Bitcoin Forum

The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?

India didn't ban crypto currency. RBI did. But, I hope soon they will withdraw their bannd and adopt it.

The indian court banking stays by its earlier restrictions of banning the transactions of crypto currency.

In 2014, India also said "no" to international coalition against ISIS/ISIL terrorists.

I hope yes, they will reconsider their decision after a time passed. India is a technology friiendly country. So there is high chance of accepting crypto in future.

I heard about this news and it's quite heart breaking for all of us, India's these kinds of restrictions towards the crypto currency is not correct they should try to understand the market and it's accessing system. however I hope in the upcoming future things will be changed.

This is not a problem because there is already a solution for regulations. Enforcing regulations will only expedite the transition towards the solution. In order to bypass regulations to have your own freedom and protect yourself at the same time, you need to switch to a Tor-based decentralized exchange, like Bisq, and use it to trade Tor-based privacy cryptocurrency like DeepOnion. Decentralized exchanges are a new trend but soon they'll pick up the pace and trading will become more convenient.

I emphasize on Tor because it's the most popular privacy tool used by millions world wide, and the more use it, the stronger it will be. Crypto wallets that integrate Tor provide identity protection so regulators can regulate all they want and it won't make a difference.

Irrelevant. No matter what your jurisdiction says about bitcoin, when you wake up the next morning you'll open your favorite block explorer and you will see how every 10 minutes there's blocks being mined with transactions on it.

If your government bans bitcoin, you can still use it and obtain with cash or in exchange of goods and services.

If your exchange bans physical cash too, they will pretty much help the bitcoin economy since people will resort to providing goods and services in exchange of bitcoin as the only way to obtain it.

All govs will have a "we are banning the damn thing" period, which will follow by a "we give up, we are unbanning it" period, these that hold through it all and obtain as much BTC as possible during the dip will come out on top.

Well, as I’m not sure about this but I think that Indian government is very supportive to digital transactions. I believe that they will focus in this matter again.

its been a hell in india for cryptocurrency but i do thing its would not stop them, there is always a way to purchase cryptocurrency for example using paypal. I do believe india cant ban it forever and they will see the potential of cryptocurrency like korea in future. Look at korea they started to embrace it and they believe ban crypto would not stop them buying it and indeed its a wrong decisions.

India is not Japan or China. India is a poor underdeveloped third world country. So, whatever happens in India about Cryptos is immaterial to me and has no consequence in the world finance. If the India government likes let it also ban bathing or eating, the rest of the world won't care.

I think that if not now, then they will have to reconsider their positions. The world is developing rapidly and they risk being left far behind if they interfere with development by their prohibitions.

While this is may what some people think, India is a huge market that companies are flocking to -- such as Apple, Google, etc as they have all already sold their products in china and consider India as the new frontier with a billion or so people to try to sell too.

India isn't a third world country, they may be poor but I wouldn't consider them third world. Crypto could play a large role in India, as if these big companies see a market in India then we MUST see an opportunity for Crypto growth in India. I don't know about the big banks in India personally, but I could assume that they have the same corruption and such problems which are present in the United States (and other world nations)

This a sad news for the investors willing to invest in the world of crypto currency in India. This will cause a drop in the activity of crypto currency in india. As the holders of coins will face problems in dealing with their coins. this decision will also damage the future as crypto currencies have a g=high chances of getting popular, india will face a draw back.

maybe the goverment of india just wants the safety of its citizen in the dangers of losing money on crypto so they decide to ban it on their country eventhough it also have good sides just to be certain they want to regulate it first or know completly so others can avoid those who abuse the technology and take advantage of others.

 it’s true that they banned btc also this types of news is really disappointing for users based on this their economy will be decreased also if they are not giving a efficient time for withdraw their money also zebpay have been canceled withdraw with rupees.

I doubt it will reconsider its stance unless there is some serious political pressure. Peer to peer trading will probably still go on as it does across the world now in many countries.

Political decisions are not permanent but change because of factors such as changing governments or international consensus.
The general impression about the Bitcoin is negative, so I do not expect that Indian position will change soon.
This decision will not affect Bitcoin, but its impact will confine to the category of traders within India.
If there is a law that criminalizes bitcoin, it is better not to make any cash transfers until the law changes.

This is not very tought out decisoin, and it seems also immature.

As other users already pointed out, it can be a good thing in long run.
In such a huge country as India, most of the population is equiped with mobile phones which can be easily used to use btc to exchnage for services.
This could indeed backfire.

