Bitcoin Forum

According to recent news, RBI which is India's central banking institution has advised to stop transactions from any crpto exchanges. This will stop the buying and selling of bitcoin and changing into local currency. Official statements hint more bad days for bitcoin.

For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/

India is afraid of taking risks! He does not want people to be deceived! I do not trust the crypt myself!

Too bad to hear that , but we have to remember that there is always a reason behind this and probably thats the thing they want to keep, but in the end of the day, it just a matter of hardwork, but I guess if they acquire Bitcoin to their country thse days they may teach it o the people who were capable to be involve here for extra income since we all know that India is one of the most populated countries and they need assistance which they can get with Bitcoin.

This is bad news about Bitcoin being banned in India, i hope this is not for a long time. it's a shame if a country with a huge population prohibits the use of Bitcoin.

We used to think of India as the world's largest democracy, maybe we should think of it as the world's largest fascist country. They had demonetized the largest bills last year, and now that the banks have a much tighter grip on everybody's money, the central bank wants to close one of last remaining way to get your money out of the government's hands and eyes. This is India, this is fascism.

Hopefully, this is only temporary. Looking further down the road, governments can change, too.

India has clearly banned cryptocurreny. but are there any sanctions for crypto users in that country?
and India has a plan to adopt blockchain technology and I think it's something that will be a new policy for the government of India.

The Indian government has declared not to accept virtual currency payments and to take measures to remove the presence of virtual money. India does not consider virtual currency as a legal means of payment and will do all possible measures to eliminate Bitcoin support for illegal purposes and payments, but the government is exploring Blockchain technology. Many of the jobs investors run into the virtual currency "crying" because of the rapid evaporation of the currency in just one day without managing to sell. Causing a lot of risk to both investors and the government of this country

it is certainly a very strong squeeze between the legs! but as far as I understand, she closed the exchange between banks and the crypto market! but it does not close the doors for the rest of the structure and life of the crypto market! I think this is not for long, soon everyone will understand that they began to lag behind the countries (those who are friends with the crypto world) for development!

Actually there is no reason if India forbids the existence of bitcoin or any other kind, because we know that the existence of digital currency is not to harm many parties, even that is the opposite, indeed every country has different choices or laws in other countries, so what is the reason India forbids or closes Crypto currency ..

India is afraid of taking risk, but if their properly understand the opportunity crypto will have over they economy they will embrace it. They can only control it to some level but they can entirely stop crypto in India the Masses will still hold and transact with crypto currency and bitcoin will continue to be they number one choice.

I see that the title of the article does not correspond to its content. The text says that the Central Bank of India recommended other banks to stop transactions with crypto-exchange exchanges. This is clearly not the prohibition of crypto currency as indicated in the title. I also do not understand how banks are connected with crypto-exchange exchanges, and are the volumes of transactions between them so large that the entire movement of the crypto currency is paralyzed? This can not correspond to reality. Then it is said that according to the Central Bank, the termination of such transactions will lead to the fact that the crypto currency will become a local currency. This statement is generally absurd. Also, it should not be forgotten that the Central Bank is not a legislative body, its letters have only a recommendatory character. Therefore, nothing terrible has happened, it is necessary to take into account that banks by their nature negatively relate to the crypto currency, because it takes away their clients and profits.

Then I suggest you to read more. The very first sentences of the article already points out about the immediate banning of RBI about buying cryptocurrencies using a person's savings account from a bank.


See? If ever you have really read the article, you will read that immediately.


Most exchanges have this option to cash in funds from the banks they are connected with. You should be familiar that services do have some form of connection with the banks as soon as they have listed the banks as one of their payment methods. Most cash coming in from crypto exchanges comes from wire transfers, so yeah, it attributes to a huge percent of the cash flows in cryptocurrency.


Central banks can implement monetary policies on the nation it operates at; it can also regulate the financial system so as to ensure that the system is safe from any form of loopholes and illicit activities that could potentially harm the citizens' financial interests.

Well, this is really a shocking news to the Indians and i myself being a citizen of India thinking some ways to do trading by Bypassing this rule. I am planning to search any wallets which will hold my bitcoins and then will transfer it to my PayPal address from where i can easily get my PayPal amount transferred to my local bank's account. Let me know if there is any wallets which can get the bitcoins and transfer to my PayPal account. Indians please share if there is anything.

This will be devastating for all the Indian investors. I say a statement from an exchange that they are not dealing with banks and are using payment gateways for transactions. They will have to ban all those gateways now as well.

shocking  news.......... dont have words right now......... Hope will get some good news soon.............

It seems that there's no end to the FUD. Every day there's some negative announcement about banning cryptocurrencies or exchanges being shut down. Banks in India want to ban cryptocurrency, but they are planning to introduce their own cryptocurrency. But people who have bitcoin or other cryptocurrencies are smart enough to find a way to deal with this.

This will make the bitcoin more weak. Every time BTC tries to recover a bad news blows up the market. It is really a sad news. It will harm the Indian people who invested lot of money on cryptocurrency. Over all a bad news.

RBI cleverly not declare the ban crypto-currency but stop the option to buy it from the bank account. I don't know whether the exchanges will come up with any solution or not.  or  whether any solution is possible ??!!

This statement clarifies bitter truth of this country, on one side they support digitization and on the other hand they take such steps to crub crypto. I think they should also ask people what they really want, rather than just taking their own decisions.

Nothing terrible happened, I think this is the worst case for crypto users in that country. How will a user buy and sell if there are no banks allowing transactions. Banks form important part in helping converting money into bitcoin and vice versa. Country has already stopped Bitcoin usage in any sort of bushiness transactions and this rule will also stop people to invest in this currency.

They just released an statement but they are not banning bitcoin or cryotocurrency so stop creating panic among the investors or later the cryotocurrency prices will fall more.

If you dont trust cryptocurrency why are you here in the furom? For me you are here to justify to yourself that cryptocurrency is not a deceiption but it is a breakthrough and any time soon you might even become a bitcoin investor.

It would not be good if banks continue to do something like this in various countries. I mean if people truly want crypto, they can find a way to buy it; however, if banks make it more difficult, the every-day joe might not want crypto due to the hassle of obtaining it. The liquidity in the crypto market would drop and that would be very bad.

Is it serious? or it just fake news that wants to make the bitcoin value even more crushed?

Then what is the purpose of India had made the startup for support crypto?
I think Indian government just wants to learn crypto with a bad purpose.

Now even such news probably will not affect the price of bitcoin. Since even positive news does not move it up, negative news from India is unlikely to lower the price even lower.

I very much hope that the people of India will oppose the bureaucracy and the monopoly of banks. This cunning system will be used in turn in every country of the world and, if not resist, ultimately will destroy decentralized crypto currency and technology.

Bad news for all I heard this news some days ago
I hope Bitcoin never die it rise again

I do not know how will the Indian exchanges tackle this. I think we have the owner of some exchanges here and they can tell better about this.

Embarrassing news, in fact that many giant cyber corporations like google and microsoft hire many indian employees, even their CEOs.
I guess there are many issues in India that force the government to so. India has big issue about sectarian war (sorry to say) and terrorism. may be crytocurrencies are used for many bad things.

I don't know how much time you are going to ban cryptocurrency from India I live in India and it is making my survival harder every day. Anyway I do not think that government can control all the transactions of Bitcoin which are not done from the bank they just clearly stated that no more transactions can be done through banks so they believe people are not going to exchange any more money into Bitcoin but the only thing which can save people time and money as if they join on their own markets like 2years ago.

Perhaps the news is not so catastrophic but I am a little worried by this negative attitude of China and now India towards cryptocurrencies. They are still two countries made up of billions of people

India is not a crypto friendly country and has in the past banned some cryptos totally rendering them illegal,its not therefore a suprise that this is happening at all

maybe soon india will open the door for cryptocurrency maybe now they are confuse and scared about the risk of having bitcoin in their country. when they got enough knowledge in bitcoin they will legalize bitcoin in india.

This is too bad to hear tho but I think they are just being safe they dont want their country be deceived by crypt. Yes this is risky but taking a risk is what they need to di if they want to improve their economy.

India has done lots of foolish decision before by demonatizing their own currency where millions of people suffered . Now they are coming to crytpo currency even the people made regulation might not knowing about most popular currency like bitcoin and ethereum usecases

I say Fu#k them. If they do not want to move forward and if they want their people to live in poverty, then their people should remove them, like they did in other countries.

Bitcoin is a currency without borders and when their government ban a technology, people start to question the reasons behind it. The government will use scare tactics like terrorism and money laundering, but eventually the people will see through that bullsh1t.

Nothing is stopping these citizens from accepting bitcoins for services rendered online and using that money in Bitcoin friendly countries. <Their government will receive no tax income from that, because they were short-sighted >  

since last year india goverment already give a sign that they will ban cryptocurrency.so i was not surprised with this news.
its only give a little effect to market.

This recent news from India is another setback to the cryptocurrency market but the India authority has not banned the citizens of India not buy or use bitcoin but India banks should not process cryptocurrencies transactions.

The silver lining is that the Indian government has not completely banned the sale of digital cryptographic currencies.

The Indian government is learning from the Chinese government to study its own digital cryptocurrency!

Bitcoin is not legal tender in India. But Zebpay, Unocoin and Remitano are the exchanges which are working still today for exchanging the Bitcoin with Indian rupees. All the transaction are made in the customers account. Registration is verified with PAN No, Adhar No and Bank Account No.

does not this have lasted long for the country of India? I was not surprised at all, did not even care. this news is just plain deliberate news to drop the bitcoin deeper.

A lot of exchanges are working illegally in different places, specially in such countries, where bitcoin is still not legal, i think that it is not such a big news, because a single country cannot effect the bitcoin price too much, as India do not have such a big contribution in bitcoin development, although some bitcoin users are there from India, but if China do not put such a big effect on bitcoin price when they closed all ICOs in their country, so we cannot expect any worst effect of banning bitcoin by India.

oh another bad news for bitcoin, India is a big country I know there are many crypto users in india this will be big affect for cryptos if this news is true. 

