India closes doors for Crypto Currency

[ArnoldChippy]

Bitcoin is not legal tender in India. But Zebpay, Unocoin and Remitano are the exchanges which are working still today for exchanging the Bitcoin with Indian rupees. All the transaction are made in the customers account. Registration is verified with PAN No, Adhar No and Bank Account No.

A lot of exchanges are working illegally in different places, specially in such countries, where bitcoin is still not legal, i think that it is not such a big news, because a single country cannot effect the bitcoin price too much, as India do not have such a big contribution in bitcoin development, although some bitcoin users are there from India, but if China do not put such a big effect on bitcoin price when they closed all ICOs in their country, so we cannot expect any worst effect of banning bitcoin by India.

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[shadowdio]

oh another bad news for bitcoin, India is a big country I know there are many crypto users in india this will be big affect for cryptos if this news is true. 

[suzanne5223]

Well, I'm not surprised that the Indian government also want to the list of country where crypto currency is not welcome because they have been trying to fully understand cryptocurrency and put it under control for years still they are unable to that resulted in state where crypto is illegal.

[akristofor]

Great news. I hope other countries will follow suit in the near future.
I would like more opportunities for cryptocurrency

[nizamcc]

Everything looks to me as a FUD. But, even if these guys are serious, they are digging their own grave by not letting the technology workaround as it was made to. They are interested in coming with their own Central Digital Cryptocurrency to keep the citizens of India away from Bitcoins and other VCs. Well, my 2 cents for them. They don't really know that they are badly welcoming the endangers of more and more (illegal) cash transactions in the country by doing this. Bitcoin is anonymous, so if not publicly making it available for people, they will not really be able to regulate more transactions and money that will now come from many different sources (and even more money will go out of the country).

[boltz]

This is the year when I'm gonna hear bitcoin is dead over and over again and countries banning cryptos...I'm already use with this global panic and  you should not belive everything you read...who cares anyway if India is out of cryptos ? but I bet that indians are still using cryptos.

[doaremon]

In Asia, Chaina, japan, India, Korea are the head countries. Chaina had already banned crypto currency. But ther was a hpe weather the other except it or not. Japan warmly welcomed crypto currency but India also banned it. I don't know about Korea. The other developing countries follow ther developed countries or the power full countries. So, in aisa it will be hard for bitcoin to explore. I'm not saying that it's impossible but it will be very very hard.

[posi]

This is definitely not good for cryptocurrency and the last time I checked India was actually doing some research about the best between bitcoin and ethereum. I wonder when some governments will stop crypto ban just because they can not control it.

[ene1980]

India is afraid of taking risks! He does not want people to be deceived! I do not trust the crypt myself!

It does happen if there is a bunch of dumb decision makers, if people are to be protected, they have to come up with a good regulation rather than shutting innovation down, it is easy to shut things down with a decision, but they have to understand if they keep on doing it without understanding the long term consequence, they will loose the edge in technology .

[kucritt]

damn its a bad news fot us that 1 country India has blocked cryptocurrency from their country, why the government afraid of crypto in their country? is the ryptocurrency is dangerous? or something else? i hope that soon the bitcoin and cryptocurrency have a good news about it because right now i always see the bad news about crypto and make the crypto is not popular than before

[carlisle1]

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/

India is afraid of taking risks! He does not want people to be deceived! I do not trust the crypt myself!

then why are you herego suck youre butt l,if you dont trust crypto you should be gone by now,but the truth is your a paid troll to spread fud or fake news to create panicking to the members things that in which you gain amount,you cant fool us were strong enough for youre sentiments loo

[Stedsm]

Stop believing the FUD! This is all well-planned for the value to slip down near $6000 level, which it did.
The Government played the act in a well manner, possibly G20 countries had all this planned because they know that India holds a big % in crypto world, as well as they also know that Indians react based on their emotions and don't even think twice and that's because of our media which adds up a lot of spice to any news and make it look more serious. Bitcoins are probably going to be bought by Banksters and they will probably make it too much expensive for an average user to even think of buying it. I've read an article that gives a good explanation of what to expect from all this FUD:
https://itsblockchain.com/rbi-banning-cryptocurrencies-fud/

Just stop believing them and sign this petition: https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution

Let's show them that we are not going to be their slaves. This is our country and our money and we have the right to use it wherever we want to.

[exalterego]

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/

Same processes seem to be happening in Russia - since 2014 they've been telling us that cryptocurrencies "are not guaranteed by anything" and have an unstable course.
The state can not accept the monetary system that is beyond the control of the government and law enforcement agencies.
If we draw a parallel with what we've been observing in the russian political and social life over the past 5-6 years (stupid prohibitory laws, repressions of dissidents, opposition to normal countries), this "total control" appears to be rather logical.
No offence (I'm not a great expert in the Indian social environment), but the situation here seems to be the same as in Russia.

[bettercrypto]

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/

Few months ago, I heard a news that the government of India just warned the citizen to the risk in putiing up the money in cryptocurrency. Right now, it seems like India was totally banned cryptocurrency from their country because of the crash that the crypro may bring to the citizen as well as the economy. The latest crash for sure is the reason why does India withdrawn the legality of crypto in their country.

[Basmic]

This is definitely not good for cryptocurrency and the last time I checked India was actually doing some research about the best between bitcoin and ethereum. I wonder when some governments will stop crypto ban just because they can not control it.

Never. The main reason that governments prohibit the use of cryptocurrencies is that they are afraid to lose control over our money. Now they control all our income and savings. At any time, they can close everyone's access to his money. Do you think governments will ever give up this opportunity?

[pawanjain]

India has banned the financial institutions and exchanges to stop dealing with crypto and has given a time of 3 months to stop their activities and settle the debts. This has taken the nation by storm and a lot of selling has taken place. Although they have banned crypto, they are still exploring the blockchain technology and according to some rumors India is planning to use the blockchain technology. Also, they are going to launch their own cryptocurrency. If we join the strings, the wise people might understand why India has banned crypto. I believe its a temporary thing and there is something big to come in future.

[semeno]

I think this is going to be challenged in court and court will change this decision. They will give at least an year before implementing this.

[BitcoinCommodor]

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/

India is afraid of taking risks! He does not want people to be deceived! I do not trust the crypt myself!

If you dont trust cryptocurrency why are you here in the furom? For me you are here to justify to yourself that cryptocurrency is not a deceiption but it is a breakthrough and any time soon you might even become a bitcoin investor.

I think when someone is interested in something so he must be knowing better about them. Like if you really don’t know what you are going to do with your earning source so how can you even be able to earn from them? So in case of bitcoins too, I think you must know about them earlier. And in this learning, trust is the first and foremost factor that will be helping you to bring much money out of it.

[cryptoalfs76]

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/

How sad to hear this kind of releasing feed news,in the country of india, definetly this known an india central banking or RBI has stop to  make a transaction in all crypto exchanges.actually the first affected in this implementation are those indian people who become enthusiasm and being fanatic of bitcoin and the second is the blockchain,maybe there is another continues fluctuation and the value of bitcoin will be dump again due this new struggling part in the world of digital currency.

[Patatas]

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.

That is extremely sad.Knowing that bitcoins is the only way Indian Government can't track the tax savers,they had to come up with something like that.They can stop exchanges but not peer-to-peer market places.What more you'd expect from a country which is submerged in corruption ?
 

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/

LOL RBI is a fuckin joke.So it's okay to take loans worth billions and run away but not okay to trade cryptos ? If you're an Indian,you'd know what I'm hinting at.