

they announced that bank must not support the cryptocurrency not banned ;) :P

till now its is not banned
 and RBI have istructed to all indian bank  not to accept the crypto currency
and it has given a dead line to exchange or withdrawl currency in banks till 5th july

I have read this couple of times now,but i dont remember the thread though i know is is a serious matter,if youre country totally banned the cryptocurrency i think this will leave you no option but to migrate in other country to make business about this community .thats the sad reality mate

in countries like India and China it's one day they're issuing state backed crypto and second day they're shutting down the exchanges. They have obviously issues with themselves...

pls try to make correct sentence
 it is not banned till it is hering in suprem court  

properly learn tenses

it is not great
it is all about information gatthring pls read the news before adding the posts

who is ur english teacher
who the hell thought u the spelling ("hering","suprem")
 >:( :-\!!!!!

I just read that news and its true that India has banned the bitcoin, maybe you could withdraw your assets into a fiat right now.

The last date is 5th of July and lets see what RBI going to do. Just wait and watch.

I am sick of the Indian government right now. I am from India but I am sick of their stupid rules and regulations. Underestimating the new technology is what keeping India behind all the other developed countries. I wish the Indian government could be like the one in Japan. Japan is so developed right now. I feel so motivated when I see how the country implements new technology to eliminate problems and implement new methods to grow their already developed country.

Yes I also heard the news that bitcoin has finally banned in India , reserve bank of India has issued a notice on 3/04/2018 that all Indian have to withdraw their money from the crypto currencies that they have invested within three months and after that all the crypto currencies will be ban in India and people will be solely responsible for their loses and now after the three months all the crypto currencies are finally banned in India , though the forum of rules and regulations is yet to declare by RBI but for now it is completely banned in India.

India is now in the top five developers in the crypto system! I watch as every day there are a lot of good and promising companies, these companies are winning their place under the crypto sun! I'm sure that India now occupies a leading position in the development of crypto technologies! There was a lot of negative news, and against this background a lot of people spoke ill of bitcoin and the whole system. Now those countries that do not start the race in development and in the implementation of the entire crypto market, then these countries will have to very long catch up with those who are injecting and letting go of bitcoin and crypto world! india is not afraid of the crypto market, it is concerned about the appearance of new coins and new companies that turn out to be scammers! The whole world is concerned about such fraudsters, and this is the main threat in the development of the entire crypto market system! I'm sure that India is doing the right thing, that it protects its citizens from scammers! Crypto market is very complex and people who do not understand this crypto world and want to earn easy money, it's these people who suffer! India protects its citizens from losing money and from their inexperience in the world of investment!

This indeed is the most saddest news I have heard and. This has affected me a lot.Ban in India means affecting the one of the. This will also affect the market of Bitcoin in Asia and globally and this decision of ban will take half the market gone from both Bitcoin and other coin

Thank you for the information you provided.
very useful information, Yesterday I was surprised RBI has banned Bitcoin but my friends from india remain active trading Cryptocurrency in some exchange.
once again thank you for your information.
I understand now.

I am not sure about this news true or not because news can be incorrect..Bitcoin can be banned by one of the bank  in India instead of government.

The hearing is yet to happen maybe in July as I heard but the fact as known to me is RBI will ban transaction of bitcoin to Indian currency and not trading of bitcoin among indivizual traders , also if it bans the trade among indivisual traders it wont have its effect in the internation trading market of bitcoins or any cryptos hence one can easily sell off their cryptos to some foreign trader without and hassle of having stuck them in the wallet and taking forever to recover the money.

if it happens i do not think i can do anything maybe the Indian government will revise it all maybe the government has a very strong reason so prohibit and block the transaction with the cryptocurrency

which I know until now the Indian government does not ban bitcoin or crypto, I think it's just deliberate fake news made by people who want to drop the market price of crypto, because bitcoin and crypto are very sensitive with negative news.

It will really be awesome if that happens and they put up some strict rules or maybe just some fair enough rules instead of banning the whole bitcoin and crypto transactions and trading, although India is not the biggest centre of crypto trading neighther the people here know much about bitcoin, cryptos or blockchain, but if bitcoin is trasactions and trading gets banned in india then it will durely effect the bitcoin prices and consequently other cryptos too.

