crypto currency ban in india

[Dmitry.Vastov]

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 

Yes I also heard the news that bitcoin has finally banned in India , reserve bank of India has issued a notice on 3/04/2018 that all Indian have to withdraw their money from the crypto currencies that they have invested within three months and after that all the crypto currencies will be ban in India and people will be solely responsible for their loses and now after the three months all the crypto currencies are finally banned in India , though the forum of rules and regulations is yet to declare by RBI but for now it is completely banned in India.

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[perova93]

India is now in the top five developers in the crypto system! I watch as every day there are a lot of good and promising companies, these companies are winning their place under the crypto sun! I'm sure that India now occupies a leading position in the development of crypto technologies! There was a lot of negative news, and against this background a lot of people spoke ill of bitcoin and the whole system. Now those countries that do not start the race in development and in the implementation of the entire crypto market, then these countries will have to very long catch up with those who are injecting and letting go of bitcoin and crypto world! india is not afraid of the crypto market, it is concerned about the appearance of new coins and new companies that turn out to be scammers! The whole world is concerned about such fraudsters, and this is the main threat in the development of the entire crypto market system! I'm sure that India is doing the right thing, that it protects its citizens from scammers! Crypto market is very complex and people who do not understand this crypto world and want to earn easy money, it's these people who suffer! India protects its citizens from losing money and from their inexperience in the world of investment!

[crptotrader007]

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  

This indeed is the most saddest news I have heard and. This has affected me a lot.Ban in India means affecting the one of the. This will also affect the market of Bitcoin in Asia and globally and this decision of ban will take half the market gone from both Bitcoin and other coin

[Capradina]

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.

Thank you for the information you provided.
very useful information, Yesterday I was surprised RBI has banned Bitcoin but my friends from india remain active trading Cryptocurrency in some exchange.
once again thank you for your information.
I understand now.

[criptoturk]

I am not sure about this news true or not because news can be incorrect..Bitcoin can be banned by one of the bank  in India instead of government.

[kateryana81]

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 hearing is yet to happen maybe in July as I heard but the fact as known to me is RBI will ban transaction of bitcoin to Indian currency and not trading of bitcoin among indivizual traders , also if it bans the trade among indivisual traders it wont have its effect in the internation trading market of bitcoins or any cryptos hence one can easily sell off their cryptos to some foreign trader without and hassle of having stuck them in the wallet and taking forever to recover the money.

[Raja_Salman]

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 

if it happens i do not think i can do anything maybe the Indian government will revise it all maybe the government has a very strong reason so prohibit and block the transaction with the cryptocurrency

[rexona]

which I know until now the Indian government does not ban bitcoin or crypto, I think it's just deliberate fake news made by people who want to drop the market price of crypto, because bitcoin and crypto are very sensitive with negative news.

[BaraxLo]

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....

It will really be awesome if that happens and they put up some strict rules or maybe just some fair enough rules instead of banning the whole bitcoin and crypto transactions and trading, although India is not the biggest centre of crypto trading neighther the people here know much about bitcoin, cryptos or blockchain, but if bitcoin is trasactions and trading gets banned in india then it will durely effect the bitcoin prices and consequently other cryptos too.

[karinaloren]

As far as i know, at the moment Indian government is actively working on preparing frameworks of crypto regulations. though there is little clarity, I think that as a result they will find ways to regulate this sphere without imposing of any bans.

[indog]

India is a sovereign state and is entitled to determine their destiny. Crypto currency ban in india greatly affects sensitive markets with negative issues, we cant do anything for it. We dont know what the next Indian plan is about crypto. I'm sure it's only temporary until they find their own way

[Lemayilleur]

the latest information in this story - in July, Indian citizens appealed to the Supreme Court with requests to suspend proceedings on the issue of a crypto currency ban until the next hearing. The request was rejected, and the ban comes into force from today.

[Bitcoinnumberone]

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 heard about this news but i know that bitcoin banned in bank of India not totally ban in India. You can withdraw it in other countries through paypal transfer it you can withdraw it. But if bitcoin totally ban in India there's a lot of users of bitcoin there, i know a lot of effect if bitcoin ban in India but i search that they ban in bank not in government so don't worry about it.

[pareshnakar]

completely not ban in india now, but we can not exchange inr  to crypto but indian government desided within short of time maybe unban transaction in india but i thought the indian government economical problem and corruption so crypto cruuency ban in india.

[Rustandy]

India will reduce the use of virtual currency associated with criminal activity. The Government does not recognize the virtual currency or coins as a legitimate means of payment and will do everything to reduce the use of these crypto assets in the funding of illegal activities or part of the payment system. Nevertheless, the Indian government is interested in the potential of blockchain, the technology that supports the virtual currency.

[Lucy.luies]

completely not ban in india now, but we can not exchange inr  to crypto but indian government desided within short of time maybe unban transaction in india but i thought the indian government economical problem and corruption so crypto cruuency ban in india.

Yes its is true

[stompix]

Yesterday volume on Zebay was 5 million $, today is down to 2 million $.
Probably it will go below 1 by the end of the week.

Volume on localbitcoins is pathetic, 158 BTC per week,
https://coin.dance/volume/localbitcoins/INR/BTC
I'm curious if we're going to see a bump when the stats update for the current week.

Either way, volume in INDIA is too tiny and the markets don't give a damn about the situation there.

[Mary Taylor]

Indians do trade extensively on international exchanges and will continue to do so even if the RBI cuts off their link to the fiat currency since it has not banned people from trading one cryptocurrency for another. Even if the RBI cuts off the fiat currency supply to the industry, people will trade cryptocurrency to cryptocurrency, which they have not banned.

[Jennifer Daviess]

India hasn’t banned cryptocurrencies, RBI is a banking regulatory body and controls the monetary policies of India, but it is not a legislative body. It can set directive regulations for the bodies that come under its defined authority, but cannot control or penalize other businesses or individuals.A law to ban the use or trade of cryptocurrencies in India has to come from either the elected governments (whether central or state) or the judiciary.
Reserve Bank of India issued a press that had a directive for withdrawing support to virtual currency businesses.

[Susan Diass]

The directive of  Reserve Bank of India only applies to the bodies that come directly under RBI’s guidelines. This doesn’t mean that this regulation will have no effect.All banks registered in India come under RBI’s regulation and have to follow its directives. This is bad news for cryptocurrency exchanges in particular who rely on banks for their business. The exchanges and other cryptocurrency businesses now have to find a way around using the services of Indian banks. They will have the option of dealing in cash, for example. Things have been made harder, not outlawed.