India Banks Ban BTC purchases: 5th April

[Tilbrook007]

This is bad news

This ban is effective immediately

https://cryptocurrencynews.com/regulations/india-ban/?utm_source=aimtell&utm_medium=push&utm_campaign=campaign-31349

What next?

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[Tilbrook007]

I was thinking about buying 1 BTC if the market went to about 6200USD but now I have read about India i am completely lost in my thoughts.

[Stigmooo]

I was thinking about buying 1 BTC if the market went to about 6200USD but now I have read about India i am completely lost in my thoughts.

why your so worried?? way back late 2010 some didn't recognize btc as a good investment.. and banks to banks deal is not the priority of it.. but now that they saw what decentralize network can do.. and some other banks was threaten in this case.. this is just my opinion why is has been ban.. banks want to have a bigger revenues.. coz banks invested in most of their assest in stock market and even in foreign exchange.. but now here comes btc.. which links to most... as you can see.. they're going to pull btc down.. but they can never do that why?? people were still funding and exchanging btc to other currency.. that's the fact.. have fait.. were going digital.. thank you..

[Tilbrook007]

I was thinking about buying 1 BTC if the market went to about 6200USD but now I have read about India i am completely lost in my thoughts.

why your so worried?? way back late 2010 some didn't recognize btc as a good investment.. and banks to banks deal is not the priority of it.. but now that they saw what decentralize network can do.. and some other banks was threaten in this case.. this is just my opinion why is has been ban.. banks want to have a bigger revenues.. coz banks invested in most of their assest in stock market and even in foreign exchange.. but now here comes btc.. which links to most... as you can see.. they're going to pull btc down.. but they can never do that why?? people were still funding and exchanging btc to other currency.. that's the fact.. have fait.. were going digital.. thank you..

Well, it is a wait and see proposition at the moment

[zolfa]

why did you stop your desire to buy bitcoin when the price is $ 6200?

India is not a bitcoin value standard and also the majority Indians are not yet ready to accept blockchain. India has little effect on bitcoin values. so, I think India will regret it.

because there is still a lot of other support to bitcoin, so I do not panic.

[Tilbrook007]

why did you stop your desire to buy bitcoin when the price is $ 6200?

India is not a bitcoin value standard and also the majority Indians are not yet ready to accept blockchain. India has little effect on bitcoin values. so, I think India will regret it.

because there is still a lot of other support to bitcoin, so I do not panic.

Other countries might follow

[catur123]

this news will not panic for people who believe bitcoin like me, this is just a small piece of news that wants to lower the price of bitcoin in this forum.
we can buy bitcoin through other banks and other currencies so do not panic with this news.

[Tilbrook007]

this news will not panic for people who believe bitcoin like me, this is just a small piece of news that wants to lower the price of bitcoin in this forum.
we can buy bitcoin through other banks and other currencies so do not panic with this news.

As far as I am concerned it is big new. Lets see how the market digests it

[paresh nakar]

i am from india and india banks ban BTC purchase because of Any entity that is regulated by the RBI must stop their services with any person or business that deals with virtual currencies.

[Stigmooo]

I was thinking about buying 1 BTC if the market went to about 6200USD but now I have read about India i am completely lost in my thoughts.

why your so worried?? way back late 2010 some didn't recognize btc as a good investment.. and banks to banks deal is not the priority of it.. but now that they saw what decentralize network can do.. and some other banks was threaten in this case.. this is just my opinion why is has been ban.. banks want to have a bigger revenues.. coz banks invested in most of their assest in stock market and even in foreign exchange.. but now here comes btc.. which links to most... as you can see.. they're going to pull btc down.. but they can never do that why?? people were still funding and exchanging btc to other currency.. that's the fact.. have fait.. were going digital.. thank you..

Well, it is a wait and see proposition at the moment

India didnt own everything in a world of crypto specially bitcion.. but people whos is brillant in bitcoin were from india and decide to recide in USA.. so if thats your base on buying bitcoin.. its just a plain and simple understanding that you can handle.. btc is btc even it will be banned on some other countries... but remember if someone rejects, someone will accept.. and don't say some of the countries will follow.. they have their own sovereignty that it is not based on other countries decision.. but I'm proud to say as of now.. I repeat as of now in my country people were enjoying the product of bitcoin whether high or low price... thank you.. 

