Bitcoin Forum

Bitcoin, Ethereum Prices Remain Steady Despite ‘Crypto Ban’ From India’s Central Bank

The crypto markets are holding their own this week, with Bitcoin (BTC) not venturing too far away from $7,000, even amid news that India’s central bank would stop dealing with crypto-related businesses.

The relatively steady prices could be attributed to a big adoption win in Asia yesterday, when Omise and OmiseGO signed a Memorandum of Understanding for fintech and Blockchain innovation with a South Korean banking affiliate.

BTC is currently trading for around $6,880, up a little more than 3 percent over a 24 hour period to press time.

https://cointelegraph.com/news/bitcoin-ethereum-prices-remain-steady-despite-crypto-ban-from-indias-central-bank

India has not banned bitcoin / crypto currencies. RBI has announced its entities not to deal with bitcoin or any other crypto currencies / virtual currencies.

India should open its eyes and welcome bitcoin and crypto currencies to enrich its economy?

The title is really misleading as it says 'crypto ban" from India, but when you read the article you will see that it says that India has not banned but RBI has just issued that financial entities not to deal with bitcoin or any other crypto currencies.

So this is just a clickbait and those with little or no experience in trading will suddenly thinks that India is really banning and it will cause them to panic and most probably selling again putting a lot of pressure on the market.

Just advise to newbies to read first and understand what's going on the ecosystem and try to filter any news because most of the times is just pure FUD.

The news could be bad from a 'market sentiment' point of view, but does not really impact supply/demand. India was a very small market for cryptocurrencies and was an island, because foreigners couldn't really sell at Indian exchanges. So as such, even if Indian exchanges shut down, it should not have an impact on Bitcoin's global price.

I am still predicting that eventually Bitcoin will be allowed by the Indian government in a very strictly regulated environment. The demand is big in India and there are now critical number of people who are interested with Bitcoin and cryptocurrency in general. We should be hoping that within this year countries like India as well as Russia will be totally opening the market for Bitcoin.

This only goes to show that there are many in their locality that stands firm with their Bitcoin holdings. Otherwise, the price could have suffered due to the crypto ban regulation in India. This fact should signal the Indian government that many in their population actually are into Bitcoin and that their faith in it did not waver despite the many obstacles that came their way. At best, after the Indian government is able to recognize this, they should set measures to determine for themselves what courses of action they should take because certainly, there is something wrong with it for otherwise, why would majority of its people cling unto Bitcoin at this point in time which is totally against the rules imposed by the Indian government? 

Why should the price of bitcoin react to the ban on using bitcoin in India? You can earn bitcoins anywhere in the world where there is Internet. Exchange bitcoin is also not a problem. Always there are exchangers which will be sent to your account transfer from a private person. It'll be expensive, but it's better than nothing.