markhudson2002 (OP)
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April 05, 2018, 01:34:00 PM |
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The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.
RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.
Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
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d-unknown
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April 05, 2018, 01:35:23 PM |
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crzy
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April 05, 2018, 02:01:06 PM |
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This is a sad news, why so much negative things happenening on this great technology? Well I still hope that India will revised their decision within three months. India is a huge market, now we can see more dumping price of bitcoin and also other coins.  |
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BChydro
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April 05, 2018, 02:15:52 PM |
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Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
So what happens to the users in India, the exchanges will be shutting their doors just like China in three months time, that is not a good news either for bitcoin because two countries with the two biggest population have put some regulations so that people who are interested are not able to trade in crypto currency, which i think is against a democracy like India. |
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HereisTommy
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April 05, 2018, 02:44:56 PM |
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No, I don't thinks so. Looks like it's a temporary movement, later they will consider crypto to be a great solution cause the rest of the world does so
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Proton2233
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April 05, 2018, 03:02:54 PM |
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No, I don't thinks so. Looks like it's a temporary movement, later they will consider crypto to be a great solution cause the rest of the world does so
I understand you don't like the news, but how can you believe this ban is temporary? Are you so naive to believe that the government cares about your well-being? Lol. This will happen all over the world. We had plenty of time to organize an Autonomous bitcoin economy, but we enjoyed rising prices. Now we're paying for our carelessness. |
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bambazamba
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April 05, 2018, 03:07:04 PM |
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The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.
RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.
Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
This is an another set back for bitcoin and their country . India is one of the biggest market of ICOs and crypto currency . That is such a shame that Indian government is taking such step amid knowing all the possibilities and potentials it has to remove the problems of poverty , unemployment etc in their country . I seriously do not understand why the perspectives of people and governments are not changing for good. |
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warrior333
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April 05, 2018, 03:43:32 PM |
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The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.
RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.
Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
This is an another set back for bitcoin and their country . India is one of the biggest market of ICOs and crypto currency . That is such a shame that Indian government is taking such step amid knowing all the possibilities and potentials it has to remove the problems of poverty , unemployment etc in their country . I seriously do not understand why the perspectives of people and governments are not changing for good. Very strange that you do not understand. Poverty benefits the government of India. Poor people are always easy to manage. If a hungry man is fed, he will be willing to do anything for his Savior. Why does the government need everyone to be able to provide for themselves and to Express their claims to politicians at any time? |
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Helen17
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April 05, 2018, 04:25:47 PM |
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One more bad news for the industry
It is frustrating, people don't understand why countries are banning crypto while crypto equals future!
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zhekinsp
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April 05, 2018, 04:29:20 PM
Last edit: April 05, 2018, 06:03:50 PM by zhekinsp |
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But it doen't means that India banned the crypto currenies,they just said the people who uses vitual currencies are be cautious and RBI never involves if there is any scams or whatever.
So it doesn't mean bitcoin is not banned yet right?
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Kizaki
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April 05, 2018, 06:06:06 PM |
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I think India had been planning to ban cryptocurrency last year, and it I think this will somehow affect the crypto market because there are a lot of crypto enthusiasts in India. Government is starting to regulate cryptocurrency investments because of it's volatility and risk. So, expect more and more countries will start regulating it.
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lili song
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April 06, 2018, 09:59:17 AM |
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For India I hear they banned bitcoin now, investors worried some population in India will reduce to invest in bitcoin.
I hope in the future the condition is back to normal and in India can accept bitcoin again. I still sure bitcoin will grow again in some country.
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supermine
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April 06, 2018, 08:00:47 PM |
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For India I hear they banned bitcoin now, investors worried some population in India will reduce to invest in bitcoin.
I hope in the future the condition is back to normal and in India can accept bitcoin again. I still sure bitcoin will grow again in some country.
No you are wrong,Bitcoin is not banned in India.The news was about that Reserve Bank of India (RBI),give a circular to the people that stop dealing with the crypto currencies if there is any scams or something happened the banks won't involve in that.But Indian government didn't release any statement regarding this issue so people in India are still free to use bitcoin.And I asked my friends too still they are doing trading as always,no problem yet. |
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botany
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April 06, 2018, 09:09:30 PM |
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Cutting banking services to exchanges is in effect shutting them down. I am not sure if individuals are still allowed to transfer funds to international exchanges (if it doesn't violate other guidelines). If the exchanges are shut down, bitcoin trading will just move over to P2P sites and will take place informally. The government will be the loser here - losing indirect tax revenue as well as a ready source of information on possible tax evaders.
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marielbeckham
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April 06, 2018, 09:41:58 PM |
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Unexpected step back. Really sad news.
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BitHodler
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April 07, 2018, 01:20:30 AM |
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The government will be the loser here - losing indirect tax revenue as well as a ready source of information on possible tax evaders.
Paranoid governments consider that to be collateral damage, which applies to China as well. What they care about is that the mass will be exluded from entering this market, and it definitely leaves a dent or two. However, the people already aware of crypto won't back off just because their government thinks it can dictate every aspect of their life. Those who felt the freedom of crypto will do everything to keep it. China has been able to stop a lot of sites and services they deem to be a potential threat, but that doesn't work with crypto. You can't stop something that can't be stopped, so even attempting it is futile. |
BSV is not the real Bcash. Bcash is the real Bcash.
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botany
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April 07, 2018, 07:02:28 AM |
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The government will be the loser here - losing indirect tax revenue as well as a ready source of information on possible tax evaders.
Paranoid governments consider that to be collateral damage, which applies to China as well. What they care about is that the mass will be exluded from entering this market, and it definitely leaves a dent or two. However, the people already aware of crypto won't back off just because their government thinks it can dictate every aspect of their life. Those who felt the freedom of crypto will do everything to keep it. China has been able to stop a lot of sites and services they deem to be a potential threat, but that doesn't work with crypto. You can't stop something that can't be stopped, so even attempting it is futile. That is true. With exchanges gone, the masses will not take the pains to find peer to peer traders. They will just stop trading. The RBI hasn't banned Bitcoin. It cannot do so; the move has to come from the government. |
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krishnapramod
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April 07, 2018, 07:35:57 AM |
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Three months to go and even after that if RBI sticks with its current stance, would it be the end of road for cryptocurrencies in India? No. Either exchanges will come with some alternative solutions or traders will move to P2P markets. A good number of Indians have invested into crytos and then there are also traders who have quit their jobs to trade in crypto. If these traders don't have the option to buy/sell Bitcoin through legal means, obviously they would find loopholes. Democracy   |
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Thanasis
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April 07, 2018, 09:04:53 AM |
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Three months to go and even after that if RBI sticks with its current stance, would it be the end of road for cryptocurrencies in India? No. Either exchanges will come with some alternative solutions or traders will move to P2P markets. A good number of Indians have invested into crytos and then there are also traders who have quit their jobs to trade in crypto. If these traders don't have the option to buy/sell Bitcoin through legal means, obviously they would find loopholes. Democracy Yes,always there will be a loophole and Indians are good at doing that.  It is funny that the prime minister want India to be digital India but they are not supporting the future technology.But still there is no announcement from the governments so now people of india are free to use bitcoin. |
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yojodojo21
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April 07, 2018, 09:45:53 AM |
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There are so many issues now all over to the internet about this, and the very most effective way to indian people they should make a petition for it, Many investors, miners will complain but it think it will get how many months before it'll be implemented, and the very best way to get out of it if you are from india,is,you should live to other country. best solution.
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