Well, I'm not surprised that the Indian government also want to the list of country where crypto currency is not welcome because they have been trying to fully understand cryptocurrency and put it under control for years still they are unable to that resulted in state where crypto is illegal.

Great news. I hope other countries will follow suit in the near future.
I would like more opportunities for cryptocurrency

Everything looks to me as a FUD. But, even if these guys are serious, they are digging their own grave by not letting the technology workaround as it was made to. They are interested in coming with their own Central Digital Cryptocurrency to keep the citizens of India away from Bitcoins and other VCs. Well, my 2 cents for them. They don't really know that they are badly welcoming the endangers of more and more (illegal) cash transactions in the country by doing this. Bitcoin is anonymous, so if not publicly making it available for people, they will not really be able to regulate more transactions and money that will now come from many different sources (and even more money will go out of the country).

This is the year when I'm gonna hear bitcoin is dead over and over again and countries banning cryptos...I'm already use with this global panic and  you should not belive everything you read...who cares anyway if India is out of cryptos ? but I bet that indians are still using cryptos.

In Asia, Chaina, japan, India, Korea are the head countries. Chaina had already banned crypto currency. But ther was a hpe weather the other except it or not. Japan warmly welcomed crypto currency but India also banned it. I don't know about Korea. The other developing countries follow ther developed countries or the power full countries. So, in aisa it will be hard for bitcoin to explore. I'm not saying that it's impossible but it will be very very hard.

This is definitely not good for cryptocurrency and the last time I checked India was actually doing some research about the best between bitcoin and ethereum. I wonder when some governments will stop crypto ban just because they can not control it.

It does happen if there is a bunch of dumb decision makers, if people are to be protected, they have to come up with a good regulation rather than shutting innovation down, it is easy to shut things down with a decision, but they have to understand if they keep on doing it without understanding the long term consequence, they will loose the edge in technology .

damn its a bad news fot us that 1 country India has blocked cryptocurrency from their country, why the government afraid of crypto in their country? is the ryptocurrency is dangerous? or something else? i hope that soon the bitcoin and cryptocurrency have a good news about it because right now i always see the bad news about crypto and make the crypto is not popular than before

then why are you herego suck youre butt l,if you dont trust crypto you should be gone by now,but the truth is your a paid troll to spread fud or fake news to create panicking to the members things that in which you gain amount,you cant fool us were strong enough for youre sentiments loo

Stop believing the FUD! This is all well-planned for the value to slip down near $6000 level, which it did.
The Government played the act in a well manner, possibly G20 countries had all this planned because they know that India holds a big % in crypto world, as well as they also know that Indians react based on their emotions and don't even think twice and that's because of our media which adds up a lot of spice to any news and make it look more serious. Bitcoins are probably going to be bought by Banksters and they will probably make it too much expensive for an average user to even think of buying it. I've read an article that gives a good explanation of what to expect from all this FUD:
https://itsblockchain.com/rbi-banning-cryptocurrencies-fud/

Just stop believing them and sign this petition: https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution

Let's show them that we are not going to be their slaves. This is our country and our money and we have the right to use it wherever we want to.

Same processes seem to be happening in Russia - since 2014 they've been telling us that cryptocurrencies "are not guaranteed by anything" and have an unstable course.
The state can not accept the monetary system that is beyond the control of the government and law enforcement agencies.
If we draw a parallel with what we've been observing in the russian political and social life over the past 5-6 years (stupid prohibitory laws, repressions of dissidents, opposition to normal countries), this "total control" appears to be rather logical.
No offence (I'm not a great expert in the Indian social environment), but the situation here seems to be the same as in Russia.

Few months ago, I heard a news that the government of India just warned the citizen to the risk in putiing up the money in cryptocurrency. Right now, it seems like India was totally banned cryptocurrency from their country because of the crash that the crypro may bring to the citizen as well as the economy. The latest crash for sure is the reason why does India withdrawn the legality of crypto in their country.

Never. The main reason that governments prohibit the use of cryptocurrencies is that they are afraid to lose control over our money. Now they control all our income and savings. At any time, they can close everyone's access to his money. Do you think governments will ever give up this opportunity?

India has banned the financial institutions and exchanges to stop dealing with crypto and has given a time of 3 months to stop their activities and settle the debts. This has taken the nation by storm and a lot of selling has taken place. Although they have banned crypto, they are still exploring the blockchain technology and according to some rumors India is planning to use the blockchain technology. Also, they are going to launch their own cryptocurrency. If we join the strings, the wise people might understand why India has banned crypto. I believe its a temporary thing and there is something big to come in future.

I think this is going to be challenged in court and court will change this decision. They will give at least an year before implementing this.

I think when someone is interested in something so he must be knowing better about them. Like if you really don’t know what you are going to do with your earning source so how can you even be able to earn from them? So in case of bitcoins too, I think you must know about them earlier. And in this learning, trust is the first and foremost factor that will be helping you to bring much money out of it.

How sad to hear this kind of releasing feed news,in the country of india, definetly this known an india central banking or RBI has stop to  make a transaction in all crypto exchanges.actually the first affected in this implementation are those indian people who become enthusiasm and being fanatic of bitcoin and the second is the blockchain,maybe there is another continues fluctuation and the value of bitcoin will be dump again due this new struggling part in the world of digital currency.

That is extremely sad.Knowing that bitcoins is the only way Indian Government can't track the tax savers,they had to come up with something like that.They can stop exchanges but not peer-to-peer market places.What more you'd expect from a country which is submerged in corruption ?
 
LOL RBI is a fuckin joke.So it's okay to take loans worth billions and run away but not okay to trade cryptos ? If you're an Indian,you'd know what I'm hinting at.

They will stop users from adding money to bitcoin exchanges in India. How will they buy bitcoins then ? Current investors holding bitcoins are also left in so many confusions.

Yes, However, I don't think that it will affect in the long run. Yes, there was a panic situation when the decision came from RBI but still, we are able to trade on one to one basic through banking system. The decision is really bad because I believe that it will encourage cash trades and it will be a trouble for the government in taxation purpose.

It’s still not banned in the country, just for bank usage, so I suppose that they just want to deploy more regulations on a national level

A really disheartening news from all the crypto workers of the country. This will be a big problem for all of us as now we will be unable to fiat out any of our crypto holdings. However good thing is that there have not been any kind of direct legalization on cryptocurrency itself. Just the banks have been warned and cautioned not to support any crypto exchanges or startups. We still have many ways to cash out like paypal and remittano. But if this step has been taken by the govt then its obvious they are not surely going to support cryptos in any way.

it's bad to hear that news, it will definitely affect bitcoin's price.

I wondering how long India can accept crypto currency again.

I don't know what was the Indian government's reason why they are doing such but one thing is for sure, they want a full control to the money of their countrymen. Don't think it was a good way of securing their funds, many opportunities will be wasted from closing their country from cryptocurrencies. I am just hoping that they will change their mind for their own good.

The government of India does not consider bitcoin a legal means of payment. It had decided to ban the cryptocurrency.At the same time, they want to maintain their own digital currency. It will be a addition to paper money and reduce the cost of production of banknotes. Many millions of people in India are already using cryptocurrency. And the decision of the Central Bank to ban cryptocurrencies will cause panic among people. I don't think that's the right decision. If they decide to issue their own digital currency, it is not necessary to prohibit what is already available.

That is a bad news of stopping crypto currencies use in India as India is rich in population and as a democratic country the Government should be of the people, by the people and for the people which means they should stand for the welfare of the people, as their population is high there will be lack of jobs in the market which makes it difficult for people to survive in the current world, so in order to survive in the current market scenario the crypto currency will open doors for the unemployed, I hope this move is for temporary as the Government was trying to explore block chain technology to start of their own currency.

It is a sad one for crypto enthusiast in India. This is an infringement of their rights. If India is a democracy, then they should reverse the decision soonest. However, there is a saying that when one road closes, another will open. It is only exchange they ban. You can use other available means to convert your bitcoin to fiat these days.

Dont bother mate because there is still long procedure for that law to be implemented in the Indian book of laws!  ;)
See if they are making any major changes then there is procedure of passing the bill into the assembly and if you are from India then you know very well how the assembly works in our country. It will take lot of time until the bill has been passed. Until that time you can just keep your investment safe. I would suggest you to move your assets in the non-indian exchanger and also move it out of the zebpay first.

No need to take this issue on major scale as it is better to have discounted prices and make changes to our investment portfolio. One thing is sure India will not pass this bill. Its just coming out the thin air.

Discussiong this topic is useless because Indian govetnment takes always wrong decision to ruin their citizen . Previously they banned their own currency . Now crypto currency without any vision . So India is not big contributor for crypto world.

It is a really tough situation because they have no idea what they are talking about but what are the options if the banking sector is against the virtual world, what are the other options to deal with it, any international market that deal with fiat currency for depositing and withdrawal other than localbitcoin, i would like to know because there is always an alternative way for people to deal in countries like this.

Yes, you are right if a country do not want to move forward let them stay outdated but one should realize the power of 1.32 Billion people and how they will help to grow this community. India and China are one of most populated countries in the world and of they ban Crypto Currency it will highly affect the market cap.



No one can stop you from receiving Bitcoin in your private wallets but then what is the use of that money if you can't exchange it easily and at local exchanges. Imposing any ban on banks and local exchanges will ultimately effect how people use that currency.

Do not worry about India, they will soon change their minds, when they understand how much they can earn if they allow crypto-currencies.

Alternative ways ? Like hell,there is! Indian government banned several things like trade of deer skins ages ago but guess what ? Deer skins are exported from India on a large scale and government can't do shit about it.Remember,India is a corrupt country and it's very easy to get away with things like Bank Robbery,Murder or trading crypto-currencies.

