Bitcoin Forum

Previously Banks in India working under the rules framed by the central bank i.e. Reserve Bank of India ; the banks were instructed not to allow their customers debit their accounts maintained with the banks for purchase of crypto currency.

Against this order; one suit was filed in the Supreme Court of India.  During one hearing the Reserve Bank of India admitted that the instructions were given to check illegal transactions in the country.

Now Bank has admitted that regulation of crypto currency is their necessity.  This admission indicates that transactions will not be restricted but will be regulated.  So again the business will start.  Though final hearing is in September this year. 

I am very much positive that Central Government will definitely allow the transactions to take place but definitely will like to impose certain rules and regulations to stop money laundering; terror funding etc. Prime Minister Mr Modi is very much in favour of digitalization of money in India; so future of crypto in India seems very bright.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

Definitely future of crypto currency in India will be bright because RBI will regulate cryptocurrency in India and bank can't identified which transaction is illegal if crypto purchaser purchasing bitcoin from seller not from exchange also banks already say bitcoin regulation is necessity for banking systems, RBI can make some rules and policies for cryptocurrency purchasing and selling.

they just couldn't control the flow of money from INR to BTC, they certainly tried preventing their people from dumping their fiat for bitcoin multiple times with different scenarios but Indian people are exiting whether their government likes it or not.
so they changed their strategy now until they come up with a better solution!

So this maybe the reasons why the sudden push on Sept 11 as in what originally plan on July 20 or 21. Of course they really can't do anything to stop it, in 2016 Indian banknote demonetisation started and ended up in Aug 2017. But it didn't go any good to the Indian economy on the contrary it makes it worst. So I think they have learn their lessons, bitcoin and crypto is hard to stop and control so they much as well put a stricter regulations, still a win-win situation for both government and Indian crypto enthusiast.

Cryptocurrency and blockchain trends are everywhere right now. The tsunami of ICOs continues flooding every cryptocurrency investor’s browser. In India, though, Initial Coin Offering investments are still at a preamble level. You see, when it comes to money, citizens of India are wired to save more and spend less. They prefer to invest in sovereign promise like gold or land. Indians prefer fixed deposits to equities and investing in equities is considered as gambling.

Investing in crypto world, including currencies like Bitcoin or Ethereum, is risky indeed. Those currencies are virtual, volatile, intangible and very risky with no real sovereign promise of any returns. ICOs are a significant part of these kinds of concerns.

Every cryptocurrency is blockchain, but not every blockchain is cryptocurrency. This way, with a wave of digitization in India, blockchain can emerge as a new hero on the Indian scene. So, the positive focus on blockchain as a technology itself is redeeming. ICO is the most straightforward way for a company that develops a blockchain technology to raise funds.

However, to regulate ICOs in India, there are lots of regulatory challenges as well. First of all, based on ICO nature, tokens could be classified as securities, or a currency, or a payment system or even as intangible property. Besides, crypto-tokens may require coordination among the Securities and Exchange Board of India, the Reserve Bank of India and other sectoral regulators for proper, effective oversight.

This lack of clarity about cryptos in India has led to companies raising funds for their projects in other markets. US, Europe, other parts of Asia, you name it. Indian companies have to compete with global companies to raise funds right now. And this requires a lot of marketing with an understanding of other regions peculiarities.

I guess regulation will be placed on cryptocurrency on India rather than total ban. India will be like the Philippines wherein the use of cryptocurrency is regulated and requires KYC and AML requirements before you can buy and sell your bitcoin. Because of this regulations cryptocurrency especially bitcoin has been widespread on the Philippines and soon India will follow their footsteps.

the problem with such claim is that there is no exact date when its going to be good for someone to buy cryptocurrency?

lucky for those who had already done before they've bann it because those guys had already entered the market before it will blow up. if they can allow now for users to buy thru fiat these days then we can see new holders already and price would have gone up.

Yes you are right.  Because India being developing nation; the Government can not take too much risk of currency outflow.  Also you are right that they will not allow without KYC and AML.  They do not fear for legally earned currency; they seem to be concerned about illegal currency or say black money going out of India.  And I think controlling illegal money or KYC is good even for crypto market. 

