How to deal with India and countries that ban Crypto currencies

[cunese]

BTC today due to India banned encryption currency, prices have been falling from $6800 to $6800, while India is not very big to the influence that the encryption, but prohibits the thing to see is not a good thing.

[dothebeats]

What if your business with bitcoin isn't that big? Is moving really a necessity, or would you risk the things you have in order to get a hold of bitcoins? AFAIK, the RBI only banned those trades from banks to exchanges, or those who transfer their funds from the banks directly to exchanges, so there are only limited options left for Indians to buy btc. Cashing out, I think, isn't prohibited yet, and investors would still be able to cash out to their banks if they want to. The way I see it, P2P exchanges would flourish in India such as Localbitcoins, though it might pose a risk for buyers and sellers alike due to the tendency of mugging and robbery being present.

[stompix]

When some control freaks in NY introduced the controversial BitLicense, people who apposed it, simply relocated their business to Bitcoin-friendly states and continued as usual. <If you have a successful Bitcoin business in India, and you are not permitted to make a living, relocate to a neighbouring country where your business and taxes is welcomed.>

If you are a Bitcoin user and you are not allowed to spend your coins, then move those bitcoins to a country where they are welcome. Take that well deserved holiday of a life time in another Bitcoin friendly country. <Give them the tax income and the job opportunities>

You're going overboard with those.
So abandon your country, family relatives a because of crypto?
Let's be serious about this. Nobody has died in the first decade of this century without bitcoin nobody will.
9/10 of Indians can't afford a plane ticket and you want them to flee the country?

And the second one it's not that better either.
You don't spend BTC alone, you spend your MONEY.
You spend your BTC on trips abroad (how many Indians afford this) it's just means you will spend your other money in the country.
How many will start spending 1000$ in a vacation just so Thailand gets 100$ and India loses 100$ ?

Buy expensive gifts online with your bitcoins and have it delivered to friends in other countries. < Exchange the gifts for Cash >

Use your bitcoins on online gambling and buying virtual goods and services. <Cam girls or porn>    <Simply Have FUN> and save your fiat for the things you cannot buy with bitcoins.

Just make sure that your Bitcoin income does not end up in the country that banned it. We will send a clear FU to these countries, if they want to stop our financial freedom and financial privacy.

Oh god you really went overboard!!!  
So spend all your money on livechat and betting and god knows what so the Indian government doesn't get taxes!!!
Just tell them to buy one kilo of pure afghan heroin and be done with it.


Common, the guys that do embrace bitcoin have a tendency to forget about taxes.
I'm willing to bet that most of them we're contributing more than a few cents to the government even in the fiat economy.
Plus, if you buy stuff you don't pay taxes to the government the merchant does..if he wants...to few are doing that in India.

[boyshx]

When some control freaks in NY introduced the controversial BitLicense, people who apposed it, simply relocated their business to Bitcoin-friendly states and continued as usual. <If you have a successful Bitcoin business in India, and you are not permitted to make a living, relocate to a neighbouring country where your business and taxes is welcomed.>

Surely we can do that but India is country where family matters the most and it would be hard on them to get shifted to another country. I think there is not much issue if they still continue to run with whatever business they are doing the only thing they need to do is make out some ways to get the bitcoin converted to fiat back. There lot of ways to do and note that people will come to know that automatically once the ban becomes real one. (Its just FUD for now)

You can still receive bitcoins as payment for services, but you cannot convert it to fiat or convert fiat to Bitcoin. <They simply forced you to use Bitcoin as it was supposed to be used> 

True. But as I said its not about getting paid into the bitcoin form but its all about the earning money with it in the fiat form. In country like India there are not much ways to spend the coins as there is already less number of people who understand it. (Less is in billions but they are not wiling to develop it but just want to earn it).
   

[pawanjain]

The only way to deal with such countries is to avoid their news which creates a FUD in the crypto market. If at all your country has banned bitcoin then it doesn't mean that it is banned all over the world. It just means that you cant trade it in your country. India is still a corrupted country and we can easily find a way to buy/sell crypto despite any kind of ban in the country. We just need to find a person who can trade BTC for INR and no one will ever get to know as long.

[Thanasis]

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

• online sellers: localbitcoins, paxful
• online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd.