It is so sad that India doesn't like taking risk. In crpytocurrency, it is about taking risks in everything. So without risk, you begot nothing. Who knows if cryptocurrency is the answer for their country to develope futhermore right?

Well, I suppose that the only thing that can change the mind of the Indian government to check or see if they would be willing to reconsider is that if the countries that have accepted bitcoin would be succesful in their venture or would be able to fully incorporate the cryptocurrency into the infrastructure of their economic and financial sectors that way they would be able to change this. I suppose

Really very in pity, if the news is true will increasingly, making the bitcoin prices falling even lower, why when bitcoin has started to green there is always negative news, hopefully there is another solution made by the government of india, in addition to banning crypto in his country.

I hope the government of INDIA to review the bitcoin ban in this country, by looking at the positive side of bitcoin in the economic field and taking the example of developed countries that have been using bitcoin in the economic field

That a bad news and the indian people who works by bitcoin will have many problems i think the best solution is to speak with the government and find a resolution for bitcoin transaction problem

Yes, I got this information last night. This is really bad news for Bitcoin and the crypto market, I'm not sure but maybe this has some impact on the market. However, I am not surprised for this information because the Central Bank of India had earlier issued several warnings that they would not authorize any companies to work with cryptocurrency. India has no positive opinion with cryptocurrency, they want to create their own digital coin.

This is a rubbish and cowardly move because all they will be doing is creating criminals (guess they can now say that bitcoin is used by criminals) because regardless of what they wanna say and do  people are still gonna be engaging in these transactions they are only aiding and encouraging the creation of a black market where people are susceptible to being tricked out of their monies....hope this news is false because it would be a major step in the wrong direction.

Although I am not from India, this news made me really sad. Indian crypto market is/was huge, and it can also mean that Bitcoin can lose many investors. as a result, its price might go down, which I do not like most of all.

I don't think that india will totally close it's doors for cryptocurrencies, a scenario like that already happened with china, and still china today stills accepts cryptocurrencies, what may happen, is that they will try to regulate cryptocurrencies, to protect the people from scams, it is a fact that indians are good good at technology, this might be the reason, why they intend to stop it or hold it for now. We should also consider the fact that the population of india is high, that means the government will be needing a lot of manpower and technology to track a scam, this might just be another china incident.

this is indeed bad for bitcoin and all other cryptocurrency. i really hope they will have a review in future and accept bitcoin back.

This was expected as India has been one of the countries hostile to crypto currency, they finally have shut their doors to crypto, what;s amazing however is the large number of Indian developers in many upcoming ICO

their intentions are correct, but their policy is wrong, India is almost identical to China, it is only to make the temporary state become more stable, but its impact for crypto traders in that country will be bad and surely many markets shut down suddenly, state policy sometimes according to the portion, and I see them making mistakes.

Another negativity arise in cryptocurrency, this means we are going to experience another drop. Though RBI are going to close the trades on cryptocurrencies in their country, maybe that would be a bad news for digital currencies because India is one of the biggest contributor in cryptocurrencies.

Shame, India, known for its state support for advancing technology, is apathetic in accepting crypto as part of the latest technology in the financial world. Look at Korea, when they are rumored to ban Bitcoin but instead they just appeal not to actually stop this technology.

Yes I think that might be a very bad news for bitcoin's development in the future. India has the second largest population and yet a very few percentage of people were interested in bitcoins. I think bitcoin's popularity, price, etc. could have increased a lot as more number of people from India would have gotten influenced by others into cryptos, but sadly that might not be possible anymore.

The recent ban of crypto currency in most countries have to do with related fraudulent activities in some ICO projects. I would not blame countries that ban crypto currency like India, USA and others. Thanks

Ah here we go again, FUD wave is back and the price fall again, if we see it at positive side we can buy Bitcoin with cheaper price. Maybe this might be temporary, just like what happened a few months ago to China and a few weeks later Bitcoin’s price soared, hopefully.

This is a hell for CryptoCoin activists, the thing that should be able to raise the economic level of its citizens but instead becomes a monopoly of government that is very unethical because the government can still get money from other sectors instead of pressing the developers or holders of CryptoCoin and this also could mess the economy of its citizens. Greed only brings disaster.

Hope India will not really prohibit the exchange. It will be sad for crypto! Is it actually legal in a modern democratic country?

when the prices start to rise again but we have to see a bad news like that, it may affect the price to fall again. if India totally banned crypto currency it's mean the government of India eliminating chance and hope for crypto users in India to improve their lives. we knows not easy to make money and find a job and crypto can provide both for them but now they lose that chance.

Hopefully, this is only temporary. Looking further down the road, governments can change, too. Because India has a plan to adopt blockchain technology and I think it's something that will be a new policy for the government of India.

A few months ago I read an article about India wants to create their own Cryptocoin, and the project is run by the government. So this might related to it, or maybe India wants to prevent losses and manage the regulation of Cryptocurrency further like some countries do.

I heard there are lots of protests and petitions are going on in India. Youtubers started a campaign against the RBI decision, Also the decision against crypto has been challenged in the supreme court of India. Lets see where they go.

I hope they will succeed, where can you read more about that? Did not find any related articles on cointelegeaph

I think they just have strong and tight regulations in regards with virtual currency. One factor might be considered as well is their insecurities from their local currency when times come Bitcoin demand is unstoppable.

Indian crypto legality is now is at the High court of Delhi hopefully we may get a new stand about future of Crypto Legality

I don't think they can ban bitcoin that easily. As i recall they had done something like this in the past but were unsuccessful in completely banning it.


But this will not stop people from bitcoins from localbitcoins of through personal trades on this forum or any other. This will definitely impact or is impacting exchanges like Zebpay and unocoin ( main trading websites in India atm)

India is a country with a lot of potential, many IT experts in Europa came from India but I see few blockchain related things happening from there. Maybe it’s because of tight regulation that kills the innovaton.

I think its will be canceled in the future o this news become as a fake
One time i am already hear about ban crypto in India

The crypto-currency ecosystem in India is very small: Bitcoin is accepted at only a few restaurants, and some virtual currency exchanges allow users to make payments for books or movie tickets. It is mainly being used as an investment option.Unsurprisingly, participants in India’s virtual currency trade are displeased. “We will do our best to continue with our efforts to educate the government about crypto-currencies,” said Sandeep Goenka, co-founder of Zebpay, a bitcoin exchange. “It can be useful for India by turning the country into a fintech hub, to increase financial inclusion, and there are several other benefits of it.”

India is escaping  from new technology. They are trying  to impose  a ban on crypto but thet can not ignire overall block chain technology.

It makes no sense to be against new tech especially if it means that in the future a country can position itself as a tech hub and attract many businesses and investors..instead the own people with expertise will try to flee to countries that have progressed further. Downward Spiral.

I think you may have misinterpreted it mate, its not a full on ban, which is unlike what China has done multiple times. Its just a ban on converting the BTC to Indian Fiat currency, probably because the government is worried about the fact that the Indian market might collapse under the shadow of BTC's highly volatile market, by influencing it too much. This is a fairly likely scenario, because, as a developing country with an enormous population, BTC has had an enormous influence on the population.
And its not a full ban in the sense that we can actually still earn, get, exchange cryptos, just cant convert it to fiat, as RBI regulated entities, which basically means every bank, will have to stop dealing in cryptos. So we can still hold our cryptos and pay for stuff using it online, as long as bank intervention isnt required.
However the government is partially contradicting their own actions, by again testing a crypto of their own, which they may just impose upon us later in time. This is what is annoying most of the population now.

We do not have to worry because maybe this is just banned while simply spread good news bitcoin to the whole world so they understand how important having bitcoin in the digital era as it is now.

This is probably a mistake by the Indian government. They did not see the benefits that BTC brought to the domestic economy and the world. Nowadays, European and American countries accept BTC more. There is no reason for them to accept this, so India is still a poor and backward country.

Well it is how bitcoin works in their country and probably many had been reported to lose their investments such that decisions like these could occur. I am certain that these actions by India is supported by data which shows that they did not benefit in the process. Thus it is just right to control cryptocurrency exchanges to avoid further economic loses. They are surely just protecting their own country. I do believe same reasons could have been the answer to actions made by China when they banned cryptocurrencies. But do not make this events a reason to fear investing on digital coins.

I also support your way of thinking. here, I mean on this Forum, I met the guys from India who were very active. They still trade, invest and deal with crypto.

this is not a new story in the world of Crypto.
because the government became one of Crypto's competitors.
they regard Cryptocurrency as a threat and that is not true only the government who can not manage it well.

As for the government of India, it opposes the use of cryptocurrencies, so they can be used to Finance illegal activities. But there is a hope that cryptocurrencies will not be completely banned, but simply increase their regulation. In the near future, the Ministry of Finance and the Indian Council for securities and exchange will soon provide recommendations for further action.

Shubham Yadav, co-founder and head of the cryptocurrency exchange Coindelta, noted that the ban of the Central Bank will not stop trading in cryptocurrency. After the ban comes into force, most of the trades will be carried out in peer-to-peer networks or social applications such as Telegram.

According to analysts, such removal of cryptocurrency from the official banking system will have the opposite effect, since it will completely withdraw virtual currencies from the control of regulatory authorities. This will greatly simplify the conduct of illegal transactions.

I think if India really wants to close the door for cryptocurrency it does not seem to matter because cryptocurrency in the world is only used for countries that have developed economic conditions but do not underestimate India, many CEOs are created from India who wrestle in the world of cryptocurrency.

If I was not mistaken, India had previously accepted the crypto and could say that India is a big market in the world like China. But now both are forbidden crypto, I am awfully confused what they are doing. However, India's ban on btc has had a big impact on the crypto market. However, users in India may still be able to circumvent the law and conduct foreign transactions.

Delhi High court and Mumbai High court gave notice to RBI to give explanation about cryptocurrency closing so we need to wait till July to check whether bitcoin payments are allowed or not

India contributes around 10% of the transactions happening every day through the cryptocurrency network. India won't that soon close doors to the cryptocurrency usage. It is all about the regulation same as happening around different countries around the world. Might get restrictions, but the usage will continue as the user base India holds is big.

