Bitcoin Forum

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.

Bitcoin apparently was designed to continue to operate with or without permission of governments and banks and they
also said we would have "Virtually free transaction fees" but that ended up going to $55 three months ago so it's just another lie.

The latest lie is about centralization because that's gone too with the lightning network but don't argue with me, argue with this guy
who makes the point very well https://www.youtube.com/watch?v=UYHFrf5ci_g or see the notwork map of banks taking shape
https://lnmainnet.gaben.win/

That's right people, you have been had again but the majority of people here still won't "get it" because they are
gambling addicts and are beyond any help that i can offer them.

Saw this link on facebook: https://blockmanity.com/reserve-bank-india-bans-banks-india-dealing-crypto-currency/
And as I'm surfing around, I saw this post and base on the article it will be for one year.

Yep that's still going to happen, this only applies for the banks but that's still a bad news for our fellow bitcoiners in India.  :-\

what about the traders of india?
how will they get the fiat?

It means the bitcoin was officially banned in India?

If it will be true then more and more price fall will occur in bitcoin because India is the second largest populated countries and they also playing big part in crypto currency field. :'(

https://coingape.com/rbi-cryptocurrency-ban-in-india/

Broad coverage on Indian media outlets has been announced that cryptocurrency is illegal, causing a stir among investors. From February 1st, Khurana has made a call to convince distraught investors and curious buyers about the government's attitude and value of crypto assets.

it seems to me that sooner or later it will affect all countries

it's also a worry I am in the country India is very many people who use crypto currency even so much ICO coming from the country. then what if India has set a break? what will happen to bitcoin prices

I won't say it's the end of the road but yes it will create a lot of uncertainty in the Indian market. Moreover, Indian government will loose its share of the cake. Actually with this statement, Indian government actually opened up a new way for the black market to operate. Like guns and drugs are illegal in India but anyone can purchase it with money. This kind of conservative mentality proves that why a poor country will always remain poor. Sad!

-the bold line that was part of the article is most likely a candle giving light in the dark, it means crypto can still operate on India.

Only for three months (time period about RBI not to support crypto), but I does affect countries to tighten also their  bank regulatory to BTC.

Also good part and the best part is the part of "not to ban crypto" inside the country, second good part, they can invest or loan money from private institution for the time period...

I think this is once again one of those instances where people are running with a story that are factually wrong. India has not

said that it is banning Crypto currencies, but nothing is stopping the media to run with that story. The FUD wagon is running

on no brakes now.  ::) The sites that I have found reporting on this, is by far not anywhere close to reputable media outlets.

Time will tell if I am wrong.  :D

Not all media broadcaster in cryptocurrencies are exact details, see? it is not totally banned so, therefore, there is still having a chance people theirs to used bitcoin or to have transactions. The reason in my mind that they doing this spreading the news banning crypto maybe media broadcaster was feed by a shitty international politician to make a FUD news regarding bitcoin because they think that bitcoin is one of there competitor in business soon.

Indian government has been scared of bitcoin for a very long time now, I believe it has at least been 2 years that they have been attacking it with all their force and each time they push back the Indian  population buys more and more into bitcoin.
I remember last year we had a very similar news regarding some bitcoin ban in India which I think was in fact some restrictions on exchanges and that pushed the price up 40% over in India and the  volume on localbitcoins.com India went up about 200%.

bitcoin doesnt matter here its about cryptocurrencies, no use for indians to use bitcoin anyway.

but this iss a highly controversial issue, the indian elite is abusing their power.

its of course very comfortable for them controlling the countries financial system, having billions trapped to the banking clans rule

I am sure you have misunderstood the whole statement. So I encourage you to read what Bloomberg has mentioned about this situation.

www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies.amp

The 3 months timeline was given to banks to unwind their positions from those entities who are dealing cryptos. That essentially means banks now has the legal right to freeze anyone's account if they think that individual or that company is dealing in cryptos. There is no silver linings, not at least I can see.

I think BTC will drop 6K because this news ;D

I hope this is just FUD news or it it make huge blow on the bitcoin prices more and more.But as far as I know there is no news related to this when I asked my Indian friends so the mendia juat telecasting the news wrongly.

one of the main things about cryptocurrencies (more like bitcoin and not much in altcoins) is being decentralized. and that means no matter what the rules the governments set for bitcoin, people shouldn't care. in the end bitcoin is still going to continue being censorship resistance and they will be able to continue using it just as they were before.

so no, this is not the end of the road. in fact this is a very good test to prove to the whole world that bitcoin is censorship resistance.

