End of road for Cryptocurrencies in INDIA?

[cryptofeel]

Please don't leave a misleading topic. You said in the body of the post that the Indian government was ONLY regulating the activities of virtual currencies under 3months

[1714600007]

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[Hitesh Ohri]

 The Central Bank (RBI) issued its third warning, reminding the investors of its earlier concerns.  the RBI said that the creation, trading or usage of Virtual currencies or VCs as a medium for payment are not authorised by any central bank or monetary authority. "No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," it added.
 there are five points listed RBI those are:
1.The RBI says that virtual currency being in digital form are stored in digital-electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc.
2.Payments by virtual currency take place on a peer-to-peer basis without an authorised central agency which regulates such payments.
3.There is no underlying or backing of any asset for virtual currency. As such, their value seems to be a matter of speculation.
4.Cryptocurrencies are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear.
5.It has been reported that usage of digital currencies are largely for illicit and illegal activities.

So these points show government and RBI are trying to make end of road for Cryptocurriencies.


 but some countries like Japan promotes cryptocurrencies.

[cizatext]

Well the Indian authority have the right to either welcome cryptocurrency into the domain of kick it out but I believe they can bring to an end the existence of Cryptos in they country as digital currency are highly decentralized and it transactions can be carried out from any where at any time.

[Klara_karlovna]

No, India hasn’t banned cryptocurrencies published on telegram group CTA_NEWS

Rumors and manipulation in the market wiil be always

[anjelaro]

https://thenextweb.com/hardfork/2018/04/06/no-india-not-just-banned-virtual-currencies published on telegram group CTA_NEWS

I don't think so. Rumors and manipulation in the market.

They have not banned crypto but they are stopping the transactions by asking banks to end relations with exchanges. After this is implemented, bitcoins will die in India.

[Klara_karlovna]

https://thenextweb.com/hardfork/2018/04/06/no-india-not-just-banned-virtual-currencies published on telegram group CTA_NEWS

I don't think so. Rumors and manipulation in the market.

They have not banned crypto but they are stopping the transactions by asking banks to end relations with exchanges. After this is implemented, bitcoins will die in India.

"Things have been made harder, not outlawed.It is still allowed for them to continue providing services until RBI comes up with a further notice. Nothing has changed in that regard for now either. It is the market FUD following the news that is driving the prices down."

there are no exact dates, will be as with China: forbid, but not completely and not so understood, etc.

[Harley29]

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.

yes people are using bitcoin it does not matter what the position of bitcoin is in our life, we are earning with bitcoin same as us people of India are getting income from bitcoin so why would they let this easy war of earning be go, I think bitcoin use does not really matter for the promotion of bitcoin in some community as already no such banking was heartedly accepting bitcoin, so no matter if they accept bitcoin or not but to stop the growth of bitcoin in any country is not very possible.

[yuukireit]

I think sometimes regulation are not bad enough they just wanted to getting it know and making some rule so the people can using that wisely. Still many asian country not accepted bitcoin (as transaction) but they still can change with exchanger and trade as high vakue investment

[onnz423]

This is not the first time this has happened, a similar action was taken in the US as well. Can't see how this isn't considered monopolization, but I guess they can get away with it.

Definitely not the end of crypto, as I highly doubt they would know if you paid for crypto regardless, but it will definitely make it more difficult to buy.

[SummerBliss]

Just like exchanges moved out of China to hong kong when China banned cryptocurrency exchanges, in the same way the Indian companies too will definitely find the loop holes that exist in market around India and would perhaps move their business overseas. There are approximately 5 million Indians indulged in trading and I don't think most of them would want to give up the easy money they earn through trading. Most probably the move would be taken back by the RBI. Philippines is still a very bitcoin friendly country and maybe Indian countries would set up businesses here.

[DomainTorrent]

No matter what this government and other governments that oppose cryptocurrencies will do there will always be lots of people from their own respective countries who will be engaging, trading and using this kind of financial activity. It's totally unstoppable. And since we are in the stage of enhancing highly technological advancements in all aspects of human lives, cryptocurrencies are just a part of an evolving financial revolution. We are currently living in a virtual world and it's just perfect that virtual currencies go along with that.

[karnwillbit]

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

This seriously an exaggeration, nothing else. India is not among the major supporters of the crypto market, nor is it holding any successful crypto exchange of the world. India is not China which will affect the market in an influential way. The banning of crypto currencies in India is not going to make people suffer in any way except for Indians themselves. There is no need to even pay attention to this news.

[Opnsrc]

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.

There were a lot of news about banning cryptocurrencies in different countries before. But any single novelty hadn't become a reality. The same situation here. I don't watch the details but crypto wouldnt be wholly banned.

[Dmitry.Vastov]

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.

Yes, I also got this news and this is very shocking news for me also because Now my entire life style depends on BTC only and being the resident of India, I was very worried about the ban but let me clear u one thing first that this ban is not on permanent basis, this is only temporary ban because RBI is not sure about that volatility of BTC, once they come to know, they will surely remove the ban.

[onnz423]

A lot of counties have banned or cracked down on cryptocurrencies, only to later repeal the changes once they realize it's too brash. India will likely be the same eventually, as cryptos allow them to trade with other countries much easier.

[GeorgiyBilyk]

china himself puts a stick in the wheel! because of strict restrictions, China is becoming less and less influential country in the crypto market! very many miners and companies are starting to leave with China! all companies are beginning to migrate to more open countries that let bitcoin and the entire crypto market into their lives!
The same is true in India! they do not understand that they will complicate the development of themselves and the entire crypto market!

[pat4cryptoreal]

This is not the first time we have being hearing this type of news. Regulation of cryptocurrency by government of any country o will just  have a momentary effect on cryptoworld, cryptocurrency is too relevant to be stopped.

[ALI AKBAR]

I think the road of cryptocurrency in India has not yet ended. Countless people of India are using cryptocurrency. A few days ago, the Indian finance minister was discussing a meeting with Bitcoin. They are planning on how to use Bitcoin. Because Bitcoin plays a role in the development of the country's economy. Moreover, the use and popularity of Bitcoin is increasing throughout the world. I think the use of Bitcoin in the world will be legal in the future.

[Dexion]

I think that India has made the wrong decision. maybe today india choose to ban crypto transactions, but they do not see that today too, many countries are receiving crypto, if india does not change their decision, then india will be country lag for eternity.

today we also see that many big investors are not satisfied with the place of real investment, so they choose crypto as their investment.
what will happen, if in the future many big investors are looking for crypto investment? and india does not accept crypto.
I hope it is not the end of the decisions of the country of India.

[Saiful Islam777]

India crypto moved away from the currency and made many mistakes. They will experience it in the future. The crypto currency is increasing day by day, so India should consider this issue