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Author Topic: India closes doors for Crypto Currency  (Read 2031 times)
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April 05, 2018, 03:47:28 PM
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 #1

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/

 
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April 05, 2018, 03:59:23 PM
 #2

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!
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April 05, 2018, 04:05:45 PM
 #3

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/

Too bad to hear that , but we have to remember that there is always a reason behind this and probably thats the thing they want to keep, but in the end of the day, it just a matter of hardwork, but I guess if they acquire Bitcoin to their country thse days they may teach it o the people who were capable to be involve here for extra income since we all know that India is one of the most populated countries and they need assistance which they can get with Bitcoin.

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April 05, 2018, 04:12:16 PM
 #4

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/

Too bad to hear that , but we have to remember that there is always a reason behind this and probably thats the thing they want to keep, but in the end of the day, it just a matter of hardwork, but I guess if they acquire Bitcoin to their country thse days they may teach it o the people who were capable to be involve here for extra income since we all know that India is one of the most populated countries and they need assistance which they can get with Bitcoin.
This is bad news about Bitcoin being banned in India, i hope this is not for a long time. it's a shame if a country with a huge population prohibits the use of Bitcoin.
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April 05, 2018, 04:20:54 PM
Merited by senne (4)
 #5

We used to think of India as the world's largest democracy, maybe we should think of it as the world's largest fascist country. They had demonetized the largest bills last year, and now that the banks have a much tighter grip on everybody's money, the central bank wants to close one of last remaining way to get your money out of the government's hands and eyes. This is India, this is fascism.

Hopefully, this is only temporary. Looking further down the road, governments can change, too.

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April 05, 2018, 04:27:07 PM
 #6

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.
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April 05, 2018, 04:27:32 PM
 #7

The Indian government has declared not to accept virtual currency payments and to take measures to remove the presence of virtual money. India does not consider virtual currency as a legal means of payment and will do all possible measures to eliminate Bitcoin support for illegal purposes and payments, but the government is exploring Blockchain technology. Many of the jobs investors run into the virtual currency "crying" because of the rapid evaporation of the currency in just one day without managing to sell. Causing a lot of risk to both investors and the government of this country
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April 05, 2018, 04:52:00 PM
 #8

it is certainly a very strong squeeze between the legs! but as far as I understand, she closed the exchange between banks and the crypto market! but it does not close the doors for the rest of the structure and life of the crypto market! I think this is not for long, soon everyone will understand that they began to lag behind the countries (those who are friends with the crypto world) for development!

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April 05, 2018, 05:09:01 PM
 #9

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/

Actually there is no reason if India forbids the existence of bitcoin or any other kind, because we know that the existence of digital currency is not to harm many parties, even that is the opposite, indeed every country has different choices or laws in other countries, so what is the reason India forbids or closes Crypto currency ..
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April 05, 2018, 05:12:02 PM
 #10

India is afraid of taking risk, but if their properly understand the opportunity crypto will have over they economy they will embrace it. They can only control it to some level but they can entirely stop crypto in India the Masses will still hold and transact with crypto currency and bitcoin will continue to be they number one choice.
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April 05, 2018, 05:18:48 PM
 #11

I see that the title of the article does not correspond to its content. The text says that the Central Bank of India recommended other banks to stop transactions with crypto-exchange exchanges. This is clearly not the prohibition of crypto currency as indicated in the title. I also do not understand how banks are connected with crypto-exchange exchanges, and are the volumes of transactions between them so large that the entire movement of the crypto currency is paralyzed? This can not correspond to reality. Then it is said that according to the Central Bank, the termination of such transactions will lead to the fact that the crypto currency will become a local currency. This statement is generally absurd. Also, it should not be forgotten that the Central Bank is not a legislative body, its letters have only a recommendatory character. Therefore, nothing terrible has happened, it is necessary to take into account that banks by their nature negatively relate to the crypto currency, because it takes away their clients and profits.
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April 05, 2018, 05:39:47 PM
Merited by senne (2)
 #12

I see that the title of the article does not correspond to its content. The text says that the Central Bank of India recommended other banks to stop transactions with crypto-exchange exchanges. This is clearly not the prohibition of crypto currency as indicated in the title.