[cryptoking330]

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

• online sellers: localbitcoins, paxful
• online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd.

Don't you mean 1.324 Billion!? That will make it even more difficult for the Indian government to find out who is trading BTC under their noses!

[Thanasis]

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

• online sellers: localbitcoins, paxful
• online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd.

Don't you mean 1.324 Billion!? That will make it even more difficult for the Indian government to find out who is trading BTC under their noses!

Yes it is difficult for the country like India to track each and every people of the country and what they are doing,India is not like China,China is one of the well developed country in terms of technology.But India is still developing nation and they have lot of issues other than crypto currencies in their country.So chances are very less to get caught in India even if you are using bitcoin.

[Dudeperfect]

At this point when things are not clear, I believe that we should not get our self into a panic mindset. The businesses can't use banks for crypto transactions, we as a individual users still have the access to banking system and we can use concepts similar to Localbitcoins to continue trading. Even though this is a sad decision by the government, I believe that things will get clear soon and everything will be back to normal. We know what to do in such cases, Be your own bank!

[aoihs00]

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

• online sellers: localbitcoins, paxful
• online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd.

Oh come on buddy what are you thinking ? Get hidden in the crowd, lolz we are not in the Bollywood movies were we can do anything that we want. The real fact is that we cant do anything like that as the transactions needs to get started somewhere and I think its first place is always banks! Also what do you think how will you get the money back in your accounts? It has to come form where and that will be obviously traceable. If we do find out some ways then government will notice that too as these things cant be hidden from them. As they say, they are everywhere. 

But yes I did like the idea of this one .. .

• online sellers: localbitcoins, paxful
• online forums: Currency exchange

[Pattberry]

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.                                                   

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

[supermine]

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.                                                   

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

Indian government never care about their citizen they always care about the politicians pockets and millionaires prestige.But localbitcoin.com is a good place still because they can't shutdown an foreign exchange so indians can find the sellers online and do face to face transaction if it is a big amount involved or just do the bank transaction because there is no way to find that this money is came from crypto trader.

[stompix]

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.                                                   

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

Indian government never care about their citizen they always care about the politicians pockets and millionaires prestige.But localbitcoin.com is a good place still because they can't shutdown an foreign exchange so indians can find the sellers online and do face to face transaction if it is a big amount involved or just do the bank transaction because there is no way to find that this money is came from crypto trader.

Localbitcoins has currently two offers for buying bitcoin with cash for India
And the prices are    482,373.39  and 518,104.76
That's 7400$ and 7900 $
Good offers!!!

All the real offers are done via bank transfers or whatever that IMPS stands for.
Do you think banks are stupid? And even if they are the computers are not.
How many bank transfers do you think an average person is doing a month?
When somebody will start sending funds to 20 different people each day don't you think an alarms will be triggered?
Then they will have just to start pairing the accounts which is a 1 click job and they will find half of those that have ever traded through localbitcoins.

Do you know how many that were dealing over localbitcoins have been arrested?

The objective should not be finding ways to avoid the law!
People in India should focus on changing the law!

[Rustamm]

With countries that prohibit crypto currency, there is no need to fight. They themselves after a while should be convinced of the error of their step and want to use the crypto currency voluntarily. The imposition of their opinions will lead to nothing good. Everything should develop naturally.
As for India, it does not prohibit crypto currency. The Reserve Bank of India recommended that other banks stop providing services in the crypto currency. However, its use outside the banking sector continues. Such a decision is not so significant that it is regarded as a prohibition of crypto currency.

[darkangel11]

Common, the guys that do embrace bitcoin have a tendency to forget about taxes.
I'm willing to bet that most of them we're contributing more than a few cents to the government even in the fiat economy.
Plus, if you buy stuff you don't pay taxes to the government the merchant does..if he wants...to few are doing that in India.

There's a reason for that. In the fiat economy I was using the money of the system, renting them from my government, so there was some tax to be paid for this.
Now, cryptocurrencies are independent. They weren't printed by my government, weren't distributed by it. On the contrary, my government was warning me against them, trying to discourage me from using hem, and now when I ignored them and they went up in value, they want me to give them a share. For what? What help did they offer me? What expenses did they have to bear?
According to many governments if you buy BTC and after a year or 2 are trying to convert it into goods at a store that accepts cryptocurrency, you still owe a tax. The merchant pays his share and you are supposed to pay yours since your coins are now worth more. I don't agree with those greedy slave drivers.

