India closes doors for Crypto Currency

[BILGPS]

Many countries like India bane crypto but after some time they will realize that crypto is important to them and then they will start doing business in that and the businesses also run in the E market so it will works but need some time.

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[yurekaa]

each country has its own rules against the digital currency. but we do not need to worry because bitcoin is not centered on any country so people in india can still use bitcoin and altcoin.

[ankurguta87]

The Reserve Bank of India (RBI) told the Supreme Court that it is necessary to regulate bitcoin and other cryptocurrencies in India as it encourages “illegal transactions” and impacts international flow of funds. [as per the financial express report]

they sought three weeks time to respond to various petitions seeking such regulations in India. The apex court then posted the matter for final hearing on September 11.

[tristana443]

We have seen this movie many times. Now maybe the bitcoin news price is bad but when it starts running new bull no one will not take care of any government. The consequence of this news is that many Indians may misrepresent the government's claims and neglect the electronic money.

[popelene1]

Is the India authority that closed the door now will open it in future, the decision they made is not the solution they should rather regulate it

[135cc]

Well, India adding the number of country that closed their door for cryptocurrency. But, i still believe that sooner or later come along with the advancement of technology, the government will realize that crypto is not as bad as they tought, and they started to considerating the usage of crypto.

[Andrew S]

As far as I know bitcoin in India is allowed, but there are some restrictions.

[fantasticX5]

Well, India adding the number of country that closed their door for cryptocurrency. But, i still believe that sooner or later come along with the advancement of technology, the government will realize that crypto is not as bad as they tought, and they started to considerating the usage of crypto.

I'm hoping that India will reconsider and provide some regulations to aware there people on the risk in investing crypto. India is a big market for crypto and this will affect the entire crypto economy.

[clonely]

One of the government officials said a few weeks ago there would be no total ban for India.

[wavesdonotunderstandme@gm]

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.

[shackleford]

I certainly do not live in India, but I think this is not very good news for the people of this great country. However, I can assure you that this will not stop many professionals and those who want to have bitcoins or cryptocurrencies. They will go to other sites or travel to other countries to sell or buy.  I'm sure.

[virendarnagpal]

But my opinion that India can not and will not close the doors for crypto currency.  Though apparently it is being felt as if the doors have been closed.  This step has been taken by the Reserve Bank of India; because it wanted to stop the outflow of Indian money.  People were buying crypto which foreign based ICOs; so while buying this the flow of Indian money was outwards.  India being at this stage having huge population of 1250 million people has it's own problems;  It has to provide infrastructural to its people.  It has to create jobs and if the money goes to other countries it will be difficult for Indian government to provide this all to it's residents.
Indian government is very much in favour of digital currency.  In a year or two I am sure that the gates to crypto market will be opened.  There will be free movement of money in and out of India.  
Indian Giant Reliance Industries Ltd is also planning to launch it's ICO very soon.  
Also it is important to note that till date Government has not banned or declared crypto as illegal currency.  So I am hopeful.

[Kusnechik]

If India does not make sense and will not let the Crypto-currency into its country, it will remain on the margins of economic life.

[jetjet]

sad news for crypto holders and investor from india! i think indian government afraid of the spread of cryptocurency un their nation. crytocurrency draw a lot of indian national to paticipate in ico and bounty campaign.

[tungnhapchanvui]

The verdict was later posted for the final hearing on Sept. 11. Though it seemed to be feeling as if the door was closed. People have bought codes that ICO based abroad; So while buying this Indian cash flow out. It must provide infrastructure for the people. The Indian government is very beneficial for digital money. There will be free movement of money into and out of India. In addition, it is important to note that until the day the government did not prohibit or declare the password as illegal money.

[sgk]

Regulations are coming -

https://news.bitcoin.com/indian-crypto-regulation-september/

https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

[adhikari98]

The final hearing will be September 11,2018 by Supreme Court which decides whether India closes door for crypto currency. However, we have been also hearing the news about Indian Government will form policy to legalize crypto currency before the hearing. We have to wait up to September 11 to know what future crypto currency holds in India.

[tamradhwaj]

As the governments around the world are trying to understand the crypto market, the main concerns for regulators in India are to identify the originating areas of money and effectively regulating the trade as the concern of fight illegal financing and money laundering still looms.

[crypto1010]

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!

We might say that the central bank is a caring institution which does not want to drive its people into something it does not understand but if they are given more time to understand how this crypto technology works the ban is more likely to be lifted.

[SnowAugustine]

Anyone in India can share their experiences? Are people still buying and selling bitcoins for rupees? Is there still action over at localbitcoins?

It seems like India likes taking drastic measures on currency control and then backtracking, just like they did with the demonetization that lead to larger bills being printed. Maybe they're just trying to scare people away from "unofficial" money so they can squeeze more tax out of the people. Or it could be another "monetary experiment", like helicopter money was.