They cannot stop Bitcoin. Since they cannot stop it, then they'll regulate it. But there will be a time that even regulations can't slow Bitcoin's progress to debank the people.

Yes it is. Moreover increased participatiion by people in India.

Yeah,  the future is so bright and people are believing so much in it that they are paying $8,989.41 per BTC and $945.40 for shitcash just to get their money out of Zebpay.

/s

In my opinion if India will revert and cancel those decisions about cryptocurrency of their, this would became a great example for all the countries in the world that bitcoin is worthy and confident enough.

this is very good news for crypto users in india hopefully many countries will also start from india country to accept bitcoin because bitcoin is very helpful to all society in world.

Until the government give positive outlook of the impact of  cryptocurrency in India it will be quite difficult for cryptocurrency to have any future in India.

Mostly correct statement but need few corrections. Banks have never admitted that regulation of cryptocurrency is a necessity. They were always in favor of complete ban like majority of other banks in the world. They are talking about regulation now because they have understood that it is beyond their control. Now they want to regulate it because that is the most reasonable way to them. Most likely the government will take this route.

Secondly, the next hearing date is scheduled on 11th September 2018. In the meantime, the supreme court has asked few regulators like SEBI and Finance ministry to provide their views on this matter. I don't expect they will provide anything positive. But yes, the case seems like turning positive for the crypto community because government is understanding the fact that it is impossible to control the circulation of cryptos in india. Instead they will try to regulate the crypto related businesses and impose taxes on it to fill their coffers.  A lot depends in 11th September. Mark the date!

Generally future of Cryptocurrency will be bright, I don't think it will be limited to Just India because the advancement in Blockchain technology has made many people want to go into Crypto currency

Thanks for corrections.  Sure that it all depends on hearing in supreme court on 11th Sept.  But I am sure in the years to come; the role of crypto in India will increase.

Not only in India, but everywhere else. Unless that nation’s politicians have other things in mind other than the welfare of their citizens.  :(

Did you know the cryptocurrency market in India is completely unregulated? If the bank loses your money, you can complain to the Reserve Bank of India (RBI). But with bitcoin, you have no one to turn to.

I would not be so sure, if they wanted to regulate cryptos, they would have done it a long time ago


India’s Ministry of Finance Compares Bitcoin and Cryptocurrencies to ‘Ponzi Schemes’ (https://cointelegraph.com/news/indias-ministry-of-finance-compares-bitcoin-and-cryptocurrencies-to-ponzi-schemes)

it seems that the government of India has a very bad opinion regarding bitcoin


Indian Crypto Exchange Unocoin Suspends Fiat Deposits, Withdrawals in Wake of RBI Ban (https://cointelegraph.com/news/indian-crypto-exchange-unocoin-suspends-fiat-deposits-withdrawals-in-wake-of-rbi-ban)

honestly, I do not think the situation in India is going to be resolved so early

Interesting news but dont trust the Indian government at all. One can think about their loyalty but when it comes to the money stuff one can never take deep breath. You have to agree that there is huge surge of uneducated politicians in the Indian government and thus there will be bad impact of them over the Supreme Court decisions in the September. I am pretty sure it might happen that they come up with even strictest rules and regulations and thus people may not be able to use the crypto currencies in the normal way they are using it today. We can just wait and watch until the September. Any prediction today is vain about it.

I'm sure that India is waiting for a great future in the development of the crypto industry! a lot of interesting projects and proramists that are actively developing in the crypto market! in September, the first meeting of the government will take place, where the legalization of the crypto market will be discussed, or at least the weakening of laws regarding the attitude to the crypto market!

The future of electronic money in India will be bright because the RBI will adjust electronic money in India and the bank can not determine which transaction is illegal if the buyer of crypto buy bitcoin from the seller and not Right from the banking exchange has said bitcoin regulations are needed for the banking system

So after months of struggling and hard areas from indian nationals that uses crypto,now they have lights for future as this thread explaining?

Its not long ago that i have read lots of complaints and bad season for the indian cryptonians,but todaythis is it,atleast banks realizes how much they are losing for fighting the crypto technology

Well you could still buy peer-to-peer with no repercussions, so it's not like the market is closed off. If a person's intention is to HODL as soon as possible, they can still go that route.

