Why did RBI ban cryptocurrency?

[icolancer]

Hello Friend

Any one know what's the reality behine RBI ban cryptocurrency?

Read more: Why did RBI ban cryptocurrency?

[venky15921]

Hello Friend

Any one know what's the reality behine RBI ban cryptocurrency?

Read more: Why did RBI ban cryptocurrency?

Then in that case what will the people who have cryptocurrencies do ? There are people in India with cryptos worth millions !!! Is it just a waste ?

[warrior333]

Such prohibitions will not be effective. This creates additional difficulties but cannot stop users of cryptocurrencies. Nowadays, the Internet helps to overcome any boundaries. You can earn bitcoins on any exchange. Transfers from individuals will not be banned. Therefore, there will always be an opportunity to cash the earned bitcoins.

[Thanasis]

Hello Friend

Any one know what's the reality behine RBI ban cryptocurrency?

Read more: Why did RBI ban cryptocurrency?

I don't think the RBI already banned the crypto currencies in their country because still I can see that the Indain traders are doing trades in the localbitcoin with IMPS but now this make the condition worse for the holders not the traders they are paying $500 less than the actual market rate wile selling and asking more price than the market rate while you are buying.But still people are using crypto currencies in India.

[avikz]

I strongly disagree with the article because it can't be the sole reason for a diverse country like India to take such a decision. India is planning for a digital currency since a long time and that's not a crypto currency. It may or may not use blockchain as the core technology as well. Deputy governor of RBI also didn't mention about its possible name. It is the imagination of the writer and far from the truth.

India banned bitcoin and crypto currency because they are worried about the untraceable nature of the crypto currency. They fear that if the size of the market grows beyond a critical size, it will become a serious threat to the nation's economy. Even though they haven't clarified what can be considered as a critical size, but it is clear that they don't want their citizens to use any currency which is not regulated and controlled by them. It is a typical nature of fascism. But what you can expect when one third of the politicians of India are uneducated? This is a mentality which still makes India a developing country and not a developed one!

[semobo]

I strongly disagree with the article because it can't be the sole reason for a diverse country like India to take such a decision. India is planning for a digital currency since a long time and that's not a crypto currency. It may or may not use blockchain as the core technology as well. Deputy governor of RBI also didn't mention about its possible name. It is the imagination of the writer and far from the truth.

India banned bitcoin and crypto currency because they are worried about the untraceable nature of the crypto currency. They fear that if the size of the market grows beyond a critical size, it will become a serious threat to the nation's economy. Even though they haven't clarified what can be considered as a critical size, but it is clear that they don't want their citizens to use any currency which is not regulated and controlled by them. It is a typical nature of fascism. But what you can expect when one third of the politicians of India are uneducated? This is a mentality which still makes India a developing country and not a developed one!

Yes,they want to control their citizen as China did in the past but people always find someways to use it.Because lot of people involving in the cryotocurrency trading as their full time job too so they will make some loopholes to use it.But still they have 3 months of time so anything can happen in between so untill that bitcoin transaction are allowed there.

[botany]

Hello Friend

Any one know what's the reality behine RBI ban cryptocurrency?

Read more: Why did RBI ban cryptocurrency?

Misleading title. The RBI hasn’t banned Bitcoin. It has banned banks (entities regulated by it) from providing services to cryptocurrency companies.
The stated reason is that the risks associated with dealing with cryptocurrency companies is high.

[marielbeckham]

These kinds of prohibitions are useless if to dig dipper.

[Snarks]

Hello Friend

Any one know what's the reality behine RBI ban cryptocurrency?

Read more: Why did RBI ban cryptocurrency?

Misleading title. The RBI hasn’t banned Bitcoin. It has banned banks (entities regulated by it) from providing services to cryptocurrency companies.
The stated reason is that the risks associated with dealing with cryptocurrency companies is high.

In practice that's still going to have a big impact, don't you think? Can't buy coins nor sell them for fiat. But maybe it'll have an unintended consequence, the start of a parallel economy that's using crypto exclusively.

[Sithara007]

As far as I know, the RBI hasn't banned crypto-currency as of yet. But they have been making crypto-currency trading more and more difficult. The latest news is that they have banned banks from dealing in crypto.

[St4yInTh3D4rk]

As far as I know, the RBI hasn't banned crypto-currency as of yet. But they have been making crypto-currency trading more and more difficult. The latest news is that they have banned banks from dealing in crypto.

Yes,it made the trading difficult but still trading is possible through other ways like Western Union and Money gram but still the traders using the bank accounts through IMPS transaction on LBC.

