What happens if RBI decides to ban Bitcoins? What should I do with Bitcoins then

[krishnaverma]

What happens if RBI decides to ban Bitcoins? What will happen to the Bitcoins accumulated in my account then ?

[AtOmX]

If you've trusted friends in US/Aus just transfer your wallet coins.

Vola!!! Half of your job is completed.

Then ask him/her to get US dollars and exchange here or in their country where exchange rates are minimal.

Good luck

[S_D]

You HODL forever then
Or you give em to me for half the price
Or you just go on shopping spree (there are lots of website accepting BTC payment)
Or you sell em at international exchange and bear wire transfer charges
Or you buy tenx tokens use the funds in India
O you could find million other ways to get your funds back
Or you stop thinking that such absurd decisions will be made.

[endlasuresh]

Exchange them in marketplace
exchange them for paypal or other currencies
Buy on online stores that ships in India. A lot of methods where we can spend our Bitcoins so no need to worry about it.

[RameshSekar]

We can exchange bitcoin in marketplace for write transfer, payza or PayPal cash .
But don't buy product with bitcoin(if banned) from abroad that ship to India, customs generally check the invoice and all payment proof to cross-check invoice, if we payed in bitcoin then they will take action against us or simply don't give that product. Both result in headache.

[kaka@1234]

Run away to some other country with ur bitcoins lol 


Btw u can trade them on exchanges like localbitcoins etc against PayPal or bank transfer

[rjigota]

What happens if RBI decides to ban Bitcoins? What will happen to the Bitcoins accumulated in my account then ?

Keep buying dear. RBI can "not recognize it as India' legal Tender" can "regulate cryptos", can "warn investors". I really doubt they can BAN cryptos.

[Blackshadow007]

Simply transfer to a safe wallet [ Blockchain ] and exchange for Cash via Localbitcoins

[gopaljiverma]

There is nothing to worry. Even if RBI decides to BAN bitcoin, they will give you some time to cash your present bitcoins. They are not going to do this instantly.

[Sachubaba]

They are not going to do this instantly.

Were you born after 8th November 2016?

RBI and government has already issued multiple warnings. Bitcoin holders must be prepared for an overnight ban.

[Sadikrx]

I don't think indian government will banned bitcoin. If bitcoin banned in india then it will affect on indian economy. Bitcoin is the perfect way to developed and make india rich. Everybody know that no one can't stop bitcoin and it's will growing till Apocalypse 

[stanner.austin]

Bitcoin is protocol act as internet money. block chain is public ledger.

Bitcoin can not be blocked or blacklisted or freeze at any case unless, wallets which hold them can be red flag or exchange which hold your account can freeze it.
Safe way to hold bitcoin currently is hardware wallet if big amount & software wallets if small amount.
Even if India block any transaction related to bitcoin illegal's there are many many country and ways to cash it out. near is HK,UAE many more.
 

[vino.gcs]

Bitcoin is protocol act as internet money. block chain is public ledger.

Bitcoin can not be blocked or blacklisted or freeze at any case unless, wallets which hold them can be red flag or exchange which hold your account can freeze it.
Safe way to hold bitcoin currently is hardware wallet if big amount & software wallets if small amount.
Even if India block any transaction related to bitcoin illegal's there are many many country and ways to cash it out. near is HK,UAE many more.
 

I personally keep all my bitcoins on the Ladger hardware wallet which is the safest thing I currently know, regarding the phrase I keep it separated in two different points so as to always have the security divided into 3 parts and so I feel calm and with the situation under control

[pakhitheboss]

I personally keep all my bitcoins on the Ladger hardware wallet which is the safest thing I currently know, regarding the phrase I keep it separated in two different points so as to always have the security divided into 3 parts and so I feel calm and with the situation under control

This topic was created in 2017 when there were speculation that RBI might ban Bitcoin. If I remember correctly RBI did put a blanket ban on Bitcoin in 2018 which led to Indian exchanges coming up with P2P trading. Later on the ban was removed and I think it was in 2020.

My question to you is why again bump a topic with your reply which doesn't hold any kind of relevance in 2024. As in 2024 we as a community are death sure that RBI doesn't have the balls to ban Bitcoin or crypto.

[avikz]

What happens if RBI decides to ban Bitcoins? What will happen to the Bitcoins accumulated in my account then ?

RBI can surely ban Bitcoin any time they want. But they will give you a timeline to come out of your accumulated Bitcoins. However, you will have to file your taxes in a very diligent way. So you will get a time to sell off your holding before the ban comes into effect.

