crypto currency ban in india

[shivakumar D S]

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

[jossiel]

How's the hearing goes by the ban?

This is what I've researched - Cryptocurrency exchanges in India brace themselves for RBI ban

So in case that the ban is real, I guess exchanges will give you directions on how you can cashout your crypto's into fiat.

But if there's a total shutdown and everyone's forbidden to withdraw, buy and sell crypto's, your option is to move to your nearby countries where crypto's aren't ban.

[CHENIEN]

If only bank of india banned cryptocurrency and not the government, maybe it is not totally a real problem of cryptocurrency business, and I'm sure there is a future solution on that certain issue. And this is not the first time I heard about issues of banning about cryptocurrency, some issue of banning is a total banned by government but it has already resolved by the management of cryptocurrency business.

[Herlina]

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

It means RBI has banned all access to exchange Crypto to Fiat and there is no way to exchange Cryptocurrencies to Fiat in India
I think an alternative way would be useful for this case, you can use exchanges from other countries that provide Fiat pairs in their service but, usually pairs Fiat that available is the currency of another country like USD, EUR etc.

[popelene1]

But later heard they want to reverse the decision, instead they will  come with a strict rules of regulations to make people more believe about it....

[jak3]

First of all, people are misunderstanding this ban. This ban was only for stopping any official transaction on bitcoin to Indian currency. RBI does not want that businesses or any other money exchange services face any kind of heavy loss because of bitcoin's price fluctuation. That clearly means bitcoin cannot be used by any businesses inside India no matter if you pay tax or not. but that does not apply to any individual user who is selling bitcoins or buying bitcoins. That's why localbitcoin site does not get affected.

[O9NpJ9ld1opS]

Cryptocurrencies are not banned in India yet. There is a hearing scheduled in July. It is expected that rather than banning them, they are possibly going to regulate cryptocurrencies and tax them. Regulations are a good thing indeed for cryptocurrencies.
On the other hand if cryptos gets banned, there is no need to worry, there are many possible ways in which you can withdraw. You can use localbitcoins.com to withdraw.

[mustamin88]

I think about the ban on virtual money in India is already commonplace, not only in India, in other countries are also many that prohibit.
but I hope someday, the state that forbids crytocurrency. will find the best solution.
so cryptocurrency can be accepted in the community.

[zenhu]

Why we still talk about cryptocurrency being banned in some country ? I mean we allready read this kind of post a hundred times or more in this forum. And as i know goverment in india not banning you to trading or selling and buying crypto, like this guy said

First of all people are misunderstanding this ban. This ban was only for stopping any official transaction on bitcoin to Indian currency. RBI do not wants that businesses or any other money exchange services faces any kind of heavy loss because of bitcoin's price fluctuation. That clearly means bitcoin can not be used by any businesses inside India no matter if you pay tax or not. but that does not apply for any individual user who is selling bitcoins or buying bitcoins. That's why localbitcoin site does not got effected.

Lets keep our work in this crypto world like ussual, even if your country really banning cryptocurrency the exchanger or market where you put your coin will tell you the easiest way to cashout your money.

[imrul5]

It is true that Indian government wants to be more cautious about bitcoin transaction. But they never said that they will ban it. Still, they ban it in India you can withdraw from other country's account.

[boyshx]

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

The situation is really bad and Supreme Court has already banned all the case raises from the mega exchanger that is ZebPay.

You will mostly have to trade the bitcoin or altcoin with locals and find someone who is having big bag of cash and is interested in the crypto exchanges after this ban. And yes I am sure there are many people around there who is doing such hidden businesses.

I think localbitocoin website will be great hope for you guys if nothing worked up. And in the final solution exchange your coins with someone who is willing to pay you over the PayPal.

[paul00]

I think you must talk to other people that are outside your country which is india. You need a help from them for you to withdraw your coin into fiat and send it to you via remitance center or paypal I guess. or you have a friend outside your country that are trustworthy because there will be a person that will take advantage on you if they will know that you needed it.

[marcbitcoins]

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

I think the possibilty of banning Bitcoin in your country is so far from reality to happen because your government and central banks are considering the regulation than banning the investment here is the link https://www.ccn.com/cant-unilaterally-rule-on-bitcoin-legality-indias-central-bank-tells-supreme-court/ but just in case they will ban it then of course your local exchanges in the Indian users will be given a time to dispose the currency by setting a schedule of effectivity of the ban.

[stompix]

It's not an all-out ban but it does seem the effects are real. My previous post in a related topic:

This screenshot was supposedly taken at the moment of the announce.

And now:

A drop from 8 million to barely two is pretty serious in my opinion.

And for those saying locabitcoin is the solution...the best offer I see is 429,218.72 INR , that's 6251$....auch!

I think you must talk to other people that are outside your country which is india. You need a help from them for you to withdraw your coin into fiat and send it to you via remitance center or paypal I guess.

Wow, using PayPal and WU to transfer crypto earnings....
Common.

[ragavancoin]

Still we have time until 5th July after that we will get to know about ban or nit, incase RBI ban Bitcoin exchanger in India do not very they is way to exchange in localbitcoins and more options is there.

[anilsaini0327]

Currently the Banks associated to crypto exchanges will follow RBIs guidelines and will cease their support to them. This means that the withdrawals and deposits will not be present. Soon there is a hearing in court regarding this matter in mid of July. The scenario will become clear after that only. Till now, cryptocurrency is not banned but you won't be getting banks services for withdrawals and deposits.

[dashcollector]

Now we have the next hearing on ban on 3 July and it is before that final date of ban which is 5 July. The ban may be removed.

[budismile]

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

There was another bad news for bitcoin. if in India forbid, then you have to go abroad to withdraw the crypto currency. There is no choice anymore, because the Government of India bans Crypto. really unfortunate for the people of India, may the Indian government can correct and revoke the rules

[anhzaibro]

I think the best you should go to a neighboring country does not ban the cryto exchange. The exchange will be easy. You can also do it in your place in many other ways. But that is illegal.

[sakahayang]

hi......... if in case of crypto currency exchange or use of currency  has banned by RBI in india  means what is the further steps to withdraw the crypto currency 

Should the Indian government be able to compete with other countries in the world Cryptocurrency, because I think the Indian state will lose if it should prohibit Bitcoin.
many ways to make money withdrawal, just search on google! you will surely find it. so no need to worry about the incident and I hope everything can be in good condition.