crypto currency ban in india

[EllaJulie]

Efforts by electronic money exchanges in India to lift the ban from the central bank have initially failed, but they still have hope. Market India has been severely affected by the RBI ban, leading to the closure of at least one electronic trading platform recently.

[sinkfish]

well. at least in india, cash deal still works. transfer among wallet still works. to log in to exchanges, just use VPN.

[Epimetheus]

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 

In India April 2018 India high court ban cryptocurrency in India. According to reserve bank of India (RBI) no cryptocurrency sites are not permitted to exchange cryptocurrency with any indian bank. Which means no cryptocurrency can convert into Indian currency. According to Indian government bitcoin put negative effect on their country economy and also affects the country national currency. You can do all the cryptocurrency related work in india like signature campaign job, trading except mining but you can't convert it into Indian currency.

[Coinraptor]

Quite bad news for Indian crypto adoptors as India has a huge population they could have used cryptocurrency for developing their economy. So far I know they might change their decision. Crypto user can use an alternative way for the transaction. So it is really pathetic and impatient incident for Indian huge crypto lovers.

[Screamshot]

How authentic is this news? If cryptocurrency is ban in India that would be a big blow to cryptocurrency enthusiast in the nation and in the world at large because India has a large populations

[MichaelOwen]

This means that there is no exchange between the Indian currency and the cryptocurrency; if so, the Indians must convert to other currencies such as the dollar or the euro to exchange bitcoins.

[thenameisjay]

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 

Try going underground. There is definitely a market underlying or working under the covers of India. There is always a way to pull out your bitcoins to cash. It's just that you have to find these people who are willing to transact with you. Always think one step ahead of the government.

[gesdan]

hmmm, I think bitcoin is legally used in India because I see there are many investors and many bitcoin users in India, I think it will give the big effect of the bitcoin market.

[Agatha-Akina]

The Indian government has taken a position to remove the Bitcoin currency from its economy. India does not consider the virtual currency to be a legal means of payment and will do all it can to remove the Bitcoin support. for illegal purposes and payments, however the government is exploring Blockchain technology

[bbcolex]

They can't control people to hold some amount of btc , they can always warn people about the use of Bitcoin. I think its far impossible to ban it, they can always announce 100 times about banning crypto but they can't really ban people from owning one.

[Wodomi]

I feel so sad for this matter. I don't want this to happen for the country of India to have already been banned the use of crypto currencies. Well, I had a friend living there and he is using crypto cyreencies. I feel so sad when I read this. Well, I still have hope that this will reverse.

Prohibition of using cryptocurrency by the government is increasingly widespread in various countries. Now the ban also arises from the Government of India but will not establish penalties for cryptocurrency users and will only limit and close access to the use of cryptocurrency as a means of payment. However, India sees the advantages of blockchain technology and adopts and develops it for use in the national financial system.

[sinkfish]

there always be a way to work around. trading might not be easy, but P2P should be all around places.

[CryptoRama]

INDIAN govt or RBI never said that Crypto currency is ban in India
it has told that the bank never accept btc or other crypto currency
but till court hearing it is not illegeal but some peoples who dont know correct information making rumeos

Thank you, then it's a high chance I'll move to India, but even if it would be banned, you can still sell bitcoins with people from other countryes with just a one or two connections. eazy. That is the charm of crypto. Crypto saved russia, and it could save some other countryess too

[osmo]

if all exchanges are banned in India then there is nothing that can be done, maybe waiting for the Indian government's policy to change about cryptocurreny or if you still want to use crypto then use the exchange outside of India

[bitfocus]

i rather think that indian government just closed a window of a supper opportunity to step in  the new world.

[MTNAX]

According to me, it is very unfortunate if crypto is now banned in India because if crypto is banned, the chances of bitcoin users becoming successful will be even narrower. Bitcoin users there can only wait for government policy at a time when they will come and hope the government will accept bitcoin later on.

[tramadols]

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 

At present India has allowed the crypto trade back from peer to peer, yes the government of India has made changes to crypto but can be traded in India.
and currently has no effect on the level of decline or market growth.

[gheawari431]

Quite bad news for Indian crypto adoptors as India has a huge population they could have used cryptocurrency for developing their economy. So far I know they might change their decision. Crypto user can use an alternative way for the transaction. So it is really pathetic and impatient incident for Indian huge crypto lovers.

The policy of banning the use of cryptocurrency in India is theoretically possible, but in practice it is very difficult to prohibit, because all transactions occur on the internet, so no one knows because it can use a server from a country where cryptocurrency is legalized.

[krishnaverma]

I feel so sad for this matter. I don't want this to happen for the country of India to have already been banned the use of crypto currencies. Well, I had a friend living there and he is using crypto cyreencies. I feel so sad when I read this. Well, I still have hope that this will reverse.

There is so much uncertainty currently and government is taking so much time to frame rules for crypto use in India.

Based on past records in similar cases, I will not be surprises if it takes more than an year or so for the government to come up with regulations. I can understand that it can be a complicated issue but taking so much time is not professional.

[saumang2m]

Bitcoin is such a currency. Which many countries are afraid to adopt. They feel like this. That the use of this currency could harm their country. But there are some countries like this. Who wants to adopt Bitcoin with some conditions. In which India is a country. But Bitcoin can not control anybody. This is an independent system. Because of which some people think That India has bitten Bitcoin into its own country.