As far as i know, at the moment Indian government is actively working on preparing frameworks of crypto regulations. though there is little clarity, I think that as a result they will find ways to regulate this sphere without imposing of any bans.

India is a sovereign state and is entitled to determine their destiny. Crypto currency ban in india greatly affects sensitive markets with negative issues, we cant do anything for it. We dont know what the next Indian plan is about crypto. I'm sure it's only temporary until they find their own way

the latest information in this story - in July, Indian citizens appealed to the Supreme Court with requests to suspend proceedings on the issue of a crypto currency ban until the next hearing. The request was rejected, and the ban comes into force from today.

I heard about this news but i know that bitcoin banned in bank of India not totally ban in India. You can withdraw it in other countries through paypal transfer it you can withdraw it. But if bitcoin totally ban in India there's a lot of users of bitcoin there, i know a lot of effect if bitcoin ban in India but i search that they ban in bank not in government so don't worry about it.

completely not ban in india now, but we can not exchange inr  to crypto but indian government desided within short of time maybe unban transaction in india but i thought the indian government economical problem and corruption so crypto cruuency ban in india.

India will reduce the use of virtual currency associated with criminal activity. The Government does not recognize the virtual currency or coins as a legitimate means of payment and will do everything to reduce the use of these crypto assets in the funding of illegal activities or part of the payment system. Nevertheless, the Indian government is interested in the potential of blockchain, the technology that supports the virtual currency.

Yes its is true

Yesterday volume on Zebay was 5 million $, today is down to 2 million $.
Probably it will go below 1 by the end of the week.

Volume on localbitcoins is pathetic, 158 BTC per week,
https://coin.dance/volume/localbitcoins/INR/BTC
I'm curious if we're going to see a bump when the stats update for the current week.

Either way, volume in INDIA is too tiny and the markets don't give a damn about the situation there.

Indians do trade extensively on international exchanges and will continue to do so even if the RBI cuts off their link to the fiat currency since it has not banned people from trading one cryptocurrency for another. Even if the RBI cuts off the fiat currency supply to the industry, people will trade cryptocurrency to cryptocurrency, which they have not banned.

India hasn’t banned 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.
Reserve Bank of India issued a press that had a directive for withdrawing support to virtual currency businesses.

The directive of  Reserve Bank of India only applies to the bodies that come directly under RBI’s guidelines. This doesn’t mean that this regulation will have no effect.All banks registered in India come under RBI’s regulation and have to follow its directives. This is bad news for cryptocurrency exchanges in particular who rely on banks for their business. The exchanges and other cryptocurrency businesses now have to find a way around using the services of Indian banks. They will have the option of dealing in cash, for example. Things have been made harder, not outlawed.

Now ,there are no other directions ,our  holdings are in terms of crypto.So let's hope for good move from Indian government.

I will hope there's eventually India will cancel their decisions, seeing all this positive experience and the other countries around the world, because every law can be cancelled.

If people misunderstand about this prohibition. So this prohibition is not just to stop some of the official transactions anything on bitcoin into Indian currency types. RBI does not want businesses or other money exchange services to face any heavy losses due to bitcoin price fluctuations. That clearly means bitcoin can not be used by any business in India no matter whether you pay taxes or not. but that does not apply to individual users who sell bitcoins or buy bitcoins. That's why the local bitcoin sites are not affected. What is your opinion. Thanks

Many countries accepting btc or crypto currency based on their benefits but I don’t know why they are ban crypto currency where as many people of India can earn lots of profit but this is not good decisions taken by government also they will suffer based on this ban issues.

It was clear from the beginning that RBI/Govt. is going to use blockchain in the future but they don't support crypto.
And in the month of April, 2018, RBI has banned all banks and wallets from dealing with any kind of cryptocurrency.

this is another bad news that people panic to sell their bitcoins but i think this news is more good to dump more so it is a opportunity for us to buy more bitcoins  or cryptocuyrrency while the value is too low dont trade for logn time incase its more good if we know how to trade it like short term term earn and earn and you will get a lot of money i am sure.

