Effect on ICOs in INDIA, While RBI banning Crypto?

[ankurguta87]

Hi,

If RBI is banning crypto in India how these India ICO and crypto startups will survive? For example: OPTPAY, ENLTE and many more are there.

I thing through banning crypto they will kill funding and support for Indian startups and minds.

[drmilind2004]

If the RBI has banned/ is in the process of banning Cryptocurrency, then ICOs in India don't have even one leg to stand on.  At best they can do their preliminary work cheaply in India, and then proceed abroad to launch their ICO.

It will be simply impossible to launch an ICO from India. At best, a pre-coin (pre-pre-ICO) can be launched, and if that succeeds then you can use those finances to shift to Switzerland or whatever country and launch the proper coin/ ITO offering.

Unfortunately, so many scams are emerging in the small towns, with gullible people being conned; the term "Cryptocurrency" itself is gathering disrepute in India. It is already unsafe to say, even to your friends and relatives, that you are working on Cryptocurrency or launching an ICO. They will promptly think you are a swindler or a con-man because of all the recent bad press.

Much safer to say you are a Blockchain developer; and whatever the core content that you are tokenising.

[reliable]

Hi,

If RBI is banning crypto in India how these India ICO and crypto startups will survive? For example: OPTPAY, ENLTE and many more are there.

I thing through banning crypto they will kill funding and support for Indian startups and minds.

If this coins are registered in India then they will have to close their business after the ban comes in place. They cannot operate any crypto currency and government will specially be screening all this people who had taken money from people in the name of ICO and will take the action accordingly.

[divij]

If this happens it will be backward step in terms of development of technology. As it is we are facing the problem of brain drain and if a ban comes in place all the blockchain devs will start moving to Crypto friendly countries.

[Tushar Ramani]

This is not happening anymore in future. So, don't worry.

[Ahmet ozturk]

that is negative step if rbi banned cryptocurrencies in india. because crypto currency can bring revolution in all world and india biggest democratic economy not part of that make india backward in term of developement

[susila_bai]

that is negative step if rbi banned cryptocurrencies in india. because crypto currency can bring revolution in all world and india biggest democratic economy not part of that make india backward in term of developement

Not if but RBI have given clear indication to all banks to block the accounts which are trading in crypto currency and they have given instructions to all indian local crypto currency exchanges to windup their business withing 3 months as they are going to close down all transaction related to crypto currency. Which is clear indication from Indian government that they are banning cryptocurrency and they have also issued notice to the public that who ever is dealing in cryptocurrency and occur any loss then they are itself responsible for their loss and government wont deal in it.

[Vineeta2october]

that is negative step if rbi banned cryptocurrencies in india. because crypto currency can bring revolution in all world and india biggest democratic economy not part of that make india backward in term of developement

Not if but RBI have given clear indication to all banks to block the accounts which are trading in crypto currency and they have given instructions to all indian local crypto currency exchanges to windup their business withing 3 months as they are going to close down all transaction related to crypto currency. Which is clear indication from Indian government that they are banning cryptocurrency and they have also issued notice to the public that who ever is dealing in cryptocurrency and occur any loss then they are itself responsible for their loss and government wont deal in it.

They are not banning cryptocurrency, they are just killing the banking services for the exchanges and that's why some Indian exchanges are now starting Cryoto to Crypto trading which will ensure that crypto doesn't die in India.

[Punit kumar]

They are not banning cryptocurrency, they are just killing the banking services for the exchanges and that's why some Indian exchanges are now starting Cryoto to Crypto trading which will ensure that crypto doesn't die in India.

If that is the case then how are we going to encash our crypto if we need the money? Surely no one would just invest their money and keep it invested forever.

[markyonolan]

They are not banning cryptocurrency, they are just killing the banking services for the exchanges and that's why some Indian exchanges are now starting Cryoto to Crypto trading which will ensure that crypto doesn't die in India.

If that is the case then how are we going to encash our crypto if we need the money? Surely no one would just invest their money and keep it invested forever.

You can use your crypto for P2P transactions i.e. you can sell it to someone else who wants to buy. That's the whole technology that is powering blockchain and the beauty is that you can use these crypto for regular transactions without any middlemen (here, the banks)

[reliable]

when you get the answer send to my text box

No one is going to send it you personal inbox better you come on this thread and find out the latest updates that is happening and then take your call what you need to do. Also by the way you just joined recently so do you own anything till now or nothing? Avoid if you hold no coins now.

[mayankn]

ICO investors in India are mostly those who have advanced knowledge of Crypto and blockchain Projects than most of the beginners. So they won't let die the crypto culture in India,hence keep it alive

[chetanbhawani]

Someone investing in ICOs anyway would know the risks involved, so they need not worry. The ICO developers on the other side might also be prepared for the wrath, if that happens. I am sure the ICOs are ready to shift their locations to outside the country if the regulations are tough, though I am hopeful it won't be too harsh.

[rohitkaira]

Crypto cant be banned and limited within the boundaries because the blockchain technologies help to business to operate independently without or very little interference from authorities.

I think authorities trying to stopping certain type of operations because risks involved with dealing in crypto market and to protect vulnerable investors.

[ankurguta87]

ICO investors in India are mostly those who have advanced knowledge of Crypto and blockchain Projects than most of the beginners. So they won't let die the crypto culture in India,hence keep it alive

The supreme court clubs the multiple cryptocurrency cases against the RBI. Before closing for summer vacation,
the court asks bourses to engage directly with the central bank on the ban. It also asks the attorney general of India,
KK Venugopal, to be present on the next date of hearing, July 20. Lets Hope

[suchi2591]

This is not happening anymore in future. So, don't worry.

All happened, I think there is no hope on cryptos in India. After 20 july it will be more clear.

[drmilind2004]

Singapore, Malta; Zug (Switzerland) if you are flush with funds. Else, get a Canadian PR visa.

But, you can do all the Blockchain dev work in India on the cheap, including the Bounty campaign, and the Social Media Management; and use Singapore etc as the base for launching the company and ICO, especially if you manage to get private investors on board before-hand.

Moolyacoin did this, but they already had a working product online for months before their ICO, and their entire team and ICO Management had solid credentials.