Indian Banks Banned From Dealing in Cryptocurrencies

[Powerpuff]

This is not a complete ban on cryptocurrency. Read this:

"RBI in its first bi-monthly monetary policy has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins. If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, obviously individuals will not be able to transfer money from their bank accounts to their crypto-trading wallets."

Read more at:
https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms

[Netnox]

OK.. here is a more reliable source:

https://qz.com/1245586/reserve-bank-of-india-cracks-down-on-bitcoin-and-hints-it-may-launch-its-own-digital-currency/

They haven't banned Bitcoin as such. The ban however prevents banks from dealing with Bitcoin. Also, the Reserve Bank of India (RBI) is planning to launch its own crypto-currency.

[mirawantirinjana]

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

[kevingreen]

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.

Last year it was China this year is India,remember that Chinese crackdown on cryptocurrency last year did not stop Bitcoin price from surging to $20.000 . So,all these FUD can not affect the crypto market in the long term it will only have a short term effects, no country Will completely do away with blockchain technology.

[ronni01]

The government realized that it would not go into the country's pocket and banned it, but I think they will just make a tax on the crypto currency and everyone will be happy!

[blockman]

Another bad news came and I thought this issue will not going to be in reality and just a FUD but now it's for real.

This isn't a fake news although the usage of bitcoin is only stopped for the banking system but for Indians they can still transact with other people. They just don't have to get through a third party(bank) for any crypto transaction.

[preshpr1nce]

Let me post the obvious contradiction from this shit website

So the title

India Bans Cryptocurrencies with Immediate Effect

Then this

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.

Also the size of India has nothing to do with their daily BTC volume, to give you an idea, Australia with 24 million people has higher BTC volume than India.

This is nothing new and they've been talking about the need of regulation since last year

Any way these FUD threads always end up 20+ pages long, so congrats on your first big thread!

[cryptogeek101]

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.

 I want to say a very big thank you for putting things straight to @Orangetax who has come here to give us FUD to create more panic in our system that is struggling to survive from all round war.  Most of those kind of guys just come around here to create panic, they are neither cryptocurrency investors nor bounty hunters.  Thanks for your efforts.

[jimrome]

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.

If there is a regulation against the use of banking system to purchase virtual currencies, how can anyone purchase the coins and even if they are able to purchase the coins, how are they able to sell the coins when the cooling period of three months is over, unless there is a change in these regulations i do not see people risking to invest in it, i would like to see what decisions the exchanges are going to take now.

[morkovka23]

I do not understand the actions of India, because cryptography is the future, and we need to move in the future and, conversely, to promote cryptology!

[mightcoin]

Sooner or later all countries will come to abolishing the lock. Now the crypto currency is still very undeveloped, as well as the infrastructure for it and legal legislation. And without it, nowhere. But everything will be, I'm sure.

[EvieeHist]

this is a serious problem, I can not believe the Indian government when they are a bit more pick up the success behind the previous decision that supports that India has a pretty good potential in the progress of the crypto world, in addition many entrepreneurs and industries that have switched to the world of crypto in India this, I really regret if the policy termination occurred. about the benefits and regulations I think has become a public secret and can be understood by various circles. hopefully the nightmare did not happen.
therefore there needs to be firm and straightforward action to compensate for the ban not to harm many aspects.

[Chuokie]

India shuts down Bitcoins, other virtual currencies, prohibits any dealing with banks

That was the title, and please have a look in the last five words of the line, means in connection to banks (RBI specifically), business transaction between private institution may still go on...

“We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months,” BP Kanungo, Deputy Governor, RBI said. “

Additional line to read ... 3 months

[cryptohunter]

oh well another one to tick off of the list

then when they see their centralised crap coin is not going to be used

they will try to join the bitcoin party again but will just be further behind.

so long as we have europe, US, and other long term developed nations this is not that big of a deal

[DabsPoorVersion]

its really a bad news for crypto, indians has a big interest for crypto, and they also have enough influence for cryptocurrency, with this news It might affect the current price of all crypto.

[chikucrypto]

Why india bans cryptoescurrencies i could not understand becuse India is worlds fastest economic growing country, india has great potential but in last few days there was lot of ICO scams in inda and people are so worried to take a new chance in shape of our currency like crypto so there is some reasons why India is refused cryptocurrencies,

[Xelpherpolis]

Now on the Internet there are a lot of fake news, so you need to trust only proven sources.

[ICO Lancer]

Now on the Internet there are a lot of fake news, so you need to trust only proven sources.

Yeah it could be FUD.

Besides many countries often change their view about ICO/crypto (see China)

[krauzzer02]

Read the freaking whole article and look for other reliable sources don't just make a title that is misleading to the eyes of the community as some newbies are lazy to read and research the full news, this looks like a FUD the article and some people already stated that it is ban on transactions between the banks and cryptocurrency to be clear a temporary ban up to 3 months base on the article, this is really a manipulated and misleading title of the thread and the article provided.

[d5000]

As some already have written, the title of this post (and the title of the blog post) is extremely misleading.

The regulation envisioned by the RBI is somewhat similar to the Colombian "cryptocurrency ban" that was already circulating in Bitcointalk's news section. It prohibits (most, not even all!) banks to provide "cryptocurrency services", like in Colombia.

There is no clarification in the article if this probition includes to "provide bank accounts for cryptocurrency exchangers". But even if it does, then "crypto wallets" are not illegal and it continues to be possible to buy or sell Bitcoin in India via exchanges such as Bisq, or using some other virtual currency as an intermediary (even if it's play money like the Linden dollar).