That would be their biggest mistake when later on they will realize that all people in the world someday will start to use the blockchain technology and they will be the ones to be left out.

This is obviously sad, especially for crypto lovers in India. We have to make a lesson and we must quickly find the best solution to anticipate when someday many other countries will follow in India's footsteps.

india making fool to peoples there are many whales who is playing with bitcoin so thats why they are doing this fun

they will surely get into that and take the announcement back.
it will happen in the most county. what can they do with bitcoin and alts? it is going all over the world and will just accept it.
everything will be fine with crypto/

Who said that ? My sense of interests in the current crypto affairs tells me that is a fake news.Link me to the source of your information.

Right.Also if exchanges like Coinsecure keep bringing negative feedback for the crypto in India, government is likely to not accept it's usage.

Those countries will regret following foot steps of India...Like just look around you..

i think india cant close crypto bcz indian crypto user making huge money by crypto trading and india gaining huge money and if india officially close the door of crypto it will harm this ountry not crypto.
so i think india will consider again.

i think they're afraid to take risk, well sad for indian investors       

This will be a common occurrence in the world of crypto, overly harsh crackdowns on a blossoming technology, simply because governments lack the ability to control it. We've seen it multiple times in past, and the outcome is always the same, the government eventually bends to will of the population and unbans it. We just have to wait until the gov of India catches up.

Its hard to be open to smh that could ruin the bank system in your country. Thats why...

not just India i think in my country Indonesia people still afraid investing in bitcoin, its because of negativity media framing. the governance always declassing all about bitcoin, no matter what news deliver to us, we are still on our faith that bitcoin has a big potential to replace fiat in accordance to transparancy and lack of fraud. the era has changed as technology development

It’s still not banned in the country, just for bank usage, so I suppose that they just want to deploy more regulations on a national level

Yes, However, I don't think that it will affect in the long run. Yes, there was a panic situation when the decision came from RBI but still, we are able to trade on one to one basic through banking system.

I think that soon it will open the doors for India cryptoons. They may be upset now and they now think that Bitcoin is risky in their country. When this complexity is over again, it will be declared as valid again. That's why we have to work and wait until we give it legitimacy.

well this is really a sad news for the cryptocurrency world as it will surely reduce the number of bitcoin investors and also the value of most cryptocurrency. i sincerely hope the government will soon reconsider

Maybe it’s one of the reason why the value is going down to such an extent but the government have indeed robbed its citizens and the country of a very good thing.

A digital asset can be classified as "intangible goods" on a par with other software products. At the same time, according to the body, separate laws will be introduced to combat the use of digital currencies in illegal activities.

Sources familiar with the state of affairs in the government reported that the Income Tax Department realized the importance of taxation of the Crypto-currency.

Based on the latest news, the authorities changed their minds and attitude to crypto-currencies again, and now they want to pay 18% tax for using crypto currency. I will not say that this could affect the entire crypto-currency market, and I hope that in the future the authorities of this country will be more loyal to crypto-currencies.

This seems to be old news, right now there are news coming out that India is considering cryptocurrencies as goods and taxing it with 18% , i am not sure how this tax will aplly tough.
I think that govs are not stupid and understand than it is not possible to stop cryptos , even if they ban them , black market will emerge.

this decision taking by the central bank of Indian will make negative effect in the cryto market, this is because Indians take much percentages in the people that patronize the crypto market so if their country have to back off from trading with crypto currency it will bring about loose in the world crypto market. lets just hope this policy  from the central bank of India and the people of India will critically look into this their before passing it into global market, and the effect it will cost on foreign business and economy. 

That a bad news and the indian people who works by bitcoin will have many problems i think the best solution is to speak with the government and find a resolution for bitcoin transaction problem

This is so bad news,I think the government of indea closed the exchange between banks and the crypto market! but it does not close the doors  of the crypto market.Now this is the time of crypto so it is not so far that one day they will understand,bitcon is the future currency and future currency can make country economy developmend.

Yes it is a very sad news the indian government is not wanting to accept the crypto since it is very unpredictable and they don't want to accept the various prospect and opportunities of the crypto and how it can change indian economy

it's the right of any country to close the door for bitcoin, But if I become the leader of a sovereign country, I will do a review for bitcoin, looking for the main point for bitcoin to be accepted.

The issue in India about cryptocurrency appears very murky to me. I am a little bit confused of the real situation on the ground. The best people that will give us the clearest picture of the cryptocurrency situation there are nothing but the Indian people themselves. It started with a sort of a ban that ended up lifted if I am not mistaken. What ensued was an investigation of the previous policy, that was found out to be without the backing of a proper study or research. Well, let us wait for the final and official verdict on the matter. Either way, I am sure that crypto will still thrive there.

India closed Crypto is actually too rigid and we dont know what their plans. Every country will be flexible in responding to all economic and business issues especially if crypto currency itself is a new technology in future global business. So in fact India takes a selfish move, hopefully they think about it again

Yes, I got this information last night. This is really bad news for Bitcoin and the crypto market, I'm not sure but maybe this has some impact on the market. We should also consider the fact that the population of india is high, that means the government will be needing a lot of manpower and technology to track a scam, this might just be another china incident.

As soon as prices for cryptocurrencies fell, they try to suspend transactions, that people would not lose money on cryptocurrencies, and spend only the national currency. When the situation on the market changes for the better, then again allow the trade in cryptocurrencies.

India has asked the government to ban the use of virtual currency in the country because it thinks there is a risk of fraud and money laundering. But there are reports that India is rethinking the issue

To update this thread to latest news I will write something here :

RBI is truly going to ban the crypto transactions. BUT, they are not going to hamper the crypto to crypto exchange at all.

With all the news getting flashed about India, I have got to know that they are just not going to support the Crypto to Rupees (INR - local currency) exchanges at all. This means Indians can not withdraw their money into the bank account from July 5th onwards.

In short - Indian market is going to vanish from the face of crypto space.

Bad news agains bitcoin and cryptocurrency. When does it stop? Its like no time to stop bad news and make cryptocurrency again meet its low condition. This is very hard condition to accept by crypto hunter but we need to pass this with faith to it so anybody can follow.

I respect the decisions taken by the Indian government. What is that. Suggestions against using crypto or hard restrictions or ...
My advice to Bitcoin lovers, do not worry. We just observe the attitude of the economically more advanced country. Observe their attitude toward Bitcoin and other cryptocurrencies.

India is considered a big market of bitcoin and cryptocurrency it's really a sad news to the crypto community, there is a petition coming from supreme court to central bank of India asking to regulate bitcoin and cryptocurrency.

https://www.coindesk.com/indias-supreme-court-calls-government-regulate-bitcoin/

Bitcoin appears to finally be hitting the finish wall.  Perhaps time to move to EOS?

I heard there are too many problems that EOS is trying to figure it out technically. I'd rather stick with bitcoin, ethereum and the litecoins in the world.

This is bad news about Bitcoin being banned in India, i hope this is not for a long time.Actually India is afraid of taking risk, but if their properly understand the opportunity crypto will have over they economy they will embrace it.

You are right its may be just temporary decision because mostly Indian authorities take these decision for taking time as they have some good solution to handle then they give some good and soft hands to peoples for involving in these things so we have to patience and wait for next announcement which could be very good and positive for all here in this community

Losing support everywhere.  Fuck India.

It is not very wise to push out the obvious progress, but for sure, governments are better off. Although I consider that for such actions it is necessary to add the opinion of libdey who work with it.

India has a major problem with tax evasion. They have gone to extremelly drastic measures to try to get people, especially the rich, to pay their fair share of taxes. Obviously, crypto makes it very easy for people to evade taxes so India is having a crackdown. I think we are at the moment in history everyone saw coming from the early in the bitcoin days. Governments are cracking down. However, soon people will realize the decentralized and anonymous possibilities of crypto make it impossible to stop. I have my popcorn ready!

I think that it is temporary and soon it will open its doors to crypto especially bitcoin which has much to offer to a number of large companies. I think that btc is a great investment and India will understand this

The door of cryptocurrency cant be close completely in their country, with time and little rethink by the government, they will make a u turn on the hash decision of the ban.

I think that in the matter of India cultural issues also weigh a little, the idea of giving freedom to be truly owner of your money should weigh in that matter. But cryptos can not be controlled, one way or another governments will not be able to penalize everyone they use.

They will only be able to forbid their citizens to play Bitcoin not for everyone in this world.

From the government side RBI given deadline is approached and bank have stopped transactions related to crypto currency but still their are pending court case which is schedule to give result on 15th july 2018, till then you can trade in cryptocurrency through P2P exchanges.

This really is not good news. But we should remember that there are reasons behind everything. Maybe they just ban crypto while still trying to learn more about it. We can just hope for the best for cryoto users in India

Sad news for us the crypto holders. India is increasing the country list that stop the move of cryptocurrency, but i hope India can considerating it again to open up the crypto market in their country again.

Each country is free to set policies and regulations for the country itself, including regulating the crypto currency. Not only India, many countries are still banned and closed with crypto currency. I think that they are still conservative because not open with the presence of this great new technology and sophisticated. In my opinion, we should not hate crypto currency too much because we might someday need crypto currency for cross-country transactions. Like India, India should be more flexible in looking at crypto currency. Do not be sorry for not providing a gap for crypto currency developing in the country. Whereas if the state of India is open with crypto currency then the economic condition of its people can be better.

I believe this will be temporary ban because those concern will still let them to know the reason it should not be ban and stay .

I feel sorry for the citizens of India. This is one great opportunity that is being held back from them. There is probably a good reason why they banned cryptocurrency. Maybe there was an instance where the people were scammed or cryptos were used in illegal transactions and money laundering. Mainly to protect the citizen from fraud and trickery, that's a good reason for banning. Still, if used properly, it could be a great investment for the people of India.