Crypto being the most controversial currency because of its volatile nature because its valuation keeps on flactuation with time and now in India there comes a notice on April 3 that all the crypto currencies will be ban in India so all the people have to withdraw their money from crypto and then they banned crypto from Indian market on July 2 but then there comes another news that there will be some amendments in that notice.

actually, cryptocurrency is not banned in india in total.  RBI has put some regulative rules on it. So, If you want to deal with it now the exchanges will give you further clues about what to do now

If crypto currency ban in India then we can withdraw our money with Wazirx.com exchange also we can sell our bitcoin on local bitcoin.com to Indian seller. this is the possible way to withdraw our money but still Zebpay is giving withdrawal and RBI already say investor can invest on their own risk.
but finally in my opinion they charge more tax on bitcoin.

This is a bad move and has a serious impact on the Crypto market, which will cause the market price to fall sharply for this reason alone.

If your country has really banned transactions bitcoin. I think you can exchange bitcoins in other ways. Namely by exchanging it with other currency or by paypal and transfer it to your account.

Actually Crypto isn't banned in India.RBI has made circular to banks  that they won't entertain crypto exchanges.
But the Indian exchanges are launching p2p exchanges and there's nothing to worry about.

The issues on Banned by countries whom critical with crypto Digital Currency transaction was been all over the news from the start of the Bitcoin entry into the crypto market trading. It maybe viewed with  negative impact on crypto market, yet, it is the other way around. Let just wait until the global acceptance on crypto currency grow and eventually the government address this issue.

Every country is different rules and regulation in their country. India goverenment think that bitcoin have to banned so they did. But aa i think bitcoin is very helpful for developed country.

I think india will regret it in the future because they banned bitcoin. Actually for me bitcoin can help country and make it better because there are so many benefits of having it and other thing is that there are so many people that working here and wanted to be legalized it.

There goes India's cryptocurrency market. The Reserve Bank of India banned banks from allowing people to transfer money from their bank account into Bitcoin wallets.If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, individuals will not be able to transfer money from any bank account in India into a Bitcoin wallet like Bitpay, nor will they be able to fund purchases of cryptocurrencies on an exchange. They'd have to figure out a way to pay people in cash.

the bitcoin digital currency may be destroyed by government rules. This is also due to the anonymous nature of bitcoin transactions. Professor Kenneth S Rogoff considers, the risk of financial anonymity will create an environment where regulation will destroy bitcoin.
The potential for government regulation is very real, in line with some countries that have restricted bitcoin exchange access

although it is a policy of the Indian government, but I hope India can be like any other country that legalize bitcoin. but if the government of india could provide regulation related to bitcoin and cryptocurrency maybe india could provide an opportunity to legalize cryptocurrency including bitcoin.

You do not need to worry too much. In Vietnam, the government has banned the Bitcoin deal in all forms but I can still wash the money normally. They can not control us, we can do normal transactions and do not have any barriers. So in India there will also be an electronic money exchange.

The ban will affect the use of your bank account hich means you can only convert to other cryptos only.You may want to convert to bitcoin and then sell the btc for Perfect money overseas, I am sure that is allowed

I think that If India is banning Bitcoin transactions, how about a startup there enter the ICO market? This is all very new, so no one has the answers yet.

The country specific crypto ban news should be avoided, cause just like there was big news about cryptocurrencies being banned by the RBI in India they have again released news yesterday that cryptocurrencies would be allowed to run as commodities. Cryptocurrencies aren't that easy to ban and there is no way governments can control it.

hello dear, what is you said! This is fake news! Because the crypto currency has not band in india ! Rather, some of the indian bank has issued some rules on crypto currency, for her own rull! but it has not been officially announced! And I have some friends in india who ask me to sell them bitcoin and eth , they give me this information, so it is also looking for ways to make a fake news for market dwon and nothing else!

