India closes doors for Crypto Currency

[Sithawaka]

This is a really bad situation and can make a huge impact on the crypto market and the Indian crypto community because India is a large developing country there are many benefits its people and the crypto world could have gained in the future but with these governments bans everything will be in vain so I hope these policies will change in the future at least for some extend because it can make a huge positive impact on both the crypto market and Indian crypto user's

[Sithawaka]

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

Definitely the decision that was taken by the government was really bad and of course there are many ICO projects in India that started recently and they will definitely have to change there managing locations to crypto friendly regions in the world and its is a extra burden for people who comment them when considering the cost and extra work load they have to bare so it can make huge negative impact on the progress of ICO projects that started in India.

[sneeze11]

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 a bad news for all of us , I know that many indians are getting interested on investing in cryptocurrency but they didnt get the chance. They didnt think about the opportunities they might get on cryptocurrency well we cant do anything but to accept it.

[xfaqs01]

We used to think of India as the world's largest democracy, maybe we should think of it as the world's largest fascist country. They had demonetized the largest bills last year, and now that the banks have a much tighter grip on everybody's money, the central bank wants to close one of last remaining way to get your money out of the government's hands and eyes. This is India, this is fascism.

Hopefully, this is only temporary. Looking further down the road, governments can change, too.

probably its tempory, and any country that bans crypto are temporary banning is just the farthest they can go after theyd realize that banning was a big mistake, coz they cant stop what coming which is the revolution of worlds monetary system , i guess india has  a lot of corrupt politics thats why they hate blockchain.

[btc78]

Maybe this is the reason why Indian government closes their door to cryptocurrency

India is going to launch its own cryptocurrency.

A panel constituted by India’s finance ministry might soon recommend that the country launch a government-backed cryptocurrency.

“We are evaluating the government-backed cryptocurrency and crypto-token,” said a senior government official privy to the discussions of the panel. “And we are looking to develop and encourage our own research and development of blockchain technology,” the official added, referring to the digital infrastructure on which cryptocurrencies are based.

The finance ministry panel was set up in December 2017 under Subhash Chandra Garg, secretary, department of economic affairs, to suggest measures to regulate cryptocurrencies. The panel was supposed to submit its report by July, which was later pushed to the end of the year.

Because for how many times i have been reading thread about Rural Bank or India (RBI)is very strict about cryptocurrency and now this new thread might be the answer if proven to be legitimate and resourceful

[slavasxpu]

Progress can not be stopped, you can always find ways to bypass the restriction and firewalls. India, as a dynamically developing country, was certainly surprised by this decision.

[sarmrakib]

Actually most of the country in Asia look like to banned bitcoin. But they even don't have the much needed idea or planning about bitcoin. I just watched the indian currency which is Rupee are falling down its value. I think the government just trying to make recover on it and they just could think bitcoin are hammering to fall it. But I think if they have right idea and plan to use it they will get the benefit from it and change the economic growth on high.

[Tahir460pk]

Well it's not a good news that india closes doors for crypto currency, there are a big community of thia digital market, must be sit both authorities and clear both of them elegation and clear the confusions both of them.

[h0lybyte]

Indian crypto exchanges have already overcame their local government bans by starting peer-peer services since banks restricted their dealing with crypto.
Recently i read an official announcement that unocoin has planted their first crypto ATM in country, this indicates a positive signal for indian crypto traders

[Serious Miner]

Feeling sad after hearing this shocking news. RBI advised its government to be banned cryptocurency and all kinda its transaction. I think it's a cheap decision which is opposite step of gearing up modern technology. No need to worry cause nothing is perpetual in this digital world India government may banned cryptocurency but they can't demolish crypto forever. Hopefully RBI will realize benefits and advantages of crypto very soon and will reverse their decision to back in crypto to their land.

[basyang]

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/

This is another sad news for all of us, but we can not blame the government of india when they decided to atop the transaction of bitcoin in their country. However, even if it happen we need to look for a bright side and  life goes on we need to pursue  the good of using crypto so that many countries are accepting it.Crypto is still in process of accepting and many countries are doubting so we need to work for it.

[hubballi]

This news is too old and the latest information is that some exchanges have gone to legal proceedings against the ban of RBI against crypto currency and the result of the legal battle between exchange and RBI is pending. So still their is some hope that if cryptocurrency exchange win the battle then the rule may change.

[zwiggel]

I heard the Indian government has banned the electronic money. This is a sad news. It makes the market of electronic money is reduced. The prices of coins fluctuate. Many investors not buying the coin anymore. It is difficult for investors in India. They will find every way to get rid of the binding. Hopefully next time The Indian government will change its decision to the electronic money market development.

[jobukegoya]

Progress can not be stopped, you can always find ways to bypass the restriction and firewalls. India, as a dynamically developing country, was certainly surprised by this decision.

India prohibits the use of bitcoin and digital currencies because digital currencies are not regulated or monitored by the government, so it is feared for criminal activities such as money laundering. The reason for the ban is almost the same in all countries that do not allow the use of bitcoin in their country.

[BillyWallows]

Zebpay officially closed its e-currency trading floor in India, could not receive any banking services from commercial banks and domestic financial institutions under the ban of central banks. The attitude of the Indian government in delaying the regulation of the electronic money market is quite clear; They believe that as soon as it adjusts to the local market, businesses will come and the Indian cryptographic market will thrive.

[Ramya494]

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/

That is not a good news to hear,I guess the misuse of crypto mostly lead to the ban but hope that the crypto shall soon be unbanned so that scams and corruption happening around can be controlled to a great extent.There are many proven instances in Indian economy where the centralisation played with people's lives so if decentralisation is now given a chance I think most of the problems can be addressed.

[wizardcrypto]

although is very bad of the India  Government to close down the transaction between cryptocurrency exchange and banks. india have huge population which might affect the growth of cryptocurrency asset negatively . on a second thought this ban might be temporary which might favour whales intending to buy the dip . one thing is sure no country can't fight technology .with time the India government will see the need of the Blockchain technology and lift the ban .

[CryptoHaris]

Although cryptocurrencies are banned in India, it would be worthy to note that the ban is only limited to trade in commodities using Cryptocurrencies.

This means that you can still invest in cryptocurrencies. The following guide lists down a few exchanges in India as well. Example- GIOTTUS which is based out of Chennai

India is in the process of welcoming cryptocurrencies and that there are multiple proceedings which are are currently going on.

Here is a guide which you can refer to if you want to know how to trade in cryptocurrencies in India and the rest of the world too-

https://bitcointalk.org/index.php?topic=5045918.new#new

[chris.ladd]

for the kind information , I heard that INDIA informed that the crypto is not allowed in their country but it doesn't told that the bitcoin is illegal..
so we would hope on INDIA will callback crypto  ..
thank you 

[Coinraptor]

Feeling sad after hearing this pathetic news. This extremely unfair for crypto investors it seems that India government and RBI afraid of bitcoin popularity. RBI made a huge mistake to ban bitcoin in India, they should think it twice to back it again and to the proper use of their huge population.