Bitcoin Forum

RESERVED BANK OF INDIA  has recently stopped accepting crypto trading into bank accounts but keeping bitcoins and other altcoins is not banned by government . So what are the possible ways to trade our coins , wait for the regulation of cryptocurrency in country or move out with our coin wallets

I think you should wait for some time as the RBI has recently stopped crypto trading into bank. But I think there is still a hope as the government didn’t banned the cryptocurrencies. I think they will set some regulations and taxations. Till then you should wait.

I think you should wait. If they totally ban it someday, then you can move out your coins. If situation like this ever arises, you can form a community and appeal to the government.

India people are one of the movers of cryptocurrency if there are many people appealing their cause, then this politics will take heed, you can organize community and group, so you will have voice in their decision making remember, you voted for them in office.

first of all you don't trade cryptocurrencies "in your bank account"!!! not just in India but anywhere else in the world.

secondly Reserve Bank of India has not done anything as far as i can tell. there were rumors that they planned on closing the bank account of one exchange called Zebpay which happened to encounter a lot of criticism and angry customers so they decided against it.

finally it is bitcoin we are talking about which is a decentralized currency and in the past Indian have proven that they will move to p2p trading of bitcoin if their banks start pulling pranks like this on them. so that is the future for you: more p2p trades.

Yes RBI has stopped accepting cryptos. But they are still thinking and making the possible ways to accept cryptos. There are so many tech celebs belong to India. I hope it will be well established in Indian Economy.

This is bad news for indians who invested an believed in cryptocurrency. They might even encounter problems on how to incash their bitcoin now..

Earn crypto by doing bounty campaign and airdrops then convert it to ETH or BTC then you can start investing to coins you want until you will earn enough credit to withdraw then you can travel to other country to withdraw it then comeback to India if you want,

this method won't involve your bank in the process I think this will be a good way.

i think this one is already in the news before..but crypto currency is not traded on your bank account, it is traded on exchange.. and  you can keep your bitcoins on your hardware wallet if you don't want to exchange it in cash

The move by India government to ban crypto is on the way and banks and other institutions that used to be crypto friendly are starting to show signs of non compliance with crypto traders. The futures lies in what the government decides about crypto.

Indian Central Bank, the Reserve Bank of India’s (RBI) crypto circular, dated April 6 which had given the payment companies and banks, a 3-month window to end their dealings with all the cryptocurrency entities will come to an end on July 5.

As a result, it will be almost impossible for a cryptocurrency exchange, wallet to provide Rupee-to-cryptocurrency transfers and vice versa. And, the Indian crypto community is still not very excited with the crypto-to-crypto tradings.
As the Supreme Court of India has already refused to issue a stay order against the RBI circular, and the next hearing will be on July 20, this simply implies, the Indian cryptocurrency exchanges have hardly any choice left but to shut down their rupee-to-crypto transactions and wait for the Supreme Court’s rulings as well as the Subhash Chandra Garg-led committee report on the regulations on cryptocurrencies in India.

I have seen many ICOs launched by indian organization. And also in many ICOs the lead developers or blockchain analyst have been indians. So I think cryptocurrency will be a big thing in india despite the ban of it. I hope government will rethink and withdraw the ban of transaction of bitcoin.

the Internet and Mobile Association of India (IAMAI) has filed a write-petition in the Supreme Court to overturn the ban banking services to all cryptocurrency exchanges.
More details about the fight against the ban can be found here (https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/now-mobile-body-moves-sc-over-rbis-crypto-ban/articleshow/64199117.cms).
This thread can also be helpful for more information about this topic: https://bitcointalk.org/index.php?topic=3262996.0
Note that by the 6th of July, banking services to all cryptocurrency exchanges in India will be stopped.

RBI has banned the crypto exchanger to comply without any rules, but the government is not in its favor. India is hopeful of a solution to this problem soon.

it's like in other countries, in Indonesia, in Vietnam, and in some other countries that have no clear regulation about the crypto world.

so, I think you can move your coin to every wallet you have, because waiting for uncertain regulation will only waste your time.

if I think people in India have to wait for the regulation to transact, because now the government of India is still banning the crypto trade. Long-term investment is the right advice, because now a lot of people have crypto assets such as bitcoin and others.

I think BTC is hard to understand and can legally exist in India, which is quite bitcoin

At this moment india government bannning bitcoin in their country but I think what's the important is we the bitcoiners should not loose hope that time will come that India government will accept bitcoin and be legalized in their country.

unfortunately in India banks are still not comfortable with dealing with crypto currency market but the India government still didn't ban it so we have hope upcoming future can bring something positive

The reserve bank of India can not ban bitcoin after all bitcoin is never stored under them, as long as they customers still use master cards issued by the bank it can still be use to buy bitcoin as long as they account is founded. Bitcoin is highly decentralized and hard to be controlled by any institution. So I believe they can only try but can not stop bitcoin transactions in totality' using they bank.

