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Author Topic: India closes doors for Crypto Currency  (Read 2031 times)
Patatas
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April 07, 2018, 09:24:06 AM
 #61

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 ?
 
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.

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April 07, 2018, 09:48:50 AM
 #62

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.


They will stop users from adding money to bitcoin exchanges in India. How will they buy bitcoins then ? Current investors holding bitcoins are also left in so many confusions.

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April 07, 2018, 10:10:38 AM
 #63

Yes, However, I don't think that it will affect in the long run. Yes, there was a panic situation when the decision came from RBI but still, we are able to trade on one to one basic through banking system. The decision is really bad because I believe that it will encourage cash trades and it will be a trouble for the government in taxation purpose.
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April 07, 2018, 10:14:08 AM
 #64

It’s still not banned in the country, just for bank usage, so I suppose that they just want to deploy more regulations on a national level
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April 07, 2018, 10:15:51 AM
 #65

A really disheartening news from all the crypto workers of the country. This will be a big problem for all of us as now we will be unable to fiat out any of our crypto holdings. However good thing is that there have not been any kind of direct legalization on cryptocurrency itself. Just the banks have been warned and cautioned not to support any crypto exchanges or startups. We still have many ways to cash out like paypal and remittano. But if this step has been taken by the govt then its obvious they are not surely going to support cryptos in any way.
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April 07, 2018, 10:19:18 AM
 #66

it's bad to hear that news, it will definitely affect bitcoin's price.

I wondering how long India can accept crypto currency again.

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April 07, 2018, 10:29:18 AM
 #67

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 know what was the Indian government's reason why they are doing such but one thing is for sure, they want a full control to the money of their countrymen. Don't think it was a good way of securing their funds, many opportunities will be wasted from closing their country from cryptocurrencies. I am just hoping that they will change their mind for their own good.
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April 07, 2018, 10:33:48 AM
 #68

The government of India does not consider bitcoin a legal means of payment. It had decided to ban the cryptocurrency.At the same time, they want to maintain their own digital currency. It will be a addition to paper money and reduce the cost of production of banknotes. Many millions of people in India are already using cryptocurrency. And the decision of the Central Bank to ban cryptocurrencies will cause panic among people. I don't think that's the right decision. If they decide to issue their own digital currency, it is not necessary to prohibit what is already available.

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April 07, 2018, 10:35:44 AM
 #69

That is a bad news of stopping crypto currencies use in India as India is rich in population and as a democratic country the Government should be of the people, by the people and for the people which means they should stand for the welfare of the people, as their population is high there will be lack of jobs in the market which makes it difficult for people to survive in the current world, so in order to survive in the current market scenario the crypto currency will open doors for the unemployed, I hope this move is for temporary as the Government was trying to explore block chain technology to start of their own currency.

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April 07, 2018, 10:36:03 AM
 #70

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/
It is a sad one for crypto enthusiast in India. This is an infringement of their rights. If India is a democracy, then they should reverse the decision soonest. However, there is a saying that when one road closes, another will open. It is only exchange they ban. You can use other available means to convert your bitcoin to fiat these days.

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April 07, 2018, 10:42:52 AM
 #71

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/

Dont bother mate because there is still long procedure for that law to be implemented in the Indian book of laws!  Wink
See if they are making any major changes then there is procedure of passing the bill into the assembly and if you are from India then you know very well how the assembly works in our country. It will take lot of time until the bill has been passed. Until that time you can just keep your investment safe. I would suggest you to move your assets in the non-indian exchanger and also move it out of the zebpay first.

No need to take this issue on major scale as it is better to have discounted prices and make changes to our investment portfolio. One thing is sure India will not pass this bill. Its just coming out the thin air.
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April 07, 2018, 10:50:03 AM
 #72

Discussiong this topic is useless because Indian govetnment takes always wrong decision to ruin their citizen . Previously they banned their own currency . Now crypto currency without any vision . So India is not big contributor for crypto world.

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April 07, 2018, 12:02:47 PM
 #73

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 ?
 
It is a really tough situation because they have no idea what they are talking about but what are the options if the banking sector is against the virtual world, what are the other options to deal with it, any international market that deal with fiat currency for depositing and withdrawal other than localbitcoin, i would like to know because there is always an alternative way for people to deal in countries like this.



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April 07, 2018, 01:20:27 PM
Merited by MoonJeina (3)
 #74

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.


Yes, you are right if a country do not want to move forward let them stay outdated but one should realize the power of 1.32 Billion people and how they will help to grow this community. India and China are one of most populated countries in the world and of they ban Crypto Currency it will highly affect the market cap.


Quote
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 >  


No one can stop you from receiving Bitcoin in your private wallets but then what is the use of that money if you can't exchange it easily and at local exchanges. Imposing any ban on banks and local exchanges will ultimately effect how people use that currency.
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April 07, 2018, 02:41:40 PM
 #75

Do not worry about India, they will soon change their minds, when they understand how much they can earn if they allow crypto-currencies.
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April 07, 2018, 02:42:40 PM
 #76

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 ?
 
It is a really tough situation because they have no idea what they are talking about but what are the options if the banking sector is against the virtual world, what are the other options to deal with it, any international market that deal with fiat currency for depositing and withdrawal other than localbitcoin, i would like to know because there is always an alternative way for people to deal in countries like this.
Alternative ways ? Like hell,there is! Indian government banned several things like trade of deer skins ages ago but guess what ? Deer skins are exported from India on a large scale and government can't do shit about it.Remember,India is a corrupt country and it's very easy to get away with things like Bank Robbery,Murder or trading crypto-currencies.

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April 07, 2018, 02:44:28 PM
 #77

It is so sad that India doesn't like taking risk. In crpytocurrency, it is about taking risks in everything. So without risk, you begot nothing. Who knows if cryptocurrency is the answer for their country to develope futhermore right?




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Kotone
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April 07, 2018, 02:50:52 PM
 #78

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, I suppose that the only thing that can change the mind of the Indian government to check or see if they would be willing to reconsider is that if the countries that have accepted bitcoin would be succesful in their venture or would be able to fully incorporate the cryptocurrency into the infrastructure of their economic and financial sectors that way they would be able to change this. I suppose
rexona
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April 07, 2018, 02:55:20 PM
 #79

Really very in pity, if the news is true will increasingly, making the bitcoin prices falling even lower, why when bitcoin has started to green there is always negative news, hopefully there is another solution made by the government of india, in addition to banning crypto in his country.
dark1234
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April 07, 2018, 03:04:45 PM
 #80

I hope the government of INDIA to review the bitcoin ban in this country, by looking at the positive side of bitcoin in the economic field and taking the example of developed countries that have been using bitcoin in the economic field
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