Bitcoin Forum

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

That's sad to know. May be RBI is taking crypto currency as a threat. Probably, they are thinking that this may somewhat replace the fiat currency in the big cities of India. However, I'm hopeful that soon RBI will change their decision and accept crypto currency.

OH! Finally it is announced in India. RBI has just disallowed all kind of crypto based transaction all over India. I think a lot of crypto enthusiast will stay behind due to this decision. However, let's wait and see whether RBI change their decision with time.

Another country banning cryptocurrencies without knowing anything about it. Well, good thing that India isn't significant player on crypto market, so we won't see any impact like it was with China.

Its happening every other week now, someone bans it then they reintroduce it further down the line. A lot of these countries/governments should actually do a little due diligence before making such bold moves.

Recenty the Indian exchange have made an announcement that until further notice from RBI no crypto currency transactions will be allowed in India.

That's the one sample of Country that totally  prohibited to use Bitcoin. If all country has to do that no reason why bitcoin continue operated, they have to doin that because banking system is india was really good. and they don not want it to crack down because of bitcoin. 

It is not correct statement.  Exchanges have not disallowed the transaction in crypto vs. fiat.  It is the Reserve Bank of India which instructed the Banks working in India ; to not to facilitate their customer pay for the purchase of crypto currency.  So now no customer of a bank is able to buy crypto currency by making payment for their account.

I do not know what the Indian government gains from banning crypto transactions in the country. Such a poor country should allow bitcoin in so as to enable the citizens have a level of financial freedom. What a pity that they like the Phillipines have bad leaders.

there is no "dilemma" here!
bitcoin is going to be used as before by the Indians but now they will be doing their trades elsewhere instead of doing it on Zebpay. and altcoins are still the same shitcoins with no future so we are clear on that front also.
and when all of this drama is settled bitcoin is still the same decentralized currency that nobody can't do anything about to stop it.

So just as like you said and prove buddy, the crypto currency life in India is not in dilemna. I am glad that people of India that uses Bitcoin can still use it as before and will not happen to be banned permanently. I hope more people will open their mind to the crypto world and be in one way to us and make the crypto world into a much better for the benefits of each and one of us.

Two biggest Indian crypto exchanges has already announced that they are not allowing users to deposit or withdraw INR now!  ::)

KOINEX - https://twitter.com/koinexindia/status/1015155469583900674

ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552

Every indian exchange has started crypto-to-crypto trading platforms.

well bitcoin or altcoins are not banned in India. this is just bank shenanigans that the Indians have to endure every day. and this is not the first time they are encountering this type of problems, unlike what these topics tell you it didn't start this month. it has been going on for over a year now but in different forms and every time with a new drama.
but since bitcoin price is now at the bottom and some people want it to go lower, you keep hearing the "negative" news over and over again in an exaggerated manner.

Well, it is true that we cannot use exchanges to deposit or withdraw money in fiat currency. However, we can always use platforms like localbitcoins where we are allowed to make one to one trade even using the banking channels. So if you want to sell your Bitcoins and I want to buy it then we can still use bank accounts through NEFT/RTGS/UPI options and use localbitcoins for maintaining security in the throughout the trade process.

"now"?!! this is 3-4 days old and the warning for disabling deposits and withdrawals of fiat (Ruppee) came out a couple of weeks ago  (i think it was about 1 month-4 weeks ago)!
and they always had crypto-to-crypto trading which has not changed so far.

An interesting thing to observe is that in some exchange INR deposits and withdrawals are still working like Unocoin. This means that all banks have not followed the RBI circular. Even Zebpay just paused before a day saying that it is following RBI notice. The exchange did not mention if it got any notice from the banks it was using. This means that banks have actually not got any official letter from RBI to impose the ban on 5th July.

Lolz. It’s not in dilemma mate, it’s ruined, it’s gone forever if some other economics committe doesn’t stand up against RBI.

Anyway big institute like AIMIA stood against the RBI with petition but what happened ? Everything got messed up and Supreme Court still backed up RBI. It’s politics mate, India is full of politics and not developments or futures, just forget about it.

Maybe they are scared.  Because bitcoin is a decentralized platform and not viable it leaves them unable to control bitcoin.  I think this is a temporary announcement.  Bitcoin is currently being accepted in many countries around the world.  They can not ban it forever.  It will be outdated

Now waiting for another ways to convert crypto to Fiat currency.Or may have crypto for longer investment as good assets

it is not. Just because it can't be traded with fiat there, it doesn't mean it's in jeopardy. Whatever the regulators will say, crypto will find the way. I'm sure India don't want to fall behind on crypto though

We can't blame these countries who prohibits the use of crypto currency investments because they might just protecting their citizens from the illegal use of it like money laundering, terrorist funding and scam investments due to crypto but still they are just overdoing it because they only see the negative side of crypto not the positive aspects of it in which there also the regulation that they can protect them from these bad people who use crypto for their illegal agenda.

but we need proof that the news is true. while op does not provide real news links. this could be just an issue to lower prices. although the impact is not too great for the crypto market but India has a sizeable community now.

