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Author Topic: RBI ban Bitcoin?  (Read 670 times)
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April 05, 2018, 03:43:37 PM
 #21

Its a small market in crypto terms. Who cares?
Bro Indian is a huge crypto market remember it

true and also they never cared about the bans their government has been putting on bitcoin so far in the past couple of years and their volume and also the price they are paying to buy bitcoin has been a lot higher than the price that we are paying for bitcoin in USD and the volume is also lower.

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April 05, 2018, 04:32:34 PM
 #22

Its a small market in crypto terms. Who cares?
What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

Size means nothing, also it's a lot more than 132 million...
Volume is everything.
India has rather small trade volume in crypto, to compare:
Australia, 24 million people = https://coin.dance/volume/localbitcoins/AUD/BTC
India, 1.324 billion people = https://coin.dance/volume/localbitcoins/INR/BTC

Even Nigeria has India well and beat = https://coin.dance/volume/localbitcoins/NGN/BTC

I wonder how we would react to that news
"Nigeria bans crypto currency"
How can you consider the volume between two countries by only comparing the Localbitcoin site.Is this the only site which involves bitcoin buying and selling...

I heard that one in ten transactions of bitcoin was happening in India. Roll Eyes

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April 05, 2018, 05:03:18 PM
 #23

relaxed India is small compared to some countries that are pro bitcoin

later also by itself he will accept the existence of bitcoin
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April 05, 2018, 06:18:22 PM
 #24

I would like to shed light upon the actual situation of the notice released by RBI.

According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.

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April 05, 2018, 06:42:03 PM
 #25

Its a small market in crypto terms. Who cares?
What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

Size means nothing, also it's a lot more than 132 million...
Volume is everything.
India has rather small trade volume in crypto, to compare:
Australia, 24 million people = https://coin.dance/volume/localbitcoins/AUD/BTC
India, 1.324 billion people = https://coin.dance/volume/localbitcoins/INR/BTC

Even Nigeria has India well and beat = https://coin.dance/volume/localbitcoins/NGN/BTC

I wonder how we would react to that news
"Nigeria bans crypto currency"

Well I agree to the fact that India has a small trade volume in crypto comparing to the other nations. But 132 million people means that it is a large market. And bitcoins has a large space to grow. But banning makes the room closed for the bitcoin.

China have 18.5% of world population India have 17.9%. Both of them bans bitcoin means it only available to remaining 63.6%  Sad Sad  

I would like to shed light upon the actual situation of the notice released by RBI.

According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.

yes, we also need more accurate statement from the RBI and also from the exchanges.

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April 06, 2018, 12:55:30 AM
 #26

Its a small market in crypto terms. Who cares?
What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

Size means nothing, also it's a lot more than 132 million...
Volume is everything.
India has rather small trade volume in crypto, to compare:
Australia, 24 million people = https://coin.dance/volume/localbitcoins/AUD/BTC
India, 1.324 billion people = https://coin.dance/volume/localbitcoins/INR/BTC

Even Nigeria has India well and beat = https://coin.dance/volume/localbitcoins/NGN/BTC

I wonder how we would react to that news
"Nigeria bans crypto currency"
How can you consider the volume between two countries by only comparing the Localbitcoin site.Is this the only site which involves bitcoin buying and selling...

I heard that one in ten transactions of bitcoin was happening in India. Roll Eyes

I'm not going to list up every exchange to give an idea, but I compared across more than 1 and seen the same pattern, they're a low player in this game.

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April 06, 2018, 03:37:29 PM
 #27


The last link of NDTV is one of the reputable source of news in India.

It's so sad to see India to ban Bitcoin and other cryptocurrencies. I assume most indian crypto users would still be holding their coins . Lets see how everything turns out in this 3 months time-period. I know most users would be angry about the government's decision, in the past too people have expressed their concerns against government thinking to ban crypto.

Well, yes it might be in India.  Grin

It is global news now, so we have to accept that their government is apposed to Crypto currencies. I still think they have a

hidden agenda with all of this, but time will tell if I am right about this. {They might release their own GovCoin soon}  Roll Eyes

This decision is going to come back and bite them in the ass..... but let's leave them to make mistakes.  Wink

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June 20, 2018, 09:57:45 PM
 #28

I would like to shed light upon the actual situation of the notice released by RBI.
According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
yes, we also need more accurate statement from the RBI and also from the exchanges.
By the 6th of July, banking services to all cryptocurrency exchanges in India will be stopped. I think there could be a slight deacrease in btc prices for selling in India through the next two weeks. There is no yet statements from exchanges about when their respective bankers will stop rendering services because users can still use p2p options. Starting fight against RBI decision, the Internet and Mobile Association of India (IAMAI) has filed a write-petition in the Supreme Court to overturn the ban.
More details can be found here.


*Am not trying to create any kind of FUD. This is just to keep everybody informed.

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June 21, 2018, 01:22:38 AM
 #29

RBI is central bank , not the govt of india , so it can not ban anything other than currency and bitcoin is treated as other type of asset in india bcoz only INR is legal currency there .

news in real was RBI barred all banks to deal with any person or company who trade/buy/sell any type of cryptocurrency . it means people can not withdraw funds from crypto sale to banks and neither they can deposit funds to exchanges for buying crypto . However govt secy still saying people can buy crypto in P2P txn or cash transaction .

also few days back news was there that govt may make a policy to legalize crypto . if that happens then RBI bank also will be lifted . as of now bitcoin is neither completely legal nor illegal in india .

