No need to panic sell after the Ban by RBI

[vv181]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

I do not think the crash is heavily affected by the RBI cryptocurrency banning. That is too much India is not a USA or China where are the cryptocurrencies user is widely spread. I'm sure we can easily achieve another tremendous drop if only such countries that I mentioned starting banning cryptocurrencies.

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[alyssa85]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

It is not easy to fight regulators. In case of regulators who have been arm twisted by governments to take certain policy decisions, it is still possible to get the courts to reverse it. In this case, the RBI seems to have taken an independent decision, with valid concerns backing it. I doubt if any court will reverse it.

India is a democracy though, isn't it? They can lobby the government and regulators.

(In fact lobbying by silicon valley and the futures exchanges is the reason the Americans haven't banned bitcoin).

[BrewMaster]

India has always been the last place to have any effect on bitcoin price and it will always remain that. interestingly enough they have a lot of bitcoin enthusiasts who are hardcore investors in bitcoin regardless of what their government says and even more interesting they do it regardless of the price! i remember most of last year price of bitcoin was so much higher on Indian exchanges than it was any place else because of the huge demand that they always have.

and as we can see now, there wasn't really any kind of crash or  even a big drop because of this news. it can show either of two things, we are at the bottom or market doesn't care about FUD anymore.

[drm]

The irony is you're just creating panic for nothing with this thread.

[vaughn125]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

Well, easy for you to say, but for the people who are in there even when not in a dictatorship-like ruling, still can get imprisonment or any of the sort if they try to break the laws of their country. And these people have families to feed and lives to live. for sure they will not exchange the free life without any records just to be able to invest and earn from cryptos when there are obviously a lot of ways to earn.

But on the other hand, I think a lot will really fight for it. I mean, if you think about the potential of this industry and being in it in its early days is something that would be such a waste if not taken advantage of. And let's face it, there is strength in numbers. If crypto supporters in that country decides to unit and fight for their beliefs as one, I think that they would really stand a chance. But then again, it would be a taxing long and unsure battle/fight. But whatever the case, I wish everyone in that country the best luck and that they do not get rid off their rights to do what they want.

[amishmanish]

India is a democracy though, isn't it? They can lobby the government and regulators.

(In fact lobbying by silicon valley and the futures exchanges is the reason the Americans haven't banned bitcoin).

LOL Yes!! India is the largest democracy.

Silicon valley and future exchanges must have had a lot of leverage. Silicon Valley has been betting big on blockchain and bitcoin. In Indian on the other hand, their is hardly any institutional presence in terms of blockchain innovation. Unlike China, there aren't any industries related to bitcoin.

It's mostly the hardcore users who were minuscule in numbers just a year back. Most of the numbers have swelled because of ordinary people jumping in for gains. A lot of them were scammed by a guy in his 20s by being sold fake tokens in return for BTC. One of the main exchanges is in fact run by some of the Indians who were active at the forum through these years.

There are petitions started on the internet and most of the big exchanges are also trying to clarify their positions. We can only wait and watch for now.

[Basmic]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

Youve got a good point there mate India is not a communist country like china,so the government policy can be dictated by majority of its people,i guess this situation will end up in favor of the investors since theres a huge money's involving here..im wondering why all of a sudden india make this strong moves against cryptocurrency while in the past years its doing great with,them

Large investors always have the opportunity to exchange their bitcoins for Fiat abroad. I'll tell you more, they largely support the government's actions to ban cryptocurrencies. It's not a problem for them. But the rest of the population of the country will not be able to earn elsewhere and will be forced to work at their enterprises for low wages.

[maarx]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

One should know that they have stopped us from converting cryptos into fiat.

Zebpay and other bitcoins wallets are fighting this decision already.

Due to the personal threat thatRBI seemed to face through bitcoins they made a decision that is right now affecting all the people who are involved in bitcoins already and trust me the number is not something that could easily be neglected.

With so much money invested by the individuals in this sector one needs to know that instead of encashing out holding and signing a petition for this cause will do more good.

Just running could prove detrimental for bitcoins .
One should remember the fact that it's Not China ! They are not living in a dictator's rule and for the sake of bitcoins they need to stand up against this decision.

Its really disappointing to hear such announcement though we do have options to exchange the crypto into local fiats. Don't you think that there is something linked to this decision. I would like to reiterate here. We had a wallet released from Jio. We have been hearing that Ambani's son has formed a team and working behind to create a new crypto currency which is called Jiocoin. The announcement and release of jio wallet would be for, exchanging other crypto currencies into jiocoin which would increase its values. This is what i predict from the announcement and the release of jio wallet at the same time.

[ivandu]

I've heard too often about the ban on bitcoin transactions in different countries. so we should not be affected by this news anymore.better to focus on other thing.

[amishmanish]

--snip--
We had a wallet released from Jio. We have been hearing that Ambani's son has formed a team and working behind to create a new crypto currency which is called Jiocoin. The announcement and release of jio wallet would be for, exchanging other crypto currencies into jiocoin which would increase its values. This is what i predict from the announcement and the release of jio wallet at the same time.

As far as I could find, that report about Jiocoin was just another report based on other reports hyped by media. Livemint published an article and then everyone just reiterated the same thing.

Isn't Akash Ambani the kid who was busy losing weight last year and is now getting married. Where do you think he has the time to put together a 50-member team and work on Blockchain technology. LOL..If you have any authentic sources, do share.

As far as the speculation regarding jiocoin goes, I think it does hold merit. Suppose they launch this coin with which you can access Jio services. Banks suddenly ban everything but allow this one  because it has, say, a license to offer cryptocurrencies, faithfully awarded by Narendra Bhai.. They already dropped the whole telecom market into his kitty in one go by making all the other operators bend to the rules for enabling MNP.
Had it not been for TRAI intervention, it wouldn't have been such smooth sailing for Jio Telecom. This would be completely manipulative but we will be able to do shit about it.

Its Ambani and Modi afterall. They do what they want to.

[boyshx]

The major drop was seen in the Indian market only but the RBI decision did not make any move in the international market. It hardly affected the international market which means there are not enough people from that region for sure. Also, the India ban is not the real one, I mean its just that they are publishing again and again that RBI is warning individuals for not to get involved in the such activities and they have told the banks to take actions on such transactions. So its obvious that people might have had lot of questions about this scenario and they started selling off everything. But I don think the panic sell is still going on as zebpay market seems to be normal completely.

[krishnaverma]

The recent crash in bitcoins has been due to the ban on Bitcoins by the RBI that is the authority controlling all the banks that run in India.

I do not think the crash is heavily affected by the RBI cryptocurrency banning. That is too much India is not a USA or China where are the cryptocurrencies user is widely spread. I'm sure we can easily achieve another tremendous drop if only such countries that I mentioned starting banning cryptocurrencies.

The ban did have impact on the prices of bitcoins and other coins on Indian exchanges as the prices dropped to more than 30-405 in just few hours of the announcement. Prices remained unaffected on international exchanges and thus there was no other reason for the price fall.

[filharvey]

If it's a decision by the government itself,then its hard to petition against it and change it.

[ahmad21]

I don’t think so the ban put on Bitcoin by RBI has any affect on the price of Bitcoin. The Bitcoin’s value fell much before the ban. But anyways, yes Indian should not sell their Bitcoin holding after the announcement of such a ban by RBI. The ban is only meant for banks implying that the Indian banks are no longer allowed to deal in cryptocurrencies. The general investors in India can still trade in crypto as before. I have heard Zebpay are planning to shift their operation to singapore completely which means we will still have bitcoin transactions going on.