Not only India but many countries have the same issue. Those who are faces this problem they also search for a side way to make a transaction. There are some reliable & trusted sites for exchanges. We can exchange our cryptocurrencies for PayPal, Payza, skrill, Neteller etc. If you earn bitcoin you can use it for your own choice by exchanging your country allowed virtual currencies.

Entities like banks regulated by RBI are prohibited from providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies.Supreme Court of India also backed RBI ban and now final judgement will come by month of September 2018.Let us wait for it and hope apex court take a wise decision regarding it and allow people of India to invest and trade cryptocurrencies with stick rules and regulations.

Currently the Banks associated to crypto exchanges will follow RBIs guidelines and will cease their support to them. This means that the withdrawals and deposits will not be present. Soon there is a hearing in court regarding this matter in mid of July. The scenario will become clear after that only. Till now, cryptocurrency is not banned but you won't be getting banks services for withdrawals and deposits.

Exactly. these rules will not help out alot, they will give the opposite effect, banning never did any good. don't understand how the government believes banning will do something good

I cannot even imagine what should Indians do because if my country will ban cryptocurrency I think I will move out from my country to live in the neighborhoods somewhere.

well its so sad that india going to ban cryptocurrency. I believe this going too far and india too afraid with something that they dont understand and they are not open with new things, i even hear they cant cash out their crypto into fiat anymore right now. Well i guess the best way is you should find a foreign bank in your country which could be use in particular local exchange and then you should make a dollar(optional) and i think  you can turn your money into dollar and then turn your dollar into your own fiat. This is the best way i could think i hope it works.

No it can be not ban in india, but can be delay in regulation in India

Crypto currency illegal specially india if there are many btc based big project are developed in india & nearest country bangladesh.In those countries peoples facing many trouble regularly.world is changing by crypto currency platform.In future majority of the countries accepting Bitcoin just wait see.

The national bank cannot prevent people in India from investing into Bitcoins, what they can do is that they can make sure that banks don't let their customers use their services to purchase bitcoins and other cryptocurrencies.

I don;t you fully understand that this ban just don't allow merchants in  India to use bitcoin in official trasactions. But citizens there will still be able to have their bitcoins used. Maybe use them for online stores or for trading. This ban just limits how the bitcoins will be used in India.

India and all other countries have taken an initiative to include the field of (KYC) in cryptocurrency buying and selling wallets. Meaning everything you buy and sell can be tracked. So, there is no reason for india to ban cryptocurrencies.

Yet some of them like bitcoin etc can be banned because they are just a cryptocuurency.

Ethereum wont be banned because it is a smart contract platform. And it has changed the world of information technology a lot. So to conclude if you choose to invest in Ethereum, you’ll definitely profit.

It is sad to hear if India will banned cryptocurrency in its citizen. If this thing happen, please contact your customer service in wallet they will help to withdraw the cryptocurrency if this thing occur. It is really hard if your  government prohibited the usage of bitcoin especially if bitcoin benefited you, but as long as possible make sure you will not violate the law so that bitcoin avoid some bad image.

Crypto technologies works in decentralized way, making them robust against any type of censorship.

It is not owned or controlled by any company
It is not dependent on any Geography location
It cannot be attacked digitally by government, as crypto network is huge
It's not a physical assets, so government can seize it.
However, The government can ban the trading platforms and make it difficult to buy-sell cryptocurrencies. This way it can control the flow of fiat currencies into crypto currencies.

Disclaimer:

It's not an investment advice.
Invest on your own risk.
Liquidating Crypto assets might be difficult in future, if government works against it.

Currently the Banks associated to crypto exchanges will follow RBIs guidelines and will cease their support to them. This means that the withdrawals and deposits will not be present. Soon there is a hearing in court regarding this matter in mid of July. The scenario will become clear after that only. Till now, cryptocurrency is not banned but you won't be getting banks services for withdrawals and deposits.

This statement is not true as it seem to be when written. As we all are aware with this that bitcoin is a decentralised crypto currency and no country has the right to ban it, countries can ban bitcoin in their nation only and can stop people from their national exchanges only and moreover India has banned bitcoin before giving a prior notice, 3 months ago but still there are people in India who are using bitcoin but there are still assumptions that there could be some amendments regarding this notice.