That being said, until there are definite plans in place, it's probably not a good time to buy if you're in India. This is positive news though, and it certainly looks like there will be light at the end of the tunnel. I mean, it's not visible yet but it's probably there and coming up soon lmao.

In India, Coin Coin's initial investments are still at an early stage. You see, when it comes to money, Indian citizens are wired to save more and spend less.

I think cryptocurrencies and blockchain technology is here to stay and their futures will be bright in any country! I think India is gradually becoming to the level of a superpower and has a huge economy! Under such conditions Bitcons will have a great future in India if its politicians can see the bigger picture and understand what cryptocurrencies and blockchain technology can do do their country! I will all Indians best of luck. Hope your leaders are clever and far-sighted!!

That's great news for us cause bitcoin becoming accepted in many countries now. India now accepted bitcoin cause they trust and believe in bitcoin. Bitcoin is a big help for there people to make them success and bitcoin help there economy to become better and successful in the future.

Future of Cryptocurrency will be bright in entire world. So we should not say specifically in India because day by day Crypto adoption is increase in the world. So one day every one accept the Crypto platform that day is the digital world start to grow in market that means new inventions are accepting in entire world.

Ban U-Turn? India’s Central Bank Admits Cryptocurrency Regulation is Necessary (https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/)



There is no alternative option for the government other than recognising and putting some guidelines for the cryptocurrencies if they are really willing to eliminate the usage of cryptocurrencies in illegal activities. I am sure that we will see a positive decision by the honourable supreme court in the next hearing within the next two months. The ban directly affects the people who are using it for the normal legal activities, it doesn't make any sense to stop criminals from using cryptocurrencies.

future of bitcoin is bright all around the world and it will make other projects and the technology itself to grow with it. the only problem is the government that sometimes in some countries they put some roadblocks in front of the adoption which will only slow things down and will force the country to fall behind from the technological revolution that is happening in the rest of the world. otherwise we will continue seeing bitcoin  grow and even in places like India people will continue adopting it without hesitation.

Without any iota of doubt, the future of Cryptocurrency is very bright and so many wonderful things to happen. Indian has taken the right step embracing the technology with full arms. Great news for the Cryproworld.

it will be bright later, some more time will  take for resolve all issues

If  any develop and developing country’s haven’t no negative issue with cryptocurrency and the allow cryptocurrency. Their financial growth will  bright. So I hope  future of cryptocurrency will be bright in india.

The crypto currency has gained worldwide expansion. Undoubtedly India will not be lagging behind. India is a potential country. Here the crypto must be very good. India Multinational Country I think the crypto market is very profitable here

As far as I know, electronic money is being banned by India and tightened for circulation and business. So if India accepts it will be one of good news for us as the market will be more capitalized

this is good news, a bright future for the people of India because their government has taken appropriate action for the economic welfare of their citizens, hopefully other countries will follow the actions of the government of India so bitcoin can be legalized.

based on what i have seen so far from the Indian government and their banking system i can say that quite the opposite is true. at the very least we will see a hard future with a lot of restrictions and going back and forth for cryptocurrencies.
their government doesn't want to give up control and they see bitcoin as a serious threat to their control and corruption.

Atleast now indian national will be enjoying cryptocurrency again,and will worry nothing if this things done,as for months they are struggling on what will happen to their coins and crypto job

Hoping this will continue so may added to the crypto prices that is now starting to gain again

You mean, if goverment regulate cryptocurrency it will give the bright future of cryptocurrency in India? "Definitely"? I think no bro, if "maybe", i aggree with you. Why? i think if they are regulate crytpocurrency, they will eliminating anonim privacy and it will eliminates one of the advantages of cryptocurrency. So what happen if cryptocurrency without anonymous privacy? i think, it's like a bank system, so what would happen with cryptocurrency after that? I don't know, 50:50 maybe 'bright future' or maybe 'bad future', but i hope it will give the bright future, hopefully :)

PS: Just my opinion

we always hope that bitcoin can be accepted by the world, banning of bitcoin is not a solution to avoid bitcoin, because bitcoin cannot be avoided from public enthusiasm, if the government of India force and bans crypto and the decision to discriminate crypto users, then I think people of India will do the demonstration.

