Bitcoin Ban In India

[joebrook]

That is a disaster for the investors from india. I think they lost so many money.

It’s just false news circulating, the banks on the other hand are prohibiting their customers from using their credit cards from purchasing bitcoins and other cryptos.

[BrewMaster]

The prohibition of the use of the government's virtual currency (cryptocurrency) is increasingly widespread in many countries. Now the ban comes from the Government of India.

no it is not. there has been no bans anywhere in the world for a very long time now. there has been small prohibitions to certain banks not people using bitcoin and cryptos.
and in India everything is still the same as before.

India's Ministry of Finance said it did not regard the virtual currency as a legal transaction tool. The authorities also mentioned that they would restrict individuals or institutions that make payments using virtual currency.

in other words they have not yet regulated bitcoin but it is still legal to invest in bitcoin and using it.

[papasunkoh88]

why India government bitcoin banned,,because the deep reason is to fight against money laundering and the funding of terrorism.
 to support this topic this is the link.
https://www.express.co.uk/finance/city/913101/Bitcoin-ban-India-news-BTC-price-crash-cryptocurrency

[ratatat bangbang]

as far as i know there are some restrictions in India regarding cryptocurrencies and there has been some "rumors" regarding bitcoin ban but there has not been any real news or any laws against it.
if you want a more accurate answer you may want to ask in Indian board here: https://bitcointalk.org/index.php?board=89.0

Atleast its not totally banned. It will be a problem for those from India members of crypto community. Its been a bout the banned but its not yet official. Hope this will not pursue since we havr friends from India that might ne affected with this matters.

[Sithara007]

That is a disaster for the investors from india. I think they lost so many money.

It’s just false news circulating, the banks on the other hand are prohibiting their customers from using their credit cards from purchasing bitcoins and other cryptos.

It is not false. The attitude of the government of India towards crypto-currency is extremely hostile. Hundreds of thousands of users have been issued with income tax notice and some political figures have even talked about the possibility of charging Bitcoin users under treason.

[Rommel24]

 If its true,, this is another negative news for cryptoland,,but there always hope to this kind of news.. and maybe this kind of announcement, will threat of bitcoin dumping or devaluation and cause to risk.

[Khalp1]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

I think India is not totally banned Its just banks and payment gateways that have been barred from allowing users to transact in cryptocurrencies.At the moment, you can still trade cryptocurrencies on any exchange of your choice.

[chidrawarster]

Yes i heard from many people thats its banned but its actually not as no law has been framed till now.RBI has informed all banks from usage of cards or bank accounts for purchase of btc so that many people dont lose their money because of the volatality.I see in the future India will understand the importance of digital currencies and motivate them more to make cashless economy.

[Gathel]

The Indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.

In a meeting yesterday, Jaitley renewed India's commitment to end use of BTC and other cryptocurrencies in what he said was India's struggle against money laundering and terrorism financing.

[hogriderr]

The Indian government's decision to make the Bitcoin exchange rate slump again I hope the market will recover.

[King money]

Actually the ones banning these governments are the bankers, because they are threatened by the loss of customers, because investors will switch to crypto investment because in crypto the absolute advantage is taken by ourselves, and the government that understands about crypto will always support, because for the sake of economic progress its people.

I agree with what you say ...

[a_t_e_e_b]

they dont consider it as a legal tender it means you will not be able to use crypto it is not banned from trading but you just wont be able to use the coins and it is soon going to be fixed i believe soon it is going to be removed as there are many companies who are using blockchain technology to make their transactions more secure there are 5 banks lead by INFOSYS who  are testing this block chain technology though late but at least they are doing it

[Dudeperfect]

Well, it is true that government is not much impressed with the usage of cryptocurrencies but I don't think that government will bring any law to ban cryptocurrencies and even if the RBI has instructed banks to stop giving services to the exchanges involved in the cryptocurrencies trade, we are still able to use/trade cryptocurrencies without any issues even using the banking channels without breaking any law so it is not banned at all.

[TheGodFather]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

There is no bitcoin ban hust yest and I really do think that there is some restrictions that are much more stringent than the other region and countries. There has also been a lot of chatter in regards to how there is also a plan in place to truly crack down and ban completely the cryptocurrency and bitcoin so that their country would be rid of it. But I still think there is still time and that there is still a lot that we can do to fully be able to let this country have a much closer look to bitcoin

[9emb3lelit3]

All this is due to some outstanding issues about this prohibition, which is due to the perceived risks or ban imposed by the bank's management, since before it was banned there were several companies providing Bitcoin services in this Indian State, such as BTCXIndia, KYC, and AML, but, for reasons that are not mentioned with certainty and clearly the State of India began to ban the use of Bitcoin with the cessation of cooperation between banks with service providers Bitcoin.

[r32godzilla]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

I'm from India and as far as I know,i heard the news that the RBI has given three months time for bitcoin users to convert them in to fiat.May be after that time,the indian government may take steps against bitcoin users.

[Tahir460pk]

What it is true? ? Anyone from india who told that how much true in this news or this one is a rumour? If this one is true than its really sad news for all of this government must be make a easy way to this market it's not a good to directly ban a market but after all first thing that have to confirm it is true or not.

[chris200x9]

Any one From India?

Is it true that Cryptos will be banned in India??

Do we have to Pay taxes to Indian Govt. For keeping Cryptos

I'm from India and as far as I know,i heard the news that the RBI has given three months time for bitcoin users to convert them in to fiat.May be after that time,the indian government may take steps against bitcoin users.

Already 2 months over only one month left don't know what action Indian governament is going to take against Bitcoin users and Exchanging sites. They clearly announced in parliament that they will not support for cryptocurrency but they don't know how to stop crypto users in their country so they took this decision.

Now the big question is after completion of 3 months how people can exchange crypto to fiat currency in India? any solution?

[Alfian2015]

The Indian government says that they do not regard crypto as a legal tender and will try to remove payments by using coins like bitcoins.

If the digital currency finally faces a ban, it could mean a decline in sales that could lead to the sluggish price of Bitcoin.

[krishnaverma]

Already 2 months over only one month left don't know what action Indian governament is going to take against Bitcoin users and Exchanging sites. They clearly announced in parliament that they will not support for cryptocurrency but they don't know how to stop crypto users in their country so they took this decision.

Now the big question is after completion of 3 months how people can exchange crypto to fiat currency in India? any solution?

Following solutions are possible:

1) You will have to use a website like local bitcoin and make a deal in cash locally.

2) Exchanges will come with option like PayPal payment.