It's a pity if bitcoin is banned in India, because in my opinion bitcoin is one of the sources of additional income after our salary works. Bitcoin has an advantage for people who use it even though there is a high risk too, but we have to think positively about the ban on bitcoin in India, it is possible the government banned the use of bitcoin for fear that the state's finances would be disrupted.

I'm not kind aware on this news but then again, i just wanna share that before 2018 i guess it's been a news on the crypto that government of india was planning to ban bitcoin , and any other crypto coin, because of lacking of knowledge i think (p.s correct me if i'm wrong though), and back to the topic, as of now government of india was setting up regulation in regards on cyrpto currency in india.

Bitcoin is not yet announced as legal or illegal in India. RBI informed all Indian exchanges to stop transactions with banks tied up RBI. Indian government is planning to introduce their own crypto currency. So the government will not ban the cryto currency in India. We are expecting a hearing next month. Lets see if that hearing turns positive.

No, it is most likely that the crypto currency will be legalized in India. Recently, a special commission set up by the Government of India has come to the conclusion that bitcoin can be recognized as a means of payment. This is a crucial decision for the crypto currency in India. Still it is necessary that the government agree with such conclusions and fix them with its decision.

  The news about this Banned on Crypto currency in India put Bitcoin again in the mainstream media, its all over the news, But i think, this issue had turn positive to crypto market, India Supreme Court still hearing this issue Crytpo currency vs. RBI.  will just wait for an update about this news from India.

Indians do trade extensively on international exchanges and will continue to do so even if the RBI cuts off their link to the fiat currency since it has not banned people from trading one cryptocurrency for another.The exchanges and other cryptocurrency businesses now have to find a way around using the services of Indian banks. They will have the option of dealing in cash, for example. Things have been made harder, not outlawed.

it is the same as the case in Indonesia the Indonesian government does not prohibit bitcoin, which prohibits bitcoin in Indonesia just BI (bank indonesia).

If a country starts to ban the existence of crypto it will make traders become worried when investing in the future but if they are still persistent to earn income by utilizing the existence of crypto ask for help friends to withdraw funds including appropriate steps to avoid sanctions.

india will not gonna ban crypto bcz india gaining hge profit from crypto but centeral bank trying to ban crypto in india but the bank customer will not use bank account if rbi ban crypto.

As far as I have read, RBI didnt ban the cryptocurrencies, rather they told banks to suspend exchange accounts. Its called as a carpet ban but not literally.

I have already heard that they made a decision to revert that ban, it is both sides funny and giving a hope. Because if India decides that bitcoin is worthy of allowance, maybe other countries will decide the same.

Bitcoin is a Crypto currency that is highly acceptable to any country, base on that, the India ban, it we not make it to stopped, rather to let everyone know that bitcoin is real business, which always has challenged to success, base on that, Change location to nearby country.

As of now in India even though banks are stopped supporting exchanges which are dealing with cryptocurrencies but exchanges are tried to solve the problem in a innovative way by introducing peer to peer transactions where individuals can transfer the money to others with the help of exchange with escrow facility.

Recently Koinex introduced its Koinex loop for Peer to peer trading

And Wazirx also launched peer to peer trading with open order book facility.

Huobi is also planning to launch P2P in near future in India.

As per the latest articles on local news paper, india may regulate crypto in few upcoming months but nothing can be say.

I agree with you it's no matter to have any panic about the situation. People are very smart and I can find a way to use crypto.

I guess you feel better now OP since Indian governments has a good move towards cryptocurrency,i have read some thread here about this and believe that on the process of making policy for the crypto to be open again in india I suppose.

There is nothing to worry about it as we are free to use/trade cryptocurrencies and there is no existing law preventing us from doing so. As of now, the central bank has instructed banks to stop giving services to companies involved in the cryptocurrency exchange businesses. As the individual user, we can trade in cryptocurrencies even using our bank accounts (and platforms like localbitcoins to make the process secure and convenient).

