India closes doors for Crypto Currency

[mikhailkudig]

Any state has the full right to prohibit the use of cryptocurrencies on its territory, but how will this affect relations, for example, with foreign investors?

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[Chrystora123]

all things that have a future are always rejected at the beginning, cryptocurrencies are the future and they cannot resist the development of cryptocurrencies, many of the technologies that we now use that at the beginning of the appearance are always rejected... and I strongly believe that in the next few years India will open the door to cryptocurrencies and make their own cryptocurrencies...

[Neodragon]

forex is only banned in india only inr pairs are allowed although some do trade in forex dont no when india gives green signal to crypto 

[Kingstonic]

is only when a country refuses to improve that's when they can close their doors to new inventions.

[tikaka]

This is a big market of bitcoin, but it is banned here. Actually this is a pity for bitcoin. Perhaps the Indian government wants to protect their economies from the effects of bitcoin. I think in the future if we want to develop stronger bitcoins, it needs to be approved by major countries like India

[ErvingStephen]

Zebpay, the largest cryptocurrency exchange in India, today announced the closure of its activities. The move comes five months after RBI banned banks from providing financial services to crypto exchanges. The Finance Ministry, earlier this year, had said that trading in Bitcoin and virtual currencies have no protection.

[maxamus]

Zebpay, the largest cryptocurrency exchange in India, today announced the closure of its activities. The move comes five months after RBI banned banks from providing financial services to crypto exchanges. The Finance Ministry, earlier this year, had said that trading in Bitcoin and virtual currencies have no protection.

India is one of the biggest country and the government wants to have control over their financial system and don't want to lose their power to unknown crypto currency which is out of border that is why they closes door for crypto currency.

[cobrafxd]

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 is realy bad news of us. because many indian pepole work in Crypto Currency.

[Elerntta]

This is undoubtedly bad news for bitcoin. Each such event is very inhibits its development and affects the price. But we will believe that in time the government will change its decision.

[minhlee95]

I am very sorry that India was not ready for changes and banned cryptocurrency on its territory. And even more I feel sorry for people who have invested in bitcoin for the purpose of earning, but now can not continue to use it because of the state ban.

[Pyr3x]

I am always very sad to hear that some country was afraid to develop bitcoin in their country and decided to ban it. He can not harm the economy or citizens, and can only improve them.

[Ludmilla_rose1995]

challenges like this that will always be received by cryptocurrencies, actually countries like China and India that have a large population can make cryptocurrencies famous. I am sure that in the future they will change their minds and follow in the footsteps of South Korea and the United Arab Emirates which opens the door to cryptocurrencies...

[aryaadikariyansyahsuwarto]

this is bad news for lovers of bitcoin in India, because they will certainly be very limited in buying and selling bitcoin, then the impact of this will also be felt by us from other countries, at least a little influence ... !!

[pacman7331]

Though India hasn't closed the door for the cryptocurrency entirely, but I think the Government of India will ban cryptocurrency in the future. Because they are making many regulations for crypto, Even they want to control the crypto market price, they think crypto is not helpful for their country! That's why In India, bitcoin's future is uncertain! Recently some exchanges stopped their services, Some government employ warns Bitcoin can be illegal anytime. But Still, no one knows surly what is gonna happen there.

[zwiggel]

Yes. This is bad news for investors in India. The Indian government is afraid of many risks coming to the country. They are afraid the national currency system will be overturned, the country's economy is affected. But if India understands cryptanalysis, they will accept it. India will control electronic money. The national currency system will function normally. Money investors will have the opportunity to get rich.

[riskarcher]

seriously, isn't India the most participant for the development of the crypto currency? I often see projects developed by Indians and now closed by the government. privately the government should not interfere in this matter because the crypto currency is commercial

[Bitfling]

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/

Its really sad to read this. I am believe central banks afraid on cryptocurrency because they can not control it on supply. Central banks and government should take benefits from crypto market growth because its new investment and i am believe its good economic model

[libert19]

this is bad news for lovers of bitcoin in India, because they will certainly be very limited in buying and selling bitcoin, then the impact of this will also be felt by us from other countries, at least a little influence ... !!

There is negligible influence Indian crypto market has on global crypto market. Most Indian traders moved to p2p and court matter is getting adjourned every time.

[OSYA]

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 lost such an opportunity to use crypto. The banks restricted the freedom of Indian people too. The financial institutions are concerned about their customers' finance safety simply because they do not understand what is bitcoin and how it works. They'd better explore and discover bitcoin deeper instead of banning.

[Turkish88]

Not good, how its changes situation with Indian ICO projects ?
I think they need to change their official ofices to other country while situation not changes to better