India and Russia ban Bitcoin

[Aeneas]

Russia changes her mind time to time and do it oppositely

That's because they don't really know what they want to do with cryptocurrencies. First we had news about Putin being interested in ETH, then we had news about their government controlled cryptocurrency and now there are voices saying they should ban it all. People have frequently quoted this well known phrase ending with "and then you win". It seems we're still in the "they fight you" phase.

a government panel is said to have advised closing cryptocurrency dealers in India
This doesn't mean anything. They can keep advising it as long as they please. You need legislation for it to be legit.

Yes, but be sure, that Putin and main core of russian oligarchs know about bitcoin and other crypto, and they a buying cryptos in terribly huge volumes. That's for usual people they are not confident how to do with BTC.

[VIDEOsecure2]

It is really bad as two of the largest marketplace in the world are banned now for bitcoin. Hope the will soon withdraw their decision to invite for the investment here.

[pri3oner]

It just can't be the truth about Russian BTC ban cos there's the law to be prepared for summer 18. It's kinda old information over there. Peace.

[Aeneas]

It is really bad as two of the largest marketplace in the world are banned now for bitcoin. Hope the will soon withdraw their decision to invite for the investment here.

Surely, they will, cause either they would have no choice or they are completely stupid and die soon. Deadly institutions.

[MiiDoViic]

arab countries are starting to consider banning bitcoin also . some have already did . Let's hope no country could have an effect on it .

[Jahreer]

Gross National Product of Russia (2016): 1283 USD Billion
GPD of India (2016): 2263.5 USD Billion
compare:
GPD of Germany (2016): 3466.7 USD Billion
GPD of Japan (2016): 4939.38 USD Billion
GPD of USA (2016) 18569.10 USD Billion

those possible bans would not affect the global bitcoin price in long-term perspective.
though the local prices on black-markets of Russia & India may rise dramatically  

[Aeneas]

Gross National Product of Russia (2016): 1283 USD Billion
GPD of India (2016): 2263.5 USD Billion
compare:
GPD of Germany (2016): 3466.7 USD Billion
GPD of Japan (2016): 4939.38 USD Billion
GPD of USA (2016) 18569.10 USD Billion

those possible bans would not affect the global bitcoin price in long-term perspective.
though the local prices on black-markets of Russia & India may rise dramatically  

Yes, but policy concern crypto will influence on social reality in nearest future

[imamimam1234]

such a bad news, it seems that ban almost happen to many countries. Actually why the country ban it, we are bitcoiner do trading and mining with its own risk and we prepared for it. But it's already a rule we can't deny. Yeah also in my country the governor of my central bank plan to ban fintech and e commerce that use bitcoin

[zexx1976]

They are not going to ban bitcoin because they can't, but they will make it impossible and illegal for their people to withdraw fiat to their bank accounts that comes from any crypto exchange.

[Green N]

Nigerian banks banned all transaction in bitcoin , colombia too , and morocco banks say Any person dealing in the currency of the bitcoin will be prosecuted

[Ruetli]

It is not an outright ban in India, only a proposal to close dealers. [02/11/2017]

In Russia the announced to block access to cryptocurrency-exchanges. So the russians will have to deal peer-to-peer or use Tor. Since the article was already published on 10/10/2017 it would be interesting to know how it is going now. Any Russians here?

[zexx1976]

It is not an outright ban in India, only a proposal to close dealers. [02/11/2017]

In Russia the announced to block access to cryptocurrency-exchanges. So the russians will have to deal peer-to-peer or use Tor. Since the article was already published on 10/10/2017 it would be interesting to know how it is going now. Any Russians here?

How are russians going to cash out then?

[cosmoo]

Good for them lol
One more reason for russian people to move from this country.

[elie_s]

i think this is an old topic its not a surprise they banned bitcoin, every country want to ban something they cant control but with time and people purchasing bitcoin i think we will have a different story

[Ruetli]

Nigerian banks banned all transaction in bitcoin , colombia too , and morocco banks say Any person dealing in the currency of the bitcoin will be prosecuted

Could you please post some Sources for this?

[ssxhz]

After the Ban of China so many countries decided to ban the BTC.

Also Korea.

[swogerino]

That is a bad thing if many countries start to ban bitcoin it is difficult for the users to exchange their bitcoins to real money as the governments will create financial divisions only to block such transactions. Still if the users have a lot of bitcoins, they just need a hardware wallet together with them to travel to the most nearby country and make the exchanges there. Not the easiest of situation but doable.

[Gabb]

I do not see the bad enough that these countries ban bitcoin, because these emerging countries have found in bitcoin a reliable store value and are investing important capital in the market. Therefore, once bitcoin banned people will surely continue to acquire bitcoins but now through the black market, which would possibly mean a boost to the price of bitcoin.

[richardsNY]

Good for them lol
One more reason for russian people to move from this country.

Bitcoin hasn't been banned in Russia. People here quickly jump onto the assumption train just by reading titles. Russia can't make up its mind on how to deal with everything related to the crypto market that only grows bigger and bigger. One day they seem rather neutral, where not long after that they choose to go with a more hostile approach, and shortly after that they are neutral again. It has been like this for a few years now, and so far it seems that this will continue for a longer while. It's either them needing a lot time to catch up, or they constantly get surprised by this market and for that reason need to adjust all their planned regulations, which again costs a lot of time.

[dmamigo]

Recently a Indian minister commented upon Bitcoin, that still its not a legal tender, the government still haven't decided whether to impose a ban or make it legal. So still there is no confirmed news of its ban on cryptocurrencies.
Russia is also not banning in real, they most probably will impose restrictions on exchanges or dealers.