It is not ban in india ,still it is legal but the exact decision is still pending.It is expected that  in september it will be decided that whether it will remain legal in india or not.But till that RBI has stopped the services of all cryptocurrency companies till further orders.Till that investors from india has to wait .They should not panic rather have faith in it.People can use peer to peer transaction if any such facility is avaliable till no proper action is taken.

Probably you will be able to withdraw your crypto currency using some anonymizers, or VPN. Because I don't see the opportunity for a government to prevent all the attempts so quickly.

BISQ (https://bisq.network/) takes 80% of payment methods available almost anywhere in the world.

Decentralized exchanges will be normal soon.

INDIAN govt or RBI never said that Crypto currency is ban in India
it has told that the bank never accept btc or other crypto currency
but till court hearing it is not illegeal but some peoples who dont know correct information making rumeos

Cryptocurrency is not banned yet in India, but there is a big possibility to ban. If somehow, India bans cryptocurrency then you will get time to withdraw your currencies, Exchangers will inform you what to do! Zebpay (Maybe I spelled wrong) one of the biggest Indian crypto Exchanges stopped their exchange service permanently and they gave time to withdraw user's coins, your exchange will do the same. So, do not worry rather pray for crypto future in India.

I believe that every such ban is simply terrible. I do not see any reason to be afraid of cryptocurrency and its use on the territory of the state. This is intended only to improve the economy. So why ban her?

I think every crypto investor living in India can still use bitcoin even if it is banned in the country. For this purpose there are many ways of bypass, for example in VPN. Therefore, this ban will not allow bitcoin to die in India.

Of course this is a negative decision of this country, but the Indians will still be able to use bitcoin on international platforms using different services. In my country, cryptocurrency is also not allowed officially, but I installed on my computer VPN and quite successfully invest in bitcoin.

India is a country that has a very large population so the number of transactions used in the country is very large. if it is properly carried out, then of course this will greatly affect the condition of the cryptocurrency in the World. even a price decline can occur and it certainly affects the development of digital currencies globally.

If want to buy the sale of the technical, The Indian people indication only be used in the cash, means that they will have a bitcoin black market in the world's second most populous country.

So government council which is formulating a legal framework to handle cryptocurrencies yesterday proposed that they will be making a framework to ban private cryptocurrencies and encourage the use of distributed ledger technology.


While not much is clear about what they intend by saying " Private cryptocurrencies"

Do you have evidence that India forbade crypto? Maybe this is only fake news made intentionally by a group of people, to make the crypto market disrupted and to decline, for the sake of personal interest to buy it at cheap prices.

I can't believe some countries are still in the process of trying to "ban" crypto. It's 2018, even people in China are just building a VPN or proxying throughout the internet.
Only the cashing out will be harder, but there are global banks that don't require you to be a member of the country where the main office resides in so that'll be an option.

World leaders, please get on the crypto train and accept the future  ;D

Before being closed there must be a time gap or an opportunity for users to get ready. And it's good if taken and managed properly. Hope to continue to be used continuously in India, because what I know is that India is also a part that influences the value of bitcoin globally.

It will be a good idea if the Indian government reconsiders its position on cryptocurrency and give it an enabling environment like Germany, Japan etc. The very high population and technology will do a lot for cryptocurrency so the government should come up with a better idea.

actually . it will make no sense since there is always another choice .. black market .

In India itself the growth of cryptocurrency users experienced rapid development. In fact according to the news I heard, currently there have been hundreds of thousands of users of crypto currencies in that country.

After the occurrence of the bitcoin price surge in December 2017, almost all regulators in various countries in the world focused on paying attention to the crypto currency movements, because of its very dynamic price movements and are considered to reap a variety of suspicious activities associated with them. Thus, this assumption has driven Indian authorities to impose restrictions on all fields related to cryptocurrency. This condition certainly can cause a decrease in global crypto prices, but I feel confident this decline is only temporary.

Of course, it is not the most positive decision of the Indian government, but bitcoin will not sell all the citizens of this country, most likely. Many may simply leave it as a long-term investment or use VPN.