Yes Exchanges just freeze deposits and withdrawals and Supreme Court confirmed it will hear a petition against the ban on July 20, there is still little hope for the decision of the Supreme Court

that was another bad news again for cryptos. im pretty sure this can again cause a down fall to the prices of all the cryptos if ever their decision was finalized about the banning of cryptocurrencies.


@anggada18 yes india is not a big country but keep in mind that there are many indians are a member of this forum , not only on this forum but also on the other websites as well . indians are verry active when it comes to income oppurtunities  , thats why i guess most of them do also uses cryptos. and if ever the banning continues . this should greatly affect the value of all cryptos .

@sud if lets just hope that this news is just only a hoax or a fud .

Is depends on the dept of your believe on blockchain technology. To me I believe that blockchain technology is unstopable. Not even the government of any country can slow down the progress of blockchain technology. It is just a phase that will prompt developers to device a means of getting to another realm of operation.

India is a country that thrives on technology. There will be no ban here, just that they will ban ICOS, prohibit the form of illegal capital mobilization.

but they have NOT prohibited investment in cryptocurrencies! that part is just what the FUDsters on the internet are spreading on the forums and social media.
bitcoin is still being used and people are still buying it in India.

It will be a huge loss to the government as there is potentially millions in tax revenue that they are going to miss out on. I would suggest the Indian traders continue their trades and collect crypto currencies to hodl. Eventually India will allow it and then you can cash out after

It is so bad to hear… Scince cryptocurrencies have been banned in India, I think it creates a great disagreement and discouragment in all the other nations. I hope they will cancel that decision.

This is why India will never be a first world country. They are their own worst enemy.

will this have a serious impact? not if India has been doing attacks for bitcoin and crypto in 2017. this is not a hot new news. but my only estimate is to make the FUD market down more than ever, and this will never work for the umpteenth time.

It is really sad to know that the RBI has banned cryptocurrency. I think it is a huge loss for the Indian crypto investors. I think someday the government of India will understand the importance of cryptocurrency and the will accept it again.

It is a bad news for the whole industry. A huge amount of traders will move away from this sector. So I think it may affect the market a bit negatively.

That is really very sad. I thought India is a crypto friendly state but I was wrong. I think this country is feeling unsafe about this market because of it's inconsistency.

we all know RBI is the Central Bank of India so if they concidaring crypto currency as threat then it's very disappointing , I guess just like others they still didn't have clear idea about this market and it's working protocol so hopefully soon the situation will be changed.

This is not a new news, there are so many countries which have banned or have strict policies towards cryptocurrencies and India is just another entry in that list. Their won't be any significant impact of this on CC market since India is not a big player in this market.

While the crypto currency will still be free to go to India. Therefore, the situation is unpleasant, but not critical. While everyone who wants to deal with crypto currency in India, will deal with it.
In this situation, it is necessary to finally express their opinion legislators, because the regulation of the crypto currency by the banks will always cause ambiguity in interpretation and disputed views on the legitimacy of the actions of the banks of the country.

This news is really tragedy based on this people of investors will face lots of trouble also those people will be face loss because they have to sell their coins at low price also this will cause of price down in the market based on this govt. should review this decisions so people can earn lots of profit.

That is a bad news there coming from India and another attack on cryptocurrencies this will definitely lower the eas of doing crypto and online transactions within that jurisdictions, but even at that there are other mean such as the use of exchange site which normally run as an application on smart phone that crypto users can use to exchange crypto to faint so is not a big deal.

eventhough crypto users in India are not too much but indeed this is a bad news. in this year many countries announcement to banned crypto and it make the market of crypto is very hard to rise. I hope no more country can banned crypto so that the market of crypto will recover soon.

Situations like this happen here and there. It's sad that most of the authority don't even know about the cryptocurrency system and how beneficial it could be , before banning them. Even though India wasn't a large community, it's sad how a part of the crypto community got eliminated.

if so convert crypto into PayPal, Skrill, MOL, WebMoney and other
they just banned crypto right? not with money online
there is some exchange that also accepted cashing out using money online
SIMPLE

This is indeed a sad news. Given that no fiat will be allowed, it will make the market a little bit undesirable to the people residing in India. This will result in fewer investors from India. And losing the people from an entire means that the crypto currency market has lost an entire country's worth of investors.

Recently, the encryption industry has encountered some troubles in India. It is hoped that this will soon be over. After all, there are many people in India and the number of users is huge.

It  said that ignorance is a disease,hat is why some countries are acting so ignorantly toward crptocurrency,there other ways which investors can cash there investment out even with is ban in india.

i dont think that indian government has taken a correct decision. they should have researched the importance of crypto before taking a decison like this. Many governments and companies ban on crypto related things and they again reverse their decisions after understanding the importance. For an example like facebook ban all the cyypto related advertising and they reversed their decision. so i hope india will soon understand the importance of cypto currency and correct their decision

They have no choice. With the RBI pulling the plug on banking relationships, they could only offer crypto-crypto exchanges from now onwards. But here they have a huge disadvantage - how can they compete with other crypto-crypto exchanges like Binance? If they cannot solve the fiat problem, they will die a slow death.

