India closes doors for Crypto Currency

[GabrielBrandon]

It is a very sad news for both India and bitcoin because India just lose the opportunities that they can get if they accept bitcoin and bitcoin lost a big market.

[BlackHills41]

With the decision they also close the door of fortune because if they accept bitcoin they will get very much advantages which proved to be fruitful in the development of India.

[maxreish]

This is not a good thing and definitely for sure has an effect on the price of each cryptos. But nothing we can do about this, beacause,  that decision is made by their government itself, the only thing we can  do now is to respect the goverment decision of india.

[April Ford]

 Cracking down on exchanges didnt stop people from buying crypto in China . and it will be same in India or any other country too. The main thing is Govt cannot decide where to put the value and where not. May be they put some road bumps . Wider adoption will take place eventually . DEX , regulations in some proactive economically solvent countries will push China or India to look back and revert their decision. For now , every mature crypto guy knows what to do . We have seen China and we shall overcome India too.

[tracy2233]

India has released a statement on banning the crypto, but I dont think people will support it. They still invest in it. And probablly be using it without any fear.

[Roboabhishek]

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 its true indeed as i am an indian citizen so yes this has happened last year as RBI asks the citizens to stop all transactions of bitcoins also the GOVERNMENT OF INDIA is planning to ban cryptocurrency in india. There a many strict regulations which are being followed by the banks and also by all the monetary transactions organisations throughout the country .

[annaso]

Not India but RBI has closed doors for bitcoin and cryptocurrency. But true cypto lovers find out the way and they are actively trading regularly. Even few indian exchanges started P2P and direct INR to INR transfer facility. Though it's not so smooth but there are ways.
Also, tomorrow on 17th September Supreme court of India is giving final judgement of this ban. Hope this will in favor of revolutionary bitcoin and cypto market.

[sinta23]

India has released a statement on banning the crypto, but I dont think people will support it. They still invest in it. And probablly be using it without any fear.

even though India has banned crypto, but I'm sure if there are people, of course there are still those who use it, because crypto users can't be tracked by anyone. it is also not possible that crypto in India disappeared completely.

[Friskaadew]

really a very regrettable thing in this modern world, there are still some countries that do not want to accept new things, and look at these new things from the bad side, even though if we look from the good side btc also has a good side for foreign transactions anonymously .

[Vansoff]

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

[Patatas]

True. These third world countries need to learn from first worlds. Before ban, people used to trade on legalized exchanges so money could be tracked and also the exchanges were paying tax and gst stuff to governments. That was good for both — people and for governments.

Those are some bold words dude! Don't use the 3rd world and first world to discuss a global matter which is governments going against the crypto users. The entire point of using crypto assets is to avoid falling for the GST crap. You pay thousands in taxes and what do you get? A country with not enough toilets? Well, that is the Indian government for you.

[4rzun4]

This is only a matter of time, we hope that India whose population is quite dense will immediately change policy regarding the ban on the use of crypto or bitcoin.Because the presence of bitcoin is really very helpful for economic development and people's welfare towards a country. At least I hope that along with the change of government, India will revoke the rules for the ban on the use of crypto or bitcoin in its country.

[wizardcrypto]

India banning cryptocurrency transaction is not really a big deal in the crypto world . l strongly believe the word of Warren Buffet which l quote  " Bitcoin is here to stay " . south korea ban crypto for their citizen but after a while the ban was lifted , secondly too Google also ban crypto, the ban was lifted , Google is now the seeking the opinion of ADA, in my own opinion, no Government can stop the revolution of technology but rather to understand it operation in a couple of time and allow their citizens to make use of it.

[Payme21]

These has been the reason why bitcoin prices has been falling but i believe that with time all these huddles will be overcome because the government will get tired of putting restrictions on cryptos

[Deepak82740]

India has banned the Crypto Currency but slowly the BTC is spreading throughout the world and very soon India will also accept the Bitcoin and will make it legally.

[Rashid555]

I have heard this but i think it is only for a temporary period and they can not fully ban bitcoin because India is also a technology based country most of the Microsoft chips and software are making there and best mobile phones of Nokia is also assembled there so i think this will be for some time and may be they have to plan a full fledged system of crypto currency in India.

[Caxton10]

This is not a good news for the bitcoin community. I hope that they change their mind in the near future because India's technological advancements is well fitted for crypto adoption.

[virtfund]

Like other banks in other countries, banks in India don’t want to lose their power in financial system and they want to make cryptocurrency to be banned. They would prefer to introduce their own digital currency. Also, BTC is a currency without borders which goverments has no control. But people will find a way out of this.

[Verde_Mantis]

Nobody really acres about India, they don't want to actually develop because they want to keep everything under control, I don't really care if they don't want to use cryptos or if they ban them, they're those who lose.

[anshkumandhan]

In fact, it is a big irony that bitcoin has been banned in India, whereas India is a big country in terms of population.
But according to me, it will not be banned for too many days, because in view of the increasing number of people wanting bitcoin, it can be judged that the Indian government will remove the ban from Bitcoin in the coming time.