Indian RBI bans banks from dealing with crypto currency exchanges - A new FUD ?

[CryptoScorpio]

A few hours ago the news came that Indian central bank known as RBI is banning all the banks from dealing with Cryptocurrency exchanges in India. India's stance over Cryptocurrency was not good. Today it's a black day in Indian Crypto history. People all over are signing petitions against govt and RBI. I always feel that if a government cannot understand a technology completely and bans it with out even try to control it is a bad government and people will not feel comfortably stay under it. India should come forward and adopt blockchain and cryptocurrency. I am going to sign a petition and we will discuss in my telegram group about what to do if government go against Indian crypto investors. The same happened in Israel and supreme Court gave decision in favor of Crypto investors.


Source :   https://www.google.co.in/amp/s/www.cnbc.com/amp/2018/04/05/indias-central-bank-bans-financial-firms-from-dealing-with-cryptocurrency.html

Source :  https://cointelegraph.com/news/israeli-supreme-court-prohibits-banks-from-restricting-crypto-activity-in-landmark-decision

My telegram group: https://t.me/cryptochatindia

Crypto should win over governments.

[sagybtc]

This activity is taken considering emerging scams in cryptoworld. So Gov not announce Bitcoin ban. Regulations in process so have to take some strong actions for the same.

[liseff3]

A few hours ago the news came that Indian central bank known as RBI is banning all the banks from dealing with Cryptocurrency exchanges in India. India's stance over Cryptocurrency was not good. Today it's a black day in Indian Crypto history. People all over are signing petitions against govt and RBI. I always feel that if a government cannot understand a technology completely and bans it with out even try to control it is a bad government and people will not feel comfortably stay under it. India should come forward and adopt blockchain and cryptocurrency. I am going to sign a petition and we will discuss in my telegram group about what to do if government go against Indian crypto investors. The same happened in Israel and supreme Court gave decision in favor of Crypto investors. 

Source :   https://www.google.co.in/amp/s/www.cnbc.com/amp/2018/04/05/indias-central-bank-bans-financial-firms-from-dealing-with-cryptocurrency.html
Crypto should win over governments. 

Previously, the same ban had occurred in China and other countries, but with so many similar cases, I had the suspicion that India would publish crypto-currency their version of the country, who at once became his "Single Coin" and got the full rights/support of the Indian government.

[jjacob]

This activity is taken considering emerging scams in cryptoworld. So Gov not announce Bitcoin ban. Regulations in process so have to take some strong actions for the same.

This action has not been taken due to the many scams. The number of scams is far higher in the fiat world. This move seems to be driven by the fear of something new. The RBI has been warning people about the dangers of investing in cryptocurrencies for the past few years now. But people have largely ignored the warnings. Hence this action.

[itglobe]

A few hours ago the news came that Indian central bank known as RBI is banning all the banks from dealing with Cryptocurrency exchanges in India. India's stance over Cryptocurrency was not good. Today it's a black day in Indian Crypto history. People all over are signing petitions against govt and RBI. I always feel that if a government cannot understand a technology completely and bans it with out even try to control it is a bad government and people will not feel comfortably stay under it. India should come forward and adopt blockchain and cryptocurrency. I am going to sign a petition and we will discuss in my telegram group about what to do if government go against Indian crypto investors. The same happened in Israel and supreme Court gave decision in favor of Crypto investors.


Source :   https://www.[Suspicious link removed]s/www.c[Suspicious link removed]m/amp/2018/04/05/indias-central-bank-bans-financial-firms-from-dealing-with-cryptocurrency.html

Source :  https://cointelegraph.com/news/israeli-supreme-court-prohibits-banks-from-restricting-crypto-activity-in-landmark-decision

My telegram group: https://t.me/cryptochatindia

Crypto should win over governments.

I also heard this news and read the article about stealing BTC in India but the Govt hasn't announced anything which depicts that Govt has banned CryptoCurrency. It is the future of any country so it can't be ban easily.

Do you think they will go against Indian crypto investors? In my opinion, this is the biggest risk as all of us know cryptocurrency is the future. This FUD will be creating nowadays to stop people investing.

[jrrsparkles]

This activity is taken considering emerging scams in cryptoworld. So Gov not announce Bitcoin ban. Regulations in process so have to take some strong actions for the same.

This action has not been taken due to the many scams. The number of scams is far higher in the fiat world. This move seems to be driven by the fear of something new. The RBI has been warning people about the dangers of investing in cryptocurrencies for the past few years now. But people have largely ignored the warnings. Hence this action.

Yes because the crypto currency trades are happening in the country as always and also the banks don't stop dealing with the crypto related transaction so their warning have null effect but still they will try to impose it hardly if they didn't stop dealing with crypto currencies in three months.

[bitart]

Maybe the news are not real but just FUD, but it shows that the key thing now is controlling the exit points of the blockchain, where you can exchange your coins back to fiat. This is done on an exchange, but somehow you should get back your funds from the exchange, and this is the bank transfer. When banks are not allowed to accept wire transfer from crypto exchanges, people won't be able to withdraw their fiat from the exchanges. Localbitcoins can be a temporary solution for this, but not for everyone and not everywhere.