[Herbert2020]

last time i checked this was yesterday and there was nothing about any bans and all the ban news on the news sites were FUD and this link in OP is not the most trusted source of information either so my assumption is that they are still spreading FUD.

in any case this may sound like a bad news but the market disagrees with you! the price is not even reacting to this which means it is just news!

[Tilbrook007]

last time i checked this was yesterday and there was nothing about any bans and all the ban news on the news sites were FUD and this link in OP is not the most trusted source of information either so my assumption is that they are still spreading FUD.

in any case this may sound like a bad news but the market disagrees with you! the price is not even reacting to this which means it is just news!

Maybe FUD maybe not. Asian investors are not trading BTC down at the moment so wait and see

[boboking]

I do not know if it is true but if it is  then what do you expect from banks, they are scared of what can Bitcoin do their business.  The market is already vulnerable  but the effect of this FUD is weak the price did not even react to this news. Also there are other ways to buy Bitcoin without using banks.

[Pursuer]

this news sounded more like a threat or future plans than something that had already happened. I think OP's link is mostly FUD at this point and even if it is true, that doesn't seem to change anything for Indian population because there has been lots and lots of restrictions over in India for buying bitcoin and they have been buying it nonetheless and on top of that they have been paying up to 40% higher price for bitcoin for more than a year now!

oh and by the way this is one of Indian exchanges: https://www.zebpay.com/ as you can see it is still working and people are trading bitcoin there.

[virendarnagpal]

Reserve Bank of India order instructing all Banks operating in India, prohibiting them transact sale purchase for crypto currency / bitcoin but mentioned sight https://www.zebpay.com/buy-bitcoin/ i.e. Crypto exchange in India still active.  I wonder if Banks will not make payments / receipts for crypto currency / bitcoin, how above exchange is working.  Without payments / receipts routing through Banks, exchange must have been closed.

The decision might have been (if) taken to stop outflow the currency reserves for the  development

[stompix]

last time i checked this was yesterday and there was nothing about any bans and all the ban news on the news sites were FUD and this link in OP is not the most trusted source of information either so my assumption is that they are still spreading FUD.

in any case this may sound like a bad news but the market disagrees with you! the price is not even reacting to this which means it is just news!

PRESS RELEASES
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574

Articles that match "crypto::

13. Ring-fencing regulated entities from virtual currencies

Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.

Yeah, it's a ban no matter how you look at it.

oh and by the way this is one of Indian exchanges: https://www.zebpay.com/ as you can see it is still working and people are trading bitcoin there.

For now...

But with all the bad news that comes from this, I guess its time to see how important India was to the price.
My bet is on zero!

Other countries might follow

Since when is India a model?
Thrid world countries might, but the western ones pay no attention.

[roxxy]

I think the Banks are stopping Crypto related dealing, that doesn’t mean ban on Crypto. Exchanges are totally fine. Banks are never gonna be friendly to Crypto. It’s not a news that should cause panic, to my sense.

[aardvark15]

This is bad news

This ban is effective immediately

https://cryptocurrencynews.com/regulations/india-ban/?utm_source=aimtell&utm_medium=push&utm_campaign=campaign-31349

What next?

This isn’t the first time we’ve heard tough regulations from India. I don’t necessarily see this as very significant because it’s just one country and they aren’t banning Bitcoin. Citizens just can’t use banks for Bitcoin transactions.

I think even a few banks in the US don’t allow cryptocurrency transactions. Part of this is because cryptocurrencies are a threat to the banking industry in general because it is basically their competition in some ways.

[keninu]

this is bad news, hope what this India does has no effect to other countries. if this happens again, it will become more and more countries are banning Bitcoin, and prices will fall further. I do not want that to happen.

[Lorna t]

   the indian government has declared it does not accept any virtual currency payments and to make a deal to eliminate bitcoin support for illegal purpose and payments but the government is exploring blovkchain technology of many investment jobs running towards a risk to choose a currency crying because of rapid evaporation is the currency that is just the first day without managing for sell .there is a lot of risk to choose investors and the government is a country.

