Bitcoin Forum

https://cryptomenow.com/india-central-bank-strengthens-bitcoin-ban-legalization-plans-scrapped/ (https://cryptomenow.com/india-central-bank-strengthens-bitcoin-ban-legalization-plans-scrapped/)

Surely every country knows that restricting and banning crypto will lead to an outflow of money from the country.

Just relax,this is not an official announcement from Indian government or from RBI so no need to worry about someone's opinion.And even their restrictions not going to stop people dealing from LBC site.

Yeah, one way or another, the crypto community in India will still find ways to invest/trade crypto. I read before that they're considering allowing crypto but with strict regulations. They should do that.

there is no court ruling yet , at least nothing official
and I wonder what law are the banks quoting to their customers when closing their accounts?
I'm not a lawyer but  it sounds like it is illegal to the max
in any case, I hope Indian goverment won't do the stupid thing and won't ban cryptocurrencies

India has a strong developer presence and plenty of issues with their cash circulation, they should really think twice before they make these types of decisions because it'll lead to smart people (and their money) leaving the country.

While this is what people are going to hope to think (at least in our small crypto community, it simply isn't the case), banks are going to be able to have free reign on removing these sorts of people from their banks because they know that they can without too much of an issue. Bitcoin doesn't have the stranglehold over the banking industry that people would hope that they have (yet again, in our community)


This part is true though, probably just with more fees involved as it's going to be p2p.

The P2P system is well in place at the moment in some of the exchanges and there is not much of a fee as of now to deal with it, but in the future it might change if more restrictions are in place, but how can they close down accounts of individuals and in the P2P version of things how on earth do they know that i am dealing with crypto unless they ask for the reason why the money is credited which is highly unlikely. I am sure there will be a change in government in the next election and things will change for the better if someone with brains rule the nation. ;D

That's the same challenge we are facing here in my country banks freezing customers account who buys or sell btc

as soon as people stop calculating in things that are not indian rupias or usd, things get quite tough

Can Indian use Payeer? AFAIK they support crypto trading and fiat deposit/withdrawal (in USD ofc). It might be an alternative, unless Payeer can't send money to Indian banks (not really following about them tbh).

Yes, there is no legislature on cryptos, it's just that Indian central bank 'RBI' and as all banks come under it, they made a rule that whoever deals in cryptos will get their account closed.

So it's central bank thing.

It seems like lots of banks are closing accounts for crypto related activity all over the world. If it continues like this and more and more banks keep doing it, it could slow down the growth or at least have a sort of chilling effect on it.

Obviously they do not know that or they think the impact of that would be negligible. A lot of people will not have the "contacts" in other countries to convert the bitcoins for them or they think people will not go through all that trouble to do it.

The Chinese government also made the same mistake with the miners and a lot of them relocated their whole mining farm to a Bitcoin friendly country, when China restricted them. 

Loads of people have friends and partners, working in other countries.  ;)

Bitcoin will not be friendly with the central bank, even some central banks are trying to manipulate the price of bitcoin through investment institutions. I saw that RBI was not the only bank that carried out a similar policy, there were many countries that banned crypto, but I heard that many companies began to look at cryptocurrency as part of the investment, India also did that.

Some bankers are afraid they are going to lose their job, and the government doesn't want to bother to learn about crypto so the easiest solution is to ban, for developing country crypto could be the side income to help their economic, and I agree this news could make impact on the crypto price, if the banning continues then it could halt the crypto growth

India conisdered introducing blockchain to help fight corruption
looks like the goverment is not very interested in this anymore
aand yes, central banks are against cryptocurrencies and in a country like India it is way easier to apply pressure
to not allow even the attempts to legalise bitcoins, I fear this long story will have a sad ending for India

some banks are on scrutiny of using bank accounts mostly the exchangers have given data to banks so now they are taking action

One of the most corrupt countries doesn't see much value in using blockchain technology to fight corruption, sounds about right. Governments rule by breaking their own laws, so why should they try to implement something to fight it?

They will run on private blockchains without anyone knowing. For you nothing will change since the services they offer are still the same, but everything on their end becomes more efficient and easier to cheat.

