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Author Topic: India might pull back the ban on crypto-fiat withdraws!  (Read 214 times)
taiwww
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June 30, 2018, 09:33:33 AM
 #1

The positive news is that India may not be shutting down the currencies. All India Mobile And Internet Association has already filed a petition against the Reserve Bank of India and thats why Supreme Court has filed a case and for which the results would be declared on July 2nd. Most of the people think that there will be amendment in the use of crypto currency rather than banning it completely and thus it has already become good news for the India market. Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.

Anyone has insights about this?

   

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stompix
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June 30, 2018, 10:47:46 AM
 #2

Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.
Anyone has insights about this?

Nobody cares about India, sorry but that's the reality.
Just as nobody cared when Poland showed the door to its biggest exchange or Bangladesh was banning BTC
Both of them and a lot of other countries are too insignificant to determine such a price rise.

As for the petitions in India we had a lot of them and nothing happened before, this is just a coincidence and you're trying to find links between the events when there is none.


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June 30, 2018, 10:52:49 AM
 #3

It will be a good news if that happens atleast for the citizens of the country as ban might have stooped people using it. But considering the government policies and election coming in next year things may not be the way it seems and anytime the u-turn can happen and will know soon.

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June 30, 2018, 11:10:08 AM
 #4

The positive news is that India may not be shutting down the currencies. All India Mobile And Internet Association has already filed a petition against the Reserve Bank of India and thats why Supreme Court has filed a case and for which the results would be declared on July 2nd. Most of the people think that there will be amendment in the use of crypto currency rather than banning it completely and thus it has already become good news for the India market. Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.

Anyone has insights about this?

reading opinions on the above article I feel that this is good news for crypto and the government of India is open to the advancement of the times, the people of India are very fortunate with this and it will certainly have a good impact on the state of the world crypto market though not directly felt the state of the market against purchasing power there is an increase although not directly I am sure there progress gradually increased, goo luck and successful for all of us
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June 30, 2018, 12:52:47 PM
 #5

Sharing avikz's post.

Update post:

Internet And Mobile Association of India mentioned its petition before Supreme Court vacation bench on 22nd May. Urgency was cited because of 5th July deadline from RBI & the Supreme Court fixed the matter for hearing on 3rd July. Also Indian Crypto Regulatory framework almost prepared. Inter-disciplinary Committee to discuss a draft in the 1st week of July. Likely to wrap up the work by 15th July.



News source: https://twitter.com/cryptokanoon


Nobody cares about India, sorry but that's the reality.

Broad opinion, don't think it matters when you're into a decentralized currency (my opinion)
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June 30, 2018, 01:09:29 PM
 #6

I guess thats the closet reason in the current situation for the current pump.

Anyone has insights about this?

I'm happy for Indian crypto users because it does seem like action is being taken and that the central bank circular could very well be overturned. I don't think that's the reason for the small pump though. I mean, India as a whole is still a small market and you have to consider the fact that nothing has changed yet. Banks still won't let you use their services for crypto-related activities once the deadline comes. Even if the market were large enough to cause a pump, it's really not the time to go crypto buying yet.

Also, did the circular itself cause a significant price movement? I don't seem to remember any that coincided with the its release. If the panic that caused didn't move the market, it's highly unlikely that optimism against it could move the market.

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June 30, 2018, 01:34:02 PM
 #7

Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.
Anyone has insights about this?

Nobody cares about India, sorry but that's the reality.
Just as nobody cared when Poland showed the door to its biggest exchange or Bangladesh was banning BTC
Both of them and a lot of other countries are too insignificant to determine such a price rise.

As for the petitions in India we had a lot of them and nothing happened before, this is just a coincidence and you're trying to find links between the events when there is none.



I do not agree, comparing India to Poland is not correct. India is a huge growing country with lots of economical potential. Current economical state doesn't matter much though, because there's huge growth potential.

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June 30, 2018, 02:42:35 PM
 #8

A lot of people who were against bitcoin before has changed their views. Even countries like korea has lifted their ban. Really, a ban is just too much for crypto. I'm thinking south korea and india has seen the positivity of cryptocurrency that's why they have changed their views. I hope china will be next to lift the ban.

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June 30, 2018, 03:13:03 PM
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A lot of people who were against bitcoin before has changed their views. Even countries like korea has lifted their ban. Really, a ban is just too much for crypto. I'm thinking south korea and india has seen the positivity of cryptocurrency that's why they have changed their views. I hope china will be next to lift the ban.

China is a bigger market compared to India, CMIIW. So the news will really cause a massive pump. However, personally I'm happy with the current development, even though the price were still not good, but seeing the market being green is emotionally comforting. Lots of good news recently, let's hope this fundamental changes will cause a reversal soon.

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June 30, 2018, 04:16:53 PM
 #10

A lot of people who were against bitcoin before has changed their views. Even countries like korea has lifted their ban. Really, a ban is just too much for crypto. I'm thinking south korea and india has seen the positivity of cryptocurrency that's why they have changed their views. I hope china will be next to lift the ban.