Banning bitcoin cant be stopped and by banning bitcoin government cant stop bitcoin either.
So who cares about indian govt.

That's not a good news. Cryptocurrency is the future to the digital transaction system. I think you should make a community and then appeal to the government.

Yes, current situation is bad but it will soon be lifted I guess, there's been news that some kind of crypto regulation has been made and govt. may release it by fortnight of july. So let's see how that goes, also the next hearing in supreme court is on 20th july, some good info might come of it. Even if it's the bad news, I'm prepared for that :)
Koinex has already launched it's LOOP peer-to-peer platform so that's an option if needed to buy/sell cryptos with fiat. Same has been taken care of by BitBnS and WazirX platform. So technology is going ahead and govt. can ban crypto in its entirety.

yes current situation is not normal but ofcourse i know it will solved.bcz btc is a major part of indias people.and india gaining huge money from btc.

Well it is shocking to all of crypto lovers and investors but we'll keep doing what we are doing. Either govt will lift this ban or people will find some other way to encash their coins but crypto trading/investing will stay on.

The ban is a set back to the teaming fans of bitcoin in India. I see this ban as a temporary one. India will not want to be in isolation so, as more and more countries legalises bitcoin, India will reconsider it's position.
However, I don't think the ban stops you from working to earn bitcoin. If so, why not continue the work and accumulate bitcoin, whenever the ban is lifted, you can exchange to fiat.

Technically speaking, it's not a 'BAN' that 'India' has made. The RBI has kept this issue in front of the IT companies that they should not deal with INR-Crypto transactions. They have not directly placed a ban on cryptocurrencies. Although this will affect the dealing of crypto transactions but it still does not say us that we should completely stop using crypto. Just make a few things clear when you post a question/opinion . My thought on this would be just to wait until the reversal takes place. The reversal will surely happen as one cannot stop these things from happening. It will happen regardless the so called BAN eventually .

Supreme Court of India has ruled not to grant interim relief to those affected by the Reserve Bank of India’s (RBI) ban on banks' dealings with crypto-related businesses, Quartz India reports today, July 3rd. SC has thus yet again refused to stay RBI’s April 6 circular, which had directed all banks to extract themselves from existing relationships with crypto exchanges and traders within three months, due to take effect July 6th.

The only hope remaining is pending decision on 20 July.

No one cares about whats the issue about india so stop this nonsense,i have read such many thread about this damn India banning related post but still continue spreading the news its flooding the market with same damn topic ,why dont you just post when the final decision of Indian government made and statement for now stop talking its irritating

Its not fair , the whole world is moving towards digitization and still India is trying to ban the crypto space.I also feel India has supported technology always and it will realize the blockchain technology some day and also will adopt in the future. I would wait for few more years for regulations to fall in place and India may understand by that time most of the countries will have been adopted crypto world. India has a bright future from the technology point of view and its one of the fastest growing economies , lets hope for the best.

Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee (source (https://en.wikipedia.org/wiki/Reserve_Bank_of_India)). All announcements from RBI are in fact Indian Govt statements on financial matters.

They have done what most of other Governments are doing with CC. Its not about opposing a new technology, the ban by governments on CC is about not giving up the financial control of the country.

But there are some potential effect of bitcoin price when there are country that banning bitcoin because it is affect by some investor that are from India and on other part of the world.  Of course, when we heard that there are country that ban bitcoin then we might think on what happen next? what if our country does do it? what if right?  there are some investor must think that and maybe they get afraid of investing in bitcoin and it has chance that the bitcoin does not recover or maybe it would dip.

Although the Central Bank of India prohibits the exchange of bitcoin with rupee currency but the government still provides support for trading and use of bitcoin and this could be an opportunity for everyone to be able to use their bitcoin without having to exchange it in rupee currency.
But it takes a lot of people and merchants who want to receive payments using bitcoins.

Yep, this should not stay forever because India may left behind by the other countries. For sure they will make a revision on their decision so bitcoin will finally be legal on their side. Hodlers must keep on holding, expect good things in the future.

India’s ban on crypto is inevitable. Any country with unhealthy economic conditions is afraid of crypto because they need to rely on some bubble economy (such as real estate) to support the development of the national economy, and cryptocurrencies will obviously Economic orientation has an impact. The previous Chinese ban was also based on this reason.

Yeah might be the real reason why the India Supreme court upholds the ban. Crypto is threat according to them (and other nations who opposed it). India is a country based on Technology, almost all top IT firms has a headquarters on that country. So I was quite surprised by decision, however, we all know that its a big mistake to stop crypto because crypto enthusiast will always find a way to continue what they love to do with bitcoin and we do hope that they will change their minds and make a U-turn in the next coming months.

