Bitcoin Forum

Indian Govt. Lifts ban on Cryptocurrency

On April 6 2018, the RBI had asked banks not to transacts with crypto exchanges.

But, now after almost two years since it first decided to hear the case, Supreme Court of India left ban on Cryptocurrency and its trading, A historic day for the Indian crypto communities. Indians can now innovate the entire country. The whole country can take part in the Blockchain revolution.

Finally Indian's banks could now go back to dealing with cryptocurrency Buying, Selling, exchanges, tradings and transactions.

Well a very good news for the businesses there. India is a growing place for tech related companies and has one of the largest supply of tech experts. I know a lot of tech experts and engineers from India who are dedicated towards the research and development of blockchain and cryptocurrency.
This particular initiative from the government would be able to retain brains and further help digitalizing India.

https://techcrunch.com/2020/03/03/india-lifts-ban-on-cryptocurrency-trading/

https://economictimes.indiatimes.com/markets/stocks/news/sc-allows-trade-in-cryptocurrency-quashes-rbi-curb-on-use/articleshow/74470078.cms

This is good news, at least India will fully adopt blockchain. We know that cryptocurrency in India is growing so rapidly that lifting this ban will have a positive impact on the crypto market.

We will see later in the next few months how the development after withdrawal will there be more users there doing transactions with cryptocurrency.

The heading is wrong.

The ruling came from the Supreme Court of India, and not from the Indian government. Also, the ownership of cryptocurrency was not banned in India previously. The ban prevented banks from dealing in cryptocurrency or allowing bank accounts for the purchase or sale of cryptocurrency. So it was more of a "banking ban" and it is removed with immediate effect now.

Yes, it is not the Indian government but the Supreme Court of India is the one that decides to ban crypto,

But after less than two years, they finally realized and see how they can take advantage of the uses of cryptocurrency, they seem to not have enough research before, but the good thing right now id they lift the ban and it can bring a good effect in the market.

when I read that a long time ago about banning of crypto in India, I said to myself, it is only a matter of time before they changed their minds. and yes, it is happening now. because I think,  they are seeing that more and more advanced countries and big companies are openly supporting and accepting crypto, why not them? so if they will continue to suppress the crypto transactions, they will just be left behind by this new technology.

I saw this news item on another platform earlier and I thought it was a hoax. India is has one of the largest population in the world, am glad  the government would now allow people to make business transactions with cryptocurrencies. This is great news for the cryptocurrency enthusiasts in India, the general economy of the country would surely increase in the long run.

Maybe you don't realize it now, but it is probably the best positive news for the cryptocurrencies this year! The market is again open to the 1.3 billion people! Also it is much better news for XRP army because as far as I know Ripple has many important partnerships in India.

I do not think that indian govt. Has lifted the ban on cryptocurrencies rather it is the supreme court of india that has declared the ban illegal and has allowed trading of crypto which itself is a great verdict but we will have to wait and see if the government in india will go in appeal or accept and follow supreme court's verdict.

I don't quite get it could you answer please- is it legal now or it has no legal status at all?
Both ways Indian's banks has permission to make transactions, but its totally different

This is awesome and really good news for our fellow indian crypto enthusiasts. I am sure that this will really make a difference on Crypto community since Indians are well-known computer experts. Looking forward to see how the projects will be different with this development.

Really encouraging news and i hope that the Indian government will now come up with some pro crypto policies as well and if they really come up then the neighbouring countries like nepal, bhutan, bangladesh and others can also apply those policies to really boost this next gen technology.

Just look at the after effect of this news.
After Court Victory, Indian Exchanges Gear Up for Crypto Trading Surge (https://www.coindesk.com/after-court-victory-indian-exchanges-gear-up-for-crypto-trading-surge)
This is a very good news from India and we're all breaking all the rumors there. Actually, it's no longer a rumor that India banned crypto because it's for real and they are allowing it again. This is such a very good day.

This is good news because in my opinion the crypto ban in a country will have an adverse effect on the country, because the people cannot innovate in technology. We should follow blockchain technology to improve one's economy and the country can also benefit, for example by cutting taxes from crypto to its citizens.

The lift of ban is really a breakthrough and a milestone achieved not just by India but the entire cryptocurrency sector. I'm being optimistic that this will pioneer more cryptocurrency and blockchain's adoption across many nations in the nearest future. With Indian being one of the largest economy in Asia, cryptocurrency market is about to experience a whole new form of adoption and usage.

The news lead to surge in the price of Indian owned cryptocurrency exchange token, Wazirx which is partnered with binance to provide a robust trading platform for the whole of india.

For years Indians have been marginalised within the crypto space as  a result of the ban on crypto by her central bank. It has in no doubt diverted the attention of the citizens of India from crypto related activities as it is not locally accepted, hence, it is seen as a waste for people not to consider geting involved but its nice to aid massive sdotion by first unbanning the tech and allowing people to learn.

The supreme court's decision is final and from my understanding, if crypto is not even an illegal in india but the token that can be declared as security that was already issued outside of the security regulation in india will be considered as an illegal thing that must be banned by this country. India is not even having a problem with bitcoin because it was utility coin but it's clear that if indian central bank has already stated if the problem should be on the creation of illegal security token that can put the indian investors into the big risk by investing in the illegal security that is not even getting controlled by the government.
It looks like you must try to learn more about the decision that already taken by india and it's very similar to what already done by US to the crypto.
Utility coin like bitcoin will never be banned.

Indian banks back to work with cryptocurrency? Do you really think that some banks work with cryptocurrency? I doubt it very much. most likely this is just false news from some companies. it will never be profitable for banks to work with cryptocurrencies and cryptocurrencies are created to destroy banks.