Yes,but most of the people using bitcoins and other crypto currencies as a money making tool not for the peer to peer transaction.So the people who uses crypto currency for money earning definitely need banks to buy and sell their coins.

But what will happen if the people uses LBC for buying and selling bitcoin which is not an Indian based site but it is available in India,even if India banned that site people can access through VPNs,so this may not be a big problem I think.

when talking about OTC trading localbitcoins website is only one of the many options. in fact you don't even need that to trade bitcoin you can always do it in a much better peer to peer fashion and through different channels. there may be higher risks or more work to be done in many cases but that has never stopped anyone so far from doing them.

I think what cause this is that the level of corruption in India is catastrophic and imagining bribes being given in untraceable, anonymous cryptocurrencies is not too far-fetched.

“In fact, that would be a dream come true for all corruptionists and would trigger a cascading effect of utter lawlessness as fear of repercussion by the state would simply disappear for lack of a legislative, punitive base on such assets.”

In every ending there is always be a new beginning,, mostly.. I mean does this really be the dead end,, Indians in nature are smart and this won’t stop them for doing crypto.. Central banks can do anything,, but don’t forget banks are just places and humans are the customers.. If they don’t value the choice of its client,, time will come that it will backfire to them..

This is a revolution and it will started soon.. And this pronouncement would only trigger more hatred on our corrupt banking system..

Forbes, CNBC, Bloomberg, Reuters, etc. are running the story and quoting a statement released by the Reserve Bank of India. I think it’s real enough. See the actual press release below.

https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR264270719E5CB28249D7BCE07C5B3196C904.PDF

This might interest some of you: https://www.cnbc.com/2018/03/27/a-complete-guide-to-cyprocurrency-regulations-around-the-world.html

if bank not support then people can buy from person to person.
its good to buy from person to person but i think india will not ban bitcoin.and crypto.

Hello from a russian thread and also sorry for invalid English :)

Could someone please clarify if such an article is a fake or not?

As far as I can understand there are a lot of rich folks live in India so there are a lot of BTC holders which should panic and sell their BTC to avoid to get illegal/criminal. So then we have to see the huge panic-sale in charts, but there was not such before or after the article has been published. How is this possible if the article is not a fake?

Thanks in advance for your answers.

You just wait! The government will realize soon, that they can earn a tax and will allow a transaction of cryptocurrencies.

Others are already discouraged, disappointed and whining due to this. You can see that there are many newbies that posted this news as they understood it wrongly. But we've been to this type of news since before and we are just going to get used when there are news like this.
Yeah this only applies to the bank as long as the transaction isn't inside the bank, they don't care at all.

Sad but true : https://coingape.com/rbi-cryptocurrency-ban-in-india/

Yeah I just saw this in the news. Looks like more FUD. And when there's FUD, there's red candles.

They released a statement saying they're outright not dealing with any services/exchanges that deal with virtual currency. (PRETTY DUMB STATEMENT, since there's a huge difference between virtual currency and Cryptocurrency.)

Anyway, so yeah...

Very unfortunately, why this can happen. I am afraid this will affect other countries. and this will definitely affect the price of Bitcoin, lately it has really become a tough test for Bitcoin and the users of Bitcoin. hopefully this storm is passing quickly, and Bitcoin again high value as End of 2017 then.

https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

point no. 13

What if they dont overturn the decision.
how would they withdraw their fiat?

People will still use cryptocurrencies regardless of a ban, you cannot stop people from using cryptocurrencies because you cannot stop them from using the internet, since banks won't deal with them again then they would just find other ways to get their cash out, for example you can tell your friend in another country to help you cash out and send your cash to you.

I do not seriously respond the news about India. and for a moment, I see that India has no good purpose for the cryptocurrency.
my speculation the reason are :
first, the population factor that is not ready to accept crypto.
Secondly, the Indian very much population, so to minimize the criminal, they decide to ban crypto.
Third, India's growing economic still weakly.

and I think countries that prohibit crypto is a developing country and have a large population.

           Bitcoin investors has been disappointed  by the statement done by the finance minister that Bitcoin is not going to be legalized in the year 2018 and also stated that  India government is going to stop the usage of virtual currency .If it happens then the Bitcoin price will plunge down since most of the users of Bitcoin may be from India that is a much populated country in the world. I don't believe that this will be the end of road for cryptocurrency in India but will create uncertainty in Indian economy.

recently,  Indian projects have proven themselves as a scum projects, as a result  a lot of investors  dont trust this market, so that allowing will not save   reputation.