It is the Reserve Bank of India who choked bitcoin and cryptocurrency I read one of the articles of Quartz India peoples in India is having a hard time and confused whether bitcoin legal or illegal.

https://qz.com/1171183/bitcoin-is-neither-legal-nor-illegal-in-india-and-everyones-confused/

Am very optimistic that this unfavorable decision of banning cryptocurrency will be retracted, they will still see the more benefits the blockchain technology is bringing to the society or better still they just regulate it...

They will still have a big re think about the ban of cryptocurrency, this is really bad for a country we know as an advanced domain to restricted blockchain tech..

Who knows. When the 2018 budget was finalised then they decided they will explore the use of the crypto currencies and now they are here banning the ass of crypto currency transaction. Well, practical it is just the ban over the crypto to fiat conversions. No one said that you cant use the crypto currencies and this can also be seen from the crypto exchanges who are still running and active. Just recently zebpay has updated their API with new features of crypto to crypto trade.
So whether or not they reconsider it but the fact of crypto being used by India will always remain same.

I hope they do it because they are not really ready for the rules around crypto. By the time they are ready, they will cancel all such restrictions. But I do not know how long it will happen

if you keep ban in india, but still it can be exchange from third party agent, not to worry only bank is not exchange the bitcoin.

Hopefully those there (India) will soften, and still give the green light to Cryptocurrency and bitcoin. certainly not easily influenced what is done by EU economic observers, but India affected, it proves they are not seriously manage crypto properly and correctly.

What a shame that India doesn't want to support cryptocurrencies. They are a huge market which has a huge influence on Bitcoin price. Is there any particular reason why their court decided to allow banks to block accounts of people who buy and sell cryptocurrencies? It's ridiculous that you can't spend your money on whatever you want.

India as a country has really been having rules or restrictions that may be against the flow or current of the modern world. But I still think that the Reserve Bank of India does not want cryptocurrency more than the government which means that we moght still have a window of opportunity if we can have the governments backing by providing information or trying to find out what their apprehension on cryptocurrency is.

It is true that the Reserve Bank has restricted every bank to stop giving services to the companies involved in cryptocurrency exchange business. However when it comes to the individual level we are always able to use banking channels for buying and selling cryptocurrencies, there is no law to prevent us from using bank accounts to trade cryptocurrencies individually. I believe that we will see rectified policy from Reserve Bank in the next year after the election.

I too hope that the ban gets lifted and the normal crypto to fiat conversion takes place easily, but for Reserve bank they don’t want to take any chances with the Indian economy and hence banned the buying and selling of cryptos as a whole, well still peer to peer trading is available, but I don’t think ban will get lifted until some external body pressurizes Reserve bank to do so, be it the Indian govt or other bodies but for now the ban is firm.

India's Reserve bank doesn't want to support cryptocurrencies as it is true for majority of the banks around the world as they feel threatened by the presence of bitcoin since it is the only decentralized currency big enough to put them out of business so they try their best to fight it back.
the important matter is that their people want bitcoin and don't care much about what their banks are trying to do.

Well Indian is a developing country and it wants to take no chances which can cause instability, India is a country of diversities and before taking each and every decision they need to think twice about each and every community and how they will react to the decision be it religious groups be it business groups or whoever it is, leaving behind the ISIS coalition, for bitcoin if the business group creates a pressure then the ban can be loosened up but till then we won’t see any changes.

To be honest the Indian govt is still about the usage and regulation of crypto issue but the ban has been imposed by the Reserve bank of India, and the ban only states that no buying or selling of any crypto currency can take place, although peer to peer trading has got no restriction and to be honest Reserve bank can’t even control the peer to peer trading, maybe the ban might get lifted if some bad consequences are seen but for now simply it won’t.

Let's wait and see. There are still pending hearing on July 20 so its possible that may overturn it by the chances are slim. In any case that they continue with their decisions then we can't do anything about it. And as far as the EU decisions, it doesn't have any bearing on the India's Supreme Court because they wouldn't care about any nations accepting or rejecting crypto. They have their own stance, so it they think that crypto is really a threat to their banks and economic stability, then so be it. But if crypto was proven to have a good effect and shouldn't be frown upon my country, then maybe they could reconsider their stance and perhaps make a sudden U-turn.

