crypto currency ban in india

[James Smithh]

I think that If India is banning Bitcoin transactions, how about a startup there enter the ICO market? This is all very new, so no one has the answers yet.

[irenegaming]

The country specific crypto ban news should be avoided, cause just like there was big news about cryptocurrencies being banned by the RBI in India they have again released news yesterday that cryptocurrencies would be allowed to run as commodities. Cryptocurrencies aren't that easy to ban and there is no way governments can control it.

[ashfakur]

hello dear, what is you said! This is fake news! Because the crypto currency has not band in india ! Rather, some of the indian bank has issued some rules on crypto currency, for her own rull! but it has not been officially announced! And I have some friends in india who ask me to sell them bitcoin and eth , they give me this information, so it is also looking for ways to make a fake news for market dwon and nothing else!

[nz_sana]

Not only India but many countries have the same issue. Those who are faces this problem they also search for a side way to make a transaction. There are some reliable & trusted sites for exchanges. We can exchange our cryptocurrencies for PayPal, Payza, skrill, Neteller etc. If you earn bitcoin you can use it for your own choice by exchanging your country allowed virtual currencies.

[hidden_legend]

Entities like banks regulated by RBI are prohibited from providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies.Supreme Court of India also backed RBI ban and now final judgement will come by month of September 2018.Let us wait for it and hope apex court take a wise decision regarding it and allow people of India to invest and trade cryptocurrencies with stick rules and regulations.

[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.

[Ava Duvall]

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....

Exactly. these rules will not help out alot, they will give the opposite effect, banning never did any good. don't understand how the government believes banning will do something good

[hitchcoin]

I cannot even imagine what should Indians do because if my country will ban cryptocurrency I think I will move out from my country to live in the neighborhoods somewhere.

[deloreswest]

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.

well its so sad that india going to ban cryptocurrency. I believe this going too far and india too afraid with something that they dont understand and they are not open with new things, i even hear they cant cash out their crypto into fiat anymore right now. Well i guess the best way is you should find a foreign bank in your country which could be use in particular local exchange and then you should make a dollar(optional) and i think  you can turn your money into dollar and then turn your dollar into your own fiat. This is the best way i could think i hope it works.

[sanjeevbaweja]

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 

No it can be not ban in india, but can be delay in regulation in India

[Thyristor]

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  

Crypto currency illegal specially india if there are many btc based big project are developed in india & nearest country bangladesh.In those countries peoples facing many trouble regularly.world is changing by crypto currency platform.In future majority of the countries accepting Bitcoin just wait see.

[joebrook]

I cannot even imagine what should Indians do because if my country will ban cryptocurrency I think I will move out from my country to live in the neighborhoods somewhere.

The national bank cannot prevent people in India from investing into Bitcoins, what they can do is that they can make sure that banks don't let their customers use their services to purchase bitcoins and other cryptocurrencies.

[gasparyu]

I don;t you fully understand that this ban just don't allow merchants in  India to use bitcoin in official trasactions. But citizens there will still be able to have their bitcoins used. Maybe use them for online stores or for trading. This ban just limits how the bitcoins will be used in India.

[Macon Bargeman]

India and all other countries have taken an initiative to include the field of (KYC) in cryptocurrency buying and selling wallets. Meaning everything you buy and sell can be tracked. So, there is no reason for india to ban cryptocurrencies.

Yet some of them like bitcoin etc can be banned because they are just a cryptocuurency.

Ethereum wont be banned because it is a smart contract platform. And it has changed the world of information technology a lot. So to conclude if you choose to invest in Ethereum, you’ll definitely profit.

[basyang]

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 is sad to hear if India will banned cryptocurrency in its citizen. If this thing happen, please contact your customer service in wallet they will help to withdraw the cryptocurrency if this thing occur. It is really hard if your  government prohibited the usage of bitcoin especially if bitcoin benefited you, but as long as possible make sure you will not violate the law so that bitcoin avoid some bad image.

[Zhess Miller]

Crypto technologies works in decentralized way, making them robust against any type of censorship.

It is not owned or controlled by any company
It is not dependent on any Geography location
It cannot be attacked digitally by government, as crypto network is huge
It's not a physical assets, so government can seize it.
However, The government can ban the trading platforms and make it difficult to buy-sell cryptocurrencies. This way it can control the flow of fiat currencies into crypto currencies.

Disclaimer:

It's not an investment advice.
Invest on your own risk.
Liquidating Crypto assets might be difficult in future, if government works against it.

[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.

[stayeduptolate]

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 statement is not true as it seem to be when written. As we all are aware with this that bitcoin is a decentralised crypto currency and no country has the right to ban it, countries can ban bitcoin in their nation only and can stop people from their national exchanges only and moreover India has banned bitcoin before giving a prior notice, 3 months ago but still there are people in India who are using bitcoin but there are still assumptions that there could be some amendments regarding this notice.

[MTNAX]

It's a pity if bitcoin is banned in India, because in my opinion bitcoin is one of the sources of additional income after our salary works. Bitcoin has an advantage for people who use it even though there is a high risk too, but we have to think positively about the ban on bitcoin in India, it is possible the government banned the use of bitcoin for fear that the state's finances would be disrupted.

[GideonGono]

I'm not kind aware on this news but then again, i just wanna share that before 2018 i guess it's been a news on the crypto that government of india was planning to ban bitcoin , and any other crypto coin, because of lacking of knowledge i think (p.s correct me if i'm wrong though), and back to the topic, as of now government of india was setting up regulation in regards on cyrpto currency in india.