No way india holding very small portion of crypto holding .Even  No major exchanges represents india more than that only Zebpay is the only exchange given api access to coinmarketcap . No other exchanges then how do you say india plays major role.
Please read this thread i have created
https://bitcointalk.org/index.php?topic=3268437

https://coingape.com/rbi-final-call-dealing-cryptocurrencies-in-india/

So RBI has given 3months deadline to the traders and exchanges :/

it's never good to lose a market, that's if any of this is true. so many people here are too stupid to interpret things correctly.

at least it's a market that has little to no bearing on bitcoin as a whole. right now in all of india there are 27 full nodes and i've never heard anyone talk about its market having any importance.

Although the news is on internet but still there is no official circular on the official site of RBI and they have said that any institution coming under it shall not deal in providing services related to cryptocureencies and bitcoin but any agency not under it's regulation can still perform the functions. And moreover they have but banned the usage for traders and given time for three months to wind up businesses. But still the decision can be withdrawn and actions can be taken.

Why I love the crypto world is because it is P2P. They can stop transaction on the open but they cannot stop the P2P exchanges. The only issue is when you want huge sums.

https://twitter.com/CNBCTV18News/status/982277981639925760?s=19

unfortunately the free will of people to become investors and try to earn their own money as an investor in a small scale is aimed everytime and anywhere, I hope Indians would not be effected from this and will be able to make transactions even without the regulated bodies. 

Actually this is very in pity, the move is done Bank India hopefully this will not trigger other countries. but I am sure, even though the state has banned its people from doing activities in Cryptocurrency, the people of India will still play Bitcoin. there are still many ways to earn Money from Bitcoin.

The country INDIA is not a so good country with their people, many of them are not in good state of life like financial.
Doing this will just make them suffer, hungry may strike worse. I hope INDIAN government may think twice about this decision.
Bitcoin and other cryptocurrency are better to have especially on country that has high percentage of poverty.

i doubt that, if india wants globalisation it will continue to need cryptocurrencies,

the question is weather the people in india and abroad will accept that.

currently indian economy is basically focused on the banking clan around it. those that can print money in india are its current true rulers, the democracy is just a show to distract the masses.

I don't think that this decision would create any impact in the long run because people can still use banking system (even after 3 months period) as the restrictions are for registered entities and not for the individual trades. I have seen that international market has not even moved a bit after the decision as we all know that it is the mission of spreading awareness regarding decentralization and centralized institutions would definitely oppose it. Indian users are still trading Bitcoins through platforms like Localbitcoins to trade even along with banking system.

I am proud of what happened to our friends in India. But, do not worry because there are still many ways to manage bitcoin like doing trading in outside exchanges like Bittrex. We can exchange and take money but only the crypto that we trade in the form of dollars. As long as you can access the internet you will not lose the way to manage the bitcoin you have. So, just ignore the ban that the RBI applied since a few days ago.

We could expect another fall of bitcoin's price in the coming week whether we like it or not because India had a lot of people who are engage in crypto and also own cryptocurrency. I guess they are now on a silent mode and monitoring the news and waiting what would happen in the coming days.

this news is not a false news.
RBI has released circulars to address this .
https://coingape.com/rbi-final-call-dealing-cryptocurrencies-in-india/

https://coingape.com/rbi-cryptocurrency-ban-in-india/

official RBI statement in point 13
https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

outside india no one cares. india counts for nothing in this market. volumes are negligible. there are no significant indian services. no development comes out of there. no one there is mining.

we may miss it in the future, but then again you can't miss what you never had.

They may have a small contribution for now but u cant deny that ,with such a huge mass they have a great potential to b a big contributer in future.
and if they are banned from using it ,it will certainly send a bad message in other countries for sure

I think a country's decree will only crack Bitcoin. But it will not die. People can trade bitcoins through other channels. Bitcoin has been going through many times for this kind of crackdown. Good luck for everyone.

that potential is now gone. there won't be any contributions. there's no point imagining what might have been.

anyone surprised by this is crazy. india prohibits gold importation and was happy to destroy the wealth of a huge percentage of their population to force them out of cash. i'm surprised it took them this long.

if i were any type of crypto investor i would never have gone anywhere near india because a move like this was so obviously going to happen.

Amidst all this, there are rumours that they are looking to create their own cryptocurrency.
They might be cracking down on bitcoin and all but this wont last long as you know. People in US are still finding various ways to participate in ICO's so this wont last long. Geared for maximum impact

India, like China, has banned the BTC deal, but in the long run it is an irrational choice, with developed countries such as Japan and the United States trading BTC.

