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Author Topic: India closes doors for Crypto Currency  (Read 2031 times)
liamnorthcoins
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April 05, 2018, 06:24:11 PM
 #21

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.
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BitcoinNewbie15
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April 05, 2018, 06:28:14 PM
 #22

It would not be good if banks continue to do something like this in various countries. I mean if people truly want crypto, they can find a way to buy it; however, if banks make it more difficult, the every-day joe might not want crypto due to the hassle of obtaining it. The liquidity in the crypto market would drop and that would be very bad.
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April 05, 2018, 06:48:50 PM
 #23

Is it serious? or it just fake news that wants to make the bitcoin value even more crushed?

Then what is the purpose of India had made the startup for support crypto?
I think Indian government just wants to learn crypto with a bad purpose.
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April 05, 2018, 07:04:10 PM
 #24

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

The fact that they might want to know the facts of blockchain technology first and its relevance to cryptocurrency, as they might be taking measure for their citizens to invest in here. There could be a gazillion of transaction or purchases of Bitcoin going on and the Indian government couldn't take control of it because they do not know yet how big of an impact cryptos will be in their country, that's why they decided to despise its existence "as of now". If government could somehow regulate in more "appropriate" in this, then there couldn't be more worse of a trouble going on as I believe that person-to-person deals could still be applied.

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April 05, 2018, 07:06:10 PM
 #25

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/
Now even such news probably will not affect the price of bitcoin. Since even positive news does not move it up, negative news from India is unlikely to lower the price even lower.

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April 05, 2018, 07:32:44 PM
 #26

I very much hope that the people of India will oppose the bureaucracy and the monopoly of banks. This cunning system will be used in turn in every country of the world and, if not resist, ultimately will destroy decentralized crypto currency and technology.
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April 05, 2018, 07:48:38 PM
 #27

Bad news for all I heard this news some days ago
I hope Bitcoin never die it rise again
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April 05, 2018, 07:50:17 PM
 #28

I do not know how will the Indian exchanges tackle this. I think we have the owner of some exchanges here and they can tell better about this.

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April 05, 2018, 08:38:35 PM
 #29

Embarrassing news, in fact that many giant cyber corporations like google and microsoft hire many indian employees, even their CEOs.
I guess there are many issues in India that force the government to so. India has big issue about sectarian war (sorry to say) and terrorism. may be crytocurrencies are used for many bad things.
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April 05, 2018, 08:45:15 PM
 #30

I don't know how much time you are going to ban cryptocurrency from India I live in India and it is making my survival harder every day. Anyway I do not think that government can control all the transactions of Bitcoin which are not done from the bank they just clearly stated that no more transactions can be done through banks so they believe people are not going to exchange any more money into Bitcoin but the only thing which can save people time and money as if they join on their own markets like 2years ago.
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April 05, 2018, 08:57:29 PM
 #31

Perhaps the news is not so catastrophic but I am a little worried by this negative attitude of China and now India towards cryptocurrencies. They are still two countries made up of billions of people
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April 06, 2018, 05:23:37 AM
 #32

India is not a crypto friendly country and has in the past banned some cryptos totally rendering them illegal,its not therefore a suprise that this is happening at all

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April 06, 2018, 05:30:34 AM
 #33

maybe soon india will open the door for cryptocurrency maybe now they are confuse and scared about the risk of having bitcoin in their country. when they got enough knowledge in bitcoin they will legalize bitcoin in india.
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April 06, 2018, 05:41:06 AM
 #34

This is too bad to hear tho but I think they are just being safe they dont want their country be deceived by crypt. Yes this is risky but taking a risk is what they need to di if they want to improve their economy.

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April 06, 2018, 05:48:49 AM
 #35

India has done lots of foolish decision before by demonatizing their own currency where millions of people suffered . Now they are coming to crytpo currency even the people made regulation might not knowing about most popular currency like bitcoin and ethereum usecases

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April 06, 2018, 05:53:27 AM
 #36

I say Fu#k them. If they do not want to move forward and if they want their people to live in poverty, then their people should remove them, like they did in other countries.

Bitcoin is a currency without borders and when their government ban a technology, people start to question the reasons behind it. The government will use scare tactics like terrorism and money laundering, but eventually the people will see through that bullsh1t.

Nothing is stopping these citizens from accepting bitcoins for services rendered online and using that money in Bitcoin friendly countries. <Their government will receive no tax income from that, because they were short-sighted >  

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April 06, 2018, 06:10:46 AM
 #37

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/

since last year india goverment already give a sign that they will ban cryptocurrency.so i was not surprised with this news.
its only give a little effect to market.

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April 06, 2018, 06:27:19 AM
 #38

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/
This recent news from India is another setback to the cryptocurrency market but the India authority has not banned the citizens of India not buy or use bitcoin but India banks should not process cryptocurrencies transactions.
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April 06, 2018, 06:33:00 AM
 #39

The silver lining is that the Indian government has not completely banned the sale of digital cryptographic currencies.

The Indian government is learning from the Chinese government to study its own digital cryptocurrency!
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April 06, 2018, 06:38:52 AM
 #40

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.
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