[croptodic]

People are panicking for this news. But, this won't actually effect onbitcoin anyway. There're many countries which are legalising bitcoin to transact with it. The way bitcoin's popularity is spreading, probably oneday India will withdraw their ban.

[raahi]

Yes I saw that news yesterday that cryptocurrency is banned by India I think it’s a not good way to deal with cryptocurrency as cryptocurrency belongs to the future and if they ban bitcoin it will affect them in future when other countries will start to accept bitcoin and altcoins as normal currency.

[arienna23]

Is it really true? I didn't read this news on any other website. I guess this is gonna affect Bitcoin even more. Market is already down for a long time.

[kucritt]

damn, its a very bad news for us, 1 big country has banned bitcoin in their country, i hope that its not makes other country banned the bitcoin, i hope that the big company and big country using bitcoin to makes their country lead in economy and tehnology

[GeorgiyBilyk]

this is a temporary reaction of the government! I'm sure that now very many countries are opening their doors to the crypto world! on this I am sure that India and other countries will sooner or later open their doors and take bitcoin as a payment system!

[Invest.Ort]

I think this is just another manipulation of the crypt, I'm sure that after some time they will again sell the crypt

[SummerBliss]

Stop spreading FALSE NEWS! Government has given 3 month notice to wind up the business with exchanges and the exchanges are already taking a legal route since there is a separate committee that has been set up by the Indian Government to look into this issue. I think it would take another 6 months to have a clear news on this topic and banning crypto trading altogether would be very negative. I am sure the government would re evaluate their decision. To know more about it, search about Ajeet Khurana on Google. He is the CEO of Zebpay and is heading this blockchain committee.

[Coroline]

I think this is a FUD, deliberately created by certain circles to drop the price of bitcoin. the end of this lot a lot of FUD in circulation which causes its drop in bitcoin prices. I think this is just a game of big guys out there. and i know India is legalizing BTC and Crypto development is getting better there. hopefully this is just news that is not true

[thanhhoian2016]

I think the Banks are stopping Crypto related dealing, that doesn’t mean ban on Crypto. Exchanges are totally fine. Banks are never gonna be friendly to Crypto. It’s not a news that should cause panic, to my sense.

[Dmitry.Vastov]

This is bad news

This ban is effective immediately

https://cryptocurrencynews.com/regulations/india-ban/?utm_source=aimtell&utm_medium=push&utm_campaign=campaign-31349

What next?

I guess people has misinterpreted the statement of reserve bank of India 🇮🇳 and that is RBI has clearly ordered all the people to Withdraw their money with immediate effect which are have invested into bitcoin and they have given 3 months time for that but it doesn’t mean that bitcoin is banned in India. Bitcoin is n private investment an decentralised crypto currency and no country have right to ban it they can only ban bitcoin from using all Indian sites and that what they did , in India you can still own bitcoin.

[stayeduptolate]

This is bad news

This ban is effective immediately

https://cryptocurrencynews.com/regulations/india-ban/?utm_source=aimtell&utm_medium=push&utm_campaign=campaign-31349

What next?

I think it’s very easy for everyone to misinterpret every thing and that the same people did with the statement of Reserve bank of India. By banning bitcoin in the country they doesn’t mean that people in India cannot own bitcoin their statement was people of India have to withdraw their money from all the Indian sites that they invested into bitcoin as they cannot stop people from using bitcoin as bitcoin is a decentralised crypto currency and its individual right to own bitcoin , people can buy can buy bitcoins from international exchanges.

[jhache]

Can we be done with these ban threads. Someday theres one country banning bitcoin the next day its another. When in reality no country has banned bitcoin yet, but still these FUDers try to create negative sentiment in the crypto community.  Every month theres the same country banning Bitcoin news, theres nothing new in this.

[Pujangga]

People are panicking for this news. But, this won't actually effect onbitcoin anyway. There're many countries which are legalising bitcoin to transact with it. The way bitcoin's popularity is spreading, probably oneday India will withdraw their ban.

Panic is just a temporary incident and I'm sure this will never be long, what happens with it is a common thing, even a great event never happened when china banned bitcoin and made the price drop 40% in a week but can recovery again even skyrocketed.