India closes doors for Crypto Currency

[adejoke444]

The door of cryptocurrency cant be close completely in their country, with time and little rethink by the government, they will make a u turn on the hash decision of the ban.

[Silenox]

I think that in the matter of India cultural issues also weigh a little, the idea of giving freedom to be truly owner of your money should weigh in that matter. But cryptos can not be controlled, one way or another governments will not be able to penalize everyone they use.

[Karie_Legend]

I think that in the matter of India cultural issues also weigh a little, the idea of giving freedom to be truly owner of your money should weigh in that matter. But cryptos can not be controlled, one way or another governments will not be able to penalize everyone they use.

They will only be able to forbid their citizens to play Bitcoin not for everyone in this world.

[btcdevil]

From the government side RBI given deadline is approached and bank have stopped transactions related to crypto currency but still their are pending court case which is schedule to give result on 15th july 2018, till then you can trade in cryptocurrency through P2P exchanges.

[gasparyu]

This really is not good news. But we should remember that there are reasons behind everything. Maybe they just ban crypto while still trying to learn more about it. We can just hope for the best for cryoto users in India

[bitterdog]

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/

Sad news for us the crypto holders. India is increasing the country list that stop the move of cryptocurrency, but i hope India can considerating it again to open up the crypto market in their country again.

[acord00]

Each country is free to set policies and regulations for the country itself, including regulating the crypto currency. Not only India, many countries are still banned and closed with crypto currency. I think that they are still conservative because not open with the presence of this great new technology and sophisticated. In my opinion, we should not hate crypto currency too much because we might someday need crypto currency for cross-country transactions. Like India, India should be more flexible in looking at crypto currency. Do not be sorry for not providing a gap for crypto currency developing in the country. Whereas if the state of India is open with crypto currency then the economic condition of its people can be better.

[popelene1]

I believe this will be temporary ban because those concern will still let them to know the reason it should not be ban and stay .

[chocolaty]

I feel sorry for the citizens of India. This is one great opportunity that is being held back from them. There is probably a good reason why they banned cryptocurrency. Maybe there was an instance where the people were scammed or cryptos were used in illegal transactions and money laundering. Mainly to protect the citizen from fraud and trickery, that's a good reason for banning. Still, if used properly, it could be a great investment for the people of India.

[richkid3001]

This is not the first time the RBI has indicated its cautionary stance on virtual currency. It has over the last five years, issued several prior warnings, and when presenting the Union Budget for 2018 in February, India’s Finance Minister Arun Jaitley publicly stated that the country does not recognize cryptocurrencies as legal tender.

[dutchkay]

India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.

[karinaloren]

To tell the truth, I don't think that it is the end of the story. Though now there are not very positive forecasts, I think that soon something will become clearer. I hope that the situation will improve (though in respect to China my hopes hasn't realized).

[susila_bai]

India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.

All indian exchanges after this ban have stopped fiat currency trading but they have started cryptocurrency trading and some of the exchanges have shifted their office to other country where it is legal. Now if the people wanted to buy or sell then only through people to people where no details about crypto currency trade in bank but still it is risky. Now only option is just save it for future and think that it is long term investment and in future when India make some relief and after regulating they can think of easing the ban with certain rules and regulation.

[hubballi]

India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.

All indian exchanges after this ban have stopped fiat currency trading but they have started cryptocurrency trading and some of the exchanges have shifted their office to other country where it is legal. Now if the people wanted to buy or sell then only through people to people where no details about crypto currency trade in bank but still it is risky. Now only option is just save it for future and think that it is long term investment and in future when India make some relief and after regulating they can think of easing the ban with certain rules and regulation.

What you said is the only way if Indian users wanted to work on Cryptocurrency, but i also think that very soon India will regulate it and going to start using of cryptocurrency in a regulation manner, which will be more good for both government and public.

[kimdungtruyen]

I guess if they get Bitcoin for their country these days they can teach it to people who are likely to be involved here for extra income as we all know that India is one of the densely populated countries. Most and they need the support they can get with Bitcoin. The central bank wants to close one of the last remaining ways to take your money out of the hands and eyes of the government.

[iammrash]

That's another bad news...Now people will panic and drop the price again. 😒😒😒..Really don't know when every government will accept cryptos

[marlonbatotoy]

Another country banned crypto.. But i dont think it can affect other country to encourage to ban crypto because i know some country thinks that crypto world is not a threat they just dont want to take a risk in crypto.

[jovs]

India has clearly banned cryptocurreny. but are there any sanctions for crypto users in that country?
and India has a plan to adopt blockchain technology and I think it's something that will be a new policy for the government of India.

Banning bitcoin is just a movement by the government to implement a system that they could used to somehow deal with transaction by their people. It could also be a way for them to help their economy at the same way by implementing rules and to have a good way if cryotocurreny on transaction, investment and trading.

[sukoyomi]

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 India really prohibits the prohibition of crypto exchange in its country, it will likely have an adverse effect on all crypto prices. but I feel sorry for the people of India who have been playing with the crypto trade. if the citizens of India still use crypto, is there any sanction for those who use crypto ?

[sgk]

Let's get some facts right:

- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.

Crypto is far from dead in India.