India closes doors for Crypto Currency

[Iceblast]

for a country as large as India should be closed if it has to close the door for cryptocurrency, the potential for cryptocurrency to flourish in India is huge and this could serve as one of the countries that might develop cryptocurrency even further. but if the regulation of such a government is possible the people of India must obey the rules.

[sgk]

India is part of G20 nations and it is very likely that they'll form & adopt the regulations as part of the group:

https://www.ccn.com/g20-nations-seek-cryptocurrency-aml-regulation-standards-by-october-2018/

[Suketlapangan]

bitcoin banned in India is only temporary if in my opinion, it's like on Facebook yesterday, bitcoin is banned from advertising but now the ban is revoked and finally it can be bitcoin ads again ...

[Mota satish]

No its wroung news india does  not desided to baned cryptocuruncy. bitcoin banned in india is only temporary.

[wicaksono]

if a country does not legalize Cryptoccurency as a payment medium it is not difficult, but this ... the country of India has banned every transaction coming from digital currency exchangers is very difficult,

[appcoin.info]

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`ve spotted this hillarious tendency to ban the cryptocurrency, and after some time passed, to revert and cancel those decisions about crypto Facebook has done that, now India whole country.

[cpoer2011]

If that's true it a bad news for cryptocurrency but don't worry about it there are many countries still allowing the people to use cryptocurrency. I am sure there are more countries will using and allow cryptocurrency.

[Gayas]

I am glad that there are very few countries in the world that prohibit cryptocurrency. I think that after a time, the government of India can change its opinion, because the cryptocurrency is included in the life of every person.

[SnowAugustine]

I don't see any reason why they should but, in any case, its not a full ban in the sense that they can actually still earn, get, exchange cryptos, just cant convert it to fiat, as RBI regulated entities, probably because the government is worried about the fact that the Indian market might collapse under the shadow of BTC's highly volatile market, by influencing it too much. This is a fairly likely scenario, because, as a developing country with an enormous population, BTC has had an enormous influence on their population. It's all about their opinion and ideas.

I think they're going to recognize this pretty soon. There is no way to stop transacting completely, the people will always figure out another way. They've got problems with the gambling industry just like this. There's another way around--tax it and regulate it. I guess you could call it a win-win scenario, but there's still the users who lose out on money taken by the government. India has all kinds of absurd taxes, so I'm sure they could make up another one to cover crypto transactions and collect millions of rupees from it.

[legok]

I hope will be rise a gain to crypto in india, too bad to heart this news...

[bitfocus]

such government steps will become very bad step for india because they should understand it's the future.

[b3llsf1l3s]

in my opinion this is just a misunderstanding like what happened last year about bitcoin being banned in China, investors make news like this in order to get cheaper bitcoin prices which in my opinion can not make the price of bitcoin soar again, there will always be people who are pro bitcoin is trying to make bitcoin prices fall, and as long as this happens, this cannot make the development of bitcoin prices like the previous year

[jatin729]

Actually Indian's are looking for more into P2P or cash. basis. Exchanges are also looking into p2p transactions and wazirX provides better service than anyother operating exchange. Btw we still have hope because SC postpond till 11th September. Let's see what will happen.

[nidacoinlove]

in my opinion this is just a misunderstanding like what happened last year about bitcoin being banned in China, investors make news like this in order to get cheaper bitcoin prices which in my opinion can not make the price of bitcoin soar again, there will always be people who are pro bitcoin is trying to make bitcoin prices fall, and as long as this happens, this cannot make the development of bitcoin prices like the previous year

China's ban was not any misunderstanding they have banned it purposely and so are the other countries doing now. This isn't a trick by anyone to buy cheap btc. This news can't bring down the price of btc more than $500. If the same news came about Japan then it makes a sense to push the price downwards but India don't have a huge market share in the cryptocurrency.

[lionheart89]

I think for a while ... at this time India is adopting a blockchain to make official virtual currencies. maybe after that realized cryptocurrency will be legal in the country.

[taeewo]

The government of india that closed the door for crypto currency will also be the one to open it in future when they see what its bringing to the world and accepted by other top country.

[Baby Dragon]

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/

So sad to hear this news, but lets just think that the government of India might have a good reason with this, but just like of other, we all known that bitcoin can be a huge help for a lot people, especially those who are hardworking and patient - and can also be a means of extra income. I just think that it could be a huge help for the people of India since we know that they are not a well-of-country. Just imagine how could it help.

[Allaboutcryptos12]

Bitcoin in india is not totally banned. rbi banned crypto related transactions from banks. In a statment they said they have no idea in banning it. Their is a final hearing in supreme court in september for the crypto ban. Iam very much confident that india will not ban it. They may regulate it with some rule .

[Daniwahyu007]

I was devastated about this news, there was no reason why bitcoin and the like were dangerous. India is afraid to take risks. maybe they have not understood the opportunity in the crypto world

[ajuelnah akun]

it seems that the government is very fond of their people, so they forbid bitcoin trading so that no citizens from India are victims of losses.