[supermine]

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.                                                   

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

Indian government never care about their citizen they always care about the politicians pockets and millionaires prestige.But localbitcoin.com is a good place still because they can't shutdown an foreign exchange so indians can find the sellers online and do face to face transaction if it is a big amount involved or just do the bank transaction because there is no way to find that this money is came from crypto trader.

Localbitcoins has currently two offers for buying bitcoin with cash for India
And the prices are    482,373.39  and 518,104.76
That's 7400$ and 7900 $
Good offers!!!

All the real offers are done via bank transfers or whatever that IMPS stands for.
Do you think banks are stupid? And even if they are the computers are not.
How many bank transfers do you think an average person is doing a month?
When somebody will start sending funds to 20 different people each day don't you think an alarms will be triggered?
Then they will have just to start pairing the accounts which is a 1 click job and they will find half of those that have ever traded through localbitcoins.

Do you know how many that were dealing over localbitcoins have been arrested?

The objective should not be finding ways to avoid the law!
People in India should focus on changing the law!

What if the government don't want to change the law if bitcoin is banned in future.People from India never involve in crypto currency trading is that you are saying?
And lot of Indian people are only doing trading crypto currency trading as their profession so what will be their future if bitcoin will be banned in India?

They surely will find loopholes from somewhere,

For instance if someone is doing 10 trades per day,he surely can continue trading by having ten different account in 10 different banks and I hope India have more banks with them.

And I don't know people were arrested or not for crypto trading India?

[KingScorpio]

We all know that Bitcoin and other crypto currencies are borderless and also decentralized. When countries ban Bitcoin, they push the technology into the dark underbelly of the black markets and they even increase adoption. <People do not like one-sided decisions being forced onto them>

Now we already determined that the Bitcoin technology is borderless and unstoppable, so the next logical thing you should do is to take this technology to the next step in it's evolution.

When some control freaks in NY introduced the controversial BitLicense, people who apposed it, simply relocated their business to Bitcoin-friendly states and continued as usual. <If you have a successful Bitcoin business in India, and you are not permitted to make a living, relocate to a neighbouring country where your business and taxes is welcomed.>

If you are a Bitcoin user and you are not allowed to spend your coins, then move those bitcoins to a country where they are welcome. Take that well deserved holiday of a life time in another Bitcoin friendly country. <Give them the tax income and the job opportunities>

You can still receive bitcoins as payment for services, but you cannot convert it to fiat or convert fiat to Bitcoin. <They simply forced you to use Bitcoin as it was supposed to be used> 

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.

                                                                    ----===== Strength in Numbers =====----

   

countries dont ban cryptocurrencies, its banking cartells that do that. they will exist as long as communist mindset exist.
for them the indian population is like cattle that is supposed to work for them,

best way to deal with them is improving the image and the legitimacy of cryptoeconomics so they cant lie to the people anymore.
but thats not that easy. because in cryptoeconomics there is lots of corruption, for example take this forum there is still no neutral cryptocurrency forum out there that has meaning.

regards

[Sir mikolo]

The Reserve Bank of India (RBI) has announced that the bank will no longer provide services to any person or business that deals with cryptocurrencies, adding that it is also looking into releasing its own cryptocurrency in the future, according to a “ Statement on Developmental and Regulatory Policies” released today, April 5.

[Mike1992]

India’s Finance Ministry had criticized
Bitcoin (BTC) and cryptocurrencies for their “lack of intrinsic value” in January of this year, and the month saw several large Indian banks close or limit the functionality of crypto exchange accounts. In early February, false reports in the media of a country-wide crypto ban in early February led to a drop in the crypto markets.

[Mikolo11132]

“Internationally, while the regulatory response to these tokens are not uniform, it is universally felt that they can seriously undermine the AML (anti-money laundering) and FATF (Financial Action Task Force) framework, adversely impact market integrity and capital control. And if they grow beyond a critical size, they can endanger financial stability as well.”