India closes doors for Crypto Currency

[washing.machine]

This is obviously sad, especially for crypto lovers in India. We have to make a lesson and we must quickly find the best solution to anticipate when someday many other countries will follow in India's footsteps.

[waqasanwar95]

india making fool to peoples there are many whales who is playing with bitcoin so thats why they are doing this fun

[ivanst776]

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 will surely get into that and take the announcement back.
it will happen in the most county. what can they do with bitcoin and alts? it is going all over the world and will just accept it.
everything will be fine with crypto/

[Patatas]

India contributes around 10% of the transactions happening every day through the cryptocurrency network.

Who said that ? My sense of interests in the current crypto affairs tells me that is a fake news.Link me to the source of your information.

India won't that soon close doors to the cryptocurrency usage. It is all about the regulation same as happening around different countries around the world. Might get restrictions, but the usage will continue as the user base India holds is big.

Right.Also if exchanges like Coinsecure keep bringing negative feedback for the crypto in India, government is likely to not accept it's usage.

This is obviously sad, especially for crypto lovers in India. We have to make a lesson and we must quickly find the best solution to anticipate when someday many other countries will follow in India's footsteps.

Those countries will regret following foot steps of India...Like just look around you..

[mahibul49]

i think india cant close crypto bcz indian crypto user making huge money by crypto trading and india gaining huge money and if india officially close the door of crypto it will harm this ountry not crypto.
so i think india will consider again.

[pendong101]

i think they're afraid to take risk, well sad for indian investors       

[boy130]

This will be a common occurrence in the world of crypto, overly harsh crackdowns on a blossoming technology, simply because governments lack the ability to control it. We've seen it multiple times in past, and the outcome is always the same, the government eventually bends to will of the population and unbans it. We just have to wait until the gov of India catches up.

[lucy94]

Its hard to be open to smh that could ruin the bank system in your country. Thats why...

[TokenForUs]

not just India i think in my country Indonesia people still afraid investing in bitcoin, its because of negativity media framing. the governance always declassing all about bitcoin, no matter what news deliver to us, we are still on our faith that bitcoin has a big potential to replace fiat in accordance to transparancy and lack of fraud. the era has changed as technology development

[atamat]

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’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

[Geor]

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/

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.

[Lamisa asfiya]

I think that soon it will open the doors for India cryptoons. They may be upset now and they now think that Bitcoin is risky in their country. When this complexity is over again, it will be declared as valid again. That's why we have to work and wait until we give it legitimacy.

[teejayrichard2]

well this is really a sad news for the cryptocurrency world as it will surely reduce the number of bitcoin investors and also the value of most cryptocurrency. i sincerely hope the government will soon reconsider

[yoseph]

well this is really a sad news for the cryptocurrency world as it will surely reduce the number of bitcoin investors and also the value of most cryptocurrency. i sincerely hope the government will soon reconsider

Maybe it’s one of the reason why the value is going down to such an extent but the government have indeed robbed its citizens and the country of a very good thing.

[znakistu]

A digital asset can be classified as "intangible goods" on a par with other software products. At the same time, according to the body, separate laws will be introduced to combat the use of digital currencies in illegal activities.

[maxman190]

Sources familiar with the state of affairs in the government reported that the Income Tax Department realized the importance of taxation of the Crypto-currency.

[CaptainKid]

Based on the latest news, the authorities changed their minds and attitude to crypto-currencies again, and now they want to pay 18% tax for using crypto currency. I will not say that this could affect the entire crypto-currency market, and I hope that in the future the authorities of this country will be more loyal to crypto-currencies.

[prehisto]

This seems to be old news, right now there are news coming out that India is considering cryptocurrencies as goods and taxing it with 18% , i am not sure how this tax will aplly tough.
I think that govs are not stupid and understand than it is not possible to stop cryptos , even if they ban them , black market will emerge.

[Jossy111]

this decision taking by the central bank of Indian will make negative effect in the cryto market, this is because Indians take much percentages in the people that patronize the crypto market so if their country have to back off from trading with crypto currency it will bring about loose in the world crypto market. lets just hope this policy  from the central bank of India and the people of India will critically look into this their before passing it into global market, and the effect it will cost on foreign business and economy. 

[Ankhesenamun]

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/

That a bad news and the indian people who works by bitcoin will have many problems i think the best solution is to speak with the government and find a resolution for bitcoin transaction problem