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SpadeFX
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Activity: 17
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April 05, 2018, 10:56:31 AM |
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~Money~
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April 05, 2018, 11:48:28 AM |
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unfortunately it is really happening this is the end of crypto in india, wondering what will happen to bitindia ! maybe it is time to leave this world by us and maybe it comes a big goodbye by us, Indians, on forum  |
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achris
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Activity: 40
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April 05, 2018, 01:04:31 PM |
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you can still sell it outside india
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kabit9
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April 05, 2018, 03:30:05 PM |
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you can still sell it outside india
How? Do you have a bank a/c outside india to cash out to? if so, that's probably illegal if you are an indian citizen not working abroad. This is pretty much a direct ban to all crypto's in India. Short of declaring it illegal and subject to criminal prosecution to own cryptos, this is the nearest they have done. It is very very negative news and i expect markets to take it accordingly. |
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ershovspa
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April 05, 2018, 04:45:29 PM |
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This news is quite strange. They are banning bitcoins as it is affecting market integrity of the country. And now they want to launch their own coin ?
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akhjob
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April 05, 2018, 05:22:24 PM |
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RBI is not banning Crypto. Just curtailing the money flow into cryptos and trying to create a centralized cryptocurrency. This is the relevant portion of Official press release given below 12. Central Bank Digital Currency
Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.
13. Ring-fencing regulated entities from virtual currencies
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately. Source: |
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doublecoins
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April 05, 2018, 05:53:21 PM |
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now it is clear India banks and Indian financial system declare war on Bitcoin they don't want the future generation to enter into Bitcoin and crypto assets
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hdclover
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April 05, 2018, 06:53:07 PM |
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This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.
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Blah blah
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Blackshadow007 (OP)
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April 06, 2018, 03:15:43 AM |
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Yes there will be always many possible way to cash out but its not user friendly for all Indians as it was via indian exchanges . Most of Indians do not know other ways to cash out than simple Bank withdrawals from Indian Exchange . peer to peer trade no one can stop , you can sell crypto you own via forums , Localbitcoins for Cash and many other ways like PayPal acceptance for your crypto with trusted traders .
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UPENtXF
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April 06, 2018, 03:17:13 AM |
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This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.
That's right in general. They can force centralized exchange sites like Localbitcoins and Remitano to stop offers in India, but they can't stop Bisq and other more decentralized exchanges the same way. Take action! https://bisq.network/Liquidity won't come to decentralized exchanges until you bring it! Still don't see any INR offers on Bisq order book. They need contributors too, such as Java devs: https://bisq.network/contribute/At least, spread the word on social media! |
"To change something, build a new model that makes the existing model obsolete." -Buckminster Fuller https://bisq.network/ |
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achris
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April 06, 2018, 05:36:29 AM |
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Thanks UPENtXF for brining this platform to notice. I like the way it connects to the Tor network  ) The questions still remains ... The actual transfer to fiat currency via National Bank transfer - is that still legal ? ( even though its a P2P transfer ) And does the RBI have a jurisdiction over direct individual money transfers - resulting in crypto-currency related transactions This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.
That's right in general. They can force centralized exchange sites like Localbitcoins and Remitano to stop offers in India, but they can't stop Bisq and other more decentralized exchanges the same way. Take action! https://bisq.network/Liquidity won't come to decentralized exchanges until you bring it! Still don't see any INR offers on Bisq order book. They need contributors too, such as Java devs: https://bisq.network/contribute/At least, spread the word on social media! |
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CryptoKnight7
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April 06, 2018, 05:51:15 AM |
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As many people have said earlier in this thread, there are ways one can still trade cryptocurrencies. Also, don't forget RBI has given a window of three months for private entities like banks to withdraw their support to companies and individuals related to cryptocurrencies. So, we have a time period of three months to figure out ways to overcome this hurdle. It won't be easy, it won't be simple, but it certainly is not impossible. South Korean investors have done it before, Chinese investors overcame their government's ban on cryptocurrency exchange. Certainly, we can do it too. Our market is not even that big that we can affect the international market. There's hardly any change in international market despite a major dip in the Indian market. Source |
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Somz1
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April 06, 2018, 05:53:49 AM |
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Most of the ignorant folks think an exchange ban = Bitcoin ban, one cant simply ban Bitcoin, jeez
The govt is just stupid, allowing other countries to thrive while India will realise it value at the very end and then try to make things right....Same as always
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Naman1111
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April 06, 2018, 12:35:06 PM |
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Guys there is still a window of 3 months. I already know of a lawyer whi is moving a PIL against this RBI order. RBI as of now dont have any authority on Zebpay like exchanges that is why it is trying to curb the transactions. Everyother progressive nation is working towards legalizing crypto and our government is holding back. Such big dissappoinment.
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kimochidesh
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April 07, 2018, 06:56:49 PM |
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Yes the news is true. RBI has banned cryptocurrencies implying that the commercial banks cannot carry out any transactions in crypto assets. But this does not means that it is an end of Bitcoin in India. The people of India can still trade in Bitcoin. RBI cannot stop decentralized exchange from offering Bitcoin in India.
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achris
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April 07, 2018, 07:37:06 PM |
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The_Don1
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April 08, 2018, 04:30:30 AM |
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Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins |
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achris
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April 08, 2018, 04:54:20 AM |
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Not true . After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system. That's another reason why the interest rates have remained unchanged this time around. Banks have not become poorer . All the peoples money have been collected to infuse funds into the banking system via demonetization. Only major problem is that the NPAs keep growing nevertheless. !! Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins |
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