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Author Topic: End of road for Cryptocurrencies in INDIA?  (Read 379 times)
d-unknown
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April 05, 2018, 01:36:18 PM
 #1

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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April 05, 2018, 01:43:18 PM
 #2

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.



People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.

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April 05, 2018, 01:55:03 PM
Merited by coinycoiny (1)
 #3

Bitcoin apparently was designed to continue to operate with or without permission of governments and banks and they
also said we would have "Virtually free transaction fees" but that ended up going to $55 three months ago so it's just another lie.

The latest lie is about centralization because that's gone too with the lightning network but don't argue with me, argue with this guy
who makes the point very well https://www.youtube.com/watch?v=UYHFrf5ci_g or see the notwork map of banks taking shape
https://lnmainnet.gaben.win/

That's right people, you have been had again but the majority of people here still won't "get it" because they are
gambling addicts and are beyond any help that i can offer them.

Mining is CPU-wars and Intel, AMD like it nearly as much as big oil likes miners wasting electricity. Is this what mankind has come too.
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April 05, 2018, 02:00:08 PM
 #4

Saw this link on facebook: https://blockmanity.com/reserve-bank-india-bans-banks-india-dealing-crypto-currency/
And as I'm surfing around, I saw this post and base on the article it will be for one year.

People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.
Yep that's still going to happen, this only applies for the banks but that's still a bad news for our fellow bitcoiners in India.  Undecided

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April 05, 2018, 02:03:46 PM
 #5

what about the traders of india?
how will they get the fiat?
St4yInTh3D4rk
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April 05, 2018, 02:08:34 PM
 #6

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.



It means the bitcoin was officially banned in India?

If it will be true then more and more price fall will occur in bitcoin because India is the second largest populated countries and they also playing big part in crypto currency field. Cry

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April 05, 2018, 02:10:17 PM
 #7

Saw this link on facebook: https://blockmanity.com/reserve-bank-india-bans-banks-india-dealing-crypto-currency/
And as I'm surfing around, I saw this post and base on the article it will be for one year.

People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.
Yep that's still going to happen, this only applies for the banks.

Indeed. People will do everything to continue their operations no matter how good or shady it is. However this isn't entirely 100% that deals will still continue though. Some might get discouraged anymore to invest in here, especially those who had just arrived in cryptocurrency. Large projects using crypto coins isn't likely to stop though.

what about the traders of india?
how will they get the fiat?

As what batang_bitcoin stated that personal meetups could be the way to succeed these kind of deals with just a phone call. It is the bank that banned the deal with BTC inside them but outside of it is none of their business unless there will be an extensive regulations where there will be police patrolling out of those deals, which I highly doubt it could get implemented.

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April 05, 2018, 02:12:42 PM
 #8

https://coingape.com/rbi-cryptocurrency-ban-in-india/
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April 05, 2018, 02:17:49 PM
 #9

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.


Broad coverage on Indian media outlets has been announced that cryptocurrency is illegal, causing a stir among investors. From February 1st, Khurana has made a call to convince distraught investors and curious buyers about the government's attitude and value of crypto assets.
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April 05, 2018, 02:19:31 PM
 #10

it seems to me that sooner or later it will affect all countries
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April 05, 2018, 02:28:38 PM
 #11

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.



It means the bitcoin was officially banned in India?

If it will be true then more and more price fall will occur in bitcoin because India is the second largest populated countries and they also playing big part in crypto currency field. Cry
it's also a worry I am in the country India is very many people who use crypto currency even so much ICO coming from the country. then what if India has set a break? what will happen to bitcoin prices

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April 05, 2018, 02:38:26 PM
 #12

I won't say it's the end of the road but yes it will create a lot of uncertainty in the Indian market. Moreover, Indian government will loose its share of the cake. Actually with this statement, Indian government actually opened up a new way for the black market to operate. Like guns and drugs are illegal in India but anyone can purchase it with money. This kind of conservative mentality proves that why a poor country will always remain poor. Sad!

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April 05, 2018, 02:40:09 PM
 #13

Quote
“This means that banks will not probably give loans to cryptocurrency exchanges. And the transactions will also get affected,” said Shubham Yadav, co-founder of of Coindelta, another cryptocurrency exchange. “However, the silver lining here is that they still haven’t banned it fully.



