Indian Banks Banned From Dealing in Cryptocurrencies

[MashaVik]

If this is a final ban, then colleagues are very sorry. It is hard to fight against the government. So it is beneficial to the people living below the poverty line. Nothing easier to feed and control. Bad politics, hence the prohibitions. But I think there is a way out, it takes time.

[morozo]

Very sad news, a lot of people will be shocked to hear this. Price for all coins is down by 305 or more in Indian exchanges now.

[lutcor]

As far as I remember, India is a country that from the very beginning said that they would prohibit bitcoin and all crypto currencies in general, this indicates that they are afraid of transparency, this is my opinion, I'm not accusing anyone of just saying my opinion.

[cryptoprophecy]

Might be a good thing if this news is real,because we could have less ICO scams if these indians wont be able to use cryptocurrencies in their country,russians should be banned to so that there will be less scammers in our community because most of them are from these countries! Either way it will be better if some of these countries will got restrictions and im sure there will be less scam projects here.

[Quantumplation]

NOTE: This message was originally not posted by me, but instead by someone who compromised my account.  I have deleted the content.

[cryptospear]

I think these people deserves this ban! because you are the ones who are making our market looks like scams,most scammers are coming from india and russia that is why the SEC has tighthened their regulations because of your scam projects! Sometimes something needs to be regulated so that people wont try to abuse the system.

[dolcefarniente]

By prohibiting crypto-currency activities, India restricts itself and its people to the possibility of developing new technologies. So, tomorrow, India will have to buy these technologies from other countries.

[Alohadanc3]

It's really a bad news for Indian crypto lovers.RBI don't want to ban crypto but they ordered every bank with no connection with any exchange.And they are also gonna launch a crypto or a digital currency.Yeah, it's a good news.but banning crypto does not help, if people want to buy they buy no matter.And this news is not sure cause they give some time like 3 months to banks.hope they change their decision.our country really needs this crypto support and new technology.

[mariangpalad]

There will be less scammers in our community then,shitty scam projects are most came from the indian and russian people if theres some people who deserves the ban it would be them,that is why i see its positive to the community rather than negative impact to most of us.If these people arent try to steal everyone's money there will be less regulations in the countries.

[Arkh]

In my opinion this is classic FUD, when it's not India, it's China or Korea. This is just market manipulation by those big market actors, trying to take advantage of the regulation-induced bear market. If anything there is a good buying opportunity for all of us.

[vasil777]

I do not care about this country, I think a lot of ICO scams in that country. it is natural that this country forbids bitcoin or other crypto currency because its citizens use it for crime

such as CIBUS project

Yes, indeed, in recent years, many projects originating from India have appeared to be scam. Therefore, it is not surprising that the authorities prohibit the use of cryptographic goods. I think the laws will soon change and the crooks will not be able to steal people.

[btcblockchain]

India is following china as of now letting members withdraw the funds from crypto and later tax the members and prepare a list dont know whether in future they accept for payments

[De_nis]

This is bad news! I hope it does not affect the mood of the global crypto market, which is now experiencing recession ..

[cryptamod]

In my opinion this is classic FUD, when it's not India, it's China or Korea. This is just market manipulation by those big market actors, trying to take advantage of the regulation-induced bear market. If anything there is a good buying opportunity for all of us.

FUD or not this news is something we shouldnt be worried about,INDIA doesnt hold most of the bitcoins but china is,thati why there are much different between the two,hence this wont affect the market too much if this is really true.People doesnt care about these FUDs or negative news because they are more focused on how will they earn or get back what they have lost.

[Msile]

India has been hostile to cryptocurrency from the beginning and even banned some, this is bad news but in not surprised that they have gone this far, it was expected

[Anzal RK]

Ouuhh this is really bad news.
So many country one by one baned a crypto.
Why

I dont understand why Cypto must be band.
When a country band crypto the price will go down again.
Is so bad.

[Melfoy72]

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read the full article here: https://coinfrenzy.io/indian-banks-ban-cryptocurrencies/
For more interesting and trending articles, visit: https://coinfrenzy.io/

*Attention* The title has been edited. Apologies for the confusion.

As I know Bank of Chile noticed 4 local crypto exchanges that it will close their accounts soon. So it's look like not only India want to stop crypto.

[HoaNguyen]

The ban on the transaction of cryptocurrencies has made the Bitcoin rate in the country down to $ 5,000. This affects not only the exchange rate of the whole cryptocurrencies market. National governments fear that Bitcoin will transform their economies and their currencies, so instead of trying to control Bitcoin, they banned cryptos.

[demonic098]

I hope they don't completely ban crypto in India, if that happens it'll surely drag the market down.

[Happydd]

Many countries around the world support bitcoin but there are also many countries that prohibit bitcoin. In India, banks are prohibited from trading any coins related to bitcoins. For one country, the advantage of bitcoin is reduced. Players will worry about not knowing when their country will be banned.