India Bans Crypto Currencies

[deadsix]

In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.

Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.

[leonix007]

In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.

Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.

They don't want their people to take risk while watching behind, Crypto's are still young and still improving and part of improvement is to have some people that don't want or afraid to engage with it, but I could tell, once its already adopted everyone will follow.

[dhouse]

it's hilarious that people think this can be stopped 

[minerja]

it's hilarious that people think this can be stopped 

It's just as hilarious that people think this can't be stopped

[B1tUnl0ck3r]

In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.

Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.

They don't want their people to take risk while watching behind, Crypto's are still young and still improving and part of improvement is to have some people that don't want or afraid to engage with it, but I could tell, once its already adopted everyone will follow.

no.... you are so gullible, or you work for them.

[dagarair]

That's a super true statement on both accounts!  It can be stopped easy in certain countries.  If like a G20 summit they all decide to ban it then we are super FOOKED until then its safe in most areas.

[dhouse]

it's hilarious that people think this can be stopped 

It's just as hilarious that people think this can't be stopped

...no?

[B1tUnl0ck3r]

it's hilarious that people think this can be stopped 

It's just as hilarious that people think this can't be stopped

so true



tails + private key in words imputed and ready to roll... what ever.

[leonix007]

In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.

Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.

They don't want their people to take risk while watching behind, Crypto's are still young and still improving and part of improvement is to have some people that don't want or afraid to engage with it, but I could tell, once its already adopted everyone will follow.

no.... you are so gullible, or you work for them.

Nah, this true not only on a certain countries, it has been manifested before

it's hilarious that people think this can be stopped  

It's just as hilarious that people think this can't be stopped

I don't see it as they wanna stop it, might say, they don't want to involve or take risks

[fanatic26]

Yet another clickbait title.

Just because banks are being regulated does not mean crypto is banned.

Please take a few seconds to think about what you are posting before you post it.

[gameboy366]

"The Reserve Bank of India (RBI) is considering issuance of its own virtual currency (VC) while instructing financial institutions to refrain from and cut off business relations with private entities that are dealing with virtual currencies .
 
Several central banks all over the world are debating the introduction of a fiat digital currency as opposed to the private digital tokens, which are growing in popularity, said the RBI. This currency will be issued by the central bank and constitutes the liability of the central bank. Digital currency, if issued, will be in circulation in addition to the paper currency and holds the promise of reducing the cost of printing currencies, said the central bank.
 
“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,” said the central bank.  The report will be submitted by June-end.
 
The RBI, however, has frowned upon private cryptocurrencies and ring-fenced regulated financial entities from entities dealing in these digital currencies. The financial entities by the RBI are instructed to stop having a business relationship with entities dealing with virtual currencies forthwith and unwind existing relationship within a period of three months.
 
“Digital tokens by private currencies have been getting attention worldwide for their speculative value. While regulatory responses to this token currency are not uniform internationally, it is universally felt that they can seriously undermine the AML(Anti-Money Laundering) and FITF ( Financial Inclusion technology Fund) framework, adversely impact the market integrity and capital controls. If they grow beyond a certain size, they can endanger financial stability as well," said B P Kanungo, Deputy Governor, RBI.
 
Reserve Bank had repeatedly cautioned users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated with dealing with private virtual currencies previously. The central bank, however, acknowledged the potential benefits of the underlying blockchain technology and said that it should be utilised to benefit the economy."

From Business Standard article.

[baga105]

Where it says that they are banning cryptocurrencies? Link pls or stop spreading the FUD.. There is enough FUd outthere, and too much emotional traders... Thats why BTC is getting DOWN

[mbdmbn]

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

[Tipestry]

This is just going to chase startups and entrepreneurs out of the country and exacerbate the brain drain which is already a huge problem over there. So short sighted just to hold on to the status quo by people in power.

[gameboy366]

Another article. Yes Bitcoin is still not completely banned in india.
"The cryptocurrency debate in India has turned on its head.

The Reserve Bank of India (RBI) has initiated a crackdown on cryptocurrencies such as bitcoin, even as it considers a proposal for issuing its own digital currency.

“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,” the RBI said in a statement.


This may mean the end of the road for those who own bitcoin or its peers, as well as the many virtual currency exchanges. The existing business ties must be wound down in the next three months.

“Internationally, while the regulatory response to these tokens are not uniform, it is universally felt that they can seriously undermine the AML (anti-money laundering) and FATF (Financial Action Task Force) framework, adversely impact market integrity and capital control,” RBI deputy governor BP Kanungo explained at a press conference on April 05. “And if they grow beyond a critical size, they can endanger financial stability as well.” AML and FATF are international policy frameworks aimed at combating money laundering and terrorist financing.

Virtual currency players in India are naturally disappointed with the RBI’s decision.

“I don’t believe this is the right direction that the central bank has taken. This will cause panic among a few million people in India who are already using cryptocurrrencies,” said Sathvik Vishwanath, co-founder of Unocoin, a virtual currency exchange in the country. “If they want to launch their own digital currencies, they don’t need to ban existing ones.”

“This means that banks will not probably give loans to cryptocurrency exchanges. And the transactions will also get affected,” said Shubham Yadav, co-founder of of Coindelta, another cryptocurrency exchange. “However, the silver lining here is that they still haven’t banned it fully.”

The central bank, meanwhile, has constituted an inter-departmental group to study the feasibility of a digital currency backed by the RBI. “This will be in addition to the paper currency that we have. It also holds the promise of reducing the cost of printing of notes,” Kanungo said. The committee will submit its report by June 2018.

Some cryptocurrency players see this as good sign. “RBI issuing their own virtual currency just shows that soon there will be an ecosystem where cryptocurrencies will be central to the ecosystem and the government will not be able to ignore it,” said Coindelta’s Yadav."

[Swinging Phallus]

it's hilarious that people think this can be stopped 

It's just as hilarious that people think this can't be stopped

Yeah, valid. Regulations wont be able to stop it 100% but there sure are other ways it can be done. Quantum computers may render private keys useless, there will be a time in the future when people will laugh at our measly binary systems.

[Apocalypse Onion]

If I can be allowed to make one generalisation about Indian people, it's that they are extraordinarily resourceful.

And another point.... electricity is pretty damn cheap in India.

[Kariste]

I think they will not ban cryptocurrency in India but for the mean they announced that the bank will not entertain a person or either provide services regarding crytocurrencies even business purposes. For the reason that have plan to have their own cryptocurrency in the future.

[grendel25]

Banks were banned from processing cryptocurrency transactions.  That's fine, banks probably wouldn't know what they were doing anyways and it would lead to all sorts of problems.

India didn't ban crypto.  They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway.  Is coinbase a bank?  Nope. 

[Digital Drug Lord]

In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.

Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.

Go look at the Bitcoin life time chart

https://coinmarketcap.com/currencies/bitcoin/#markets


It's been one big pump by whales since 2017

By the end of 2018 Bitcoin will be worth what it was worth before the hype around 500-700$