This is not the first time the RBI has indicated its cautionary stance on virtual currency. It has over the last five years, issued several prior warnings, and when presenting the Union Budget for 2018 in February, India’s Finance Minister Arun Jaitley publicly stated that the country does not recognize cryptocurrencies as legal tender.

India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.

To tell the truth, I don't think that it is the end of the story. Though now there are not very positive forecasts, I think that soon something will become clearer. I hope that the situation will improve (though in respect to China my hopes hasn't realized).

All indian exchanges after this ban have stopped fiat currency trading but they have started cryptocurrency trading and some of the exchanges have shifted their office to other country where it is legal. Now if the people wanted to buy or sell then only through people to people where no details about crypto currency trade in bank but still it is risky. Now only option is just save it for future and think that it is long term investment and in future when India make some relief and after regulating they can think of easing the ban with certain rules and regulation.

What you said is the only way if Indian users wanted to work on Cryptocurrency, but i also think that very soon India will regulate it and going to start using of cryptocurrency in a regulation manner, which will be more good for both government and public.

I guess if they get Bitcoin for their country these days they can teach it to people who are likely to be involved here for extra income as we all know that India is one of the densely populated countries. Most and they need the support they can get with Bitcoin. The central bank wants to close one of the last remaining ways to take your money out of the hands and eyes of the government.

That's another bad news...Now people will panic and drop the price again. 😒😒😒..Really don't know when every government will accept cryptos

Another country banned crypto.. But i dont think it can affect other country to encourage to ban crypto because i know some country thinks that crypto world is not a threat they just dont want to take a risk in crypto.

Banning bitcoin is just a movement by the government to implement a system that they could used to somehow deal with transaction by their people. It could also be a way for them to help their economy at the same way by implementing rules and to have a good way if cryotocurreny on transaction, investment and trading.

if India really prohibits the prohibition of crypto exchange in its country, it will likely have an adverse effect on all crypto prices. but I feel sorry for the people of India who have been playing with the crypto trade. if the citizens of India still use crypto, is there any sanction for those who use crypto ?

Let's get some facts right:

- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.

Crypto is far from dead in India.

Not suprised yet disappointed. Heard the news for quite a long time already but well it finally happened.
Too bad for our cryptocurrency fellow in India, having the RBI stopping transactions from any crypto exchanges surely is a terrible thing.
They may not be able to involve theirselves in this cryptoworld again right?
It might effect badly to the market. But i hope bitcoin will remain strong and continue despite all the bad things happened recently.

India still not close their doors for cryptocurrency RBI and government saying peoples can invest on their own risk. also peoples still can do deposit and withdrawal from exchanges also Indian wallet like ZEBPAY and unicoin but India is Planing to accept blockchain technology with new rules and policies also Government can take more taxes from their investors.

1) That is an indirect way to discourage crypto. They do not make laws and thus cannot make crypto illegal.

2) Alternate ways could be next target of RBI.

3) I have hopes from court. Even if they ban everything, they will give sufficient time to all to exit.

Wait and watch. It's going to be regulated and legal.

see the news now that happened. I believe in bitcoin for the future. although now many governments have not legalized bitcoin .. we must believe the future bitcoin is there

not exactly. but if this decision continue. india will shut the doors for their innovation. world is celebrating icos and india is banning

It's normal. Governments dont like a system they couldn't control. We saw this movie many times. I believe bitcoin will get through all bans and restrictions. For now  maybe these news effect bitcoin price badly but when it starts new bull run nobody wont care any governments.

Indian government said not sell and buy any transaction on crypto and this issued on going to court hope next decision is positive for crypto otherwise this is bad news for crypto.

It is sad to hear such news like this but there's nothing we could do since their government already said that but I think they didn't totally banned cryptocurrencies in India. The aftermath of this news is that many Indians may misunderstood the government's statement and negatively think about cryptocurrencies.

Bad Move by Indian Govt and Central Bank , if bitcoin becomes worlds most popular and daily use currency then Indian people will be far behind than other nations . They should regulate it with some policies but complete ban is totally wrong move .

The Reserve Bank of India is neither a legislative body nor a central executive body. It can not prohibit crypto-exchange exchanges from making transactions in the crypto currency. He only recommended his subordinated banks not to have any financial relations with the crypto-exchange exchanges. No one has forbidden the crypto currency in India and is not going to ban it. She still freely walks in the country. Regarding such an order of the Reserve Bank, the Supreme Court of this country continues to consider a number of lawsuits and a regular hearing is scheduled for the end of July.

India has banned crypto currency only temporarily. As soon as the next wave of rising prices for crypto currencies starts, all states are likely to start implementing crypto currency again, as people will have a great demand.

It’s always sad to read when a country bans crypto. I know that they do it in order to prevent their economics from fail but it makes ceartaun changes in crypto world that are not always good.

This is quite unfortunate for the industry as India has the second largest population in the world.The citizens of India are also crypto inclined so banning cryptocurrency in the country will not help the cryptocurrency industry to move forward.There have been alot of such things about the industry in different countries lately but we hope that things get better as the U.S  congressmen are also kicking hard against cryptocurrency.

Really bad days :'( . Why they do this?maybe they are afraid that if all indian prefer like to use bitcoin and other cryptocurrencies rather than their national currency. Anyway there still other country which is not make nad regulation for bitcoin. We still have many hope.

I don't worry much about countries which do not accept cryptocurrency because there have been instances where countries ban cryptocurrency and reinstate it later when the governments of those countries get to understand the concept and significance of the Blockchain technology and cryptocurrency to the country.

Perhaps they are afraid that if all Indians prefer to use bitcoin and electronic money other than their national currency. We still have a lot of hope. It can not be banned exchange exchange encryption from the implementation of electronic money transactions.

Its really bad to hear it now and it also shows how afraid that bank is when it comes to cryptocurrencies. Its really their loss and also ourd but I think people in india are very good at their technologies that they would be able to still have an access in any exchanges when it comes to bitcoin.

I think they were already very strict about the crypto then, so its bad news for some.

There are so many things about the industry in different countries lately, but we hope that things get better as US lawmakers are also rocking against electronic money. It can not be banned from exchanging encrypted exchanges from the execution of electronic money transactions. No one has banned electronic money in India and will not ban it.

Many countries like India bane crypto but after some time they will realize that crypto is important to them and then they will start doing business in that and the businesses also run in the E market so it will works but need some time.

each country has its own rules against the digital currency. but we do not need to worry because bitcoin is not centered on any country so people in india can still use bitcoin and altcoin.

The Reserve Bank of India (RBI) told the Supreme Court that it is necessary to regulate bitcoin and other cryptocurrencies in India as it encourages “illegal transactions” and impacts international flow of funds. [as per the financial express report]

they sought three weeks time to respond to various petitions seeking such regulations in India. The apex court then posted the matter for final hearing on September 11.

We have seen this movie many times. Now maybe the bitcoin news price is bad but when it starts running new bull no one will not take care of any government. The consequence of this news is that many Indians may misrepresent the government's claims and neglect the electronic money.

Is the India authority that closed the door now will open it in future, the decision they made is not the solution they should rather regulate it

Well, India adding the number of country that closed their door for cryptocurrency. But, i still believe that sooner or later come along with the advancement of technology, the government will realize that crypto is not as bad as they tought, and they started to considerating the usage of crypto.

As far as I know bitcoin in India is allowed, but there are some restrictions.

I'm hoping that India will reconsider and provide some regulations to aware there people on the risk in investing crypto. India is a big market for crypto and this will affect the entire crypto economy.

One of the government officials said a few weeks ago there would be no total ban for India.

India does not consider virtual currency as a legal means of payment and will do all possible measures to eliminate Bitcoin support for illegal purposes and payments, but the government is exploring Blockchain technology.

I certainly do not live in India, but I think this is not very good news for the people of this great country. However, I can assure you that this will not stop many professionals and those who want to have bitcoins or cryptocurrencies. They will go to other sites or travel to other countries to sell or buy.  I'm sure.

But my opinion that India can not and will not close the doors for crypto currency.  Though apparently it is being felt as if the doors have been closed.  This step has been taken by the Reserve Bank of India; because it wanted to stop the outflow of Indian money.  People were buying crypto which foreign based ICOs; so while buying this the flow of Indian money was outwards.  India being at this stage having huge population of 1250 million people has it's own problems;  It has to provide infrastructural to its people.  It has to create jobs and if the money goes to other countries it will be difficult for Indian government to provide this all to it's residents.
Indian government is very much in favour of digital currency.  In a year or two I am sure that the gates to crypto market will be opened.  There will be free movement of money in and out of India.  
Indian Giant Reliance Industries Ltd is also planning to launch it's ICO very soon.  
Also it is important to note that till date Government has not banned or declared crypto as illegal currency.  So I am hopeful.

If India does not make sense and will not let the Crypto-currency into its country, it will remain on the margins of economic life.

sad news for crypto holders and investor from india! i think indian government afraid of the spread of cryptocurency un their nation. crytocurrency draw a lot of indian national to paticipate in ico and bounty campaign.

The verdict was later posted for the final hearing on Sept. 11. Though it seemed to be feeling as if the door was closed. People have bought codes that ICO based abroad; So while buying this Indian cash flow out. It must provide infrastructure for the people. The Indian government is very beneficial for digital money. There will be free movement of money into and out of India. In addition, it is important to note that until the day the government did not prohibit or declare the password as illegal money.

Regulations are coming -

https://news.bitcoin.com/indian-crypto-regulation-september/

https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

The final hearing will be September 11,2018 by Supreme Court which decides whether India closes door for crypto currency. However, we have been also hearing the news about Indian Government will form policy to legalize crypto currency before the hearing. We have to wait up to September 11 to know what future crypto currency holds in India.

As the governments around the world are trying to understand the crypto market, the main concerns for regulators in India are to identify the originating areas of money and effectively regulating the trade as the concern of fight illegal financing and money laundering still looms.

