End of road for Cryptocurrencies in INDIA?

[supermine]

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.

Yes,but most of the people using bitcoins and other crypto currencies as a money making tool not for the peer to peer transaction.So the people who uses crypto currency for money earning definitely need banks to buy and sell their coins.

But what will happen if the people uses LBC for buying and selling bitcoin which is not an Indian based site but it is available in India,even if India banned that site people can access through VPNs,so this may not be a big problem I think.

[BrewMaster]

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.

Yes,but most of the people using bitcoins and other crypto currencies as a money making tool not for the peer to peer transaction.So the people who uses crypto currency for money earning definitely need banks to buy and sell their coins.

But what will happen if the people uses LBC for buying and selling bitcoin which is not an Indian based site but it is available in India,even if India banned that site people can access through VPNs,so this may not be a big problem I think.

when talking about OTC trading localbitcoins website is only one of the many options. in fact you don't even need that to trade bitcoin you can always do it in a much better peer to peer fashion and through different channels. there may be higher risks or more work to be done in many cases but that has never stopped anyone so far from doing them.

[Iyanuoluwa]

I think what cause this is that the level of corruption in India is catastrophic and imagining bribes being given in untraceable, anonymous cryptocurrencies is not too far-fetched.

“In fact, that would be a dream come true for all corruptionists and would trigger a cascading effect of utter lawlessness as fear of repercussion by the state would simply disappear for lack of a legislative, punitive base on such assets.”

[Kingofbitcoin12345]

In every ending there is always be a new beginning,, mostly.. I mean does this really be the dead end,, Indians in nature are smart and this won’t stop them for doing crypto.. Central banks can do anything,, but don’t forget banks are just places and humans are the customers.. If they don’t value the choice of its client,, time will come that it will backfire to them..

This is a revolution and it will started soon.. And this pronouncement would only trigger more hatred on our corrupt banking system..

[QuestionAuthority]

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.  

Forbes, CNBC, Bloomberg, Reuters, etc. are running the story and quoting a statement released by the Reserve Bank of India. I think it’s real enough. See the actual press release below.

https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR264270719E5CB28249D7BCE07C5B3196C904.PDF

This might interest some of you: https://www.cnbc.com/2018/03/27/a-complete-guide-to-cyprocurrency-regulations-around-the-world.html

[mahibul49]

if bank not support then people can buy from person to person.
its good to buy from person to person but i think india will not ban bitcoin.and crypto.

[BinomNewton]

Hello from a russian thread and also sorry for invalid English

Could someone please clarify if such an article is a fake or not?

As far as I can understand there are a lot of rich folks live in India so there are a lot of BTC holders which should panic and sell their BTC to avoid to get illegal/criminal. So then we have to see the huge panic-sale in charts, but there was not such before or after the article has been published. How is this possible if the article is not a fake?

Thanks in advance for your answers.

[Roman Coinson]

You just wait! The government will realize soon, that they can earn a tax and will allow a transaction of cryptocurrencies.

[batang_bitcoin]

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.

Others are already discouraged, disappointed and whining due to this. You can see that there are many newbies that posted this news as they understood it wrongly. But we've been to this type of news since before and we are just going to get used when there are news like this.

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.

Yeah this only applies to the bank as long as the transaction isn't inside the bank, they don't care at all.

[Divinityxd]

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

[Rockstar1]

Yeah I just saw this in the news. Looks like more FUD. And when there's FUD, there's red candles.

They released a statement saying they're outright not dealing with any services/exchanges that deal with virtual currency. (PRETTY DUMB STATEMENT, since there's a huge difference between virtual currency and Cryptocurrency.)

Anyway, so yeah...

[Malya_alkendy]

Very unfortunately, why this can happen. I am afraid this will affect other countries. and this will definitely affect the price of Bitcoin, lately it has really become a tough test for Bitcoin and the users of Bitcoin. hopefully this storm is passing quickly, and Bitcoin again high value as End of 2017 then.

[markhudson2002]

https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

point no. 13

[markhudson2002]

What if they dont overturn the decision.
how would they withdraw their fiat?

[Razick]

People will still use cryptocurrencies regardless of a ban, you cannot stop people from using cryptocurrencies because you cannot stop them from using the internet, since banks won't deal with them again then they would just find other ways to get their cash out, for example you can tell your friend in another country to help you cash out and send your cash to you.

[Baimovic]

I do not seriously respond the news about India. and for a moment, I see that India has no good purpose for the cryptocurrency.
my speculation the reason are :
first, the population factor that is not ready to accept crypto.
Secondly, the Indian very much population, so to minimize the criminal, they decide to ban crypto.
Third, India's growing economic still weakly.

and I think countries that prohibit crypto is a developing country and have a large population.

[Jessica2009]

           Bitcoin investors has been disappointed  by the statement done by the finance minister that Bitcoin is not going to be legalized in the year 2018 and also stated that  India government is going to stop the usage of virtual currency .If it happens then the Bitcoin price will plunge down since most of the users of Bitcoin may be from India that is a much populated country in the world. I don't believe that this will be the end of road for cryptocurrency in India but will create uncertainty in Indian economy.

[DimaS1574]

You just wait! The government will realize soon, that they can earn a tax and will allow a transaction of cryptocurrencies.

recently,  Indian projects have proven themselves as a scum projects, as a result  a lot of investors  dont trust this market, so that allowing will not save   reputation.

[IamAltcoinfan]

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.

No way india holding very small portion of crypto holding .Even  No major exchanges represents india more than that only Zebpay is the only exchange given api access to coinmarketcap . No other exchanges then how do you say india plays major role.
Please read this thread i have created
https://bitcointalk.org/index.php?topic=3268437

[markhudson2002]

https://coingape.com/rbi-final-call-dealing-cryptocurrencies-in-india/

So RBI has given 3months deadline to the traders and exchanges :/