INDIA BITCOIN BANK BAN IN EFFECT JULY 5 AFTER SUPREME COURT DECISION

[Guvn0r]

India’s Supreme Court has refused to extend a grace period allowing cryptocurrency entities to keep banking services beyond this week’s deadline set by the central bank.

EXCHANGES GO P2P

Now, talk is turning to P2P as an interim solution, Indian exchange WazirX telling Economic Times Tuesday it would transform its platform to do away with reliance on banking partners.

P2P facilitates direct crypto-to-fiat trading between individual users, with any bank transfers occurring from one private account to another without any formal links to cryptocurrency.

“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” CEO Nischal Shetty said.

Read Full Article

[RocketSingh]

Basically they'll act like LocalBitcoins.com.

[Guvn0r]

Basically they'll act like LocalBitcoins.com.

I believe so. Koinex have already launched a p2p platform to exchange tokens. good to see development as a workaround. I am not sure how the tax people will see all this.

[deadley]

Basically they'll act like LocalBitcoins.com.

I believe so. Koinex have already launched a p2p platform to exchange tokens. good to see development as a workaround. I am not sure how the tax people will see all this.

Do you guys really think, it's really possible with Indian company or who operating/have office in India. When IT going to raid them, they will reveal each and every tx and give full details about user. And after that govt can easily ask bank to freeze the account. RBI ban not only for exchanges it's for individual too who deal in crypto.


Localbitcoin is not Indian company and don't have office too, what I think we are back in 2014-2015 era where P2P trading happen but not through exchanges who do KYC.

[suchi2591]

finally p2p is the solution still its not a logterm solution. may be on 20 july we may get a final decision on cryptos.

[Guvn0r]

Basically they'll act like LocalBitcoins.com.

I believe so. Koinex have already launched a p2p platform to exchange tokens. good to see development as a workaround. I am not sure how the tax people will see all this.

Do you guys really think, it's really possible with Indian company or who operating/have office in India. When IT going to raid them, they will reveal each and every tx and give full details about user. And after that govt can easily ask bank to freeze the account. RBI ban not only for exchanges it's for individual too who deal in crypto.


Localbitcoin is not Indian company and don't have office too, what I think we are back in 2014-2015 era where P2P trading happen but not through exchanges who do KYC.

Exactly what i doubted, It was weird to see p2p exchanges n stuff but I did not give it much thought.. so it's going to be a couple of busy months for IT dept.

[erikalui]

Sad to see RBI and Supreme Court having such a negative approach towards cryptos. I feel that the hearing on 20th also would be the same and they'll not allow banking solutions.

[Blackshadow007]

Can somebody list all legit P2P sites to exchange bitcoins to fiat?

Why you look for others while LBC there and nothing can stop that . This sad decision will encourage more Black money from now on . What a stupidity in this era rejecting future technology and allowing P2P approach rather than regulating it .

[Guvn0r]

Can somebody list all legit P2P sites to exchange bitcoins to fiat?

Why you look for others while LBC there and nothing can stop that . This sad decision will encourage more Black money from now on . What a stupidity in this era rejecting future technology and allowing P2P approach rather than regulating it .

Well I guess it is for the same reason, money laundering. Now that the authority looks clean and the guys who run them from behind can transfer funds with ease.

[deadley]

Can somebody list all legit P2P sites to exchange bitcoins to fiat?

Why you look for others while LBC there and nothing can stop that . This sad decision will encourage more Black money from now on . What a stupidity in this era rejecting future technology and allowing P2P approach rather than regulating it .

Govt/RBI was force to do this because of 100's of crypto ponzi running in whole India. Because of this it will stop for now.

What I think, govt. working on rules and regulation, when govt will implement that, this ban will lift and there will be big players coming in Indian market.

[RAMSHIVDEEPAK]

Sad to see RBI and Supreme Court having such a negative approach towards cryptos. I feel that the hearing on 20th also would be the same and they'll not allow banking solutions.

Yes,It is not good,but in my opinion ,in next hearing ,there may be some sort of solution will come. INDIA has a very good % in BITCOIN market.

[Crypto_Sassy]

Can somebody list all legit P2P sites to exchange bitcoins to fiat?

Why you look for others while LBC there and nothing can stop that . This sad decision will encourage more Black money from now on . What a stupidity in this era rejecting future technology and allowing P2P approach rather than regulating it .

Govt/RBI was force to do this because of 100's of crypto ponzi running in whole India. Because of this it will stop for now.

What I think, govt. working on rules and regulation, when govt will implement that, this ban will lift and there will be big players coming in Indian market.

I agree. Government can take time to make rules . But not sure how they will recruit expert people to frame the regulation?
I do not think current bureaucracy might have that experience ,(they need to understand it first.) Hiring experts from outside may be possible but might be government is shy in doing so and trying to stop it instead of regulating it.

[Blackshadow007]

Can somebody list all legit P2P sites to exchange bitcoins to fiat?

Why you look for others while LBC there and nothing can stop that . This sad decision will encourage more Black money from now on . What a stupidity in this era rejecting future technology and allowing P2P approach rather than regulating it .

Govt/RBI was force to do this because of 100's of crypto ponzi running in whole India. Because of this it will stop for now.

What I think, govt. working on rules and regulation, when govt will implement that, this ban will lift and there will be big players coming in Indian market.

Hmm this can be the reason also . Whatever if Ban seriously implemented then i am sure most of the current top exchanges will provide service like LBC to their customers to keep the flow running . They should do it from outside of Indian Jurisdiction , offshore server on Japan or something and provide Escrow service for P2P trades .

[SimonJones]

P2P will also be banned soon after the Govt realizes that it was the worse option compared to centralized exchanges.

[bankarpit]

I was just reading articles related to P2P. and as Koinex have already launched a p2p platform to exchange tokens. IT seems legit but still I am trying to get as much knowledge as possible. And for now relying on this method. I hope Sc will soon give some decision in our favor.

[deadley]

P2P will also be banned soon after the Govt realizes that it was the worse option compared to centralized exchanges.

Banning P2P not possible at all, but Indian company can't be run business through that. They are just fooling their customer. It's very risky to using Indian company for P2P trading because whenever IT raid them they will provide all details to authority. Why we require Indian company for p2p when we have Localbitcoin and it is very trusted.

Can somebody list all legit P2P sites to exchange bitcoins to fiat?

Why you look for others while LBC there and nothing can stop that . This sad decision will encourage more Black money from now on . What a stupidity in this era rejecting future technology and allowing P2P approach rather than regulating it .

Govt/RBI was force to do this because of 100's of crypto ponzi running in whole India. Because of this it will stop for now.

What I think, govt. working on rules and regulation, when govt will implement that, this ban will lift and there will be big players coming in Indian market.

Hmm this can be the reason also . Whatever if Ban seriously implemented then i am sure most of the current top exchanges will provide service like LBC to their customers to keep the flow running . They should do it from outside of Indian Jurisdiction , offshore server on Japan or something and provide Escrow service for P2P trades .

P2P through Indian company is nightmare. There won't be any safety for users. Other thing RBI asked bank to close relationship with everyone who deal in crypto, doesn't matter it's company or individual.