We might say that the central bank is a caring institution which does not want to drive its people into something it does not understand but if they are given more time to understand how this crypto technology works the ban is more likely to be lifted.

Anyone in India can share their experiences? Are people still buying and selling bitcoins for rupees? Is there still action over at localbitcoins?

It seems like India likes taking drastic measures on currency control and then backtracking, just like they did with the demonetization that lead to larger bills being printed. Maybe they're just trying to scare people away from "unofficial" money so they can squeeze more tax out of the people. Or it could be another "monetary experiment", like helicopter money was.

for a country as large as India should be closed if it has to close the door for cryptocurrency, the potential for cryptocurrency to flourish in India is huge and this could serve as one of the countries that might develop cryptocurrency even further. but if the regulation of such a government is possible the people of India must obey the rules.

India is part of G20 nations and it is very likely that they'll form & adopt the regulations as part of the group:

https://www.ccn.com/g20-nations-seek-cryptocurrency-aml-regulation-standards-by-october-2018/

bitcoin banned in India is only temporary if in my opinion, it's like on Facebook yesterday, bitcoin is banned from advertising but now the ban is revoked and finally it can be bitcoin ads again ...

No its wroung news india does  not desided to baned cryptocuruncy. bitcoin banned in india is only temporary.

if a country does not legalize Cryptoccurency as a payment medium it is not difficult, but this ... the country of India has banned every transaction coming from digital currency exchangers is very difficult,

I`ve spotted this hillarious tendency to ban the cryptocurrency, and after some time passed, to revert and cancel those decisions about crypto :) Facebook has done that, now India whole country.

If that's true it a bad news for cryptocurrency but don't worry about it there are many countries still allowing the people to use cryptocurrency. I am sure there are more countries will using and allow cryptocurrency.

I am glad that there are very few countries in the world that prohibit cryptocurrency. I think that after a time, the government of India can change its opinion, because the cryptocurrency is included in the life of every person.

I think they're going to recognize this pretty soon. There is no way to stop transacting completely, the people will always figure out another way. They've got problems with the gambling industry just like this. There's another way around--tax it and regulate it. I guess you could call it a win-win scenario, but there's still the users who lose out on money taken by the government. India has all kinds of absurd taxes, so I'm sure they could make up another one to cover crypto transactions and collect millions of rupees from it.

I hope will be rise a gain to crypto in india, too bad to heart this news...

such government steps will become very bad step for india because they should understand it's the future.

in my opinion this is just a misunderstanding like what happened last year about bitcoin being banned in China, investors make news like this in order to get cheaper bitcoin prices which in my opinion can not make the price of bitcoin soar again, there will always be people who are pro bitcoin is trying to make bitcoin prices fall, and as long as this happens, this cannot make the development of bitcoin prices like the previous year

Actually Indian's are looking for more into P2P or cash. basis. Exchanges are also looking into p2p transactions and wazirX provides better service than anyother operating exchange. Btw we still have hope because SC postpond till 11th September. Let's see what will happen.

China's ban was not any misunderstanding they have banned it purposely and so are the other countries doing now. This isn't a trick by anyone to buy cheap btc. This news can't bring down the price of btc more than $500. If the same news came about Japan then it makes a sense to push the price downwards but India don't have a huge market share in the cryptocurrency.

I think for a while ... at this time India is adopting a blockchain to make official virtual currencies. maybe after that realized cryptocurrency will be legal in the country.

The government of india that closed the door for crypto currency will also be the one to open it in future when they see what its bringing to the world and accepted by other top country.

So sad to hear this news, but lets just think that the government of India might have a good reason with this, but just like of other, we all known that bitcoin can be a huge help for a lot people, especially those who are hardworking and patient - and can also be a means of extra income. I just think that it could be a huge help for the people of India since we know that they are not a well-of-country. Just imagine how could it help.

Bitcoin in india is not totally banned. rbi banned crypto related transactions from banks. In a statment they said they have no idea in banning it. Their is a final hearing in supreme court in september for the crypto ban. Iam very much confident that india will not ban it. They may regulate it with some rule .

I was devastated about this news, there was no reason why bitcoin and the like were dangerous. India is afraid to take risks. maybe they have not understood the opportunity in the crypto world

it seems that the government is very fond of their people, so they forbid bitcoin trading so that no citizens from India are victims of losses.

India has certainly put ban on their banks trading with Crypto currencies. Post demonetization,the Govt has certainly have/had a check over the financials of its citizens.The only way the citizen could escape from the clutches of the govt also looks blocked as of now.The matter is still in hearing in the apex court of India,but the court also seems to go into the Govt's favor.(Hearing is still in progress)
Until and unless,the Indian economy faces loss on account of it not accepting Crypto's I don't think the govt is going to change it's mind and that is a bad news!!

My opinion is, a country should not be ignorant this new tool. A blockchain is a new technique that should not be missed. If a country decides against it, it will certainly have a negative impact. But thats just my opinion.

I think this is bad news. If this is the case, then other countries will have a negative opinion about cryptocurrency. I think India isn't too influential but I can't predict what will happen after this. We only need to think positively about cryptocurrency in the future.

India does not close the door to cryptocurrency, but simply recognizes it as a commodity. As with any product, the cryptocurrency is subject to taxes. It's just the desire of the state to regulate cash flow.

This news is really tragic, so sad that bitcoin closes the opportunity to the people in india wants to become rich. I think the reason why they closed there door to bitcoin is about the illegal transactions and trades happenings eith the use of bitcoin as a payment. And there government wants it to stop and thats the reason they see, to banned btc.

India is one of the country that really supports bitcoin a lot and it is really sad to see this news, but I know if ever it is true that it is just for temporary that is why we need to be like India still keeping their faith towards bitcoin.

This is true, but the trading hasn't stopped. While the banks have stopped providing services to crypto exchanges, most exchanges have switched to P2P trading model (where the buyer and seller transfer the money into each other's account) and it is gaining momentum.

Yes, you are right, bitcoin is still legal in India. Currently, the government tried to limit people from investing by stopping banks to deal with crypto exchanges in India. In some exchanges, there are some other alternatives available now. You can also use LBC to sell bitcoin currently.

one thing I want to say now. if India really closes the door to cryptocurrency with its policy. I hope it won't happen again in other countries. I do not understand whether it is a form of fear or indeed has become an economic policy. it should consider crypto's better potential in the future.

Government of India will try to suppress Bitcoin and other cryptocurrency because they have no control over it. Many government don't like Bitcoin because of the word "control". If you can't control it, better eliminate it.

every government would want to maintain so that there is no adverse impact on the nation so that it will certainly be considered profit and loss first

I also heard that news. it is too bad to hear this kind of news.india is afraid to taking risk. according to some survey 40% of indian people involved in cryptocurrency.

Soon in September there will be a meeting in India, where they will discuss the legalization of crypto currency and new projects with their crypto coins! I think there will be a positive decision! so do not worry, they temporarily upset the development of the crypto industry!

We all know that bitcoin is a decentralised crypto currency and every country has the equal right either to ban it in their country or to legalise it, and if we talk about the country India that yes India has declared bitcoin as a illegal currency in their nation but it doesn’t mean that owning bitcoin in India is illegal, this means that person can own bitcoin but they cannot use national exchanges for transacting their bitcoins but there is no ban over any international exchanges use.

It is a pity to read about the prohibitions of any country on bitcoin. This inhibits its development, but will not stop it. I am very sorry for Indian investors in cryptocurrency, they were not lucky.

Yes, now bitcoin in India there is no development, but perhaps the government of this country will eventually reconsider its ban. This technology does not harm the people of the country, I hope the authorities will understand this.

I think this news was around May 2018 but the recent update on that India and bitcoin is that there is a committee that was set up which is yet to conclude its report though the committee   is asking for  more time to reach a reasonable conclusion. The month of September is the date line for crypto and India. Whatever is the case I think India with its population need cryptocurrency  in their business while a favourable report the committee will boost the value of Bitcoin and adoption.

My opinion is in vain. And I think that soon India will happily open its doors to cryptocurrencies. There are all political and economic prerequisites for this. And this time is not far off.

This is a bad news. It disturbs the bitcoin market. Bitcoin price is reduced. Investors are worried about the future of bitcoin copper. Bitcoin may be weakened by this information.

Actually this information has been circulating a few weeks ago, it has been a long time, and I think it has no effect on the market because its influence has happened and gone some time ago, I hope the emergence of this topic again, does not give panic to the users, the price is currently decreasing, I hope not because of this issue...

In my opinion this act is pretty stupid. Cryptocurrency allows to develop not only the market, but also the society as a whole.

I think this is only temporary, perhaps their country has not trusted the electronic trading platform. They have not grasped the trend now, the potential of this currency. I believe that someday they will reopen these electronic trading platforms, in line with the current pace of technological development that countries are heading towards.

It was closed because of their potential misuse for money laundering and fraud.

They did it just to stop every ABC user who wants to double their money through crypto in days. There were lots of people who tried to take advantage of that.

This will be devastating for all the Indian investors. I say a statement from an exchange that they are not dealing with banks and are using payment gateways for transactions. They will have to ban all those gateways now as well.

India have banned for bitcoin transaction and many bitcoin member from India was difficult how to withdraw their bitcoin become cash money. maybe the government of India have check regulation for using bitcoin only for investment not using for transaction.

perhaps this is due to the decriminalization of same-sex marriage in India ;D ;D ;D

India has said "Do you think you live in 21 century?" " Oh you're so gullible" ;D ;D ;D

Maybe that happens, every country has the right to refuse criptocurensy including the Indian countries that currently close the door to crypto! Maybe you have a very strong reason why the Indian state closes the crypto!

They did not see the benefits that BTC brought to the domestic economy and the world. Nowadays, European and American countries accept BTC more. There is no reason for them to accept this, so India is still a poor and backward country.

According to RBI (Reserve Bank of India) stop the transaction of cryptocurrency exchange and people. So cryptocurrency exchange file a case against RBI in Supreme court. I think RBI reverse their circular.

