India banks banned from dealing in Cryptocurrencies

[orangetax]

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read full article here : https://coinfrenzy.io/india-bans-cryptocurrencies/
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*Attention* The title has been edited. Apologies for the confusion.

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[bitcoinisbest]

They have given 3 months of time for the banks to close all the bank accounts related to crypto and this also means that all the exchanges in India would be shut down. Now what will be the next step from them is the question needs to be asked?

[UPENtXF]

They have given 3 months of time for the banks to close all the bank accounts related to crypto and this also means that all the exchanges in India would be shut down. Now what will be the next step from them is the question needs to be asked?

Seems that "the question needs to be asked" is what will be the next step from the Indian traders.

What prevents traders from using Bisq decentralized exchange to trade via bank cash deposits to normal bank accounts?

 

[CryptoKnight7]

Okay, so I have commented in a different thread, and I will comment here as well. The news is certainly a bad news for Indian crypto traders, but it is not as bad as it is portrayed by Indian government and media. Social media is largely responsible for the FUD that is created in the market. As someone here said earlier, RBI has given a window of three months for private entities like banks to withdraw their support to companies and individuals associated with cryptocurrencies. And I am pretty sure, Indian exchanges are not dumb enough to sit idle for three months without making some concrete decisions to continue trading of cryptocurrencies for Indian traders.

More info

[Cryptic007]

As others have commented on this thread as well as others, India has not banned it with immediate effect. RBI has given a time period of three months to regulated banks to unwind their positions on cryptocurrencies. Also, Indian cryptomarket is not that big as compared to South Korea and China. And one can notice how they bounced back from cryptocurrency ban by their respective governments.

Source

[sonnil]

really bad news for indians i hope rbi reconsider their decission

please sign this petition

 https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution

[appiivenkii]

If govt/bank completely stops ppl from converting BTC to FIAT in INDIA after 3 months then there will be a huge demand for BTC for sure in future ..

There are lot of ways to convert BTC to FIAT but its lil risky or get delayed than usual ...Thats the only problem it can cause From the decisions ..

But for sure there will be some relief after few days/months ..What they say ILLEGAL/BANNED in INDIA those are the things which will be in huge demand... 

And from the all the FUD created by this media made a lot of new-traders who came into BTC/CRYPTO few months back seeing the hype are the one who is selling cheaply by panic ..

So let us wait for some good news from GOVT in coming days   

[kishornayak]

Luckily Bitcoin is not illegal in India.

This looks like the right solution for Indians: "What prevents traders from using Bisq decentralized exchange to trade via bank cash deposits to normal bank accounts?"

[noobierails]

India will not bank cryptos in the long term... As of now, let them do whatever they want to do.

[ragavancoin]

This is the sad news for all crypto currency lovers in India the RBI give the Time to all bank to ban the account who useing related crypto currency, after that we have only do cash or normal bank account deals thru like a localbitcoins.