In indonesia bitcoin is never been legal, and the goverment banned bitcoin long time ago.
But many indonesian people still having bitcoin.
That's not a big problem i think

i am actually supporting cryptocurrencies.

indian officials have from a humanist perspective legitimacy to fight certain cryptocurrencies that waste so many ressources, like bitcoin. if they do their agenda right they will successfully get every single national trader/craftsmen to not accept bitcoin.

regards

Please don't leave a misleading topic. You said in the body of the post that the Indian government was ONLY regulating the activities of virtual currencies under 3months

 The Central Bank (RBI) issued its third warning, reminding the investors of its earlier concerns.  the RBI said that the creation, trading or usage of Virtual currencies or VCs as a medium for payment are not authorised by any central bank or monetary authority. "No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," it added.
 there are five points listed RBI those are:
1.The RBI says that virtual currency being in digital form are stored in digital-electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc.
2.Payments by virtual currency take place on a peer-to-peer basis without an authorised central agency which regulates such payments.
3.There is no underlying or backing of any asset for virtual currency. As such, their value seems to be a matter of speculation.
4.Cryptocurrencies are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear.
5.It has been reported that usage of digital currencies are largely for illicit and illegal activities.

So these points show government and RBI are trying to make end of road for Cryptocurriencies.


 but some countries like Japan promotes cryptocurrencies.

Well the Indian authority have the right to either welcome cryptocurrency into the domain of kick it out but I believe they can bring to an end the existence of Cryptos in they country as digital currency are highly decentralized and it transactions can be carried out from any where at any time.

No, India hasn’t banned cryptocurrencies (https://thenextweb.com/hardfork/2018/04/06/no-india-not-just-banned-virtual-currencies) published on telegram group  CTA_NEWS  (https://t.me/CTA_NEWS)

Rumors and manipulation in the market wiil be always :-\

They have not banned crypto but they are stopping the transactions by asking banks to end relations with exchanges. After this is implemented, bitcoins will die in India.

"Things have been made harder, not outlawed.It is still allowed for them to continue providing services until RBI comes up with a further notice. Nothing has changed in that regard for now either. It is the market FUD following the news that is driving the prices down."

there are no exact dates, will be as with China: forbid, but not completely and not so understood, etc.

yes people are using bitcoin it does not matter what the position of bitcoin is in our life, we are earning with bitcoin same as us people of India are getting income from bitcoin so why would they let this easy war of earning be go, I think bitcoin use does not really matter for the promotion of bitcoin in some community as already no such banking was heartedly accepting bitcoin, so no matter if they accept bitcoin or not but to stop the growth of bitcoin in any country is not very possible.

I think sometimes regulation are not bad enough they just wanted to getting it know and making some rule so the people can using that wisely. Still many asian country not accepted bitcoin (as transaction) but they still can change with exchanger and trade as high vakue investment

This is not the first time this has happened, a similar action was taken in the US as well. Can't see how this isn't considered monopolization, but I guess they can get away with it.

Definitely not the end of crypto, as I highly doubt they would know if you paid for crypto regardless, but it will definitely make it more difficult to buy.

Just like exchanges moved out of China to hong kong when China banned cryptocurrency exchanges, in the same way the Indian companies too will definitely find the loop holes that exist in market around India and would perhaps move their business overseas. There are approximately 5 million Indians indulged in trading and I don't think most of them would want to give up the easy money they earn through trading. Most probably the move would be taken back by the RBI. Philippines is still a very bitcoin friendly country and maybe Indian countries would set up businesses here.

No matter what this government and other governments that oppose cryptocurrencies will do there will always be lots of people from their own respective countries who will be engaging, trading and using this kind of financial activity. It's totally unstoppable. And since we are in the stage of enhancing highly technological advancements in all aspects of human lives, cryptocurrencies are just a part of an evolving financial revolution. We are currently living in a virtual world and it's just perfect that virtual currencies go along with that.

This seriously an exaggeration, nothing else. India is not among the major supporters of the crypto market, nor is it holding any successful crypto exchange of the world. India is not China which will affect the market in an influential way. The banning of crypto currencies in India is not going to make people suffer in any way except for Indians themselves. There is no need to even pay attention to this news.

There were a lot of news about banning cryptocurrencies in different countries before. But any single novelty hadn't become a reality. The same situation here. I don't watch the details but crypto wouldnt be wholly banned.

Yes, I also got this news and this is very shocking news for me also because Now my entire life style depends on BTC only and being the resident of India, I was very worried about the ban but let me clear u one thing first that this ban is not on permanent basis, this is only temporary ban because RBI is not sure about that volatility of BTC, once they come to know, they will surely remove the ban.

