Little help for Indian traders where cryptocurrencies are virtually banned

[Cryptic007]

India has virtually banned cryptocurrencies as the central bank of India as barred providing services to any company like exchanges dealing with cryptocurrencies like Bitcoin. When a similar incident took place in South Korea and China, how did the traders there managed to trade?

[batang_bitcoin]

India has virtually banned cryptocurrencies as the central bank of India as barred providing services to any company like exchanges dealing with cryptocurrencies like Bitcoin. When a similar incident took place in South Korea and China, how did the traders there managed to trade?

You misunderstood the news. India doesn't really banned cryptocurrencies as a whole but the banks aren't allowing any transaction that's related/connected to crypto. People there can still use bitcoin and other cryptocurrencies as well.

[npredtorch]

What a drag these people on India's central bank.
So right now, the only way for them to cash out their cryptocurrencies is to trade via 3rd party like paypal?

It's for sure that this will increase the decline on crypto trading as they have limited CO methods.

[daemonum]

They can't ban the cryptocurrencies.I don't know the news on India but probably banks decided any transaction between exchanges.For small and normal amounts you can use Localbitcoins to get some cash if you need it.Also Google shows up a couple Bitcoin ATM's around India but be careful most of the time they charge heavy taxes.

[ralle14]

India has virtually banned cryptocurrencies as the central bank of India as barred providing services to any company like exchanges dealing with cryptocurrencies like Bitcoin. When a similar incident took place in South Korea and China, how did the traders there managed to trade?

They could go to a different country and trade over there where exchanges aren't banned. Also what users said above no one can really control bitcoin you can still trade even if there's a ban in your country just don't announce it publicly. There are a lot exchanges (binance,cryptopia, etc) that lets you trade with bitcoin you just have to find them.

South Korea didn't ban crypto what they did is remove anonymous trading,  if people in South Korea wants continue trading they would have to give out their documents for verification.

What a drag these people on India's central bank.
So right now, the only way for them to cash out their cryptocurrencies is to trade via 3rd party like paypal?

It's for sure that this will increase the decline on crypto trading as they have limited CO methods.

They could also cash out their bitcoins by having a meet up and sell it irl.