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Author Topic: Will it be illegal to trade cryptocurrencies in India after July 7th  (Read 144 times)
vikasdp47
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June 09, 2018, 11:25:39 AM
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On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.
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June 11, 2018, 05:37:25 AM
 #2

If Indian government make rules for using crypto are a illegal business then crypto trade will illegal. But i think Indian peoples will use crypto because they invest large amount of money in this market. It is not possible for the government to control this market.
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June 11, 2018, 05:57:06 AM
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The thing is, Bitcoin does not need the "approval" of any government, because it can still be used illegally on Black markets. You can also receive bitcoins from anyone globally and you can send it to anyone, because it is borderless. Many online companies are just forced to relocate to Bitcoin-friendly countries and they take their taxes with them.

These governments will soon realize that decentralized technologies are unstoppable and that they are losing millions of Dollars in taxes with their stupid decisions.

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June 11, 2018, 06:11:13 AM
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since there has not been any legitimate news from India regarding bitcoin and its regulation I am going to assume that it was all FUD, and that is mostly because people are still trading bitcoin enthusiastically and even more than before in India according to the high volumes. I believe the confusion you had may also be because of the things they said about the exchanges not the act of exchanging your coins.

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June 11, 2018, 12:33:17 PM
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Based on crypto benefit many country adapt this system and many doesn’t adapt based on this india banned crypto currency based on many reasons may be its true that after july 7 th it may be illegal because they are against crypto mainly govt. based on this you should look at news for better information.
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June 11, 2018, 01:14:08 PM
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Indian government is not against digital currency.  The decision taken by RBI is because of excessive outflow of Indian currency.  I think after sometime  and after some regulations crypto trading will again be allowed through banks. Also I have say that it is not illegal in India.
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June 11, 2018, 04:28:37 PM
 #7

Not at all! RBI has instructed banks to stop providing banking services to the exchanges involved in the cryptocurrency trades (I am sure this is beyond their authority) but as the individual users, we can anyway trade it using banking system (RTGS/NEFT/UPI) and to make it convenient, platforms like Localbitcoins is a good option. Exchanges are looking to find the way to deal with this issue.

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June 11, 2018, 04:48:32 PM
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Though time is not fixed to announce bitcoin in India, I think they are planning to make it legal. India is a well techie country. So, I believe that making crypto legal in India is just a matter of time.
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June 11, 2018, 06:00:42 PM
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RBI is the reserve bank of India. RBI has instructed other banks in India to stop all transaction with cryptocurrency. Maybe after July 7th, cryptocurrency will be banned in India.
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June 11, 2018, 07:10:56 PM
 #10

Trading on cryptocurrency of India after 7th July will not be illegal. Even though 7th july is made illegal in India, people of India will use it. Because most of the people of India have invested huge amounts in it. Which the government can never control.
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June 11, 2018, 07:25:21 PM
 #11

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.

It will not go legal trade as in other countries where crypto-currency is banned. You can use a proxy and there are no problems.

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June 11, 2018, 08:36:32 PM
 #12

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.


It's not illegal for the consumer to use or buy/sell bitcoin at all.

All this means is that most commercial banks will essentially be forced to stopping co-operation with crypto exchanges that hold an account with them. That's pretty much it at this stage. There are unconfirmed rumors of the government wanting to implement a VAT on top of crypto trading, but that is obviously unconfirmed.

In fact, it's not even illegal based on my understand that banks continue to serve crypto businesses. It's just that they'll risk delicensing from the RBI, which is something that nobody wants.

Trading p2p should prove to be the go-to way to trade in India after this restriction is put in place. It's definitely not illegal for you to trade on localbitcoins still.

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June 11, 2018, 09:08:41 PM
 #13

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.

considering bitcoin is a virtual currency and there is no law prohibiting the sale of bitcoin is not a problem, because bitcoin does not require the government to set about bitcoin. because it's technology, not physical currency. so look ahead the government in various countries will think about review bitcoin. because they just assume that bitcoin is a currency whose value is always changing change. and assume that bitcoin is illegal. they just do not understand

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June 11, 2018, 10:20:54 PM
 #14

On April 7th RBI regulator said it will give entities three months to unwind their business relationships. “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies”.
Regulated entities which already provide such services shall exit the relationship within a specified time.


I doubt India will ban crptos completely because they will not be able to. The matter is still sub-judice and the final verdict is still awaited. But India doesn't have such kind of infrastructure to detect and ban all crypto exchanges. So most likely the existing businesses registered as a crypto business will be effected. The government doesn't have the power to detect the p2p transactions happening through fiat or through bank accounts in small volumes. So I doubt they will take any such legal step especially when the government has miserably failed to provide employment to the youth.

Just remember to keep your volume low. Don't exchange in significant volumes which doesn't match your previous banking history. If your average monthly holding value is 25k, don't exchange your bitcoins for 5 lac bank transfer. This will raise an alarm to the banks. Exchange within the limited amount and you are good to go. 

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June 11, 2018, 10:53:36 PM
 #15

Even if it gets illegal, who cares? Even weed is illegal here, but still it's so easily available lol It's impossibltile for the government to completely ban cryptos :v
If all the exchanges goes down, we will still have p2p exchanges.P2P trading can't be banned, but yea very few people will be interested in buying.

You can still trade for paypal here(or anyother platform) :v. only drawback being you would have to pay conversion fees :>
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June 11, 2018, 11:50:28 PM
 #16

Its still not illegal to trade bitcoin in India and it will not be after 7th July. After 7th July users just won't get the support of banks to buy/sell cryptocurrency.
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June 20, 2018, 09:10:37 AM
 #17

Its still not illegal to trade bitcoin in India and it will not be after 7th July. After 7th July users just won't get the support of banks to buy/sell cryptocurrency.

then how should we withdraw the investment we had made ?
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June 20, 2018, 11:35:41 AM
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I wouldn't say illegal but rather prohibited on banks and institutions that the RBI and the government have official connections with. Besides, people can still go P2P if banks wouldn't be allowed to transact with exchanges after all so it's still good. The problem is, it will remove the convenience part on the people who wish to buy bitcoins and might discourage them on giving it a go, but persistent users would surely find a way and possibly create a better platform wherein they can trade their fiat to bitcoins without having to rely on bank transfers and third party, or in other words, a decentralized exchange. The future is still bright for Indians since no official bans were in place, so business as usual, just no bank transfers for bitcoins.

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June 20, 2018, 12:05:49 PM
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Not at all! RBI has instructed banks to stop providing banking services to the exchanges involved in the cryptocurrency trades (I am sure this is beyond their authority) but as the individual users, we can anyway trade it using banking system (RTGS/NEFT/UPI) and to make it convenient, platforms like Localbitcoins is a good option. Exchanges are looking to find the way to deal with this issue.

This is the answer you're looking for. It won't be illegal for anything -- their central bank just wants all banks to cut ties with crypto-related customers. You can still use your bank account for crypto related transactions without any legal repercussions, for example. Your bank will simply stop providing you service if you do. You won't go to jail for any legitimate activity.

It also has to be noted that there's a hearing scheduled for July 20th which discusses the royal bank circular. If the Supreme Court rules it to be unconstitutional, banks won't have a basis to close your account for getting involved with crypto anymore.

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July 24, 2018, 06:17:38 AM
 #20

Its still not illegal to trade bitcoin in India and it will not be after 7th July. After 7th July users just won't get the support of banks to buy/sell cryptocurrency.
Trading is still being done in India right now. next hearing in september.
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