A lot of counties have banned or cracked down on cryptocurrencies, only to later repeal the changes once they realize it's too brash. India will likely be the same eventually, as cryptos allow them to trade with other countries much easier.

china himself puts a stick in the wheel! because of strict restrictions, China is becoming less and less influential country in the crypto market! very many miners and companies are starting to leave with China! all companies are beginning to migrate to more open countries that let bitcoin and the entire crypto market into their lives!
The same is true in India! they do not understand that they will complicate the development of themselves and the entire crypto market!

This is not the first time we have being hearing this type of news. Regulation of cryptocurrency by government of any country o will just  have a momentary effect on cryptoworld, cryptocurrency is too relevant to be stopped.

I think the road of cryptocurrency in India has not yet ended. Countless people of India are using cryptocurrency. A few days ago, the Indian finance minister was discussing a meeting with Bitcoin. They are planning on how to use Bitcoin. Because Bitcoin plays a role in the development of the country's economy. Moreover, the use and popularity of Bitcoin is increasing throughout the world. I think the use of Bitcoin in the world will be legal in the future.

I think that India has made the wrong decision. maybe today india choose to ban crypto transactions, but they do not see that today too, many countries are receiving crypto, if india does not change their decision, then india will be country lag for eternity.

today we also see that many big investors are not satisfied with the place of real investment, so they choose crypto as their investment.
what will happen, if in the future many big investors are looking for crypto investment? and india does not accept crypto.
I hope it is not the end of the decisions of the country of India.

India crypto moved away from the currency and made many mistakes. They will experience it in the future. The crypto currency is increasing day by day, so India should consider this issue

This news is true or not I do not really know but many speculate that India previously received virtual currency and now start refusing it for some reason .. very unfortunate with this because many projects are coming from India and this seems to be Considered by India back to leave virtual currency.

Compared with the highly developed countries of electronic money, India has a lot of trouble with this currency. India's complex relationship with electronic money and companies involved in the industry has now reached a "go to court" stage. The RBI instructed banks to terminate their current business relationship with electronic money companies in July this year. This signals the end of the road for electronic money in India.

What would you expect from people that worship cows and eat dogs? It seems like they do a lot of shit backwards.

What would you expect from people that worship cows and eat dogs? It seems like they do

This is exactly the feeling when countries around the Globe starts to ban Cryptocurrency or the virtual currency, and its depression. More and more people will start to doubt and be scared of investing because one day their country might start banning theirs too. Luckily in our country, there are still the significance of bitcoin around the land making it neither a  threat or an accepted job by the government.

Every ban has a negative impact on the market when the government issues a prohibition. Do not worry and think that the government can ban all people investing in Crypto because everything is in incognito mode so the government can not control it.

I think India, like China, can still use a VPN.
So I think people can still trade privately.

You can not stop them from using crypto currency because it is decentralized with the internet. Banks will not deal with them anymore because they can find other ways to earn their money again then you can tell your friends or relatives in other countries in order to help you can withdraw money and send your money in cash. 8)

noticE: the Centrall banks hate cryptocurrency because it will make their power less in the country and economy of the country, and they can not controll anything! thats the truth cryptocurrency is good for us, but not good for goverments!

India, like China, has banned the BTC deal, but in the long run it is an irrational choice, with developed countries such as Japan and the United States trading BTC.

I do not want to say that this is the end, but this will create great uncertainty in the Indian market. also, the Indian government will lose its share. In fact, with this announcement, the Indian government has opened a new path for the functioning of the black market.

Will and won't state it's the finish of the street yet yes it will make a great deal of vulnerability in the Indian market. In addition, Indian government will free its offer of the cake. All things considered with this announcement, Indian government really opened up another path for the underground market to work. Like weapons and medications are unlawful in India however anybody can buy it with cash. This sort of preservationist mindset demonstrates that why a poor nation will dependably stay poor. Tragic!

If you understand why India and China banned it you will understand Bitcoins problem! Who can help with an answer to this question!

Maybe because it is unpredictable and can ruin people’s finances!
It also threatens local FIAT
It is used as a form of payment for illegal activities

How can the Indian government do something terrible like that? and one more thing a bad news for a traders this will make a big loss for them. And this will definitely affect the price of Bitcoin, lately it has really become a tough test for Bitcoin and the users of Bitcoin.

Just FUD news, there will be no restrictions here.

I feel anxious, it is bad news for us as it will affect all other countries. Bitcoin will decrease by this news. :-[

I have a hope that Indian government will soon understand that they are making the biggest mistake. Why do not they want to give the greatest chance to their people that do not have the best life?