Then I suggest you to read more. The very first sentences of the article already points out about the immediate banning of RBI about buying cryptocurrencies using a person's savings account from a bank.

You will not be able to buy cryptocurrency via banks or e-wallets etc. in India anymore as Reserve Bank of India (RBI) has banned them with immediate effect from "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".

See? If ever you have really read the article, you will read that immediately.

I also do not understand how banks are connected with crypto-exchange exchanges, and are the volumes of transactions between them so large that the entire movement of the crypto currency is paralyzed? This can not correspond to reality.

Most exchanges have this option to cash in funds from the banks they are connected with. You should be familiar that services do have some form of connection with the banks as soon as they have listed the banks as one of their payment methods. Most cash coming in from crypto exchanges comes from wire transfers, so yeah, it attributes to a huge percent of the cash flows in cryptocurrency.

Then it is said that according to the Central Bank, the termination of such transactions will lead to the fact that the crypto currency will become a local currency. This statement is generally absurd. Also, it should not be forgotten that the Central Bank is not a legislative body, its letters have only a recommendatory character. Therefore, nothing terrible has happened, it is necessary to take into account that banks by their nature negatively relate to the crypto currency, because it takes away their clients and profits.

Central banks can implement monetary policies on the nation it operates at; it can also regulate the financial system so as to ensure that the system is safe from any form of loopholes and illicit activities that could potentially harm the citizens' financial interests.

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April 05, 2018, 05:43:33 PM
 #13

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/

Well, this is really a shocking news to the Indians and i myself being a citizen of India thinking some ways to do trading by Bypassing this rule. I am planning to search any wallets which will hold my bitcoins and then will transfer it to my PayPal address from where i can easily get my PayPal amount transferred to my local bank's account. Let me know if there is any wallets which can get the bitcoins and transfer to my PayPal account. Indians please share if there is anything.

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April 05, 2018, 05:55:45 PM
 #14

This will be devastating for all the Indian investors. I say a statement from an exchange that they are not dealing with banks and are using payment gateways for transactions. They will have to ban all those gateways now as well.
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April 05, 2018, 05:58:44 PM
 #15

shocking  news.......... dont have words right now......... Hope will get some good news soon.............
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April 05, 2018, 06:15:23 PM
 #16

It seems that there's no end to the FUD. Every day there's some negative announcement about banning cryptocurrencies or exchanges being shut down. Banks in India want to ban cryptocurrency, but they are planning to introduce their own cryptocurrency. But people who have bitcoin or other cryptocurrencies are smart enough to find a way to deal with this.

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April 05, 2018, 06:16:08 PM
 #17

This will make the bitcoin more weak. Every time BTC tries to recover a bad news blows up the market. It is really a sad news. It will harm the Indian people who invested lot of money on cryptocurrency. Over all a bad news.

RBI cleverly not declare the ban crypto-currency but stop the option to buy it from the bank account. I don't know whether the exchanges will come up with any solution or not.  or  whether any solution is possible ??!!

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April 05, 2018, 06:17:15 PM
 #18

We used to think of India as the world's largest democracy, maybe we should think of it as the world's largest fascist country. They had demonetized the largest bills last year, and now that the banks have a much tighter grip on everybody's money, the central bank wants to close one of last remaining way to get your money out of the government's hands and eyes. This is India, this is fascism.

Hopefully, this is only temporary. Looking further down the road, governments can change, too.


This statement clarifies bitter truth of this country, on one side they support digitization and on the other hand they take such steps to crub crypto. I think they should also ask people what they really want, rather than just taking their own decisions.

 
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April 05, 2018, 06:21:55 PM
 #19

Therefore, nothing terrible has happened, it is necessary to take into account that banks by their nature negatively relate to the crypto currency, because it takes away their clients and profits.

Nothing terrible happened, I think this is the worst case for crypto users in that country. How will a user buy and sell if there are no banks allowing transactions. Banks form important part in helping converting money into bitcoin and vice versa. Country has already stopped Bitcoin usage in any sort of bushiness transactions and this rule will also stop people to invest in this currency.

 
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April 05, 2018, 06:23:52 PM
 #20

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/
They just released an statement but they are not banning bitcoin or cryotocurrency so stop creating panic among the investors or later the cryotocurrency prices will fall more.
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