Yeaa, its very true. As I am Indian, so i had also heard about it. Our Central Bank i.e Reserve Bank Of India has totally banned the use of crypto. According to RBI ,crypto is a threat for our economy. In our commercial Banks, there are various notices placed on the boards regarding Not to use crypto. Our Media channels are also repeating this again and again.
Its a bad news for crypto family, that Indian government had banned the use of crypto.

this is definitely not a new thing. we have seen so many kind of this news . to me i think its just a manipulation to distract away from that region. i know very soon we will see another news like india unban cryptocurency. lol, keep it coming.

Every country has won right to control their economic activities. If India close all cryptocurrency work for their country t hey have right. Other hand it bring lot of impact of economy. I think India dose not take any risk.

This is bad news for investors in India. They will find it difficult to invest in bitcoins. I hope the Indian government will soon lift this ban.

Ever country has right to control this kind of activity. However it is a bad news for Indian peeps who uses cryptocurrency. But I do believe that the Indian government has the reason for this kind of decision. But sadly it can help a lot of people in their country. Maybe the Indian Bank will review this, and find more suitable for the people and their economy.

True. These third world countries need to learn from first worlds. Before ban, people used to trade on legalized exchanges so money could be tracked and also the exchanges were paying tax and gst stuff to governments. That was good for both — people and for governments.

I think that it is temporary and soon it will open its doors to crypto especially bitcoin which has much to offer to a number of large companies. I think that btc is a great investment and India will understand this

wow, that was a tough decision of the government. We know that many investors in India have made a lot of money in this market. But I think the Indian government is worried about money laundering and tax evasion so they made this decision. But anyway, they are still deepweb and they can still trade normally!

damn, its a bad news for us, one big country that don't accepts bitcoin anymore and don't want involved in bitcoin again, I hope that another country doesn't follow India decision to block bitcoin in their country

It is a very sad news for both India and bitcoin because India just lose the opportunities that they can get if they accept bitcoin and bitcoin lost a big market.

With the decision they also close the door of fortune because if they accept bitcoin they will get very much advantages which proved to be fruitful in the development of India.

This is not a good thing and definitely for sure has an effect on the price of each cryptos. But nothing we can do about this, beacause,  that decision is made by their government itself, the only thing we can  do now is to respect the goverment decision of india.

 Cracking down on exchanges didnt stop people from buying crypto in China . and it will be same in India or any other country too. The main thing is Govt cannot decide where to put the value and where not. May be they put some road bumps . Wider adoption will take place eventually . DEX , regulations in some proactive economically solvent countries will push China or India to look back and revert their decision. For now , every mature crypto guy knows what to do . We have seen China and we shall overcome India too.

India has released a statement on banning the crypto, but I dont think people will support it. They still invest in it. And probablly be using it without any fear.

Yes its true indeed as i am an indian citizen so yes this has happened last year as RBI asks the citizens to stop all transactions of bitcoins also the GOVERNMENT OF INDIA is planning to ban cryptocurrency in india. There a many strict regulations which are being followed by the banks and also by all the monetary transactions organisations throughout the country .

Not India but RBI has closed doors for bitcoin and cryptocurrency. But true cypto lovers find out the way and they are actively trading regularly. Even few indian exchanges started P2P and direct INR to INR transfer facility. Though it's not so smooth but there are ways.
Also, tomorrow on 17th September Supreme court of India is giving final judgement of this ban. Hope this will in favor of revolutionary bitcoin and cypto market.

even though India has banned crypto, but I'm sure if there are people, of course there are still those who use it, because crypto users can't be tracked by anyone. it is also not possible that crypto in India disappeared completely.

really a very regrettable thing in this modern world, there are still some countries that do not want to accept new things, and look at these new things from the bad side, even though if we look from the good side btc also has a good side for foreign transactions anonymously .

It's normal. Governments dont like a system they couldn't control. We saw this movie many times. I believe bitcoin will get through all bans and restrictions. For now  maybe these news effect bitcoin price badly but when it starts new bull run nobody wont care any governments

Those are some bold words dude! Don't use the 3rd world and first world to discuss a global matter which is governments going against the crypto users. The entire point of using crypto assets is to avoid falling for the GST crap. You pay thousands in taxes and what do you get? A country with not enough toilets? Well, that is the Indian government for you.

This is only a matter of time, we hope that India whose population is quite dense will immediately change policy regarding the ban on the use of crypto or bitcoin.Because the presence of bitcoin is really very helpful for economic development and people's welfare towards a country. At least I hope that along with the change of government, India will revoke the rules for the ban on the use of crypto or bitcoin in its country.

India banning cryptocurrency transaction is not really a big deal in the crypto world . l strongly believe the word of Warren Buffet which l quote  " Bitcoin is here to stay " . south korea ban crypto for their citizen but after a while the ban was lifted , secondly too Google also ban crypto, the ban was lifted , Google is now the seeking the opinion of ADA, in my own opinion, no Government can stop the revolution of technology but rather to understand it operation in a couple of time and allow their citizens to make use of it.

These has been the reason why bitcoin prices has been falling but i believe that with time all these huddles will be overcome because the government will get tired of putting restrictions on cryptos

India has banned the Crypto Currency but slowly the BTC is spreading throughout the world and very soon India will also accept the Bitcoin and will make it legally.

I have heard this but i think it is only for a temporary period and they can not fully ban bitcoin because India is also a technology based country most of the Microsoft chips and software are making there and best mobile phones of Nokia is also assembled there so i think this will be for some time and may be they have to plan a full fledged system of crypto currency in India.

This is not a good news for the bitcoin community. I hope that they change their mind in the near future because India's technological advancements is well fitted for crypto adoption.

Like other banks in other countries, banks in India don’t want to lose their power in financial system and they want to make cryptocurrency to be banned. They would prefer to introduce their own digital currency. Also, BTC is a currency without borders which goverments has no control. But people will find a way out of this.

Nobody really acres about India, they don't want to actually develop because they want to keep everything under control, I don't really care if they don't want to use cryptos or if they ban them, they're those who lose.

In fact, it is a big irony that bitcoin has been banned in India, whereas India is a big country in terms of population.
But according to me, it will not be banned for too many days, because in view of the increasing number of people wanting bitcoin, it can be judged that the Indian government will remove the ban from Bitcoin in the coming time.

Any state has the full right to prohibit the use of cryptocurrencies on its territory, but how will this affect relations, for example, with foreign investors?

all things that have a future are always rejected at the beginning, cryptocurrencies are the future and they cannot resist the development of cryptocurrencies, many of the technologies that we now use that at the beginning of the appearance are always rejected... and I strongly believe that in the next few years India will open the door to cryptocurrencies and make their own cryptocurrencies...

forex is only banned in india only inr pairs are allowed although some do trade in forex dont no when india gives green signal to crypto 

is only when a country refuses to improve that's when they can close their doors to new inventions.

This is a big market of bitcoin, but it is banned here. Actually this is a pity for bitcoin. Perhaps the Indian government wants to protect their economies from the effects of bitcoin. I think in the future if we want to develop stronger bitcoins, it needs to be approved by major countries like India

Zebpay, the largest cryptocurrency exchange in India, today announced the closure of its activities. The move comes five months after RBI banned banks from providing financial services to crypto exchanges. The Finance Ministry, earlier this year, had said that trading in Bitcoin and virtual currencies have no protection.

India is one of the biggest country and the government wants to have control over their financial system and don't want to lose their power to unknown crypto currency which is out of border that is why they closes door for crypto currency.

It is realy bad news of us. because many indian pepole work in Crypto Currency.

This is undoubtedly bad news for bitcoin. Each such event is very inhibits its development and affects the price. But we will believe that in time the government will change its decision.

I am very sorry that India was not ready for changes and banned cryptocurrency on its territory. And even more I feel sorry for people who have invested in bitcoin for the purpose of earning, but now can not continue to use it because of the state ban.

I am always very sad to hear that some country was afraid to develop bitcoin in their country and decided to ban it. He can not harm the economy or citizens, and can only improve them.

challenges like this that will always be received by cryptocurrencies, actually countries like China and India that have a large population can make cryptocurrencies famous. I am sure that in the future they will change their minds and follow in the footsteps of South Korea and the United Arab Emirates which opens the door to cryptocurrencies...

this is bad news for lovers of bitcoin in India, because they will certainly be very limited in buying and selling bitcoin, then the impact of this will also be felt by us from other countries, at least a little influence ... !!

Though India hasn't closed the door for the cryptocurrency entirely, but I think the Government of India will ban cryptocurrency in the future. Because they are making many regulations for crypto, Even they want to control the crypto market price, they think crypto is not helpful for their country! That's why In India, bitcoin's future is uncertain! Recently some exchanges stopped their services, Some government employ warns Bitcoin can be illegal anytime. But Still, no one knows surly what is gonna happen there.

Yes. This is bad news for investors in India. The Indian government is afraid of many risks coming to the country. They are afraid the national currency system will be overturned, the country's economy is affected. But if India understands cryptanalysis, they will accept it. India will control electronic money. The national currency system will function normally. Money investors will have the opportunity to get rich.

seriously, isn't India the most participant for the development of the crypto currency? I often see projects developed by Indians and now closed by the government. privately the government should not interfere in this matter because the crypto currency is commercial

Its really sad to read this. I am believe central banks afraid on cryptocurrency because they can not control it on supply. Central banks and government should take benefits from crypto market growth because its new investment and i am believe its good economic model

There is negligible influence Indian crypto market has on global crypto market. Most Indian traders moved to p2p and court matter is getting adjourned every time.

India lost such an opportunity to use crypto. The banks restricted the freedom of Indian people too. The financial institutions are concerned about their customers' finance safety simply because they do not understand what is bitcoin and how it works. They'd better explore and discover bitcoin deeper instead of banning.