I have heard about this but to tell the truth i don't understand why this happened as they should understand how great crypto is and it is worth much! it has a lot of pros and why ban it

They can block the websites but still VPN helps a lot to access to this, but trading still really not the safest option if it's banned by goverment I will not even try to trade without VPN or any other method it's still not this safe to trade even with VPN if country disable any crypto currency movements

It's a small resistance. Everything must change.

So many countries had banned cryptocurrencies already and it will not surprise me anymore regarding with that news. Besides, i am quite sure that not all countries around the world will ban cryptocurrencies for good.

definitely right, that cryptocurrency in india is ban a bitcoin. because of their gorvernment and india information technology sector that says bitcoin and others digital assets are illigal in india. want to contact the india court and give the government within two weeks to submit to the crypto report of the supreme court brough up in a case againts the cryptocurrency banking ban through the reverse bank of india.

I feel so sad for this matter. I don't want this to happen for the country of India to have already been banned the use of crypto currencies. Well, I had a friend living there and he is using crypto cyreencies. I feel so sad when I read this. Well, I still have hope that this will reverse.

you cant ban crypto, in reality countries that have no idea what crypto is exactly, ban "that new thing" because it can be disrupting in theory
very few goverments in the world (smart ones) embrace it, let it develop itself first then regulate not other way around

Efforts by electronic money exchanges in India to lift the ban from the central bank have initially failed, but they still have hope. Market India has been severely affected by the RBI ban, leading to the closure of at least one electronic trading platform recently.

well. at least in india, cash deal still works. transfer among wallet still works. to log in to exchanges, just use VPN.

In India April 2018 India high court ban cryptocurrency in India. According to reserve bank of India (RBI) no cryptocurrency sites are not permitted to exchange cryptocurrency with any indian bank. Which means no cryptocurrency can convert into Indian currency. According to Indian government bitcoin put negative effect on their country economy and also affects the country national currency. You can do all the cryptocurrency related work in india like signature campaign job, trading except mining but you can't convert it into Indian currency.

Quite bad news for Indian crypto adoptors as India has a huge population they could have used cryptocurrency for developing their economy. So far I know they might change their decision. Crypto user can use an alternative way for the transaction. So it is really pathetic and impatient incident for Indian huge crypto lovers.

How authentic is this news? If cryptocurrency is ban in India that would be a big blow to cryptocurrency enthusiast in the nation and in the world at large because India has a large populations

This means that there is no exchange between the Indian currency and the cryptocurrency; if so, the Indians must convert to other currencies such as the dollar or the euro to exchange bitcoins.

Try going underground. There is definitely a market underlying or working under the covers of India. There is always a way to pull out your bitcoins to cash. It's just that you have to find these people who are willing to transact with you. Always think one step ahead of the government.

hmmm, I think bitcoin is legally used in India because I see there are many investors and many bitcoin users in India, I think it will give the big effect of the bitcoin market.

The Indian government has taken a position to remove the Bitcoin currency from its economy. India does not consider the virtual currency to be a legal means of payment and will do all it can to remove the Bitcoin support. for illegal purposes and payments, however the government is exploring Blockchain technology

They can't control people to hold some amount of btc , they can always warn people about the use of Bitcoin. I think its far impossible to ban it, they can always announce 100 times about banning crypto but they can't really ban people from owning one.

Prohibition of using cryptocurrency by the government is increasingly widespread in various countries. Now the ban also arises from the Government of India but will not establish penalties for cryptocurrency users and will only limit and close access to the use of cryptocurrency as a means of payment. However, India sees the advantages of blockchain technology and adopts and develops it for use in the national financial system.

there always be a way to work around. trading might not be easy, but P2P should be all around places.

Thank you, then it's a high chance I'll move to India, but even if it would be banned, you can still sell bitcoins with people from other countryes with just a one or two connections. eazy. That is the charm of crypto. Crypto saved russia, and it could save some other countryess too

if all exchanges are banned in India then there is nothing that can be done, maybe waiting for the Indian government's policy to change about cryptocurreny or if you still want to use crypto then use the exchange outside of India

i rather think that indian government just closed a window of a supper opportunity to step in  the new world.

