India introduced a ban on cryptocurrencies

[TelegAda]

Reserve Bank of India has banned regulated organizations to provide services to any individual or company whose activities are related to cryptocurrencies.

From now on, credit institutions in the country should not allow clients to purchase tokens and provide services to companies involved in trading virtual currencies.
Before the imposition of sanctions, the Central Bank repeatedly warned the population about the risks associated with the use of cryptocurrencies.
"Taking into account the risks involved, it was decided that with the immediate entry into force of the RBI regulated companies, they would not engage in or provide services to any natural or legal persons who engage or regulate VC. Adjustable organisations which already provide such services must come out of these relations in the time specified," — said the Deputy head of the RBI's Bibhu Prasad, Kanungo.
Now crypto traders will not be able to make deposits and withdraw funds in Fiat currency. They will probably have to switch to peer-to-peer trading platforms.
The new sanctions are aimed at undermining the infrastructure serving traders and other participants in this space.
The Ministry of Finance of the country does not recognize cryptocurrencies as a legal means of payment in India. However, while the possession and trade of cryptocurrencies in India is not a violation of the law, as there is no legislative regulation of this sphere in the country. Earlier, the Indian Finance Ministry said that it will be developed by March 31, but the promises were not kept.

Representatives of the reserve Bank of India note that cryptocurrencies raise a number of issues related to consumer protection, market integrity and prevention of financial crimes. At the same time, they believe that blockchain technology has great potential and can contribute to the country's development.

Source cryptofeed.ru

[Crypto-capitalist]

Reserve Bank of India has banned regulated organizations to provide services to any individual or company whose activities are related to cryptocurrencies.

From now on, credit institutions in the country should not allow clients to purchase tokens and provide services to companies involved in trading virtual currencies.
Before the imposition of sanctions, the Central Bank repeatedly warned the population about the risks associated with the use of cryptocurrencies.
"Taking into account the risks involved, it was decided that with the immediate entry into force of the RBI regulated companies, they would not engage in or provide services to any natural or legal persons who engage or regulate VC. Adjustable organisations which already provide such services must come out of these relations in the time specified," — said the Deputy head of the RBI's Bibhu Prasad, Kanungo.
Now crypto traders will not be able to make deposits and withdraw funds in Fiat currency. They will probably have to switch to peer-to-peer trading platforms.
The new sanctions are aimed at undermining the infrastructure serving traders and other participants in this space.
The Ministry of Finance of the country does not recognize cryptocurrencies as a legal means of payment in India. However, while the possession and trade of cryptocurrencies in India is not a violation of the law, as there is no legislative regulation of this sphere in the country. Earlier, the Indian Finance Ministry said that it will be developed by March 31, but the promises were not kept.

Representatives of the reserve Bank of India note that cryptocurrencies raise a number of issues related to consumer protection, market integrity and prevention of financial crimes. At the same time, they believe that blockchain technology has great potential and can contribute to the country's development.

Source cryptofeed.ru

I'm not sure that this is true.
Also - why russian website? They know India better than all?

[LancelotRay]

Meanwhile, just saw this other thread saying the opposite - https://bitcointalk.org/index.php?topic=3276493.0



Do your own research guys, read more than one source and try to find the most unbiased news site possible.

[billyj111]

I do not know why, but I do not think on this news have an impact. It seems to me that it does not have any impact on the market at all

[kopijos]

whether the news will be an issue several times to drop the price of cryptocurrency? i often see news about india country to ban cryptocurrency but until now india is still free for trader. so that's not the right decision and instead of being one of the most believable news.

[Taltic]

India is a potentially huge market and it is important to see crypto free there.  Young and smart people recognize crypto not just like their way to earn money, they also see it as a solution for a lot of unemployed people in India. Currently, there is a petition against the ban.
https://cointelegraph.com/news/petition-to-reverse-indian-central-banks-crypto-ban-gains-17000-signatures

[Vansire]

It's banned in all but name. It's made impossible to trade Thru banks or shops. So what's left? Trading otc like localbitcoins? What's the point even.

[Helsing]

There will be always some FUD even when bitcoin will have new ATH, question is in today's time whether or not such news are just rummors or are they true (even if yes how this will affect crypto market).

[Gab20]

This should be another FUD A to bring down the market again and i do not think it will work this time. The only information i got as regards India and cryptocurrency is that citizens of India are not allowed to use their bank account to order for or deal with cryptocurrency. This policy does not ban or stop them from trading crypto.

[croptodic]

Nope, they haven't banned Cryptocurrency. Banks were never friendly to Crypto. So, this is not an unusual thing. Yeah it's true that Indian users will find it a bit difficult dealing with crypto. But that doesn't mean, its banned there.

[Helsing]

This should be another FUD A to bring down the market again and i do not think it will work this time. The only information i got as regards India and cryptocurrency is that citizens of India are not allowed to use their bank account to order for or deal with cryptocurrency. This policy does not ban or stop them from trading crypto.

Now it's time for bullish market so FOMO right now. Even such news won't do anything. More bad news and people will understand it's just FUD and nothing else.
Crypto is impossible to be banned totally, there is always some place when you can trade it.

[BillCoin]

They didn't really ban crpyocurrencies, they banned institutions from trading cryptocurrencies, and I think it's fair.

institutions handle other's people money, and most of them have a contract with their customers that they can't actually do anything that they want with their customers money.
India came out with this rule in order to prevent institutions from using customers money to organize pumps and to reduce the risk with customer's money.

[nie417665]

I want to say that this is an expected news. After all, the Indian government is very strict about the management of funds, and it is still fighting economic corruption, fighting corruption, and does not want funds to circulate freely. So sooner or later they will control the cryptocurrency.

[Helsing]

I want to say that this is an expected news. After all, the Indian government is very strict about the management of funds, and it is still fighting economic corruption, fighting corruption, and does not want funds to circulate freely. So sooner or later they will control the cryptocurrency.

How ??
It is just impossible to control cryptocurrencies by anyone even a country (maybe if you would buy whole market then ok).

[tonylewisverdu]

Reserve Bank of India has banned regulated organizations to provide services to any individual or company whose activities are related to cryptocurrencies.

From now on, credit institutions in the country should not allow clients to purchase tokens and provide services to companies involved in trading virtual currencies.
Before the imposition of sanctions, the Central Bank repeatedly warned the population about the risks associated with the use of cryptocurrencies.
"Taking into account the risks involved, it was decided that with the immediate entry into force of the RBI regulated companies, they would not engage in or provide services to any natural or legal persons who engage or regulate VC. Adjustable organisations which already provide such services must come out of these relations in the time specified," — said the Deputy head of the RBI's Bibhu Prasad, Kanungo.
Now crypto traders will not be able to make deposits and withdraw funds in Fiat currency. They will probably have to switch to peer-to-peer trading platforms.
The new sanctions are aimed at undermining the infrastructure serving traders and other participants in this space.
The Ministry of Finance of the country does not recognize cryptocurrencies as a legal means of payment in India. However, while the possession and trade of cryptocurrencies in India is not a violation of the law, as there is no legislative regulation of this sphere in the country. Earlier, the Indian Finance Ministry said that it will be developed by March 31, but the promises were not kept.

Representatives of the reserve Bank of India note that cryptocurrencies raise a number of issues related to consumer protection, market integrity and prevention of financial crimes. At the same time, they believe that blockchain technology has great potential and can contribute to the country's development.

Source cryptofeed.ru

this is a sad news.. i have a lot of indian friends who is also an investo in crypto world.. too sad unfortunately

D230