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Vladdirescu87 (OP)
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April 06, 2018, 09:30:31 PM |
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The Reserve Bank of India (RBI) announced on Thursday its decision to stop the trading of virtual coins such as bitcoin and altcoins on the country’s financial market. Regulated financial institutions can provide no service directly related to digital currency. "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 [virtual currencies]," the bank said in a statement. Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/india-forbids-to-deal-with-cryptocurrencies/ |
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richardsNY
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April 06, 2018, 09:57:15 PM |
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It's not all that bad as long as services can rely on foreign banking partners to keep functioning normally, or Tether will gain more popularity. I just find it pathetic that governments find it necessary to force through such measures, especially so because it once again points out that they don't want to simulate growth of freedom providing tools, which is a clear indication of how desperate that government must be. If you as government want to feed the local crypto market, then these measures will definitely help in achieving that. It just makes people more aware of how governments don't want them to enjoy any form of freedom, which is the only 'positive' result of this.
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thefaucetrunner
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Defend Bitcoin and its PoW: bitcoincleanup.com
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April 07, 2018, 03:53:33 PM |
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It's not all that bad as long as services can rely on foreign banking partners to keep functioning normally, or Tether will gain more popularity. I just find it pathetic that governments find it necessary to force through such measures, especially so because it once again points out that they don't want to simulate growth of freedom providing tools, which is a clear indication of how desperate that government must be. If you as government want to feed the local crypto market, then these measures will definitely help in achieving that. It just makes people more aware of how governments don't want them to enjoy any form of freedom, which is the only 'positive' result of this.
This decision doesn't provide any momentum to cryptocurrency from a market perspective, but it's good for cryptocurrency from a freedom and decentralization perspective. |
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aso118
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★Nitrogensports.eu★
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April 07, 2018, 04:25:55 PM |
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It's not all that bad as long as services can rely on foreign banking partners to keep functioning normally, or Tether will gain more popularity. I just find it pathetic that governments find it necessary to force through such measures, especially so because it once again points out that they don't want to simulate growth of freedom providing tools, which is a clear indication of how desperate that government must be. If you as government want to feed the local crypto market, then these measures will definitely help in achieving that. It just makes people more aware of how governments don't want them to enjoy any form of freedom, which is the only 'positive' result of this.
It is not easy for a company to open offshore accounts from India. There have to be valid reasons for it to so. Plus if a crypto exchange does not have bank accounts to pay its salaries and bills, then it has to shut down. Not everything can be done with a foreign bank account, especially when there are capital controls in place. |
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Rahar02
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April 07, 2018, 05:27:43 PM |
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Another story of what happened in China last year,
First, the Reserve Bank of India prohibits all regulated entities to deal or provide service for cryptocurrencies.
Then, the government has to ban exchanges to make it fully enforced for their citizens.
Well, people will always find a way to trade cryptocurrencies, even though government really ban every aspect of cryptocurrency including mining, Chinese have proven it. If people in India can't use a bank account to deposit or withdraw from exchanges, they can do it through the decentralized exchange or withdraw via paypal.
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seven7seven
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April 07, 2018, 05:33:22 PM |
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Not a drama I would say, but lack of positive news is frustrating. Waiting for the situation to improve finally, community wants crypto winter to be over
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FrueGreads
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April 07, 2018, 05:34:31 PM |
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This is probably a decision that India will eventually regret. This looks even worse than the exchange ban made by China, although in practice it will end up being the same. I wonder if we will see an increase in the demand for decentralized exchanges, or even normal exchanges that just use tether.
Now that I think of it, do normal exchanges can still operate without a license? They wouldn't be able to deal with banks, but they could use tether. I didn't understood how this part goes, after reading the article.
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Theb
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April 07, 2018, 06:54:34 PM Merited by FrueGreads (1) |
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This is probably a decision that India will eventually regret. This looks even worse than the exchange ban made by China, although in practice it will end up being the same. I wonder if we will see an increase in the demand for decentralized exchanges, or even normal exchanges that just use tether.
Now that I think of it, do normal exchanges can still operate without a license? They wouldn't be able to deal with banks, but they could use tether. I didn't understood how this part goes, after reading the article.
To make things clear India is not banning cryptocurrency trading entirely in their country, they are just prohibiting their own local regulated market to have one. Meaning they are allowing foreign or international market for their citizens to trade too. I only see this as a bad thing as they have wasted an opportunity to have their own local regulated market which means additional income for their country as well as more control to their government. Also to give you the facts China has not banned any cryptocurrency exchange yet, they even have their own local cryptocurrency exchanges namely Huobi and OKex, both of whom are in the top 10 cryptocurrency exchange in terms of daily income averages. |
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akamit
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April 07, 2018, 07:14:08 PM |
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Regulated financial institutions can provide no service directly related to digital currency.
So does it mean India can play with crypto indirectly and that's not a problem for its citizens? If I have understood it correctly then it is not a pure ban on crypto. Maybe India likes crypto but wants to restrict at some point. |
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gabbie2010
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April 08, 2018, 06:44:23 AM |
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The decision taken by Reserve Bank of India (RBI) is quite unfortunate, this will deprive an estimated five million digital currency users opportunity to trade bitcoin and other cryptos, of course those regulated entities will lose income as well as the government in term of revenue, I am optimistic those users will divert their investment to foreign based exchanges while the RBI is on the losing end.
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MoonJeina
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Make winning bets on sports with Sportsbet.io!
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April 08, 2018, 01:30:49 PM |
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This news is big and bizarre . The Indian government has practically tied the hands of the Indian investors or the people doing services in crypto currency . That must have created such a panic situation there and a time period of 3 months is just way too less to deal with all the mess . They will eventually cut off all the ways to get their hands on their own potential money . This would just create a rage inside people and they will be forced to start doing the unfair means that would be termed as "illegal" by their country . They would move to some other country or worse case they may use the bitcoin or their crypto currency in some illegal means . Will that improve the situation ? That would just further worsen it .
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RamonBTC
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April 08, 2018, 03:32:26 PM |
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Members that sensationalised most threads tittle are rampant this days, India? or RBI is two different entities. One when we generalized the government and its laws, we call it “India”, but RBI or reserve bank of India is the position of the bankers who is totally against cryptocurrency since the beginning.
I don’t care much about this news, but I can’t ignore the reality it’s been used to spread negativity.
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