But honestly, I don't see it happening. A blanket ban is highly unlikely to happen in India now.

[TheUltraElite]

RBI can surely ban Bitcoin any time they want. But they will give you a timeline to come out of your accumulated Bitcoins. However, you will have to file your taxes in a very diligent way. So you will get a time to sell off your holding before the ban comes into effect.

But honestly, I don't see it happening. A blanket ban is highly unlikely to happen in India now.

Fact that RBI already got one backlash after placing a blanket ban, they will likely not burn their own faces again with a similar fiasco.

In am sure the people who run the show there have understood that bitcoin by design, cannot be banned by a country's central bank.

[avikz]

RBI can surely ban Bitcoin any time they want. But they will give you a timeline to come out of your accumulated Bitcoins. However, you will have to file your taxes in a very diligent way. So you will get a time to sell off your holding before the ban comes into effect.

But honestly, I don't see it happening. A blanket ban is highly unlikely to happen in India now.

Fact that RBI already got one backlash after placing a blanket ban, they will likely not burn their own faces again with a similar fiasco.

In am sure the people who run the show there have understood that bitcoin by design, cannot be banned by a country's central bank.

Yes I think so too. Also Trump becoming president of US will impact the decision if RBI is even planning such bans. I hope the south block understands now that they can't control cryptocurrency at all. That's why they have imposed 30% tax on it, which is absurd. I hope Indian government will have the way for crypto adoption India in coming years. But my only concern remains the tax Percentage. It's not sustainable!

[M47AK16]

What happens if RBI decides to ban Bitcoins? What will happen to the Bitcoins accumulated in my account then ?

If the RBI does decide to ban Bitcoin, it could lead to some restrictions but there are ways to prepare. Currently, Bitcoin is not recognized as legal tender in India, so an outright ban might not drastically change the situation. But to stay safe, you should keep your Bitcoin in a secure private wallet or on decentralized exchanges rather than centralized ones. If Bitcoin were to be banned, the RBI could require centralized exchanges to freeze or disclose funds, which could create complications for users like us.

In case the RBI takes further action, they could question individuals about their Bitcoin holdings, the source of funds, and potentially audit their transactions. So it's quite important to have a clear record of how your funds were acquired to avoid issues, especially if you've transferred or cashed out significant amounts.

Even our Finance Minister, Nirmala Sitharaman has expressed skepticism toward cryptocurrencies, which may influence the RBI's stance. This cautious approach from the government suggests that while a total ban is not certain, there could be increased scrutiny. For now, keeping your Bitcoin off centralized platforms and maintaining a record of transactions can help you stay prepared for any regulatory changes.

[vino.gcs]

What happens if RBI decides to ban Bitcoins? What will happen to the Bitcoins accumulated in my account then ?

If the RBI does decide to ban Bitcoin, it could lead to some restrictions but there are ways to prepare. Currently, Bitcoin is not recognized as legal tender in India, so an outright ban might not drastically change the situation. But to stay safe, you should keep your Bitcoin in a secure private wallet or on decentralized exchanges rather than centralized ones. If Bitcoin were to be banned, the RBI could require centralized exchanges to freeze or disclose funds, which could create complications for users like us.

In case the RBI takes further action, they could question individuals about their Bitcoin holdings, the source of funds, and potentially audit their transactions. So it's quite important to have a clear record of how your funds were acquired to avoid issues, especially if you've transferred or cashed out significant amounts.

Even our Finance Minister, Nirmala Sitharaman has expressed skepticism toward cryptocurrencies, which may influence the RBI's stance. This cautious approach from the government suggests that while a total ban is not certain, there could be increased scrutiny. For now, keeping your Bitcoin off centralized platforms and maintaining a record of transactions can help you stay prepared for any regulatory changes.

it seems that now the system has gotten a little worse. I read that there will be an anti-money laundering law and that many will have to declare their cryptocurrencies to the state. Now I don't know if it is a law that can be applied but many say it is right, I'm not really convinced

[pakhitheboss]

it seems that now the system has gotten a little worse. I read that there will be an anti-money laundering law and that many will have to declare their cryptocurrencies to the state. Now I don't know if it is a law that can be applied but many say it is right, I'm not really convinced

Can you share the link to the article where you read that Indians must declare crypto assets to the state? I have not seen anything related to such a law in mainstream media articles. I also believe in a country like India which is number one populated such a law can work and with a few tricks all crypto assets can be hidden from the government.