Bitcoin Forum

In the present time a big news is going about bitcoin regulations/ban in India .
Here we are only getting new new dates for the hearing about the legalisation/ban of cryptocurrency in India by Indian supreme court .
It seems that no result will come soon , So people are feeling negativity with these activities by the RBI and Court .

But here a big movement by the Big exchange I. Zebpay it services taken .
According to Zebpay it will not be easy for them to have business with cryptocurrency in India , so they closed Thier Exchange ( buy sell of crypto to crypto option ).

But here As we know that lots of options are still available for Zebpay and another exchange like P2P buy sell of cryptocurrency  and also not any type of restrictions by the government of INDIA to run crypto to crypto exchange , then why they are not allowing this option , why they are closing .

Due to these factors , One of mine friend who is a billionaire and having lots of investment in cryptocurrency market , was saying that Zebpay will came in the field again with new identity  And also there are chances that Indian supreme court decision comes postive to have cryptocurrency use , so they will continue with Zebpay again

So now here i would like to ask all of your opinion that what you are thinking about the cryptocurrency future in India and your own country . And Do you think that this exchange will again take place his steps back in cryptocurrency with new identity or it is just our expectations .

Cryptocurrency is getting more popular in India, but gov't restrictions is hindering it's growth.
A nation with high poverty rate, should promote interest in knowledge and technology. And the ernormous potential in the blockchain technology should be utilized.
This most times is the difference between prosperous states and not so prosperous states.

Zebpay has not implemented the p2p transactions because they do not want to compromise any security from their customers. They want complete user interaction and one to make the transaction as easy as possible uses do not have to wait for the transactions to get funded by some other person instead they want to minimize that transaction time and that is why they are not implementing the p2p transactions. I do not think that zebpay will return in the market anytime soon, but in future, as we know things are about to change and the government has to accept Bitcoins and other cryptocurrencies in order to survive in the world Bank's cannot fulfill our needs anymore. Let's wait and watch what happens next.

Honestly, the future of cryptos in India will be great in terms of adoption and publicity but the governments will never approve of it until they are ready to tax it which again will be opposed by the leftists. It's more like a never-ending battle in the court but outside court, everything is fair and legal.

I hate Indian exchanges and they are a curse to the Indian bitcoin eco-system. Look what Coinsecure did to the poor bitcoin holders. Bribed the cops and stole all the bitcoins due to their own fuckery.

A person who loves a thing and uses it in his daily life would never think negative about how it would/could be in the future, even if the situations are against his thoughts. That is exactly what happens with cryptocurrency users. Even if the market is totally red, the countries are banning/regulating cryptocurrencies, people are abusing them to be evil, but if you ask someone who had been using them, he would say, "It is just a bad time right now. The future would bring something new and all this will finish soon." That is exactly what I would say, though it is not about what we say, but it is all about what the governments think, but why be negative?


I don't really think that's true. Banks and governments would never need to accept cryptocurrencies in order to survive, but the cryptocurrencies would require adoption in order to survive in the long run.


Maybe, but that is not what every single person says in the world, and it would only make a difference if everyone has the same thought about them (The Banks).

As my point of view, i have seen that some exchange came with P2P system but zebpay is lacking behind this becasue they are aware of security issue and zebpay closing his services one by one. If they have to introduce P2P then, this process will excuted intitally. So, i personally think that Zebpay is planning for a new system of buy and sell with high security and zero flaws rather than P2P becasue if SC (Supreme Court) takes false decision against petition then their service will works in that situation and attract/retain a big user base and lead once again in india.

Just like most countries, Indians who are interested in cryptocurrency  will always continue to hope and wait for the better days when cryptocurrency especially our beloved Bitcoin will be accepted and used as a payment of commodities.

Wasn't there already an exchange ban in India? What worse can happen? They are closing the business because they know that the government is against exchanging cryptocurrency to fiat money and trading without fiat won't generate revenue for them. It's better to move the platform abroad. Those clients of theirs who were trading in crypto pairs won't care that the exchange is abroad and the exchange will be able to use fiat again. That's what Chinese exchanges did when fiat trades were banned there.

Looks like P2P is the future of crypto in India for the time being.

There is a possibility that Zebpay is waiting for certainty from the government, regarding regulation for cryptocurrency. In my country, there are strict rules from the central bank. It is not permissible to use cryptocurrency as a means of payment. But at the very least, the government allows to own or sell / buy cryptocurrency. Regulations regarding that, are currently under discussion

i think this will not effect in market bcz in india currently chaos with crypto running and with zeb pay shut down.so soon a solution will come and surely postive solution will come.
india is an advanced country.

I think by the time India accepts or legalizes crypto will take a long time and probably by then  many other countries would have done the same. As for now, I do not see crypto future developing in India because of its economy. You want to start a crypto business in a place where people will afford investments

As we are not sure about Zebpay new identity will come or just a rumor! I think In India Cryptocurrency will be illegal. Because The government of India doesn't like cryptocurrency so much, India is a big country, so there have lots of crypto people. But still court are not announcing the decision about cryptocurrency, they are changing dates! Maybe it will be positive or negative. But I think Crypto will not be legalized in India properly. And sorry to say, I do not agree that Zebpay made a big movement, rather they had to stop exchange, so they did.

Putting money in an Indian based exchange is quite risky as their laws are confirmed to be crypto friendly. If zebpay was serious then they should move to an offshore base such as malta or switzerland. Eventually India will come around and accept bitcoin, but in the mean time, just go DEX

I wouldn't count big on it, though, seeing how strict they are and how they promote their own crypto over bitcoin, it just wouldn't pan out. Zebpay might have good intentions for the Indian nationals, but if this is hindered by the government itself, I don't think something good will come out of it. Any growth for bitcoin inside India would always be contained, and so Zebpay creating a new exchange there would also be thwarted in no time.