[KorakPawon]

India strongly forbids bitcoin entering the country, judging from the many risks that we get after investing or trading with bitcoin, then the RBI strictly prohibits trade or bitcoin marketing there is in the country

[maarx]

India strongly forbids bitcoin entering the country, judging from the many risks that we get after investing or trading with bitcoin, then the RBI strictly prohibits trade or bitcoin marketing there is in the country

RBI didn't ban the crypto currencies they ask the banks to stop the account that which person deals with crypto curreniesy. This is the latest news announced by RBI about crypto currencies. There are lot of people involved in bitcoin and use this is their job. So if they banned they find another route to use. Traders using still Bitcoin transaction through some other ways.

[BTCeminjas]

India strongly forbids bitcoin entering the country, judging from the many risks that we get after investing or trading with bitcoin, then the RBI strictly prohibits trade or bitcoin marketing there is in the country

RBI didn't banned the cryptocurrency they ask the banks to stop the account that which person deals with cryptocurrency. This is the latest news announced by RBI about cryptocurrency. There are lot of people involved in bitcoin and use this is their job. So if they banned they find another route to use. Traders using still Bitcoin transaction throgh some other ways.

That's right mate, OP has a misleading title of this post that RBI has banned cryptocurrencies, the truth is those banks only declared that they are disabled users account that related to cryptocurrencies. Maybe their government heard many issues to their people who abuse bitcoin and use it to fraudulent activities. Besides, those users have bitcoin transaction they used it and surpass the bank.

[Irvinn]

It is necessary to remember that the Reserve Bank of India does not have the authority to prohibit the circulation of crypto currency in the country. He simply recommended that other banks stop providing services in the crypto currency. That is, the banks of India (and then, I do not know everything, or not), stop providing various services in the crypto currency. This does not affect the circulation of the crypto currency in India. Banks before this provided a small part of the services in the crypto currency, so their disappearance does not affect anything. Exchange and exchangers continue to operate in the country, citizens can freely buy and sell crypto currency. So do not panic.

[Dreamchaser21]

As far as I know, the RBI hasn't banned crypto-currency as of yet. But they have been making crypto-currency trading more and more difficult. The latest news is that they have banned banks from dealing in crypto.

That’s the correct news, sad to hear this thing because India is a great market for cryptocurrency well this thing must go on and green days will come again. I hope this is not the final decision because many people will leave India so they can convert bitcoin in fiat money easily.

[Rustamm]

This information is not true. The Reserve Bank of India did not prohibit and did not have the authority to prohibit the circulation of crypto currency in this country. He simply recommended that other banks stop providing services in the crypto currency. However, these services were insignificant in volume and could not have any significant impact on the use of crypto currency in this country. In India, the crypto currency has been in the country, and it is free to walk, citizens make all transactions in the crypto currency without hindrance.

[Thanasis]

It is necessary to remember that the Reserve Bank of India does not have the authority to prohibit the circulation of crypto currency in the country. He simply recommended that other banks stop providing services in the crypto currency. That is, the banks of India (and then, I do not know everything, or not), stop providing various services in the crypto currency. This does not affect the circulation of the crypto currency in India. Banks before this provided a small part of the services in the crypto currency, so their disappearance does not affect anything. Exchange and exchangers continue to operate in the country, citizens can freely buy and sell crypto currency. So do not panic.

Yes,still the trade of crypto currencies are being done in India,we can see them on LBC where thr traders are doing as always even through the national banks too so their announcement didn't have any effect but some people are just talking about these to start FUDs again and create panic.But now the price of crypto currencies are in green even after these announcement.

[jseverson]

Banks before this provided a small part of the services in the crypto currency, so their disappearance does not affect anything. Exchange and exchangers continue to operate in the country, citizens can freely buy and sell crypto currency. So do not panic.

Exchanges still operate because banks were apparently given 3 months for the crackdown. If nothing is done by then, exchanges will lose their access to banking services, which, believe it or not, is not a small thing. Indian exchanges are rightfully very concerned, and are planning on fighting the crackdown:

https://www.coindesk.com/indias-exchanges-want-challenge-central-banks-crypto-crackdown/

Peer to peer trading should be safe, but I don't know how exchanges will operate without access to bank accounts and payment channels. I do hope they come to a favorable resolution.

[Hannahanto]

In India bitcoin is neither legal nor illegal. Just RBI warns the bank to freeze the account of the person who deals with the bitcoin transaction. And RBI gives warning for three months to stop the bank transaction. But serious discussion is going on about cryptocurrency. Dont know how it's going to be effective, lets wait and see. Hereafter trading in cryptocurrency will be more difficult i think.