India does not ban Cryptocurrency

[dealung]

Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.

[yhoga45]

I think it's neutral right? They didn't support or they didn't ban crypto. They were just given an advice not trying to trade cryptocurrency, that's mean India still can trade crypto

[kriptom]

Maybe they finally saw the right way. They are afraid that the caste system will be destroyed at this point.

[Kvanko]

I heard news regarding this more than a month ago, just a rumor. It is possible in the future but for now there nothing we should worry about.

[oleksiivinogradov]

Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.

This is a part of huge (unknown source of cover payments) PR campaign to decrease exchange rate of cryptocurrencies and discreditable crypto ideas.

[hasna17]

I heard news regarding this more than a month ago, just a rumor. It is possible in the future but for now there nothing we should worry about.

Yes .. You are right I heard this news for too long, about the news of cryptocurrency in india, but all this in my opinion will not be a problem
and not to worry.

[rupesh2]

they did not ban Cryptocurrency .

but they banned deposit and withdrawal from indian bank accounts , even indians cant withdraw from foreign bank accounts .

so only option is person to person trading in cash , or trading with other coin .

[ajqjjj]

I heard news regarding this more than a month ago, just a rumor. It is possible in the future but for now there nothing we should worry about.

I think two days ago someone is post the Bitcoin banned in India but I check the exact news. Bitcoin is not completely banned in India some regulation only possible so Reserve bank of India alert the Traders. Because many traders are invested in black money so Indian government is not supporting to Bitcoin trading. But future Bitcoin is the global currency all the peoples are using anywhere in all over the world.

[Idrisu]

Many of us here did not know that cryptocurrencies market need not to be adopted by governments and central bank before we can actually enjoy it or make business transactions with it. However, many people are using Bitcoin and blockchain technology now to do business and that is the beauty of the whole thing. We don't need approval from India central bank for p2p transactions and we should see that no matter how governments try they cannot killed bitcoin and other cryptocurrencies. Therefore don't sell your coins at loses because of governments.

[deklitt]

This good news will of course restore confidence of cryptocurrency users in India to re-engage in its activities by using crypto as a business asset. And possibly in near future price of crypto will increase again

https://www.altcoinss.com/news/news-clarify-india-hasn-t-banned-bitcoin-yet?uid=11179

[mahilchii]

Yep. You are right, India haven't banned crypto currency and instead they have given instructions to central banks in India to avoid trading crypto by buying or selling. However, they have given 3 months time limit as well for winding up the trade from crypto currency. Hope some good news may follow after 3 months because India is striving towards digital economy.

[droptableguy2]

This move has, in part, affected the price of BTC dropped in the past. India is a country with large numbers of people involved in the Crypto market, for which some investors fear and sell their altcoin to the market. So, in part, altcoin prices have fallen sharply.

[BryanRoseWalker]

I think this is just a basic warning form just for protection to newly joined beginners. if their currency transactions are forbidden to deal with crypto, then the greater the losses they will face themselves because the asset will move to USD and then can be exchanged to the rupee, it is a setback, for letting the asset move to another fiat currency.

[henrybek3]

I think India has seen the ban as the worst solution to crypto paralysis. Maybe it is on the verge of bringing a legal arrangement for this. Another dimension of the Prohibition becomes more attractive to a prohibited commodity. There is an interest in things that are banned by people and they can get into the affairs by raising the authority. The state administration might have seen it and tried to take measures.

[maliboom]

This is good news. There are so many countries in the world that are allowing it to develop. Brava india!

[H0USE]

The news was about Reserve Bank of India announcing that all the legal institutions coming under it's guidelines shall not deal in cryptocurrencies transactions but most of the people misrepresented that government of India has banned the usage of bitcoin which was not at all stated in anywhere. There is still no official circular on website of RBI and they might withdraw their statements as all exchanges like Zebpay are still functioning normally.The government is trying to find out legal regulations for the same as they understand ban is not a solution to problem. Inspite it they should regulate it and get benefitted from it.Don't worry everything is fine so stay calm.

[Alex077]

Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.

I should say, that there is no direct ban on cryptocurrency in India yet. The Reserve Bank of India has forbidden banks to maintain fiat accounts linked to the cryptocurrency, but the trade itself is not forbidden. You can exchange cryptocurrency p2p or withdrow it to other countries and get fiat currency there.

[Manchumichael]

Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.

I should say, that there is no direct ban on cryptocurrency in India yet. The Reserve Bank of India has forbidden banks to maintain fiat accounts linked to the cryptocurrency, but the trade itself is not forbidden. You can exchange cryptocurrency p2p or withdrow it to other countries and get fiat currency there.

Yup no need to worry about this news they not banned cryptocurrency but they are trying to put pressure on crypto users. Indian reputed crypto exchanging sites Unocoin, Zebpay and other sites are big companies they definitely find a solution for this problem.   

[suvo05]

NO I think government will not ban the cryptocurrency directly but the are taking all possible indirect action against the cryptocurrency to discourage the people to trade with the cryptos.

[withche.07]

I think no other government in the right mind would completely ban cryptocurrencies. They will help even small countries to stay powerful against great powers. Also There are so much fake news in the market so I am not surprised.