crypto currency ban in india

[pitiflin]

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.

Crypto is NOT BANNED IN INDIA. I read about it and apparently what has happened is, India's regulatory bank RBI has issued a statement that banks can no longer be in touch with crypto exchanges and also exchanges can't deposit or withdraw any fiat from banks after a specific date(I don't know what has happened recently but this was the case a few days/weeks ago). Normal people don't have anything to do with it. Just buy/sell your bitcoins at localbitcoins.com

[CryptoGamblingSites]

Already posted our article above about the India Bitcoin issue.

People who aren't in India still don't seem to understand the situation in India though...

The Rupee has hit 15 year LOWS
https://qz.com/1271603/why-the-indian-rupee-is-sliding-and-what-it-means-for-the-economy/

People will use Bitcoin to transact and store wealth, which will further devalue the Rupee. It will NOT stop people from using Bitcoin in India anymore than it will stop people buying and selling gold.

Two years ago the bank of India said they had to remove the 1000 and 500 rupee notes because of illegal activity
https://www.theguardian.com/world/2016/nov/08/india-withdraws-500-1000-rupee-notes-fight-corruption

That didn't stop the Rupee from declining in value in the global economy. People who held bitcoin instead of Rupee back in 2016, have GAINED value from the Rupee they stored in Bitcoin.

People who kept their Rupee in Rupee, have less spending power with that money today than if they bought USD with Rupee even.


Cliffs: The Rupee will keep losing value and bitcoin continues to be seen as a better storage of wealth in India.

[coin163]

Not banned. In India as of now central bank asking banks to stay away with transactions involving cryptocurrencies.
i think its just some discussion on regulations not abt banning

[newinbtc]

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 

Please look at Indian section For this type of Questions.

Bitcoin is banned Still in India , Recently Rbi Planned to remove ban from Bitcoin as per economic times. Private banks of India already Blocked the customers who trade in crypto but still banks like State bank , Pnb Accept crypto tranx..

People Are looting Government by not paying Tax Gst amt on products. And Not using make in India products instend they use branded Products which comes from Us..

4 years back Ruppe price was 45 rs as per 1$ . Why it Increased in less time... Reason behind this We have to change our self then ruppee will increase...


Not an issue if btc banned you cannot invest or withdraw. But youncan trade from one wallet to another

[Sanu Simon]

As in one of the quote above, already bitcoin is banned in India. Recently RBI came up with plans of taking back the bans and allow usage of bitcoin through regulation. By this time there is a hearing on 5th July related to this. If something positive happens can expect a price pumping else the downtrend might go even low.

[Handa]

yes, cryptocurrency trading into fiats has been banned by RBI (Reserved Bank Of India) as they don't want to show or help the crypto as a legal payment in the country . The thing is the trading into INR is banned by RBI but government hasn't banned the cryptocurrency, so their is a hope than government can soon regulate crypto in INDIA . In case, you want to trade crypto straight into bank you can wait till regulation of crypto or can move to neighboring countries where cryptocurrency is not banned

[rajkr]

There are very few chance of banning the crypto currency . Only new guidelines will come in place so one needs not to be much worry but if it happens the trading company is also opening their foreign branches so our money will be safe.

[demenBTC]

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.

it's a serious matter, a concern is sure to happen to everyone if in their country has banned krypto, but I agree on the above post, that the ban definitely gives the krypto user time to immediately withdraw their funds before the government closes it

[Cybercrypt]

Attempts to ban cryptocurrencies already showed total inefficiency. If India ban crypto, Indian business and investors will just work through asian region and this will do no good to India, but do good to other countries. Indian government is not so stupid I think, so they will definitely try to regulate crypto somehow, and not ban it completely.

[classictee]

so certain the ban will still be lifted after they have so much rethink and the implications, they will rather put a regulations to it by then instead of the permanent ban

[Greenkarki]

In india still bitcoin is legal, it is not banned. RBI just inform to stop the bank accounts of the people who deals with the bitcoin transaction. But still people are using it only. Indian government is planning to introduce their own cryptocurrency. So the government will not banned the cryptocryptocurrency in india. Bank only stopped the transaction from changing bitcoin to fiat. But still government didnt take any action against cryptocurrency.

[sufiasyl]

Many countries accepting btc or crypto currency based on their benefits but I don’t know why they are ban crypto currency where as many people of India can earn lots of profit but this is not good decisions taken by government also they will suffer based on this ban issues.

[YellowMind]

That's not a good news. It was heard that there will be a hearing in July about it. Maybe they are not going to ban it but will put some regulations on it.

[CoinSpeculator]

people soon realize they can't ban crypto. i think this bans for another reason we don't know yet.

[paulparkker]

Recently Government of India banned Cryptocurrency and The Supreme Court of India had sought a response from the Indian Government for a petition asking for regulation of cryptocurrencies. The government is yet to respond and not only India, China also banned cryptocurrency.

[criptoman83]

In General, I rarely bring my crypto assets to fiat, although in my country it's not regulated in any way, accordingly it's not prohibited. If your country really presses cryptocurrencies, then you just have to wait, perhaps the situation will change , transfer coins from exchanges to wallets for greater security and leave until better times. Now is not the best time in any case, to sell cryptocurrency and withdraw in fiat, just losses.

[jonhsongotti]

Not all countries accept cryptocurrency, which is normal. The Indian government has views to issue that ban.This can cause a lot of difficulties for trading in this country. The number of people involved in the crypto market is huge. I am more interested in India because of the ICO projects from this country. Typical example is Merculet, the project has been on the floor for some time

[DarrinEspacio]

This is really disappointing for crypto users of India based on this they can’t do or they can earn profit from here also they can but its very tough and risky so their govt. should consider this so people can earn more and this is not smart idea taken by govt.

[phelbaby]

In a stuation were the cryptocurrency ban also affect Exchanges, there are better option such as having a trusted friend in another country were there is no ban,who can assist in trading the cryptocurrency to our fiat currency better still keep your currency pending on when the ban will be lifted.

[jokowi]

Wake up guy, and find out information thoroughly! Obviously, in India, the government does not prohibit bitcoin. People are still free to work with it. However, they have an advice for everyone, avoid transactions for cryptocurrencies.