India closes doors for Crypto Currency

[nightxglow]

Not suprised yet disappointed. Heard the news for quite a long time already but well it finally happened.
Too bad for our cryptocurrency fellow in India, having the RBI stopping transactions from any crypto exchanges surely is a terrible thing.
They may not be able to involve theirselves in this cryptoworld again right?
It might effect badly to the market. But i hope bitcoin will remain strong and continue despite all the bad things happened recently.

[hannahfx]

India still not close their doors for cryptocurrency RBI and government saying peoples can invest on their own risk. also peoples still can do deposit and withdrawal from exchanges also Indian wallet like ZEBPAY and unicoin but India is Planing to accept blockchain technology with new rules and policies also Government can take more taxes from their investors.

[krishnaverma]

Let's get some facts right:

- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.

Crypto is far from dead in India.

1) That is an indirect way to discourage crypto. They do not make laws and thus cannot make crypto illegal.

2) Alternate ways could be next target of RBI.

3) I have hopes from court. Even if they ban everything, they will give sufficient time to all to exit.

[sgk]

Let's get some facts right:

- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.

Crypto is far from dead in India.

1) That is an indirect way to discourage crypto. They do not make laws and thus cannot make crypto illegal.

2) Alternate ways could be next target of RBI.

3) I have hopes from court. Even if they ban everything, they will give sufficient time to all to exit.

Wait and watch. It's going to be regulated and legal.

[Daniwahyu007]

see the news now that happened. I believe in bitcoin for the future. although now many governments have not legalized bitcoin .. we must believe the future bitcoin is there

[suchi2591]

not exactly. but if this decision continue. india will shut the doors for their innovation. world is celebrating icos and india is banning

[Delinquency]

It's normal. Governments dont like a system they couldn't control. We saw this movie many times. I believe bitcoin will get through all bans and restrictions. For now  maybe these news effect bitcoin price badly but when it starts new bull run nobody wont care any governments.

[pareshnakar]

Indian government said not sell and buy any transaction on crypto and this issued on going to court hope next decision is positive for crypto otherwise this is bad news for crypto.

[Emjohn.]

It is sad to hear such news like this but there's nothing we could do since their government already said that but I think they didn't totally banned cryptocurrencies in India. The aftermath of this news is that many Indians may misunderstood the government's statement and negatively think about cryptocurrencies.

[boss1dg]

Bad Move by Indian Govt and Central Bank , if bitcoin becomes worlds most popular and daily use currency then Indian people will be far behind than other nations . They should regulate it with some policies but complete ban is totally wrong move .

[Spaffin]

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/

The Reserve Bank of India is neither a legislative body nor a central executive body. It can not prohibit crypto-exchange exchanges from making transactions in the crypto currency. He only recommended his subordinated banks not to have any financial relations with the crypto-exchange exchanges. No one has forbidden the crypto currency in India and is not going to ban it. She still freely walks in the country. Regarding such an order of the Reserve Bank, the Supreme Court of this country continues to consider a number of lawsuits and a regular hearing is scheduled for the end of July.

[CCF_news]

India has banned crypto currency only temporarily. As soon as the next wave of rising prices for crypto currencies starts, all states are likely to start implementing crypto currency again, as people will have a great demand.

[DiabolicAnt]

It’s always sad to read when a country bans crypto. I know that they do it in order to prevent their economics from fail but it makes ceartaun changes in crypto world that are not always good.

[bombie1]

This is quite unfortunate for the industry as India has the second largest population in the world.The citizens of India are also crypto inclined so banning cryptocurrency in the country will not help the cryptocurrency industry to move forward.There have been alot of such things about the industry in different countries lately but we hope that things get better as the U.S  congressmen are also kicking hard against cryptocurrency.

[uzumaki]

Really bad days . Why they do this?maybe they are afraid that if all indian prefer like to use bitcoin and other cryptocurrencies rather than their national currency. Anyway there still other country which is not make nad regulation for bitcoin. We still have many hope.

[princeyeboah]

I don't worry much about countries which do not accept cryptocurrency because there have been instances where countries ban cryptocurrency and reinstate it later when the governments of those countries get to understand the concept and significance of the Blockchain technology and cryptocurrency to the country.

[TimesVeronica]

Perhaps they are afraid that if all Indians prefer to use bitcoin and electronic money other than their national currency. We still have a lot of hope. It can not be banned exchange exchange encryption from the implementation of electronic money transactions.

[Bitcoininvestment]

Its really bad to hear it now and it also shows how afraid that bank is when it comes to cryptocurrencies. Its really their loss and also ourd but I think people in india are very good at their technologies that they would be able to still have an access in any exchanges when it comes to bitcoin.

[FourByfour]

I think they were already very strict about the crypto then, so its bad news for some.

[Simon241084]

There are so many things about the industry in different countries lately, but we hope that things get better as US lawmakers are also rocking against electronic money. It can not be banned from exchanging encrypted exchanges from the execution of electronic money transactions. No one has banned electronic money in India and will not ban it.