Hopefully Bangladesh will be among those to change their views. I feel sorry for the average Bangladeshi involved in Bitcoin because the Police is always hunting them like common criminals. China's ban was not actually on Bitcoin but on ICOs and strict regulations on trading exchanges. People still deal with Bitcoins in China.
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June 30, 2018, 04:18:29 PM
 #11

The real ban on bitcoin can only be a joint confrontation with most countries and regions in the world, but this is obviously unrealistic.
The cryptocurrency has become irreversible, and it is only a matter of time before countries gradually accept bitcoin or other types of virtual currency!
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June 30, 2018, 04:24:41 PM
 #12

Positive news has been expected from the country, but we are not sure about it. India being one of the major market for Cryptocurrency giving at least a neutral support than a ban will surely lead to the price increase as well growth of the entire cryptocurrency market which has been found low over the past few months.

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June 30, 2018, 04:54:15 PM
 #13

i don't think this news had anything to do with the rise. there is a lot going on right now that such news from India is lost among them. and this price level has been resilient enough so far that causes the bounce back on its own without needing any news.

not to mention that the Indians have proven they don't care much about what their government and banks say. they have lost their faith in them a while ago. i remember we had the same drama last year too and bitcoin price went about 40 to 60% higher in India than in USD markets because people were buying bitcoin more even though there was a shortage of bitcoin over there.

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June 30, 2018, 05:02:07 PM
 #14

I do not agree, comparing India to Poland is not correct. India is a huge growing country with lots of economical potential. Current economical state doesn't matter much though, because there's huge growth potential.

India has just raw numbers, nothing else.
The GDP per capita in Poland is 12 times the one in India.
How many Indians afford to invest 40$ a month in cryptos? That's the average meal for two persons in Warsaw.
Plus Poland is part of the EU, if countries follow this path...you don't want to think about it.

Economical potential? Who cares about potential? NK might have the same potential as SK but it will take decades before they will be able to produce 1/100 of what SK is doing right now.

Stop with the stupid nationalism and face reality.

Nobody cares about India, sorry but that's the reality.
Broad opinion, don't think it matters when you're into a decentralized currency (my opinion)

Don't just quote one phrase, you know pretty well what I was saying.
Do you want to say that the appeal you've posted has triggered the current pump? Really?

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June 30, 2018, 05:16:42 PM
 #15

This is a very bright start because they think back with all their knowledge that cryptocurrency is indeed a lot of good potential for the future for a country that really recognizes it, realizing the spread of cryptocurrency everywhere without being able to bear as much of their knowledge but crypto getting stronger again to be used by many people. very good news, fresh money will come back and hope the trust will continue to happen again, this relationship develops.

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July 01, 2018, 01:44:01 AM
 #16

Don't just quote one phrase, you know pretty well what I was saying.
Do you want to say that the appeal you've posted has triggered the current pump? Really?

Lol, nope.

Yeah, quoted a phrase because the rest makes the same sense to me.

Quote
Just as nobody cared when Poland showed the door to its biggest exchange or Bangladesh was banning BTC

Didn't the Bitcoin user's in Poland or Bangladesh cared. Saw a thread in Bitcoin discussion yesterday, some guy from Bangladesh looking to buy some cryptos using Payoneer. Point is having a blunt opinion is good, but rashness is something different. Nothing personal about it mate. When you look at the overall picture, it does matter irrespective of how small a country bans Bitcoin.
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July 01, 2018, 03:44:39 AM
 #17

That move is unexpected and I would say that I'm disappointed lol. I wanted to observe what would happen to a 3rd world country that bans cryptocurrency and compare it to another 3rd world country that encourages it.

That said, India's amendment proves that there will be more cons than pros if they continue the ban.

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July 01, 2018, 04:19:55 AM
 #18

The positive news is that India may not be shutting down the currencies. All India Mobile And Internet Association has already filed a petition against the Reserve Bank of India and thats why Supreme Court has filed a case and for which the results would be declared on July 2nd. Most of the people think that there will be amendment in the use of crypto currency rather than banning it completely and thus it has already become good news for the India market. Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.

Anyone has insights about this?

actually this is a good news that we heard from the country of india,therefore in this decision indian people who love cryptocurrency investment will be glad about this decision thats theres amendment in using of cryptocurrency investment ,so therefore in this situation we should aware thats theres a big boom of cryptocurrency investment in indian country and by this happen the the whole scenario of crypto world there would high growth again.

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July 01, 2018, 07:36:21 AM
 #19

India currently has a small share of the cryptocurrency market, but it has great potential, and there are a large number of poor people who need blockchain. But I believe that the blockchain will first become popular in developed countries.
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July 01, 2018, 08:17:44 AM
 #20

The positive news is that India may not be shutting down the currencies. All India Mobile And Internet Association has already filed a petition against the Reserve Bank of India and thats why Supreme Court has filed a case and for which the results would be declared on July 2nd. Most of the people think that there will be amendment in the use of crypto currency rather than banning it completely and thus it has already become good news for the India market. Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.

Anyone has insights about this?

Indeed that is a good sign and may have a great impact in the crypto community. But as you see it is not enough and we should still some other news to make the crypto community in a forward phase again.


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