d-unknown (OP)
Jr. Member
Offline
Activity: 90
Merit: 1
|
|
April 05, 2018, 01:36:18 PM |
|
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.
|
|
|
|
alyssa85
Legendary
Offline
Activity: 1652
Merit: 1088
CryptoTalk.Org - Get Paid for every Post!
|
|
April 05, 2018, 01:43:18 PM |
|
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.
|
|
|
|
Anti-Cen
Member
Offline
Activity: 210
Merit: 26
High fees = low BTC price
|
|
April 05, 2018, 01:55:03 PM Merited by coinycoiny (1) |
|
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.
|
|
|
batang_bitcoin
|
|
April 05, 2018, 02:00:08 PM |
|
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.
|
Rent this sig space so that BTC goes to $100k.
|
|
|
d-unknown (OP)
Jr. Member
Offline
Activity: 90
Merit: 1
|
|
April 05, 2018, 02:03:46 PM |
|
what about the traders of india? how will they get the fiat?
|
|
|
|
St4yInTh3D4rk
Sr. Member
Offline
Activity: 686
Merit: 264
"STAY IN THE DARK"
|
|
April 05, 2018, 02:08:34 PM |
|
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.
|
Hero/Legendary ..bustadice.. ▄▄████████████▄▄ ▄▄████████▀▀▀▀████████▄▄ ▄███████████ ███████████▄ █████ ████▄▄▄▄████ █████ ██████ ████████▀▀██ ██████ ██████████████████ █████████████ █████████████████▌ ▐█████████████ ███ ██████████ ███████ ███ ███ ████████▀ ▐███████ ███ ██████████████ ██████████████ ██████████████ ██████████████ ██████████████▄▄▄▄██████████████ ▀████████████████████████████▀
|
|
|
d-unknown (OP)
Jr. Member
Offline
Activity: 90
Merit: 1
|
|
April 05, 2018, 02:12:42 PM |
|
|
|
|
|
nanda1280
Newbie
Offline
Activity: 63
Merit: 0
|
|
April 05, 2018, 02:17:49 PM |
|
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.
|
|
|
|
o_0_o
Newbie
Offline
Activity: 21
Merit: 0
|
|
April 05, 2018, 02:19:31 PM |
|
it seems to me that sooner or later it will affect all countries
|
|
|
|
Janademir4
|
|
April 05, 2018, 02:28:38 PM |
|
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. 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
|
|
|
|
avikz
Legendary
Offline
Activity: 3206
Merit: 1524
|
|
April 05, 2018, 02:38:26 PM |
|
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!
|
|
|
|
Danstan
Newbie
Offline
Activity: 84
Merit: 0
|
|
April 05, 2018, 02:40:09 PM |
|
“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...
|
|
|
|
Kprawn
Legendary
Offline
Activity: 1904
Merit: 1074
|
|
April 05, 2018, 02:58:27 PM |
|
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.
|
|
|
|
sheenshane
Legendary
Offline
Activity: 2464
Merit: 1231
|
|
April 05, 2018, 03:03:14 PM |
|
“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.
|
|
|
|
Pursuer
Legendary
Offline
Activity: 1638
Merit: 1163
Where is my ring of blades...
|
|
April 05, 2018, 03:08:04 PM |
|
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%.
|
Only Bitcoin
|
|
|
KingScorpio
|
|
April 05, 2018, 03:15:07 PM |
|
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
|
|
|
|
avikz
Legendary
Offline
Activity: 3206
Merit: 1524
|
|
April 05, 2018, 03:44:14 PM Last edit: April 05, 2018, 04:04:26 PM by avikz |
|
“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.ampThe 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.
|
|
|
|
Hercules_Blockchain37
Newbie
Offline
Activity: 72
Merit: 0
|
|
April 05, 2018, 03:48:15 PM |
|
I think BTC will drop 6K because this news
|
|
|
|
whirlcoin
|
|
April 05, 2018, 03:55:45 PM |
|
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.
|
|
|
|
BrewMaster
Legendary
Offline
Activity: 2114
Merit: 1293
There is trouble abrewing
|
|
April 05, 2018, 04:17:12 PM |
|
one of the main things about cryptocurrencies (more like bitcoin and not much in altcoins) is being decentralized. and that means no matter what the rules the governments set for bitcoin, people shouldn't care. in the end bitcoin is still going to continue being censorship resistance and they will be able to continue using it just as they were before.
so no, this is not the end of the road. in fact this is a very good test to prove to the whole world that bitcoin is censorship resistance.
|
There is a FOMO brewing...
|
|
|
|