Bitcoin Forum

Reserve Bank of India Forces Customers to Abandon Dealing with Cryptoassets

The Reserve Bank of India (RBI) is allegedly forcing the clients of the commercial banking institutions to completely abandon cryptocurrencies including bitcoin (BTC) and stop operating any kind of business activity related to cryptoassets. In case the client wants to set up a new bank account in any commercial banking institution in the country, he or she is forced to sign documents which in this case read that they shan’t deal in any digital currency transactions from their bank accounts.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/india-forces-customers-to-abandon-dealing-with-cryptoassets/

https://coinidol.com/upload/resize_cache/iblock/4a7/900_900_1/4a7381c23cb67bc61c66cf38abba024b.png

Here we go again with the Indian Government (RBI) sending mix signals to its citizens and even the world of cryptocurrencies. I really thought this was over by now when I read the news about the Indian Goverment (https://cointelegraph.com/news/new-indian-governmental-committee-favors-legalizing-cryptocurrencies-media-reports) formed a committee who is in favor of legalizing cryptocurrencies in their country. This RBI really has to stop being part of any of the new committees by now as they are really going against other departments who are in favor of other currencies being used in their country. Those who are in the higher ups should be concerned about the progress of this situation as they are just wasting time and money for a one messed up department.

Just another attempt by a corrupt government to protect their failing local currency.  ::)  Most of the people in India are living in poverty as a result of corruption and bad political decisions in their country and this is another example of this.

Governments do not understand that Bitcoin is unstoppable and that it is borderless. A lot of people in India have relatives or friends that are working in other Bitcoin friendly countries and their money will just flow out of India.

People can also collect bitcoins and then have luxurious Bitcoin funded holidays in other countries. <Money not being spend in India>  ;D

Exactly, I thought that India suddenly made a U-turn a few months ago and change their tune. And now this news? LOL. I guess India is still in the middle as far as being friendly to crypto's. So I would take any news coming from them with a grain of salt, unless someone really confirm what's really going on with them. Of course everyone is really hoping for a good news, but I wouldn't be surprised if they change their tune again in the next coming months and started to be hostile to Bitcoin and crypto in general.

India cannot make up it's mind, i suspect they ban it during bear markets and then legalise it during bull runs. They should allow it's people to trade freely and in any type of market

They are afraid of it undermining the position of their fiat currency. If you google countries that banned Bitcoin you'll see that countries with weak fiat are leading the way. You could say that India doesn't have a weak fiat because it's a booming economy with 2nd population in the world, but it's not how strength of the currency is measured. There's a reason why you can get 70 Rupees for 1 Dollar and why many people in India work for 300 Rupees ($4) a day, while in the West $4 per hour is a low wage.