crypto currency ban in india

[aponrahim]

The Indian government thinks that cryptocarrency is illegal, because the government does not get any interest from this bitcoin transaction, so it is not legal in India. But once the cryptocurrency will be legal, but still many people are using cryptocurrencies . And indeed, whether Bitcoin is banned in India, it is really true? Please answer me?   

[BTCbengi]

I think that before the ban comes into effect, there will be time for the citizens of India to completely withdraw their property from the crypto. So do not worry too much about this

[loloos]

cryptocurrency is not banned in India in total.  RBI has put some regulative rules on it. So, If you want to deal with it now the exchanges will give you further clues about what to do now

[dunkerey]

cryptocurrency is not banned in India in total.  RBI has put some regulative rules on it. So, If you want to deal with it now the exchanges will give you further clues about what to do now

Yes, I agree with you. I've read some where that cryptocurrency are still not banned totally in India.

[SmartCams]

Cryptocurrencies in India recognized as property? Tell me, please.

[sinkfish]

The Indian government thinks that cryptocarrency is illegal, because the government does not get any interest from this bitcoin transaction, so it is not legal in India. But once the cryptocurrency will be legal, but still many people are using cryptocurrencies . And indeed, whether Bitcoin is banned in India, it is really true? Please answer me?   

how odd one of the most IT savvy country are not interested in crypto.

[mithon2017]

Don't worry.  you can using it Many different ways. crypto is something who is not control government. it's has lots of advantages. lot of website accepting Bitcoin. I think, BTC will legal crypto currency every country in future

[drumamat]

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.

It is sad to hear and see the news that the use of cryptocurrencies has been banned in some country. No matter how hard the governments try,people will use cryptocurrency everywhere and always. Just for full use it takes time.Some global paradox is observed daily. Some countries see the possibility of cryptocurrency, others a threat. I hope with time this barrier will disappear.

[Troysen]

Usually, when these blockades occur exchanges give a period of time before closing their operations, in this time you can change your cryptos for fiat if you get a buyer, you could also use VPNs or other types of pages to skip this blockage, as many Chinese people do.

[ChaturMaster]

cryptocurrency is not banned in India in total.  RBI has put some regulative rules on it. So, If you want to deal with it now the exchanges will give you further clues about what to do now

Yes, I agree with you. I've read some where that cryptocurrency are still not banned totally in India.

Since 5 July till now there is only blanket ban by RBI (Central Bank of India) hinted banks to stop banking with firms dealing with cryptocurrency.
There is no law by central government about cryptocurrncy is illegal.
One can hold/deal in cryptocurrency untill new law is made which might completely ban cryptocurrencies in india.
New governor of RBI Mr Shaktikant Das previously before occupied as governor of RBI mentioned that cryptocurrency should be totally banned in India.
One thing is clear new governor of RBI Mr Shaktikant Das is against of cryptocurrency so possibly cryptocurrencies will be totally banned in India soon.
At this point Indian small crypto investors are at risk of loosing their investments and decision of banning crypto in India will push back India 20 years back, also economy of India at risk because other countries has showed green flag to cryptos will lead Indian big investors and exchanges to fly away from India with cryptos worth billions of dollars.
Let's see what happens next. What will be decisions are made by RBI governor and central government.

[TheMoneyMongers]

India is a copycat and not likely to ban cryptocurrencies but that should a positive thing for all the citizens.

[bitfocus]

well, according to recent news, RBI might allow crypto under strict regulations
https://blockchainreporter.net/2018/12/26/india-crypto-might-be-legalized-with-firm-regulations-in-place-says-government-committee/

[pundit]

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.

I completely agree to this point, ban on cryptocurrency in India means no legal trasnaction can be carried with with BTC, I live in India and I use to buy and sell cryptocurrencies through P2P exchanges like localbitcoin and localethereum. I have even filled my ITR of this year showing income from BTC, if govt can take a tax from BTC income then how can it be considered as total ban.