You can actually never really say which is right and which is wrong, people selling bitcoin for Indian rupee can be benefitted by it but the fact is the extra rupee here has no records with Reserve bank and can actually cause instability in the country, thus better then taking chances by centralizing bitcoin and other crypto currencies, India simply banned the buying and selling of them although peer to peer trading is still available and running pretty smooth.

Government polices varies with the change of government. India has banned for some years, but with in next year near elections government may permit. Indian stake holders are trying their level best to remove ban on bitcoin. Due to crouption they banned.

India never banned crypto currencies yet,just the Reserve Bank of Inida (RBI) warned the banks in India to stop dealing with any kind of crypto currency related transactions.But in India it looks the crypto currency is going to be legalized because some of the organizations take this issue to the court now there will be final verdicet soon.I hope it will be on the side of the crypto investors.

many times they said there would be no such prohibition in this regard. Are you sure this is certain?

India has not banned Bitcoin for years. In fact, Bitcoin is not even banned right now. It is only Bitcoin exchanges which have had their banking links cut. If Bitcoin is really banned, then possessing it or transacting in it could be a crime. Right now, none of all that is true. The community support for Bitcoin in India is very small.

Current government have banned Bitcoin due courption cases of stake holders involved in money laundering. Hopefully wih in few years government will allow Bitcoin. Some states have requested to central goverment to permit Bitcoin trade. India is second largest populated country in the world.

Indian government is always known for making such restriction. If you are Indian you cannot even hold money in your Paypal account. You will be able to receive but will be immediately withdrawn to your bank account. The government always speaks about Digital India and other such things but do not want to allow its citizens to hold virtual currency that is not governed by RBI. This is very Sad news.

Indian Govt itself didn't ban cryptocurrencies but RBI banned all crypto transactions with banks using INR but this can't stop people using cryptocurrencies. They can use p2p exchanges or foreign exchanges. They can exchange goods for crypto. Indian govt acknowledge this and they are planning to make some regulations for cryptocurrencies, they could treat them as commodities.

First of all its the Reserve bank of India that has banned the crypto currencies and not India. Still cryptocurrencies can be openly sold, bought and traded in India, its not illegal. The next hearing on cryptocurrencies ban by RBI in court is on 11th September. The results are expected to be in the favor of crypto supporters as crypto regulation committee of India is now coming into play and stating the importance of digital assets and the technology behind them. Still we can cash in and out of crypto easily as exchanges in India are now offering peer to peer transactions. Some of such exchanges are Wazirx, koinex, etc.

I hope that does not happen. and the Indian government may withdraw its policy on crypto bans. because the policy will harm them. users of crypto aka continue to grow in that country so that the rule will not be obeyed.

Trade is not a criminal offence. Most of us trade in various asset classes in the stock market. So how is this [cryptocurrency trading] any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing.

by this year end we may see positive changes in Indian cryptocurrency regulation hope for the positive feedback

I think this is the matter of controversy and I think that every Indian should be worry about this, though bitcoin is a decentralised crypto currency and no country has the right to ban it completely, they can only ban people from using national exchanges and bitcoin will be banned completely in only one case and that is when all the countries in the world will ban it and we all know that it is next to impossible so one need not to worry that much about this ban but there could be some amendments for sure shot.

india bitcoin ban has been a long day.
 I do not think that India will continue to ban technology for a long time.

That the india but the RBI of bitcoin the one who banned of that and because of that many people was felt sad, but I hope sooner or in the future they will accept bitcoin to their country because it will give a brighter and fortune life to everyone.

I don’t think that India will ban crypto, one hiring is pending in Supreme Court of India regarding Crypt currencies but they didn’t take any decision.
We can hope India will never ban crypto, if they ban then it will be for some period.

India 🇮🇳 is a developing and very potentiating country and it has illegalised bitcoin in its nation because of its increasing illegal use and therefore they issued a notice in April month that all Indians have to withdraw their money within 3 months from these crypto currencies and then otherwise they will be responsible for the losses and then they illegalised bitcoin but still owning bitcoin is not illegal, we can use international exchanges for transacting bitcoin and there are even assumptions that there could be some amendments in this notice.

India didn't ban crypto currency. RBI did. But, I hope soon they will withdraw their bannd and adopt it.

We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye over all the bitcoin activities and specifically the illegal one and after seeing this thing reserve bank of India has put ban on crypto currency as they issued a notice stated that all the crypto users have to withdraw their money from crypto currencies within 3 months and then after that they will be responsible for the loses and then in month of July they has banned every crypto currencies but there are assumptions that there could be some amendments in this notice.