Indian Banks Banned From Dealing in Cryptocurrencies

[chanc3r]

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

You can try to search some news regarding it and it's obviously trus if india was banning crypto this is just temporary until india will complete all of the regulation framework to the cryptocurrency. But in some crypto news i read about india is not banning crypto right now but it looks like the governments are prohibiting any crypto related activities in india.

[metalglowd]

too active on cryptocurrencies give bad effect is real now. but i think if bank accept crypto, all users were afraid of their money lose on it because bank used it for crypto.

i assumed it was a new bank in india. no policy for crypto and they participated without really think its risk

[taylorsara]

 It’s unfortunate how Governments are reacting on Bitcoin. I think they are playing safe here, they are not willing to take the risk while there is something conventional already existing. It’s really a bad news.

[y3v63n]

Well, this is certainly bad news since India had one of the most active crypto communities in the world. At the same time there is a project called Zebi which was shilled by some ICO reviewers and has quite nice potential. It has something to do with blockchain being used by the Indian government so this move of the Indian central bank looks odd 

[bestariaz]

This is the fact that crypto industry should face, even there are more and more banning form every one I believe that this industry will grow bigger and bigger, they are unstoppable.

[AndrewBrown]

The fact that banks were banned from dealing in cryptocurrencies does not mean that people would stop using cryptocurrencies in india but that will certainly affect their ability to buy though.

[Red_Evil]

The fact that banks were banned from dealing in cryptocurrencies does not mean that people would stop using cryptocurrencies in india but that will certainly affect their ability to buy though.

it's not problem, the banks seem to be afraid of the development of blockchain technology that could have replaced the role of the bank.
the things they(banks) do seem to have no effect whatsoever on the development of cryptocurrency

[blazingshockwave]

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

China didn't ban Bitcoin, they are only after the ICO to protect their community from scammers. India will never let their corrupt practice intervene by cryptocurrency. We all know that one of the good feature of cryptocurrency is transparency. Indian politicians will not allow transparency on their corrupt practices. 

[bocyaj]

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.

Actually bitcoin is not banned in India.To get more details,please check the below link.

https://www.newsbtc.com/2018/04/06/dont-believe-the-fud-india-has-not-banned-cryptocurrency/

I was dam sure bitcoin is not banned in RBI.Don't sell your valuable bitcoin by such fake news.Now the bitcoin price is recovering and it will reach any peak soon.Just hold your bitcoin.

[jacafbiz]

I saw this post yesterday, but this is just one played out of proportion. To me since the florishing of platform like Localbitcoin, I thing there is no need to worry. The number of P2P exchange is well on the rise and expect it to continue to go stronger. I saw a post yesterday that says that the India banks are not even into Cryptocurrency that this is just like trying to create panic in the space

[liangweicha]

India, however, has not banned cryptocurrency markets.
People can still trade encrypted currencies and bitcoins privately, so there's no need to worry about that.

[marydale]

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.

Yes it is. and it's gonna be bad for the whole crypto community. The market has been down for a few months, and with this bad development, I bet it will continue for another month or so.
Let us all just hope that this is the worst so things could only go better form here.

[Bit talk]

RBI Not Banning Cryptocurrencies,For users that use exchanges that work closely with banks, there is no need to worry because they all use third-party gateways for payments, that banks and the RBI have no said control or sway over. Though using third-party gateways for payments is not a permanent solution, it will, however, work for now.

check this link in link https://itsblockchain.com/rbi-banning-cryptocurrencies-fud/ 

[pamsugas]

banned in India is only temporary
maybe they want to regulation crypto
i believe India will accept this crypto back this could be just a mere issue

[BlackWidow]

It seems to me in India to fear cryptocurrency and make every possible decision to isolate their economy. Hardly it will help them, as any isolation does not lead to prosperity of the country.               

[ApocalypseNow]

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!

They are not the most active trade group but the most active pump and dump group organizers. If you have noticed, pump and dump do not happen often anymore.

[Musstang]

It's okay, Crypto-currency, and it will outlive it. In general, most banks do not approve the crypto currency, but it does not specifically prohibit it. Always when there are prohibitions there are ways to bypass, so do not worry

[sourish]

Right now no world government is committing outright to anything, ban or otherwise. Every such news item creates a furor among investors and residents, fanning the uncertainty behind cryptos and their position today. Only time will clarify the status of crypto and blockchain, and we should accept that.

[btcvinci]

Sad times when Indian government wants to remain in stone age. ironically our PM promotes digital India but his government does this.

[Yuuto]

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.

According to this news release by Unocoin https://news.unocoin.com/?p=861, (one of the biggest Indian exchanges), none of the banks that are being regulated by this new act has contacted them yet to say that they will cease dealing with them.

If I understand this correctly, it's actually not a ban on crypto nor is it a ban on crypto exchanges. It's a ban on banks to deal with crypto institutions.

There is no point in banning crypto trades at all, they will just change to p2p or otc trading when financial institutions are not allowed to deal with crypto, and that is almost undetectable.

The Indian government is making a huge mistake by doing this. They are essentially letting crypto business go elsewhere when they are already pretty aggressive with their approach to ban crypto. When crypto goes mainstream, they will know that they made the wrong decision.