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June 21, 2018, 01:27:26 AM
 #30

Its a small market in crypto terms. Who cares?
What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

Size means nothing, also it's a lot more than 132 million...
Volume is everything.
India has rather small trade volume in crypto, to compare:
Australia, 24 million people = https://coin.dance/volume/localbitcoins/AUD/BTC
India, 1.324 billion people = https://coin.dance/volume/localbitcoins/INR/BTC

Even Nigeria has India well and beat = https://coin.dance/volume/localbitcoins/NGN/BTC

I wonder how we would react to that news
"Nigeria bans crypto currency"

Your analysis is completely immature one , you are only checking one site that too only track local bitcoin transaction .
reality is just on indian exchanges volume of all crypto currencies is more than 1500 btc daily . Also it is not the real data because mostly people dont do trading on indian exchanges because of scrutiny , high fees , govt strictness etc . if you see alexa ranking then most of top 10 exchanges worldwide have large amount of indian users . as per data only 2-3% of indians trade crypto but still that is large amount of people with more room to grow in India after becoming bitcoin fully legal .

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July 21, 2018, 07:59:19 PM
 #31

India is a very big market even though it is not a rich country
But I think this decision will change and in the end
Everyone will recognize the crypto currency

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July 22, 2018, 06:11:51 PM
 #32

No, no one can prohibit bitcoin. Bitcoin belongs to people and no one can take the digital currency from people, so bitcoin will always prosper.

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July 22, 2018, 06:41:33 PM
 #33

Yes, its true that RBI has banned cryptocurrencies. But it doesn't mean that cryptocurrencies are illegal in india. people can still buy/sell and trade peer to peer. People have already filled a petition against the stand of RBI on banning of crypto. The petition is now set to be heard by the court on 11th september. Hope that it will be in our favor. Whatever happens, we will still be able to trade, buy and sell peer to peer.

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luckybtccasino.com
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July 22, 2018, 06:46:42 PM
 #34

No one cares about the RBI, so i think that this is more than useless, and probably a new trial of fud, so nothing else to see in here because we all know how this all works. Better to be focusing in other stuff instead of this irrelevant matter

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July 22, 2018, 06:51:19 PM
 #35

RBI ban Bitcoin?

RBI hasnt banned bitcoin yet.. RBI has banned the fiat being used to deposit and withdraw the money into bitcoin exchanges/ ecosystem...

However, there is a supreme court case ongoing and the final hearing for the same is on September 11, 2018 - where a decision would be taken..


Sometimes, government ban it temporarily to to slow things down until they figure out how to win this game.
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July 22, 2018, 06:55:18 PM
 #36

No, no one can prohibit bitcoin. Bitcoin belongs to people and no one can take the digital currency from people, so bitcoin will always prosper.

No it did not ban bitcoin and there was a court hearing before 2 days and the final hearing will be in the month of September. I am sure RBI cannot ban bitcoin as far as India is concerned there are some big fish who has invested into bitcoins and they will not let RBI ban bitcoin.

   
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July 22, 2018, 07:01:21 PM
 #37

I do not think that India will prohibit bitcoin.
All the same, India is located in central Asia where the countries' greatest interest is in crypto-currencies. Yes, and what is the prohibition of bitcoin? - already there are many countries that did not recognize bitcoin as a financial tool - and what? citizens in these countries and further if they want to use bitcoin in their own interests.

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July 24, 2018, 08:00:44 AM
 #38

RBI ban Bitcoin?
As we all knows that bitcoin is a decentralised crypto currency and no country has right to ban bitcoin so any country could ban bitcoin from their nation and what I mean is that country can ban people from using bitcoin from their national exchanges but they can use bitcoin from any international exchanges and yes RBI issued a notice 3 months back that every Indian needs to withdraw their money from bitcoin otherwise they will be responsible for their loses but still there are hopes that there could be some amendments in this notice.

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July 24, 2018, 08:07:14 AM
 #39

Its a small market in crypto terms. Who cares?

By the way...Its not a small market...And it is not only in India...It is all over the world...

Quote
RBI ban Bitcoin?

RBI,as per i know RBI banned bitcoins for a while in India or they are thinking to ban because of the illegal or the transaction for the crimes are done using bitcoins or crypto...So they are thinking to ban...But then also we can use bitcoin as Internet is everywhere.
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July 24, 2018, 08:26:44 AM
 #40

Its a small market in crypto terms. Who cares?

By the way...Its not a small market...And it is not only in India...It is all over the world...

Quote
RBI ban Bitcoin?

RBI,as per i know RBI banned bitcoins for a while in India or they are thinking to ban because of the illegal or the transaction for the crimes are done using bitcoins or crypto...So they are thinking to ban...But then also we can use bitcoin as Internet is everywhere.
RBI is accepting the Bitcoin but some regulation is possible in after legalized. But three days ago some bad news are comes in India so peoples are expecting banned in India so again this conversation is continue in this forum. Myself India is a high population country so many whales are available in India but some it is decentralised platform so they are all against in crypto. Bitcoin is a forever Cryptocurrency so as soon as possible Legalization is comes in India.

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