I am sure, the government of India only requires regulation to control every crypto transaction.

good news for india. If really indian govt. accepted the future of crypto market and whole india will  bright. In near future hopefully the whole world will participate in crypto market.

Not only for india also good for all crypto users because everytime there is an adoption happens the demand of every coin are increasing then it reflects in the value of each coins specially in mother coin "bitcoin".
Much better if crypto currency will be adopted in the whole world and bitcoin will be our global currency to make it more stable and stronger.

The digitalization what the current ruling prime minister is looking forward is to monitor each and every transaction and have a complete control over each and every citizen and not for the crypto currency market, i am not sure whether they have done anything to uplift the economy rather they have shunned the growth with their lousy decisions, even the circulation by RBI to stop the transaction between exchanges is one of them as they have not done any initial study on how to regulate the market yet they wanted to stop these transaction which is absurd, hoping that the judicial system will bring justice to the investors.

Very soon individual lives will be change in India after taking this great and amazing decision. Trust me India will never be the same. This actually will increase the number of Crypto enthusiast in the world at large. Demand will also increase which is also positive.

I agree, If that is possible that India can adopt crypto currency , it only means that other countries will do also, there are some ways in doing that, like if the government of a specific country will accept it.

The news i hear from the indian government announcing the bitcoin or cryptocurrency aren't banned but they tell to people of India need to be careful using digital currency to avoid scamms and lose their money.
So not possible bitcoin and crypto arising brighter in the indian country because people suppot bitcoin and cryptocurrency.

Hmmm, I am not sure about btc but maybe other will be bright. As I know there is a lot of startups including Token Sale and this field is developing and is supported by the government. So I think it is our future and I can say to you that you need to study about Socratus. It is a platform for insurance companies that was created in order to make the communication between customer and insurance company more convenient and simple. It helps to get read of annoying personal meetings and paperwork.

Its very difficult to say what will be the immediate impact of the RBI Ban (if) implemented on July 5th. Since the RBi Circular gave us a deadline, we are on a very tight clock. The short term impact should be pullback by casual investors who will be the first to flee before the deadline hits. Hardcore investors will stay on unfazed as they know this is the beginning of the boom and not a bust.

The long term impact won’t hit the crypto market in any way. India plays a relatively small role in the global cryptocurrency market with only about 2% of the global cryptocurrency market cap. On the other side, most home grown exchanges will shift their servers and operations abroad to crypto friendly countries.

I just read the news that CEO of Mastercard attacked Crypto again, he said that it's a junk, and I heard that it's illegal in India right now, so Im a little bit not sure if Crypto can be bright in India in the future or not . Hope that BTC can be accepted there soon.

Sooner or Later they will be accepted we will see it i am sure about and same will be with China too no one can ban it for long time they just try find any way to regulate it.

 The issue on Regulation on Bitcoin in India was been in the news for a while. But I am optimistic that it will be address soon, this issue still remain a problem with Bitcoin investors not only in India but in any other country whom are critical on the used of Bitcoin digital transaction in the market. let just wait for this issue to be resolve soon.

Crypto has immense possibilities of success worldwide, but proper maintenance is key. Crypro approval by the Indian government now, will surely get a good impact in other parts of the world, specially the south east Asia for a start off, and slowly decentralizing to nearby countries further on.

Not only for india but also for the whole world. Day by day more people are joining in bitcoin. Banks are realizing that condition. Hopefully within shortage possible of time, bitcoin will be first choice for everyone.

India has one of the highest population in the world but they are also in top when it comes to supplying talents all over the world. India has a huge number of developers who are even working on many projects related to cryptocurrencies. It was a matter of time for India to legalize cryptos the future should be bright.

I Think the Indian government is very confused about the cryptocurrency.  Because sometimes they ban bitcoin totally, sometimes they say to unban bitcoin under regulations and still, they can't come in a solution. They are changing the dates again and again. But, At the end of this drama, I hope cryptocurrency will be very bright in India.

India is the second largest country in the world. Its citizens have tend to move to other countries to work and live. Then this new is very good for Crypt market, it opens to a a picture in the future when all countries around the world can accept this kind of money.

India is one of the largest country in the world and it has great opportunity to invest. I think btc will find a bright future in india.

