India closes doors for Crypto Currency

[marjon]

I think they just have strong and tight regulations in regards with virtual currency. One factor might be considered as well is their insecurities from their local currency when times come Bitcoin demand is unstoppable.

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[smarteth]

Indian crypto legality is now is at the High court of Delhi hopefully we may get a new stand about future of Crypto Legality

[Roboabhishek]

According to recent news, RBI which is India's central banking institution has advised to stop transactions from any crpto exchanges. This will stop the buying and selling of bitcoin and changing into local currency. Official statements hint more bad days for bitcoin.

For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/

I don't think they can ban bitcoin that easily. As i recall they had done something like this in the past but were unsuccessful in completely banning it.

This will stop the buying and selling of bitcoin and changing into local currency.

But this will not stop people from bitcoins from localbitcoins of through personal trades on this forum or any other. This will definitely impact or is impacting exchanges like Zebpay and unocoin ( main trading websites in India atm)

[selivers]

I think they just have strong and tight regulations in regards with virtual currency. One factor might be considered as well is their insecurities from their local currency when times come Bitcoin demand is unstoppable.

India is a country with a lot of potential, many IT experts in Europa came from India but I see few blockchain related things happening from there. Maybe it’s because of tight regulation that kills the innovaton.

[Turkish88]

I think its will be canceled in the future o this news become as a fake
One time i am already hear about ban crypto in India

[mifanmuzny]

The crypto-currency ecosystem in India is very small: Bitcoin is accepted at only a few restaurants, and some virtual currency exchanges allow users to make payments for books or movie tickets. It is mainly being used as an investment option.Unsurprisingly, participants in India’s virtual currency trade are displeased. “We will do our best to continue with our efforts to educate the government about crypto-currencies,” said Sandeep Goenka, co-founder of Zebpay, a bitcoin exchange. “It can be useful for India by turning the country into a fintech hub, to increase financial inclusion, and there are several other benefits of it.”

[rajkr]

India is escaping  from new technology. They are trying  to impose  a ban on crypto but thet can not ignire overall block chain technology.

[selivers]

It makes no sense to be against new tech especially if it means that in the future a country can position itself as a tech hub and attract many businesses and investors..instead the own people with expertise will try to flee to countries that have progressed further. Downward Spiral.

[Techie5879]

I think you may have misinterpreted it mate, its not a full on ban, which is unlike what China has done multiple times. Its just a ban on converting the BTC to Indian Fiat currency, probably because the government is worried about the fact that the Indian market might collapse under the shadow of BTC's highly volatile market, by influencing it too much. This is a fairly likely scenario, because, as a developing country with an enormous population, BTC has had an enormous influence on the population.
And its not a full ban in the sense that we can actually still earn, get, exchange cryptos, just cant convert it to fiat, as RBI regulated entities, which basically means every bank, will have to stop dealing in cryptos. So we can still hold our cryptos and pay for stuff using it online, as long as bank intervention isnt required.
However the government is partially contradicting their own actions, by again testing a crypto of their own, which they may just impose upon us later in time. This is what is annoying most of the population now.

[ubay]

We do not have to worry because maybe this is just banned while simply spread good news bitcoin to the whole world so they understand how important having bitcoin in the digital era as it is now.

[baconlike]

This is probably a mistake by the Indian government. They did not see the benefits that BTC brought to the domestic economy and the world. Nowadays, European and American countries accept BTC more. There is no reason for them to accept this, so India is still a poor and backward country.

[Ondongeric18]

Well it is how bitcoin works in their country and probably many had been reported to lose their investments such that decisions like these could occur. I am certain that these actions by India is supported by data which shows that they did not benefit in the process. Thus it is just right to control cryptocurrency exchanges to avoid further economic loses. They are surely just protecting their own country. I do believe same reasons could have been the answer to actions made by China when they banned cryptocurrencies. But do not make this events a reason to fear investing on digital coins.

[sgenuine]

I think they just have strong and tight regulations in regards with virtual currency. One factor might be considered as well is their insecurities from their local currency when times come Bitcoin demand is unstoppable.

I also support your way of thinking. here, I mean on this Forum, I met the guys from India who were very active. They still trade, invest and deal with crypto.

[czhen]

this is not a new story in the world of Crypto.
because the government became one of Crypto's competitors.
they regard Cryptocurrency as a threat and that is not true only the government who can not manage it well.

[copyfile]

As for the government of India, it opposes the use of cryptocurrencies, so they can be used to Finance illegal activities. But there is a hope that cryptocurrencies will not be completely banned, but simply increase their regulation. In the near future, the Ministry of Finance and the Indian Council for securities and exchange will soon provide recommendations for further action.

Shubham Yadav, co-founder and head of the cryptocurrency exchange Coindelta, noted that the ban of the Central Bank will not stop trading in cryptocurrency. After the ban comes into force, most of the trades will be carried out in peer-to-peer networks or social applications such as Telegram.

According to analysts, such removal of cryptocurrency from the official banking system will have the opposite effect, since it will completely withdraw virtual currencies from the control of regulatory authorities. This will greatly simplify the conduct of illegal transactions.

[umbara ardian]

I think if India really wants to close the door for cryptocurrency it does not seem to matter because cryptocurrency in the world is only used for countries that have developed economic conditions but do not underestimate India, many CEOs are created from India who wrestle in the world of cryptocurrency.

[kelceyott]

According to recent news, RBI which is India's central banking institution has advised to stop transactions from any crpto exchanges. This will stop the buying and selling of bitcoin and changing into local currency. Official statements hint more bad days for bitcoin.

For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/

If I was not mistaken, India had previously accepted the crypto and could say that India is a big market in the world like China. But now both are forbidden crypto, I am awfully confused what they are doing. However, India's ban on btc has had a big impact on the crypto market. However, users in India may still be able to circumvent the law and conduct foreign transactions.

[superstarbtc]

Delhi High court and Mumbai High court gave notice to RBI to give explanation about cryptocurrency closing so we need to wait till July to check whether bitcoin payments are allowed or not

[Anait]

India contributes around 10% of the transactions happening every day through the cryptocurrency network. India won't that soon close doors to the cryptocurrency usage. It is all about the regulation same as happening around different countries around the world. Might get restrictions, but the usage will continue as the user base India holds is big.

[charlotte04]

According to recent news, RBI which is India's central banking institution has advised to stop transactions from any crpto exchanges. This will stop the buying and selling of bitcoin and changing into local currency. Official statements hint more bad days for bitcoin.

For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/

That would be their biggest mistake when later on they will realize that all people in the world someday will start to use the blockchain technology and they will be the ones to be left out.