Indian Central Bank causes Largest Bitcoin Exchange Shutdown [Updated]

[GigaCoin]

Indian Central bank warnings forced the Largest bitcoin exchange and other exchanges in India to Shutdown:

http://www.thehindu.com/business/Industry/bitcoin-operators-shut-shops-in-india-amid-rbi-warning/article5504407.ece

The Central Bank however "stopped short of issuing a ban"

Personally, i doubt this will affect price much as i believe Indians are not invested in as much as China for example.


*****

Update: Indian government is now RAIDING Bitcoin exchanges

http://www.coindesk.com/indian-authorities-swoop-buysellbitco/

[windjc]

Indian Central bank warnings forced the Largest bitcoin exchange and other exchanges in India to Shutdown:

http://www.thehindu.com/business/Industry/bitcoin-operators-shut-shops-in-india-amid-rbi-warning/article5504407.ece

Thanks for the FUD.  Whatever shall we do without all those Indian investors.

[HairyMaclairy]

Old news.  No one cares. 

[GigaCoin]

Old news.  No one cares.  

its not old, the news is dated today.

[Dalmar]

China and now India..

36% of the world's population effectively blocked from purchasing bitcoins legally in their countries.

[Dragonkiller]

nice FUD

[windjc]

China and now India..

36% of the world's population effectively blocked from purchasing bitcoins legally in their countries.

Lol. Keep waiting on those cheap coins.

[F-bernanke]

Central banks don't like Bitcoin? Oh man...

People letting any central bank influence them deserve everything they get.

+1,

Central banks are the root of all evil.

[windjc]

Central banks don't like Bitcoin? Oh man...

People letting any central bank influence them deserve everything they get.

+1,

Central banks are the root of all evil.

Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more.

Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it.

Prohibition does not work.

[Its About Sharing]

It is interesting that the US, in an regulatory way  , is leading the BTC charge! Do we cheer or cry?
I think it will play itself out and make adjustments (e.g. China, India, etc.) as necessary.

Argentina, etc. where are you?

IAS

[GigaCoin]

China and now India..

36% of the world's population effectively blocked from purchasing bitcoins legally in their countries.

yes both are large markets for bitcoins and it's unfortunate to see them go that path.

[F-bernanke]

Central banks don't like Bitcoin? Oh man...

People letting any central bank influence them deserve everything they get.

+1,

Central banks are the root of all evil.

Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more.

Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it.

Prohibition does not work.

It's already banned in India (gold imports):

http://www.zerohedge.com/news/2013-12-23/almost-every-passenger-flight-dubai-india-was-found-carrying-1-kilo-gold

[GigaCoin]

Central banks don't like Bitcoin? Oh man...

People letting any central bank influence them deserve everything they get.

+1,

Central banks are the root of all evil.

Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more.

Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it.

Prohibition does not work.

It's already banned in India (gold imports):

http://www.zerohedge.com/news/2013-12-23/almost-every-passenger-flight-dubai-india-was-found-carrying-1-kilo-gold

this is why they need Bitcoin

[F-bernanke]

this is why they need Bitcoin

Yes, there Central bank is raping the people (no lube) with run away inflation.

-The Indian wholesale price index (WPI) rose by 6.46% in September.
-This was largely due to the fact that food prices have increased beyond control.
-Since the start of this year onions have increased by 322%, for example.
-Food prices have increased by an annual rate of 18.4% so far according to data released by the Indian government on Monday this week.

[GigaCoin]

It is interesting that the US, in an regulatory way  , is leading the BTC charge! Do we cheer or cry?
I think it will play itself out and make adjustments (e.g. China, India, etc.) as necessary.

Argentina, etc. where are you?

IAS

People may have had too high expectations from an authoritarian communist state.

[GigaCoin]

coindesk version:

http://www.coindesk.com/indian-bitcoin-exchanges-suspend-operations-following-rbi-warning/

[Mirsad]

Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more.

Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it.

Prohibition does not work.

American idol for freedom and prosperity? Was that a joke?
Nothing against americans, but most of them don't even know what freedom is 
Holding a gun doesn't mean freedom.

[windjc]

Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more.

Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it.

Prohibition does not work.

American idol for freedom and prosperity? Was that a joke?
Nothing against americans, but most of them don't even know what freedom is 
Holding a gun doesn't mean freedom.

You miss my point. America is the world leader. In military and in money. The rest of the world looks to us to make the first move. Its been this way for years. You can argue and shake your head all you want, but today - Dec. 26th 2013, these facts are still true. It is MUCH more bullish for the US to be pro/neutral bitcoin than for China or any other country to be. 

[Wilhelm]

Central banks don't like Bitcoin? Oh man...

People letting any central bank influence them deserve everything they get.

+1,

Central banks are the root of all evil.

Look guys. Bitcoin is moving forward in America. As long as these other countries try to stop it, its only going to make the demand greater. The rest of the world still envies America and wants to have the American ideal for freedom and prosperity (whether you agree that exists or if its true doesn't matter, only perception matters). So if Bitcoin is killing it in America and other first world countries, then the rest of the world will want it even more.

Can you imagine the demand for Gold if it were banned in India and China? They would be dying to have it.

Prohibition does not work.

I don't fully agree. Alot of european countries have also officially aknowledged bitcoin as money and have fully accepted it as legal tender.
If Europe and America unite in the adoption of bitcoin, it will have a good chance of being so big the rest of the world cannot ignore it and thus must accept it.
Survival of bitcoin will also depend on how countries adopt the taxing system to bitcoin. If a country fails to collect taxes that country will have no money to support it.

Although not nice I do believe drug countries like Colombia, Afgahnistan, etc. will probably also like bitcoin due to the fact that sending back money transfers after drugs are shipped is easier and near instant. In essence people using illegal substances will support bitcoin aswell.

Repressed countries like China, Korea and probably India will try to keep the power away from the people. I hope they come around or that people take a stand for their rights.

[HairyMaclairy]

Old news.  No one cares.  

its not old, the news is dated today.

The advisory was issued two days ago and has been all over the Indian press.  Two days is a long time in bitcoin land.