What should Indians do to stop upcoming Bitcoin and other crypto ban in country?

[siddartha1492]

Hi All

Yesterday, India's Central Bank RBI has directed all Indian banks to stop dealing with crypto related businesses. This essentially means that banks will close accounts of India based crypto exchanges which accept INR payments. That further means that Indians can't buy or sell their cryptos in INR through legal options. Now the only solutions that remain are basically selling cryptos on sites like Payeer, or to someone who can send payments via Paypal, wire etc. These options are risky and also lead to loss of your crypto assets in form of high fees.

What can you do to make RBI reconsider its decision?
1) First of all, stop using abusive words, images on RBI's twitter handle. Sometimes I seriously feel ashamed of being an Indian, when I see Indians using harsh and abusing language when things don't go as per their wishes. By warning RBI chief that you will rape his mother, you guys are only accelerating the doom of cryptos in India.
Make valid points and tweet them on RBI's twitter handle. https://twitter.com/RBI

2) Sign this petition. https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
7K+ people have already signed it. If it reaches a big number, the concerned authorities will surely take a look at it and might come up with some better announcements.

This is what you can do right now. Don't panic sell. Wait and watch. There is still a time of 3 months before the full implementation of this directive. A lot can happen during this time frame.

[1715145307]

1715145307

[Thanasis]

Hi All

Yesterday, India's Central Bank RBI has directed all Indian banks to stop dealing with crypto related businesses. This essentially means that banks will close accounts of India based crypto exchanges which accept INR payments. That further means that Indians can't buy or sell their cryptos in INR through legal options. Now the only solutions that remain are basically selling cryptos on sites like Payeer, or to someone who can send payments via Paypal, wire etc. These options are risky and also lead to loss of your crypto assets in form of high fees.

What can you do to make RBI reconsider its decision?
1) First of all, stop using abusive words, images on RBI's twitter handle. Sometimes I seriously feel ashamed of being an Indian, when I see Indians using harsh and abusing language when things don't go as per their wishes. By warning RBI chief that you will rape his mother, you guys are only accelerating the doom of cryptos in India.
Make valid points and tweet them on RBI's twitter handle. https://twitter.com/RBI

2) Sign this petition. https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
7K+ people have already signed it. If it reaches a big number, the concerned authorities will surely take a look at it and might come up with some better announcements.

This is what you can do right now. Don't panic sell. Wait and watch. There is still a time of 3 months before the full implementation of this directive. A lot can happen during this time frame.

But treating the RBI in a good manner may not give any solution I think but it will be better to stop harsh words maybe they will get pissed of if they see bad words against them.And that sign in petition maybe a good option if it petition reaches in millions then they may reconsider the law again.But as you said still there are three months with them anything can happen so don't make the rumors that bitcoin is already banned in India.

[easybtcearn2017]

I've seen some indians using slangs to RBI on different social media. This actually shows how their culture is, nothing else. However, the news ia truly sad. But, I hope it won't effect crypto currencies to great extent.

[harbin55]

I think based on what I see the people in india should embrace the essence and importance of bitcoin in their country. 
Having a huge or massive support in their goals leads the bitcoin to achieved the victory that which all of people what to happened.

[Sahyadri]

You still have a 3-month period to withdraw everything you have earned so far. The ban isn't imminent and every exchange is functional right now. You must have heard the recent news where a crypto exchange was robbed of almost 20 Crores. So unless you have an account on that exchange, you are in trouble, otherwise just take advantage of this green market and cash out. You cannot stop this ban and the only way to continue trading is to send money to a foreign account. Do you have a relative in any foreign bitcoin friendly country? If yes, it would be of great help to you right now.

[jseverson]

You still have a 3-month period to withdraw everything you have earned so far. The ban isn't imminent and every exchange is functional right now. You must have heard the recent news where a crypto exchange was robbed of almost 20 Crores. So unless you have an account on that exchange, you are in trouble, otherwise just take advantage of this green market and cash out. You cannot stop this ban and the only way to continue trading is to send money to a foreign account. Do you have a relative in any foreign bitcoin friendly country? If yes, it would be of great help to you right now.

The ban could be lifted before it even takes effect:

https://www.thehindubusinessline.com/money-and-banking/delhi-high-court-issues-notice-to-rbi-centre-on-bitcoin-ban/article23638785.ece

I know it hasn't been stopped yet, but in hindsight, they signed petitions, and Indian exchanges filed complaints to court. They did what people under a democracy should, in short, and it looks like it worked.

[mustafizur8400]

I think it's not just India , any government should try to find out all the possible advantages of using Bitcoin as some highly developed countries are doing like USA, Uk , Japan, Canada, Australia. Definitely they all know the pros and cons of this coins. So why only some Asian countries are putting prohibition.

[Dudeperfect]

I completely agree with OP's opinion, we must not use abusing language in any case. There is a group of lawyers representing the side of crypto believers (thanks to the domestic exchanges) in front of the government. There is no need to abuse RBI or any department of the government. On the other hand, we need to show unity so that we will have the data to represent. Change petition is a good option but there should be some more efforts for effective communication and that will reduce the panic decisions in any case by the majority. There is nothing worry about it, we have our own strong side and I believe that things will get better in near future.