Not good, how its changes situation with Indian ICO projects ?
I think they need to change their official ofices to other country while situation not changes to better

This is a really bad situation and can make a huge impact on the crypto market and the Indian crypto community because India is a large developing country there are many benefits its people and the crypto world could have gained in the future but with these governments bans everything will be in vain so I hope these policies will change in the future at least for some extend because it can make a huge positive impact on both the crypto market and Indian crypto user's

Definitely the decision that was taken by the government was really bad and of course there are many ICO projects in India that started recently and they will definitely have to change there managing locations to crypto friendly regions in the world and its is a extra burden for people who comment them when considering the cost and extra work load they have to bare so it can make huge negative impact on the progress of ICO projects that started in India.

Its a bad news for all of us , I know that many indians are getting interested on investing in cryptocurrency but they didnt get the chance. They didnt think about the opportunities they might get on cryptocurrency well we cant do anything but to accept it.

probably its tempory, and any country that bans crypto are temporary banning is just the farthest they can go after theyd realize that banning was a big mistake, coz they cant stop what coming which is the revolution of worlds monetary system , i guess india has  a lot of corrupt politics thats why they hate blockchain.

Maybe this is the reason why Indian government closes their door to cryptocurrency


Because for how many times i have been reading thread about Rural Bank or India (RBI)is very strict about cryptocurrency and now this new thread might be the answer if proven to be legitimate and resourceful

Progress can not be stopped, you can always find ways to bypass the restriction and firewalls. India, as a dynamically developing country, was certainly surprised by this decision.

Actually most of the country in Asia look like to banned bitcoin. But they even don't have the much needed idea or planning about bitcoin. I just watched the indian currency which is Rupee are falling down its value. I think the government just trying to make recover on it and they just could think bitcoin are hammering to fall it. But I think if they have right idea and plan to use it they will get the benefit from it and change the economic growth on high.

Well it's not a good news that india closes doors for crypto currency, there are a big community of thia digital market, must be sit both authorities and clear both of them elegation and clear the confusions both of them.

Indian crypto exchanges have already overcame their local government bans by starting peer-peer services since banks restricted their dealing with crypto.
Recently i read an official announcement that unocoin has planted their first crypto ATM in country, this indicates a positive signal for indian crypto traders

Feeling sad after hearing this shocking news. RBI advised its government to be banned cryptocurency and all kinda its transaction. I think it's a cheap decision which is opposite step of gearing up modern technology. No need to worry cause nothing is perpetual in this digital world India government may banned cryptocurency but they can't demolish crypto forever. Hopefully RBI will realize benefits and advantages of crypto very soon and will reverse their decision to back in crypto to their land.

This is another sad news for all of us, but we can not blame the government of india when they decided to atop the transaction of bitcoin in their country. However, even if it happen we need to look for a bright side and  life goes on we need to pursue  the good of using crypto so that many countries are accepting it.Crypto is still in process of accepting and many countries are doubting so we need to work for it.

This news is too old and the latest information is that some exchanges have gone to legal proceedings against the ban of RBI against crypto currency and the result of the legal battle between exchange and RBI is pending. So still their is some hope that if cryptocurrency exchange win the battle then the rule may change.

I heard the Indian government has banned the electronic money. This is a sad news. It makes the market of electronic money is reduced. The prices of coins fluctuate. Many investors not buying the coin anymore. It is difficult for investors in India. They will find every way to get rid of the binding. Hopefully next time The Indian government will change its decision to the electronic money market development.

India prohibits the use of bitcoin and digital currencies because digital currencies are not regulated or monitored by the government, so it is feared for criminal activities such as money laundering. The reason for the ban is almost the same in all countries that do not allow the use of bitcoin in their country.

Zebpay officially closed its e-currency trading floor in India, could not receive any banking services from commercial banks and domestic financial institutions under the ban of central banks. The attitude of the Indian government in delaying the regulation of the electronic money market is quite clear; They believe that as soon as it adjusts to the local market, businesses will come and the Indian cryptographic market will thrive.

That is not a good news to hear,I guess the misuse of crypto mostly lead to the ban but hope that the crypto shall soon be unbanned so that scams and corruption happening around can be controlled to a great extent.There are many proven instances in Indian economy where the centralisation played with people's lives so if decentralisation is now given a chance I think most of the problems can be addressed.

although is very bad of the India  Government to close down the transaction between cryptocurrency exchange and banks. india have huge population which might affect the growth of cryptocurrency asset negatively . on a second thought this ban might be temporary which might favour whales intending to buy the dip . one thing is sure no country can't fight technology .with time the India government will see the need of the Blockchain technology and lift the ban .

for the kind information , I heard that INDIA informed that the crypto is not allowed in their country but it doesn't told that the bitcoin is illegal..
so we would hope on INDIA will callback crypto  ;)..
thank you  :)

Feeling sad after hearing this pathetic news. This extremely unfair for crypto investors it seems that India government and RBI afraid of bitcoin popularity. RBI made a huge mistake to ban bitcoin in India, they should think it twice to back it again and to the proper use of their huge population.

I have been following this news for the past few weeks. This information is accurate, the central bank in India is advising investors should stop the transaction with electronic money. It is bad news and negatively affects the price of bitcoin. India is keen to develop their country without the need for electronic money.

i dont know if the news is 100 percent legit or hoax but if its true , im pretty sure that banning is only for temporary purpose just like what happened on other countries that also banned crypto before .

 in the meantime i dont think that india'n country is a huge loose for us because what i know is that india is only a poor country which means there were only few people are going to be interested on buying or investing in cryptos . so dont be so sad about it mate .

Ban of cryptocurrency in India is due to the safety of common peopl's funds as a big population in India is prone to such investments and many fraud had happened due to that where govt does have any role to play, recently a person has been jailed for Bitcoin fraud where many people have lost money, Indian govt has gone digital in day to day transactions and welcomes every new technology, I hope indian govt will adopt blockchain technology one day.

If the banks, electronic wallets or any of the entities subject to RBI management are banned from buying virtual currency, Indian people will not be able to transfer money from any bank account in India to the bitcoin like Bitpay, as well as can not buy virtual currency on the exchange.

if the news of bitcoin banning in India is correct then it is bad news for bitcoin, because India is one of the countries with the strongest economic development and maybe it also affects the current decline in bitcoin prices and will also affect the price of other cyrptocurrency

The last time I checked the status of bitcoin ban in India is not certain ans bitcoin is also not illegal there either but the statement made by the Reserve Bank of India (RBI)  causes a lot of misconception by the community. However, the supreme court of India has giving the government two weeks to present its official stance on cryptocurrency (https://www.ccn.com/indias-supreme-court-seeks-govt-report-on-cryptocurrency-in-2-week-deadline/amp/).

Reserve Bank of India (RBI) officially banned cryptocurrency transaction through bank but i'm not disappointed this declaration. Because india was not a crypto familiar country i think. But recently installed only one Bitcoin ATM. Virtual currencies regulation stronger by reserve bank rules.

India is a big developing country. The Indian government is scared of risk, now Bitcoin can have a huge impact on the situation and the crypto market and the Indian crypto community, so the Indian government has closed the doors of India for the crypto currency. But if they understand correctly, crypto will depend on their economy but they will accept it.

I am sorry but this is not a bad news for me because i often see several scam ICOs from india, so it will be good if they close the door for crypto.
In my country, using cryptocurrency is allowed but not to pay something. We just use it for trading in the market.
You can still get profit from trading too if you know when you must buy and sell.

I think it's very normal because maybe in this Indian country the cryptocurrency is used as a place for money laundering, theft of money and all kinds of forms of ugliness you can find in India, therefore India prohibits the circulation and use of cryptocurrency.

It's actually sad to think that not every country is open to technological advancement like this here bitcoins. But we can't say negative things against this country. They are merely protecting the integrity of their economy by banning potential economic disturbances.

really it is regretted as a big country but the government does not think long, it even prohibits the existence of cripto, but as long as there is no legal prohibition and still just appeals, it means there is still hope for the government, especially the central bank, to review the existence of crypto. there is a binding law and the high potential for abuse for negative things, that might be a consideration but keep in mind that with the presence of cripto into India there are many positive things about reducing unemployment, rising living standards, and a lot of technological learning that has a direct impact on social life also need to be taken into consideration, I think the government needs to choose the middle ground instead of prohibiting because it is a huge loss for both parties, where India has the potential as a promising market

But still, you cannot prohibit other people from India from using bitcoin, especially if they have already invested and profit from it. BTC is like addiction to its users. My conclusion, for now, There are still a majority of people who are using crypto's especially bitcoin but in secret.

Exactly the point, the popularity of cryptocurrency in India is really high. I don't see the reason why it would be banned , the government can make the necessary inputs for bitcoin and the other cryptocurrencies to thrive.

Actually India does not close the door for crypto, govt. is looking for an opportunity when they can regulate crypto because as we have seen daily volume of trading in India is more than 2000 BTC and if govt regulate it than they will earn some amount of taxes from it.
Ban is just for temporary basis.

You should know that this is a decentralized market and that investors can trade in many ways. Therefore, such prohibitions will not have too much influence. The people of India who enter this market are increasing every day and you do not have to worry about it.

India has not closed the doors of Bitcoin completely. Just made some new rules. With which the Indian government could make some control over the Bitcoin currency. But even after the introduction of these new rules, I do not think anybody can control Bitcoin.

In the month of April of 2018 Reserve bank of India ban bitcoin in India. RBI break the connection between different cryptocurrency trading sites and bank. Because of this many indian bitcoin trading sites like zebpay, unocoin, koniex etc. According to Indian government bitcoin is not a legal tender. And bitcoin affects the economy. It is digital currency because of this it does pay tax to the government and this thing ultimately affects the country economy in a negative way. According to Indian government, In India you can do bitcoin signature campaign job but you should convert your money into any others national currency instead of rupees.

i dont think india will close close crypto doors bcz india is a great advance technology country and they should follow the modern technology.
crypto currency is not only a currency but also a technology.
so india will definately support crypto.