Indian Banks Banned From Dealing in Cryptocurrencies

[orangetax]

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.

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[GBCrypto1]

This looks bad for our Indian counterparts, from what I heard, India had one of the most active trade groups for cryptocurrencies. Ether might go down because of this. Nice article, subscribed!

[kiemnhieutien]

It's such a bad new for Indian cryptocurrency community. Many government ban crypto just because that they can control, it's show the government's weak. But i'm sure that in some day you will see a country have their own cryptocurrency, like Venezuela now. Problem here is just time.

[Tactical Genius]

Just read that,the market is likely to respond to this news by the close of the day and so investors should keep an eye on the portfolios.It is however not clear if this is a permanent ban as more details is needed.

[fabskie21]

Quoted from the article you posted: "Right now, it is a bit too early to say that this is a complete ban—we would need to wait a little more to be sure about it—owing to the lack of details in which things were discussed."
Perhaps, things are still unsure and are still at the table. But if completely implemented, this would be a very sad news for the massive crypto community in India and surely would bring the market further downward.

[Iyanuisaiah]

Indian banning of cryptocurrency is like they are blocking civilization and the progress of crypto but i know in the end crypto will take over and become legal in indian

[steveabrahams]

Here we go, another bad news on cryptocurrency. I'm afraid the price will go down again, that's why i already sold out all my bitcoins and my altcoins. I'm also ready to buyback again though when the price start going up again. Many indian friends of mine also told me that bitcoin ban is real.

[arndt.maier]

It's such a bad new for Indian cryptocurrency community. Many government ban crypto just because that they can control, it's show the government's weak. But i'm sure that in some day you will see a country have their own cryptocurrency, like Venezuela now. Problem here is just time.

I guess you meant "can't control". Your are right here.

And the arise of Indian crypto is also possible. But your example with Venezuela is not the best one. Petro is prohibited in US and can be prohibited in other countries too. And it's still not accepted by other countries. So what's the use of such crypto?

I don't think that it'll strike crypto projects very much. Most of ICO project are registered in crypto loyal countries but noy in countries of their team location.

[conanmori]

Ah really bad news for all indians and us. One of the most active country in trading is INDIA and this will make sure Bitcoin will go down so big this week i will not surprise if it his 5000$ today and will make the market go red. Hope that INDIA will not completely ban it and make a better solution on the problem.

[dipan30343456]

India's ban on digital encryption is temporary.

Because India cannot now effectively regulate digital cryptography! The worry is that the current market environment in India cannot guarantee the full control of encrypted currency transactions.

[pey]

If you can't regulate it, you have to ban it depending on the situation, if it is a little country, it may not care about cryptocurrencies for now. But larger ones take such measures immediately, it will be either ban or regulations.

[Cult]

I guess such a ban will only incite a lot of Indians to buy some crypto, as in order to make it impossible to buy you need to ban the Internet.

[talkbitcoin]

stop spreading FUD to get traffic on your crappy click-bait website. there is no ban in India. the word that you deliberately ommited from your copy pasted news is "crackdown on cryptocurrencies" and they didn't even talk about a ban. it is possible that in the future a ban also happens but unlike what your click-bait says it has not yet happened.

[kirana08]

Government of india will not yet impose penalties for virtual currency users. They will only limit and close access to use cryptocurrency as a means of payment,
Nevertheless they will adopt and develop the blockchain technology system used by the virtual currency, for use in the national financial system. The move is seen to strengthen India's ambition to become one of the main countries in the digital economy sector.

[Piggy]

Well the market is still in poor conditions as before, so its hard to tell how the news was received. Hopefully is just something temporary.

[happyme1818]

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 full article here : https://coinfrenzy.io/india-bans-cryptocurrencies/
For more interesting and trending articles, visit : http://coinfrenzy.io/

It isn't a surprise for me because India is a corrupt country. Corrupt government and politicians will not let cryptocurrency to be legalize in their country because cryptocurrency is anti corruption. Their corrupt activities specially their transaction will be affected if cryptocurrency become legal.

[masterfocus]

This is bad, of course, but I don't think will really damage the cryptocoins... There's a lot of fertile ground in the world for them.

The big problem is: India has one of the bigger population of the world.. o.O

=/

[v_Harley]

The same thing happened in China, where both India and China did not accept BTC and banned the existence of BTC.

[anhlandibo12]

I don't trust this news ). There are a lot of news related to cryptocurrency banning in India but for now I still can see there are a lot of members in this forum come from India or living in here. A lot of fake news from India before and this time I think it's the same, also a fake news to make FUD and make the whole market dump because of this news . Don't be panic everyone

[ShuCong]

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 full article here : https://coinfrenzy.io/india-bans-cryptocurrencies/
For more interesting and trending articles, visit : http://coinfrenzy.io/

It isn't a surprise for me because India is a corrupt country. Corrupt government and politicians will not let cryptocurrency to be legalize in their country because cryptocurrency is anti corruption. Their corrupt activities specially their transaction will be affected if cryptocurrency become legal.

I think it's just on the contrary. Corrupt politicians would be happy to get paid with anonymous cryptos.
So, from this point of view the banning seem illogical to me.