End of road for Cryptocurrencies in INDIA?

[European Central Bank]

it's never good to lose a market, that's if any of this is true. so many people here are too stupid to interpret things correctly.

at least it's a market that has little to no bearing on bitcoin as a whole. right now in all of india there are 27 full nodes and i've never heard anyone talk about its market having any importance.

[H0USE]

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.

Although the news is on internet but still there is no official circular on the official site of RBI and they have said that any institution coming under it shall not deal in providing services related to cryptocureencies and bitcoin but any agency not under it's regulation can still perform the functions. And moreover they have but banned the usage for traders and given time for three months to wind up businesses. But still the decision can be withdrawn and actions can be taken.

[BitNaija]

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.

Why I love the crypto world is because it is P2P. They can stop transaction on the open but they cannot stop the P2P exchanges. The only issue is when you want huge sums.

[markhudson2002]

https://twitter.com/CNBCTV18News/status/982277981639925760?s=19

[dragoz11]

unfortunately the free will of people to become investors and try to earn their own money as an investor in a small scale is aimed everytime and anywhere, I hope Indians would not be effected from this and will be able to make transactions even without the regulated bodies. 

[Ferry22]

Actually this is very in pity, the move is done Bank India hopefully this will not trigger other countries. but I am sure, even though the state has banned its people from doing activities in Cryptocurrency, the people of India will still play Bitcoin. there are still many ways to earn Money from Bitcoin.

[yrrehc16]

The country INDIA is not a so good country with their people, many of them are not in good state of life like financial.
Doing this will just make them suffer, hungry may strike worse. I hope INDIAN government may think twice about this decision.
Bitcoin and other cryptocurrency are better to have especially on country that has high percentage of poverty.

[KingScorpio]

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.

i doubt that, if india wants globalisation it will continue to need cryptocurrencies,

the question is weather the people in india and abroad will accept that.

currently indian economy is basically focused on the banking clan around it. those that can print money in india are its current true rulers, the democracy is just a show to distract the masses.

[Dudeperfect]

I don't think that this decision would create any impact in the long run because people can still use banking system (even after 3 months period) as the restrictions are for registered entities and not for the individual trades. I have seen that international market has not even moved a bit after the decision as we all know that it is the mission of spreading awareness regarding decentralization and centralized institutions would definitely oppose it. Indian users are still trading Bitcoins through platforms like Localbitcoins to trade even along with banking system.

[eduvacation.net]

I am proud of what happened to our friends in India. But, do not worry because there are still many ways to manage bitcoin like doing trading in outside exchanges like Bittrex. We can exchange and take money but only the crypto that we trade in the form of dollars. As long as you can access the internet you will not lose the way to manage the bitcoin you have. So, just ignore the ban that the RBI applied since a few days ago.

[Quesdana]

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.

We could expect another fall of bitcoin's price in the coming week whether we like it or not because India had a lot of people who are engage in crypto and also own cryptocurrency. I guess they are now on a silent mode and monitoring the news and waiting what would happen in the coming days.

[markhudson2002]

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.  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. 

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.

this news is not a false news.
RBI has released circulars to address this .
https://coingape.com/rbi-final-call-dealing-cryptocurrencies-in-india/

https://coingape.com/rbi-cryptocurrency-ban-in-india/

official RBI statement in point 13
https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

[European Central Bank]

We could expect another fall of bitcoin's price in the coming week whether we like it or not because India had a lot of people who are engage in crypto and also own cryptocurrency. I guess they are now on a silent mode and monitoring the news and waiting what would happen in the coming days.

outside india no one cares. india counts for nothing in this market. volumes are negligible. there are no significant indian services. no development comes out of there. no one there is mining.

we may miss it in the future, but then again you can't miss what you never had.

[markhudson2002]

We could expect another fall of bitcoin's price in the coming week whether we like it or not because India had a lot of people who are engage in crypto and also own cryptocurrency. I guess they are now on a silent mode and monitoring the news and waiting what would happen in the coming days.

outside india no one cares. india counts for nothing in this market. volumes are negligible. there are no significant indian services. no development comes out of there. no one there is mining.

we may miss it in the future, but then again you can't miss what you never had.

They may have a small contribution for now but u cant deny that ,with such a huge mass they have a great potential to b a big contributer in future.
and if they are banned from using it ,it will certainly send a bad message in other countries for sure

[Jones chen]

I think a country's decree will only crack Bitcoin. But it will not die. People can trade bitcoins through other channels. Bitcoin has been going through many times for this kind of crackdown. Good luck for everyone.

[European Central Bank]

They may have a small contribution for now but u cant deny that ,with such a huge mass they have a great potential to b a big contributer in future.
and if they are banned from using it ,it will certainly send a bad message in other countries for sure

that potential is now gone. there won't be any contributions. there's no point imagining what might have been.

anyone surprised by this is crazy. india prohibits gold importation and was happy to destroy the wealth of a huge percentage of their population to force them out of cash. i'm surprised it took them this long.

if i were any type of crypto investor i would never have gone anywhere near india because a move like this was so obviously going to happen.

[aN0Ny_M0Us]

Amidst all this, there are rumours that they are looking to create their own cryptocurrency.
They might be cracking down on bitcoin and all but this wont last long as you know. People in US are still finding various ways to participate in ICO's so this wont last long. Geared for maximum impact

[hot_ads]

India, like China, has banned the BTC deal, but in the long run it is an irrational choice, with developed countries such as Japan and the United States trading BTC.

[tegarp90]

In indonesia bitcoin is never been legal, and the goverment banned bitcoin long time ago.
But many indonesian people still having bitcoin.
That's not a big problem i think

[KingScorpio]

I think a country's decree will only crack Bitcoin. But it will not die. People can trade bitcoins through other channels. Bitcoin has been going through many times for this kind of crackdown. Good luck for everyone.

i am actually supporting cryptocurrencies.

indian officials have from a humanist perspective legitimacy to fight certain cryptocurrencies that waste so many ressources, like bitcoin. if they do their agenda right they will successfully get every single national trader/craftsmen to not accept bitcoin.

regards