Day by day many people around the world are crazy for bitcoin. Not only in india but also  all over in the world btc will have astonishing future. 

Well, India is not the only country that is accepting and circulating Bitcoin in their country. There are a lot of other countries that accepts Bitcoin, and also they are giving warnings to people not to use it in certain transactions especially using to commit crimes like in our country. India might be having some regulations about that, well it is the same with other countries.

India is one of the most populated country in the world. It has a reputation in supplying scholars around the world. For that it has good connection with the with crypto projects. Future of crypto currency will be bright in India.

To those who are still doughting crypto currency are those who are afraid of taking risk, bitcoin must especially has made so many people millionaire and having second thought before investing in bitcoin is like risking never ymto become a millionaire in the nearest future those who have invested in crypto in early days

BTC position in India will be more good than ever, I assume as the Govt. itself want BTC to be regulated not eliminated which they understood they cannot eliminate. Users in crypto-space are spreading in India and will be more if Govt. approaches like this. This is a good sign.

From my point of view it will definitely happen. Crypto currency already accept many country. I believe India will accept it very soon. A proper maintenance can bring out a positive result.  I think Indian government will step forward to accept this currency. I believe crypto market future will bright in India.

but in some countries there is just a bigger percent of people who believe that crypto will be the future, thanks to those countries other could follow them and amount of investors in bitcoin will be growing.

Thats truly a welcomed statement, cryptocurrency cannot be stopped but it can be regulated. It might take time for it to be massively adopted into the main stream but it will definitely get there. No matter how stringent the rules are, i believe deep in my heart that crypto will survive.

From my point of view the future of crypto is bright in India. Crypto currency till now accept by the big companies also some countries. I believe Indian government will take positive step to accept this cryptocurrency. Its future is bright in India.

I had read news about india not accepting crypto currency and ICO before so this news mean something for people of india that as well as to all crypto enthusiasts around the globe. Hopefully this will pursue because india has wide base crypto community and this would help boost the market stability.

From my point of view that exchange of Binance showed biggest raise. It is the best from all centralized system. It also have very good security system and it will provide 24 hour service. Now everyone is wait for its decentralization.

The future of crypto currency in India should be good, because according to the findings of a special commission set up by the government of India, bitcoin can be recognized as a means of payment in the territory of this country. If the same conclusion is drawn up also by government decision, bitcoin and other crypto currency will soon be a legal tender in India. Therefore, the decision of the Supreme Court on the suit against the Reserve Bank no longer has any special significance.

Cryptocurrency and blockchain technology is on the rise now. India is a strong force in the world of crypto when the popularity of bitcoin is compared among countries in the world. The future of bitcoin certainly look right.

The future of crypto currency in the India is very promising. Now the RBI has withdrawn their banning and they will regulate bit coin. Such regulation will increase the confidence of the people in this coin and the investors of bit coin will be increased.

I hope the people of India will get free from the rupee as it is too tightly controlled. I remember reading when they decided to cancel one of the higher denominations it caused problems for those who don't use a bank. Bitcoin will allow people to be their own bank

maybe it lies the concern of the Indian government, but bitcoin is a virtual currency that can change the economy of citizens in every country to be better, btc is not weak, btc can not be stopped by anyone

the Indian government must get rid of their selfishness, India will not be a prosperous country if they do not innovate. the volume of Indian people who support crypto must get a good response from the government.

I saw ICICI banks in India starting to adopt blockchain system, they understood the public situation. we are just waiting for the end of the decision of the Indian government.

I see that the Indian government will make a good decision.

No matter what the case may be in India, I am quite certain that the government of India will not out rightly ban cryptocurrencies. The people shoul just go about their normal crypto activities and continue to promote it.

  We can say this, either a good news or still premature to assume. If the Supreme Court of India uphold and favor the resolution to the Petitioner, then it is a welcoming news for crypto investors in this country, it may attract more investors, not to mention the phenomenal news update about the market trend of Bitcoin on social media, print, and broadcast media. it will increase the global awareness about Bitcoin not only in India but all over the globe.

are you sure stupid RBI will understand that?

I certainly believe in that. Cryptocurrency will not be banned but will be regulated. That's what I think cryptocurrency as I always say has a bright future and potential of growing in all parts of the world.