According to me, it is very unfortunate if crypto is now banned in India because if crypto is banned, the chances of bitcoin users becoming successful will be even narrower. Bitcoin users there can only wait for government policy at a time when they will come and hope the government will accept bitcoin later on.

At present India has allowed the crypto trade back from peer to peer, yes the government of India has made changes to crypto but can be traded in India.
and currently has no effect on the level of decline or market growth.

The policy of banning the use of cryptocurrency in India is theoretically possible, but in practice it is very difficult to prohibit, because all transactions occur on the internet, so no one knows because it can use a server from a country where cryptocurrency is legalized.

There is so much uncertainty currently and government is taking so much time to frame rules for crypto use in India.

Based on past records in similar cases, I will not be surprises if it takes more than an year or so for the government to come up with regulations. I can understand that it can be a complicated issue but taking so much time is not professional.

Bitcoin is such a currency. Which many countries are afraid to adopt. They feel like this. That the use of this currency could harm their country. But there are some countries like this. Who wants to adopt Bitcoin with some conditions. In which India is a country. But Bitcoin can not control anybody. This is an independent system. Because of which some people think That India has bitten Bitcoin into its own country.

The Indian government thinks that cryptocarrency is illegal, because the government does not get any interest from this bitcoin transaction, so it is not legal in India. But once the cryptocurrency will be legal, but still many people are using cryptocurrencies . And indeed, whether Bitcoin is banned in India, it is really true? Please answer me?   

I think that before the ban comes into effect, there will be time for the citizens of India to completely withdraw their property from the crypto. So do not worry too much about this

cryptocurrency is not banned in India in total.  RBI has put some regulative rules on it. So, If you want to deal with it now the exchanges will give you further clues about what to do now

Yes, I agree with you. I've read some where that cryptocurrency are still not banned totally in India.

Cryptocurrencies in India recognized as property? Tell me, please.

how odd one of the most IT savvy country are not interested in crypto.

Don't worry.  you can using it Many different ways. crypto is something who is not control government. it's has lots of advantages. lot of website accepting Bitcoin. I think, BTC will legal crypto currency every country in future

It is sad to hear and see the news that the use of cryptocurrencies has been banned in some country. No matter how hard the governments try,people will use cryptocurrency everywhere and always. Just for full use it takes time.Some global paradox is observed daily. Some countries see the possibility of cryptocurrency, others a threat. I hope with time this barrier will disappear.

Usually, when these blockades occur exchanges give a period of time before closing their operations, in this time you can change your cryptos for fiat if you get a buyer, you could also use VPNs or other types of pages to skip this blockage, as many Chinese people do.

Since 5 July till now there is only blanket ban by RBI (Central Bank of India) hinted banks to stop banking with firms dealing with cryptocurrency.
There is no law by central government about cryptocurrncy is illegal.
One can hold/deal in cryptocurrency untill new law is made which might completely ban cryptocurrencies in india.
New governor of RBI Mr Shaktikant Das previously before occupied as governor of RBI mentioned that cryptocurrency should be totally banned in India.
One thing is clear new governor of RBI Mr Shaktikant Das is against of cryptocurrency so possibly cryptocurrencies will be totally banned in India soon.
At this point Indian small crypto investors are at risk of loosing their investments and decision of banning crypto in India will push back India 20 years back, also economy of India at risk because other countries has showed green flag to cryptos will lead Indian big investors and exchanges to fly away from India with cryptos worth billions of dollars.
Let's see what happens next. What will be decisions are made by RBI governor and central government.

India is a copycat and not likely to ban cryptocurrencies but that should a positive thing for all the citizens.

well, according to recent news, RBI might allow crypto under strict regulations
https://blockchainreporter.net/2018/12/26/india-crypto-might-be-legalized-with-firm-regulations-in-place-says-government-committee/

I completely agree to this point, ban on cryptocurrency in India means no legal trasnaction can be carried with with BTC, I live in India and I use to buy and sell cryptocurrencies through P2P exchanges like localbitcoin and localethereum. I have even filled my ITR of this year showing income from BTC, if govt can take a tax from BTC income then how can it be considered as total ban.