I never believed that corporate or governmental blockchains have it in them to prevent corruption. It's a tool that allows them to become more crooked than ever before. You really need decentralized blockchains for that.

If enough people leave this bank then they will change their policy.  The power is held by the customers if enough of them are united.

Credit card companies tried to do the same thing with coinbase and many customers left their service and signed up for a different card instead.

It's not surprising and it's not restricted to India. There's been lots of discussion about this among US users and traders going back several years. I personally know two people who have had bank accounts closed, presumably because of high volume activity linked to Bitcoin exchanges.

It even makes sense. Think about it: If you're a conservative bank and you have no idea how seriously Bitcoin exchanges are enforcing AML/KYC laws, would you want those customers moving loads of money through your bank? Probably not, because that opens you up to liability for AML violations. These days, banks are increasingly expected not only to know their customers, but to know their customers' customers.

Their government is showing that they are a backwards thinking bunch of no-hopers that will never bring their country to prosperity and help all the poor people of India. Hopefully they will find their own way and buy bitcoin

I think that in the near future, India will change its mood to Bitcoin and everything will be fine in this regard.

No, you are wrong. They are doing this to protect their local reserve currency, because they know with all the corruption in their government, they can manipulate the value of their local currency, which they cannot do with Bitcoin.

The Banks and the governments are working together to stall Crypto currency adoption in India, because they are in bed together with this corruption.

Bitcoin is borderless and unstoppable, so they will win a small battle, but not the war.  ;)

this is such an old news at this point. you are reposting links to a shitty site that doesn't have anything else to say other than repetition of the old nonsense that has been going on for a while now. the Indian banks started blocking people from using their accounts for trading bitcoin and getting involve with any cryptocurrency exchange and nothing in that front has changed ever since they started doing it somewhere early in 2017.

Its very old news and now almost every exchanges already introduced the p2p services in their platform. every one buying or selling crypto here in India without any restriction.

exactly! they have only made it difficult for the average Joes to buy bitcoin otherwise it is still possible and it is still ongoing. ever since their Reserve Bank started putting up roadblocks the trading volume on P2P trading platforms coming from India saw a big surge and it has been growing ever since. which proves that people never stopped buying bitcoin over there.

and if you look back, something very interesting was also going on! they were buying bitcoin at a much higher price. for example when price was $1200 last year they were buying it at $2000+ happily

I am sure, this problem is not easy to solve it that easily. With a policy like this, of course other banks will also imitate related matters, of course people will also consider the other side. Bitcoin is not everything, it is only optional for some people. So if they are willing to have their account banned just because of bitcoin then when there is still real work affairs that are required to be associated with a bank account, it is a complicated matter

man... this is not about a particular bank in question
its Central Bank we are talking about here
it is not even under the countrie's jurisdiction usually and above the law
the local banks will have to comply no matter if they want to or not
united customers can only go and celebrate cutting their plastics on the streets, this won't change anything, do not be delusional

That was the advantage of spreads that traders took, but without the involvement of banks, it can be said that only digital payment modes such as PayTM, Amazon Pay, Freecharge, PhonePe, etc. can help in such cases (but chances of getting scammed are very high in these), because if banks aren't going to support and are going to close your accounts even based on suspicion, will only let such black trades rise in number where everyone needs to pay a lot more in premium in order to buy BTC. Just think, what would happen if they ban BTC here? Will public of India stop trading BTC? No, because BTC is not something easily traceable and the only thing that will happen is, other countries will take advantage of this and ask way higher prices than market price if Indians want to buy BTC from them.

the beauty of crypto is, no one can stop it, but India is making it harder for the crypto lovers and definitely taking a dumb step.

I think if the Indian government bans cryptocurrency, many crypto fans will throw their money into other countries

nt all bank accounts are being closed it is only few accounts in banks tracking got notice but crypto currency matter in court decision we may hear positive news

It seems that the discussion of crypto legality issues in India is still very difficult. So it still takes time, until it's really considered legal. Hopefully this doesn't take long

 ??? it really a bad new. why they do that ?

if the india bank implements like this it is the same as india starting to provide regulations on the purchase of bitcoin, while bitcoin should be free to be bought by anyone because bitcoin does not give a limit to people who want to buy bitcoin and that is a fatal mistake for banks in india.