RBI can pull the banking support from exchanges and that will cause fiat to crypto trading to stop but crypto to crypto trading will be there and people would find a way to encash their holdings one way or another.

Currently btc is being opposed by many governments but btc is so, unchecked by governments, btc is the future of the world

Now there is cloud of sensation to accept Bitcoin in India. I believe the government can accept with certain conditions, for this the negotiation period is going on.

We can wait to see if the situation will change or not. Since the government has decided to keep the bitcoins and other altcoins it means that they might be altering the rules to keep everything in order. Even then, if the people do not feel sure about it, it will be better to move out.

RBI of india annouced that stop the accounts of the people who deals with bitcoin transaction. But it is not fully banned. People in india using bitcoins and invest in it due its growth and profit. Indian government plans to create their own coin in india. So bitcoin will not be banned. But it is accept by government in future with some restrictions. Till that we can use bitcoin in india without any conditions.

We do not need to worry about this problem, there are many countries, and banks forbid bitcoin. After they realize the potential of bitcoin and crypto. They will definitely change a decision 8)

The future still seems right for bitcoin in india though a little uncertain. Soon, RBI will regulate crypto in India and we will see a greater interest from india in bitcoin.

this news a little bit baffling but at the same times gives a little hope n people that this is not entirely banned in India. they are still keeping bitcoins. this could mean that the government may be trying to make alterations in the laws to make the systems a little bit more safer for the Indians.

I think this is the same thing that happens in most countries. Banks are crypto unfriendly and Central Banks continue to issue warnings against crypto investments. Well, I don't know If the regulations also restrict trading platforms. If that's the case then I think you should contact someone not in that jurisdiction to help you out in case you want to cash out something.

https://news.bitcoin.com/indian-supreme-court-crypto-petition-rbi-ban/

Indian Supreme Court Heard Crypto Petition but Upholds RBI Ban – Effective in 2 Days


It seems that Indian Supreme court uphold the RBI banning so its not a welcoming news specially for our Indian crypto enthusiast. However, hope is not lost as there will be another hearing on July 20 by four other petitioners.

The future bitcoin in India would make a better economy because as we all know that india is a productive country and with that it can make a better place for people who've been experience poverty and I hope that the bitcoin would make India a good progressing country and I hope this will be the chance to have a better life for this industry because for me India has a big impact in the future if they use bitcoin or accept bitcoin.

I seen so many time same type of question hope Indian Government think about this soon. 

It is kind of unfortunate that the banks themselves have stop accepting cryptocurrency in their system but never worry, if there's a will, there's a way for you. It would take some time for your country to realized the important factor of why cryptocurrency is here. Since it is not banned yet, it means that trading is still possible their. I think there is a website that lets you convert Bitcoin into fiat then transfers it into your account. It is an anonymous way for you to avoid any detection from the bank. Just wait for your country to settle down, I know that it will.

you should wait.  I think this is just a temporary ban on the government of India.  Many countries have already banned them and then they have announced their removal acceptance of bitcoin and cryptocurrency.  Bitcoin and blockchain are the future trend.  They will not be able to ban it forever

For a long time, India did not cause fears for the holders of the crypto currency, everyone believed that there would be a favorable climate for the business connected with the exchange of virtual money, with the blockage.

India restricted impact in bitcoin with other populous countries is having a negative effect on trade volume of some coin.  The funny thing is that this countries have done so well to improve internet facilities and service within their countries, making it accessible to a larger proportion of their community. Crowdfund and innovation will be so impacting in such community.

The status of bitcoin is not clear in most of the countries, and so is the case with India. The current position of bitcoin here is quite perplexing, and bitcoin holders are not secure regarding their investments. RBI, the central bank of the country has issued certain guidelines that are against the holding of bitcoin by its citizens.

But the statements issued b the Government of India are not clear regarding the legal status of the crypto coins in the country. This makes it very important for the citizens to have a backup plan in their minds regarding the usage of bitcoin, else the problem may perpetuate in case of sudden ban on the usage of bitcoins in the country.

Bitcoin future in india. In india have no future because the  RBI not accepted of bitcoin and indian government not allow access of bitcoin . 

Bitcoin is hard to grow and has a hard time finding in India, it is not completely banned. People in India use bitcoin and invest in it due to its growth and profitability. The Indian government plans to create its own currency in India

It would seem the central bank in India is being used by the government to suppress the growth of cryptocurrencies by placing such restrictions,given that the inflation rate of the fiat is high.

Well if their government can sure launch their own Cryptocurrency then I think they will have their own agenda towards it because they really want to ban bitcoin, and they also claim that Bitcoin is a ponzi scheme and that it lacks intrinsic value, While the RBI or the Reserve Bank of India are cutting ties with all that are involved with Cryptocurrency that is why the relationship between bitcoin and India is convoluted and confusing.

Bitcoin in INDIA is very strict, it meets many regulations, People in India use bitcoin and invest in it due to its growth and profitability. The Indian government plans to create its own currency in India.