-the bold line that was part of the article is most likely a candle giving light in the dark, it means crypto can still operate on India.

Only for three months (time period about RBI not to support crypto), but I does affect countries to tighten also their  bank regulatory to BTC.

Also good part and the best part is the part of "not to ban crypto" inside the country, second good part, they can invest or loan money from private institution for the time period...
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April 05, 2018, 02:58:27 PM
 #14

I think this is once again one of those instances where people are running with a story that are factually wrong. India has not

said that it is banning Crypto currencies, but nothing is stopping the media to run with that story. The FUD wagon is running

on no brakes now.  Roll Eyes The sites that I have found reporting on this, is by far not anywhere close to reputable media outlets.

Time will tell if I am wrong.  Cheesy

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April 05, 2018, 03:03:14 PM
 #15

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“This means that banks will not probably give loans to cryptocurrency exchanges. And the transactions will also get affected,” said Shubham Yadav, co-founder of of Coindelta, another cryptocurrency exchange. “However, the silver lining here is that they still haven’t banned it fully.



-the bold line that was part of the article is most likely a candle giving light in the dark, it means crypto can still operate on India.

Only for three months (time period about RBI not to support crypto), but I does affect countries to tighten also their  bank regulatory to BTC.

Also good part and the best part is the part of "not to ban crypto" inside the country, second good part, they can invest or loan money from private institution for the time period...
Not all media broadcaster in cryptocurrencies are exact details, see? it is not totally banned so, therefore, there is still having a chance people theirs to used bitcoin or to have transactions. The reason in my mind that they doing this spreading the news banning crypto maybe media broadcaster was feed by a shitty international politician to make a FUD news regarding bitcoin because they think that bitcoin is one of there competitor in business soon.

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April 05, 2018, 03:08:04 PM
 #16

Indian government has been scared of bitcoin for a very long time now, I believe it has at least been 2 years that they have been attacking it with all their force and each time they push back the Indian  population buys more and more into bitcoin.
I remember last year we had a very similar news regarding some bitcoin ban in India which I think was in fact some restrictions on exchanges and that pushed the price up 40% over in India and the  volume on localbitcoins.com India went up about 200%.

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April 05, 2018, 03:15:07 PM
 #17

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.



People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.

bitcoin doesnt matter here its about cryptocurrencies, no use for indians to use bitcoin anyway.

but this iss a highly controversial issue, the indian elite is abusing their power.

its of course very comfortable for them controlling the countries financial system, having billions trapped to the banking clans rule

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April 05, 2018, 03:44:14 PM
 #18

Quote
“This means that banks will not probably give loans to cryptocurrency exchanges. And the transactions will also get affected,” said Shubham Yadav, co-founder of of Coindelta, another cryptocurrency exchange. “However, the silver lining here is that they still haven’t banned it fully.

-the bold line that was part of the article is most likely a candle giving light in the dark, it means crypto can still operate on India.

Only for three months (time period about RBI not to support crypto), but I does affect countries to tighten also their  bank regulatory to BTC.

Also good part and the best part is the part of "not to ban crypto" inside the country, second good part, they can invest or loan money from private institution for the time period...

I am sure you have misunderstood the whole statement. So I encourage you to read what Bloomberg has mentioned about this situation.

www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies.amp

The 3 months timeline was given to banks to unwind their positions from those entities who are dealing cryptos. That essentially means banks now has the legal right to freeze anyone's account if they think that individual or that company is dealing in cryptos. There is no silver linings, not at least I can see.

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April 05, 2018, 03:48:15 PM
 #19

I think BTC will drop 6K because this news Grin
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April 05, 2018, 03:55:45 PM
 #20

I think this is once again one of those instances where people are running with a story that are factually wrong. India has not

said that it is banning Crypto currencies, but nothing is stopping the media to run with that story. The FUD wagon is running

on no brakes now.  Roll Eyes The sites that I have found reporting on this, is by far not anywhere close to reputable media outlets.

Time will tell if I am wrong.  Cheesy
I hope this is just FUD news or it it make huge blow on the bitcoin prices more and more.But as far as I know there is no news related to this when I asked my Indian friends so the mendia juat telecasting the news wrongly.

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