IMO, I think that zebpay has already decided to work from Hong Kong,outside India and continue its service to its customers.Indian government has not yet decided over ban on cryptos as its in its last days of rule as election is going to come there within eight months.So the government may have decided not to take important economic decisions.

Their government ruling about crypto might only be temporary, India is one of the largest market for crypto but once the blockchain race starting to boom they might changed their stance and mind just like South Korea.

Crypto through centralised organisations in India is toast. They restrict gold and are willing to impoverish their own people destroying cash. What makes anyone think they'll permit crypto? Better that it's killed off now before it gets major traction and causes more damage.

Why hate exchanges? Everything was fine before but since RBI did their thing, crypto exchanges had to look for other ways to continue their business.

Some went to only crypto-crypto exchanges and some to p2p.

 

similar to China, now Indians have two options.
one is to migrate to other exchanges such as those that are not in their own country. there are lots of them too. from Bitstam, Bitfinex, Kraken for bitcoin to Binance, Cryptopia,... for altcoins.
another option is as other said to start P2P trading. which they are mostly doing now. there are platforms such as localbitcoins and a lot more of them locally not to mention all the decentralized exchanges that are currently around and can be used.

ZebPay took completely non-sense decision by doing so. They were billion dollar wallet and exchanger and had connected themselves with hand million customers already.

They should have not published any news like this, instead of this they should have been saying that they are getting migrated to the Peer to Peer optioning and will continue their services.

But no, they did not even think about that and I am thinking the owners and team behind it already rich enough to get retired from it. Lolz.

May be they could have turned their business into something speaking p2p venture but somehow they lost their hopes.

Maybe if they became a P2P website the Indian government would go after that? As far as I know there's no centralised website for P2P trading in China. It's all on stuff like Telegram.

They know more about their position now and in the future than we do.

In India, localbitcoins is the only p2p network used widely. The in-house exchanges are the shittiest service providers. They wouldn't let you withdraw a penny without verifying KYC documents, their rates are usually higher than the normal market rates, the service fees are high and security is next to a fuckin garbage bin. I don't see a single reason why anyone in India should use cuntpay or cuntsecure when they have 1000 better cunts in the market. Fun Fact: The panel that takes decisions on the financial stuff in India are the biggest scammers themselves.

Zebpay news is not that much bad they shut down their exchange because they do not want to introduce P2P and without that their volume decrease too much after RBI restrictions to Banks.

Crypto is at starting phase and it gonna grow too much.

i don't get why you call this a "big move" by t his particular exchange.
ZebPay was a fiat to bitcoin exchange where people could go dump their Indian Rupee for bitcoin and ever since the banks closed their accounts they were screwed because their money was blocked, they couldn't make more money and they had to pay their users back too.
closing their business which can't work for now is a logical move not a big one! which should have happened a long time ago.

RBI ban cryptocurrency trading through banks but they also argued that they are not against block chain and digital technology, they support it and they ban cryptocurrency because it has many harmful effects for now on Indian economy like corruption, hacking and many more
So we can't say it is a permanent ban on crypto in India, we can hope if some regulations will come in future or if government will find some useful cases of cryptocurrencies then there may be chances of crypto to be legal in India

If we talk about exchanges then there are some exchanges doing well with P2P trading
For zebpay, they did a very good job in Indian crypto world but I can't comment on the future plans of zebpay unless I have always positive hope regarding crypto world

several series of banning on cryptocurency and at point it looked like a joke because it kept coming serially and then i was used to pump and dump the market  by releasing of such  news and then after the dump, they release news of unbanning. i m sure this indian exchnage ban news is going to be reversed and unban very soon.

+100

It does though kind of always amaze me that the countries with these huge populations are the ones that seem to put up least resistance to having all opportunities denied them by the very tiny minority there that seemingly decides what is worst for them.

I expect many there with money to invest will find a way to be part of it all if they really want to.

It looks like indian government understand that they could not Ban crypto trading completely and try to do some thing more accurate. At least they don't have so much control like China.

And i think all theese news are some kind of fud and misunderstood like it is mist of time) every thing Will be ok with crypto all over the world and nobody could do any thing with this fact in longterm

Let's be more frank and realistic
  Economically dominant countries decide to the adopt or the reject
In other words, if the United States recognize  and many other countries in Europe, for example Germany, England, France
As China also
No country will stand up to the tide.

There is still hope for Indians in the world of cryptocurrencies although there are many negative speculations which are not in favour of crypto enthusiasts. No matter what happens, they can still engage in trading through the exchanges and P2P.  I always prefer P2P such as the use of  reliable escrow for all trading activities.

I am sure that India will accept btc with time and we will see how they will benefit from this. Now i have heard that there wasn't any big movement in India. Maybe it is just a plan or maybe i have missed something important

True The Govt. of India  is in no mood to accept crypto and that can be judged its action recently,however if the supreme court decide otherwise it would be a great move and big cheers for crypto followers.

It is very clear with the decision they have being taking in last 1 year clearly states they do not want to accept crypto and now with the election coming in next year their would not be any decision on consider it would happen. Thus people cannot take benefit of such a revolutionize technology.

Well, I think it's time to differentiate the crypto exchange business and individual crypto transaction and at this stage, India is facing issues with the uncertainty. There is no law to identify and recognize cryptocurrencies but at the same time, no law is prohibiting us from spending funds held in Bitcoin or any other cryptocurrency provided it is being used for the purpose/activity which is not restricted by the law. I am optimistic about the decision of the supreme court.