Good news for the crypto community based in India. After two years of ban from the Reserve bank of India,  things will change surely in the subconscious. I don't think this news will affect the market straight away but, it is a good sign for the community.

This all is not very easy as few peoples thinking because its a long term work and going to take some good time right now they are much behind in this all first of all need to do some work on basic infrastructure then they will able to deliver recently few peoples was asking for blockchain technology as well because its a big country and they need some quick and good things for better and fast results so this is going to increase life style and many other things for local people.

Obviously, It was the great news in crypto platform, Because they have largest population in India so 10% of people will concentrate the Bitcoin and altcoin it will move rapidly growing. The current dump was unexpectedly happen in the market so keep holding and concentrate some other better investment is a perfect choice.

So many crypto users are coming from india too and with the release of this news and it's clear if crypto will get huge support again from India as central bank of india can do nothing about that.
The current dump was caused by the urgent of covid virus.

Probably this a great sign for the community especially for those people in India. They can totally join and access the technology of the future. We admit that many smart people came to India and now this could give them hope to implement and know much about Bitcoin. This is definently a historical event for crypto world and everybody can now participate for blockchain revolution.

Well looks like this news is not hoax anymore and its all over the news since yesterday we can expect another huge volume entering into cryptomarkets in the coming days India has a lot of potential crypto users. 

India is improved! Most of Asia countries do not allow to exchange cryptocrruncies.

Yes, India's population is very huge which here is a huge chance for the Indians to start investing again into the cryptocurrency. Due to intrinsic Ban from their government, many people start leaving the cryptocurrency. With the latest news, again, it is giving opportunity for the people India to invest again into the cryptocurrency.

I also heard the news recently and it's a good news to all the crypto lovers in India as they can now resume their works without the interference of their government.

Upon checking also the market, it is starting to move upward so the contribution from the investors in India are also helping to push the market. If this will continue, we can surely see the bull this year and we will not be worried that after the halving the market will crash.

This is a good news and I wish many other countries who placed a ban on cryptocurrencies can take time to study them, understand them and lift the ban. Cryptocurrencies has come a long way and it can only keep going forward, so banning it won't help anyone but allowing it will only open more opportunities for the entire country. With what blockchain and therefore cryptocurrencies offers, it's time for more use and acceptance which will lead to mass adoption. This is a wonderful news  for the people of India as they now have the opportunity to explore all that cryptocurrencies has in stock.

I think this is good news little by little as some countries have begun to implement cryptocurrency.
where India initially banned bitcoin and alt expressly.
now enforces and everyone can transact without having to hide in secret.
hopefully this will have an effect on countries that still prohibit crypto.

It is a good day for them.
I don't really have much of the details into why they lift the ban.
I want to know but with just a little statement though. I don't want long reads which almost looked like a book.  ;D

Computer engineers. If we go through how much people there who want to be one then it will be difficult to count them.
The idea of just lifting the ban of bitcoin will mean something else to them. Chances, opportunities and more jobs to be offered which they all need.

Very good and encouraging news to hear in the crypto sphere. I want to believe this will increase crypto adoption and also signals to other nations still warring against crypto.  What I used to say is that, it is just a matter of time, those criticising crypto now will still accept it and they might have themselves to be blamed for being a late adopter.

Last week, India took another step towards legalizing bitcoin. India's two largest banks: Yes Bank and ICICI Bank have started allowing customers to use Bank accounts on cryptocurrency trading platforms. https://www.buyucoin.com/crypto-labs/indian-banks-rush-join-bitcoin-party/ - "Cryptocurrency users in India will be able to visit physical bank branches for crypto banking services and learn about cryptocurrency investments".

Waah! This is becoming very good and I'm sure India doesn't want to miss this great opportunity either. Despite some of their strict rules, I believe this is a big step for the Indian government as well as the crypto community, and will definitely give people's confidence in investing in crypto

First they ignore you, then they laugh at you, then they fight you, then you win. 

This is very good news and I hope that with this kind of permit, projects from India in the past can revive and can continue to develop their projects so that they can compete in the market and new projects will be born.

Honestly, I have never seen a project from India that develops well, so it is very unlikely for a dead India project to rise again, because resurrecting a dead project is a very difficult job and even more difficult than building a new project.

Several months ago I heard that there was a discussion regarding the issue of the Indian government prohibiting the use of Cryptocurrency in their country, and now they are giving a statement to legalize Cryptocurrency, of course it does not look consistent with their stance or statement in a country and it is very confusing , if indeed their government has legalized Cryptocurrency then that's good news for everyone, and this could be a motivation for other countries to follow India's footsteps to accept Cryptocurrency as a digital currency in that country ...

Interesting
I guess the banks there directly offer the crypto services, or they collaborate with crypto trading exchanges/platforms to offer the services?
 Well, the policy makers probably decided its better to allow the crypto traders in the country/local banks than lose them to those outside of the country and far from the reach of the authority

Great news for the crypto community in India. It looks like the government has rethought it because they have quite a bit of society joining cryptocurrency. Even though many had shunned India projects in the past, there are now excellent and growing Indian projects.
News like this will always be awaited by the crypto community in other countries that still have cryptocurreny prohibition regulations.

There is no big news about at this moment for the Indians crypto user than this.  Inda is developing to try to be one of the most modern country mainly in Asia. And this will help to atleast a little bit a step forward.

If the rest of the countries that did not legalize crypto yet follow India and try to legal it the crypto market will be influenced in a huge dimension IMO. 

The confidence of our blockchain traders went one step further as the Indian government supported cryptocurrency. The more it spreads globally, the easier it will be for crypto marketing and the more manpower will be created for investment.