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Author Topic: bitcoin future in india  (Read 154 times)
Handa
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June 29, 2018, 05:49:19 AM
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RESERVED BANK OF INDIA  has recently stopped accepting crypto trading into bank accounts but keeping bitcoins and other altcoins is not banned by government . So what are the possible ways to trade our coins , wait for the regulation of cryptocurrency in country or move out with our coin wallets
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jamesbtcearn
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July 01, 2018, 10:28:16 AM
 #2

I think you should wait for some time as the RBI has recently stopped crypto trading into bank. But I think there is still a hope as the government didn’t banned the cryptocurrencies. I think they will set some regulations and taxations. Till then you should wait.
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July 01, 2018, 01:55:23 PM
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I think you should wait. If they totally ban it someday, then you can move out your coins. If situation like this ever arises, you can form a community and appeal to the government.
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July 01, 2018, 01:58:40 PM
 #4

I think you should wait. If they totally ban it someday, then you can move out your coins. If situation like this ever arises, you can form a community and appeal to the government.

India people are one of the movers of cryptocurrency if there are many people appealing their cause, then this politics will take heed, you can organize community and group, so you will have voice in their decision making remember, you voted for them in office.

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July 01, 2018, 02:18:26 PM
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first of all you don't trade cryptocurrencies "in your bank account"!!! not just in India but anywhere else in the world.

secondly Reserve Bank of India has not done anything as far as i can tell. there were rumors that they planned on closing the bank account of one exchange called Zebpay which happened to encounter a lot of criticism and angry customers so they decided against it.

finally it is bitcoin we are talking about which is a decentralized currency and in the past Indian have proven that they will move to p2p trading of bitcoin if their banks start pulling pranks like this on them. so that is the future for you: more p2p trades.

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July 01, 2018, 04:59:48 PM
 #6

Yes RBI has stopped accepting cryptos. But they are still thinking and making the possible ways to accept cryptos. There are so many tech celebs belong to India. I hope it will be well established in Indian Economy.
vickybitcoin
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July 01, 2018, 05:06:47 PM
 #7

RESERVED BANK OF INDIA  has recently stopped accepting crypto trading into bank accounts but keeping bitcoins and other altcoins is not banned by government . So what are the possible ways to trade our coins , wait for the regulation of cryptocurrency in country or move out with our coin wallets
This is bad news for indians who invested an believed in cryptocurrency. They might even encounter problems on how to incash their bitcoin now..
Pancheng
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July 01, 2018, 05:26:06 PM
 #8

Earn crypto by doing bounty campaign and airdrops then convert it to ETH or BTC then you can start investing to coins you want until you will earn enough credit to withdraw then you can travel to other country to withdraw it then comeback to India if you want,

this method won't involve your bank in the process I think this will be a good way.

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July 01, 2018, 05:30:10 PM
 #9

i think this one is already in the news before..but crypto currency is not traded on your bank account, it is traded on exchange.. and  you can keep your bitcoins on your hardware wallet if you don't want to exchange it in cash

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July 01, 2018, 05:36:29 PM
 #10

The move by India government to ban crypto is on the way and banks and other institutions that used to be crypto friendly are starting to show signs of non compliance with crypto traders. The futures lies in what the government decides about crypto.

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July 01, 2018, 05:42:24 PM
 #11

Indian Central Bank, the Reserve Bank of India’s (RBI) crypto circular, dated April 6 which had given the payment companies and banks, a 3-month window to end their dealings with all the cryptocurrency entities will come to an end on July 5.

As a result, it will be almost impossible for a cryptocurrency exchange, wallet to provide Rupee-to-cryptocurrency transfers and vice versa. And, the Indian crypto community is still not very excited with the crypto-to-crypto tradings.
As the Supreme Court of India has already refused to issue a stay order against the RBI circular, and the next hearing will be on July 20, this simply implies, the Indian cryptocurrency exchanges have hardly any choice left but to shut down their rupee-to-crypto transactions and wait for the Supreme Court’s rulings as well as the Subhash Chandra Garg-led committee report on the regulations on cryptocurrencies in India.

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July 01, 2018, 05:44:50 PM
 #12

I have seen many ICOs launched by indian organization. And also in many ICOs the lead developers or blockchain analyst have been indians. So I think cryptocurrency will be a big thing in india despite the ban of it. I hope government will rethink and withdraw the ban of transaction of bitcoin.
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July 01, 2018, 05:46:11 PM
 #13

the Internet and Mobile Association of India (IAMAI) has filed a write-petition in the Supreme Court to overturn the ban banking services to all cryptocurrency exchanges.
More details about the fight against the ban can be found here.
This thread can also be helpful for more information about this topic: https://bitcointalk.org/index.php?topic=3262996.0
Note that by the 6th of July, banking services to all cryptocurrency exchanges in India will be stopped.

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ritiktakyan01
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July 01, 2018, 05:52:02 PM
 #14

RBI has banned the crypto exchanger to comply without any rules, but the government is not in its favor. India is hopeful of a solution to this problem soon.
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July 01, 2018, 07:06:36 PM
 #15

it's like in other countries, in Indonesia, in Vietnam, and in some other countries that have no clear regulation about the crypto world.

so, I think you can move your coin to every wallet you have, because waiting for uncertain regulation will only waste your time.

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July 01, 2018, 07:34:08 PM
 #16

if I think people in India have to wait for the regulation to transact, because now the government of India is still banning the crypto trade. Long-term investment is the right advice, because now a lot of people have crypto assets such as bitcoin and others.

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July 02, 2018, 05:08:26 AM
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I think BTC is hard to understand and can legally exist in India, which is quite bitcoin
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July 02, 2018, 08:16:41 AM
 #18

I think you should wait. If they totally ban it someday, then you can move out your coins. If situation like this ever arises, you can form a community and appeal to the government.


At this moment india government bannning bitcoin in their country but I think what's the important is we the bitcoiners should not loose hope that time will come that India government will accept bitcoin and be legalized in their country.
cryptolovers990
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July 02, 2018, 06:56:40 PM
 #19

unfortunately in India banks are still not comfortable with dealing with crypto currency market but the India government still didn't ban it so we have hope upcoming future can bring something positive
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July 02, 2018, 07:08:09 PM
 #20

The reserve bank of India can not ban bitcoin after all bitcoin is never stored under them, as long as they customers still use master cards issued by the bank it can still be use to buy bitcoin as long as they account is founded. Bitcoin is highly decentralized and hard to be controlled by any institution. So I believe they can only try but can not stop bitcoin transactions in totality' using they bank.

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