Indian Banks Banned From Dealing in Cryptocurrencies

[Geoll29]

I think it will have little effect if banks will ban cryptocurrencies. Cryptos can stand on its own without the help of banks. Some small establishments are accepting bitcoin and other altcoins like 7 eleven. There's  little fee that I think is lower than banks.

[flower1024]

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.

Yes they not ban Cryptocurrency but the RBI(Reserve bank of India) is withdrawing support to virtual currency businesses.

that means all banks registered in India come under RBI’s regulation and have to follow its directives.

It definitely affects the India exchanges but they can still have an option like P2P or Paypal exchange.

[hetecon]

I hope that other countries will not follow the example of India, because a similar situation was with ban advertising cryptocurrency in social networks.

[cilgindansci]

India isn't getting the crypto currency idea. China and India are doing very harmful attitudes. Everything will be great when these ideas change.

[cryptocue]

This is great there will be less people who will get scammed by these people,because most of these ICO scammer are from india that is why im sure there will be less ICOs in the future who will try to scam most of the investors,india is the second to the russian which are the main scammers in our communoty we shouldnt be afraid about this news because its positive news.

[shams]

Yes, I also saw this news and this news affected the market and market gone down because after reading this news people started to sell their coins in panic but I hope after some time it will start to recover again.

[TropicalDog17]

It looks horrible not only for Indians, It is actually bad for everyone, because information about coins will not be spreading out for Indians, which popularity is more than 1 billion...

[coolws]

From my point of view, it should be good news for trading market. For one hand, India would prohibit cryptocurrencies since they're afraid of alts. For the other hand, most of scammers come from India which can tightened regulations to reduce scammers.

[Melnikof]

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.

This is a selective example. Most countries still try to fully implement the crypto in their financial system. Of course it happens as much as possible.

[Omnopon)]

It is so bad for Indians who put money on it already. It had affected the people who lived only by the gotten from the cryptocurrency profit.

[DarkHerO15]

Feels like all of the government in the world are trying to restrict the crypto channel. They do not want people in their country to be rich as well I guess.

[tiar4dewie]

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.

Unless the local crypto market provider in India is not at a loss of mind by exchanging crypto money with USD for example. This of course involves overseas banks, and may result in more expensive fees for transactions.
I think this is a good suggestion if this policy is properly implemented.

[ethergod]

Indians won't just give up on blockchain. What will happen is that companies will move to cryptocurrency friendly jurisdictions such as Singapore, and a lot of the trading will be underground.

[gorodi]

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.

I don't believe in any news about cryptocurrencies ban. I haven't read even the novelty in this thread about. Who can imagine that such country like India abstain its economy of cryptocurrency industry. They can do something but just then to regulate