India is a country that has a very good level of technological development so that it will certainly influence the response of many citizens to digital currencies. Mastery of good technology has had a significant impact so that many Indians are now using digital currency regularly. Besides that, a large population has also provided support for the development of digital currencies.

Yes it is right because India consist a large number of people but I listened that India ban bitcoin weather it is true or rumor i still don't know.

While the government does not give a positive look at the influence of the crypto currency in India, the crypto currency will be quite difficult in India, I hope many countries will also start from the Indian country to take bitkoyn,

The government of India is positively commented on the adoption of Blockchain Technology. India's largest lender State Bank of India (SBI) to use the adoption of this technology for KYC and smart contracts by next month.
This is just a beginning, soon the majority of India will start using crypto and we can expect a bright future of cryptocurrencies in India.

What? India’s attitude towards cryptocurrencies has recently changed. Recently, India’s crytpocurrency ban has been officially implemented, and cryptocurrency including Bitcoin will completely stop trading. Cryptocurrency exchanges and cryptocurrency companies will now be unable to obtain loans or hold any bank account. Judging from the current situation, it is clearly becoming the "cold winter" of crypto currency, and all the headlines have been detrimental to the development of cryptocurrency.

This is good news. India can be an example and motivation for other countries to improve the country's economy. I think maybe not only in India, but it could be in another country. It all depends on how we use bitcoin itself, if we can smartly use it our economy will be better and in the coming year bitcoin will be even brighter.

I hope this really happens because of the very unstable market conditions and makes everyone more worried about uncertain prices and continues to fluctuate. Hopefully what happens next can make the cryptocurrency still survive with the good news.

As that not a final decision is made about the bitcoin in India the decision will be made on 11 sep so we can hope for good but it now only depends on the laws of India so we can not say anything about it.

But we can try to guess what they will do. they will probably keep the ban


Nope. India is like China, this is not good

AUG 30, 2018

Reserve Bank of India Confirms It Is Looking Into Making a Central Bank Digital Currency (https://cointelegraph.com/news/reserve-bank-of-india-confirms-it-is-looking-into-making-a-central-bank-digital-currency)


this clearly shows that they know that fiat has a huge cost, but at the same time cryptos are not an option that they are allowed to use. In other words, they will continue to look at bitcoin as a great enemy that they must destroy

Police Arrest Alleged India Head of Now-Defunct Bitconnect Scam (https://cointelegraph.com/news/police-arrest-alleged-india-head-of-now-defunct-bitconnect-scam)

India: Government to Consider Allowing Crypto Tokens, But Not Cryptocurrencies (https://cointelegraph.com/news/india-government-to-consider-allowing-crypto-tokens-but-not-cryptocurrencies)


do not have hopes

Indian government is very confused about the cryptocurrency.  Because sometimes they ban bitcoin totally sometimes they say to unban bitcoin under regulations and still they can't come in a solution. I believe India will accept it very soon. A proper maintenance can bring out a positive result.  I think Indian government will step forward to accept this currency. I believe crypto market future will bright in India.

If the price is not stable how do you saying that bitcoin is very much stable and it will be good future at this country. As I know this one of the most corrupted and worst political base country. There is no proper maintenance in the country base then how they will be take worthy cryptocurrencies is a main usage at their place.
So I will not be believe that this government will work over the crypto adoptions.

and more investors will join.if they have more knowledge abou btc.it will grow in numbers.

But i saw some scam ICO's from India, why was like that ? Does the regulator in India approved cryptocurrency ?
If it regulates for avoid criminal actions such money laundering and terrorism, then it is ok and good for India.

maybe it great news if indian government justify crypto currency  and court will give decision positive so it will be bright in india

maybe and if agree government of india

India considers that bitcoin is very attractive. The development of digital currencies will definitely be much better in the future, much safer from time to time and will be increasingly traded. This will definitely happen. Ibdia plans to make new regulations on the circulation of bitcoin in his country and that is good news for the world community.

Definitely future of cryptocurrency will be bright in India because RBI (Reserve Bank of India) reverse their circular. And Indian people want use cryptocurrency because RBI print unlimited money it is dangerous for the economy.