A Bad news for crypto enthusiast in India, As I am from India I do know what options are available now but I never expected the goverment to stop the Banks from engaging with the exchange. A case has been filed but how much time it will take only God knows. Still you are allowed to trade and hodl Cryptos but you cannot convert it into fiat. Lets see what happens next,   

It is sad to hear of this news, I hope India will allow crypto in the future

So, just as you have to say and prove yourself, the crypto currency life in India is not in dilemma.

Zebpay, one of India's largest electronic money trades and Bitcoin, is preventing India's deposits and withdrawals as a result of a ban by the central bank.
Specifically, the electronic wallet and Zebpay exchange platform are turning to disable all Indian deposits and withdrawals to customers as a direct consequence of the ban from the central bank banning Provides services to electronic money companies.

On April 5, the Reserve Bank of India (RBI) - the country's central bank - issued circulars for all financial institutions banned from providing services to businesses in the sector electronic money. Crippling policy also forced banks to stop allowing their retail customers to purchase electronic money through their bank accounts. With a three month period, the ban began on July 5.

Indian exchanges and Indian traders are dealing with some bad time in cryptocurrency market because there have been strict conditions implied by the RBI and supreme court in recent few days by which traders are facing many difficulties in trading cryptocurrencies and it this continue then you can see Indian traders will lose their confidence on BTC. But i will suggest them to try localbitcoins.com where you can exchange peer to peer transactions.

Just make a deal with a people who buys bitcoin by using escrow. There are so many ways to make a solution for this. Indians can even find members here in this forum who has a high positive rating so they can receive their fiat anywhere like in Paypal.

This news is a bad news for people especially investors ,will face lots of problem in investing. india should lift the ban before they left behind by other countries.

This this is the bad new for crypto enthusiastic people who are really love bitcoin and doing businesses but after RBI decision exchanges are not allowing withdrawal and deposit of money my money also stuck on Zebpay wallet but one thing is good we can transfer or trade bitcoins & other cryptocurrencies on exchanges.

Because of this decision all deposit and withdrawal of fiat currency is ban but peoples can buy and sell their bitcoins and other currency also price is decrease in India Now next hearing in supreme court is 11 September 2018 and i hope RBI regulate this coin and we can see positive news. RBI did because they think crypto is thread for economy and this currency can replace fiat currency.

Still no message has come from local trading sites like zebpay ,is there no decision from supreme Court side as the above mentioned dated has crossed,still all holding is freezed.

You have to be clear that it is only your fiat holdings which have been frozen. You may still deposit and withdraw cryptocurrencies from these exchanges. As far as fiat is concerned, they have no way to enable withdrawals because the exchanges have no banking links now. Your fiat money is not frozen in the technical sense.

wrong idea, no doubt.

So India Supreme Court already uphold again last the July 20 hearing? And they have a scheduled hearing again on Sept 11? Then I don't expect anything to change really. What they are doing is just for formality, in my opinion. We won't see a sudden U-turn from their Supreme Court.  I think our Indian friends are now contemplating on the decision and thinking ways to trade and at least exchange their bitcoin to fiat. Maybe localbitcoins is a good option.
 

It is true there it is, because the State of India is now very strict against Cryptocurrency.
Yesterday I heard WazirX closing the fiat and at a later date with Exchange Zebpay.

But hopefully there is a solution for the future of the Indian State towards Cryptocurrency, so that it makes the market green again.

Yeah thanks to internet and other means for communication the india has now accepting cryptocurrency and even regulated its use that it could not be abuse or avoid any illegal form of doing transaction with cryptocurrency. I do believe that india now is one of a country that utilizes and uses cryptocurrency as influence also by other countries in asia and even those rich country like USA.

Such regulations are expected for now because there is a real fear that crypto might replace fiat currencies and this will ideally be opposed but a time will come when the policy makers will have no other option than to accept it in good faith and develop plans on how to also benefit from it probably in form of huge tax or other methods that will be advantageous to it. Lets not be scared when these negative publicities shows up because its largely expected. Better days are ahead anyways

Being an citizen of India , it was such a shocking news for me that a notice came on 3/04/2028 that the use of crypto currencies will be ban in India and all those people who has invested in crypto needs to withdraw their money within three months of this notice issuing date otherwise they will be solely responsible for their loses then exact after 3 months , on July they has banned the crypto from India but still there are hopes that Reserve bank of India 🇮🇳 could make some possible amendments in this notice.

there are a lot of exchanges that work with the dollar! I think in those countries where there will be a ban on such couples, these exchanges will move to other countries! Now there are many countries that have opened their doors for the development of the crypto market! in these countries you can safely implement any stock exchanges and any of your ideas!

indians might actually even accept and live with that, at least thats how i estimate the character of the people there.

I haven't really been keeping up with the situation in India, because it always seems to change so rapidly.
Does Bitcoin make the news there a lot? Because your government seems to have a pretty big interest in cryptocurrency, judging from all the news we hear.

I mean not that they would be able to actually stop crypto from being used...