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Author Topic: India might pull back the ban on crypto-fiat withdraws!  (Read 213 times)
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July 01, 2018, 08:34:39 AM
 #21

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?

There is no assurance that this positive news will happen. What I know is that July 2nd is tomorrow and the Supreme Court will make a pronouncement based on what we have read all through since the beginning of this banning episode. It just better to wait for such pronouncement and not keep hopes high unnecessarily. I also know that government will surely get a win in the pronouncement of tomorrow and crypto might not get any win rather some will be taken away and we will have to grapple with anything that comes then interpret that as a win.

A judge would not declare the India authority should not perform its duty of "protecting" its citizen that would amount to anarchy also might not declare some people should be subjected to some frustrating environment because of what they believe as freedom is guaranteed by the constitution. Put all this together, I see a compromise at the end where the authority would be allowed to perform is function and crypto enthusiasts allowed to function as well but in a regulated environment.

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July 01, 2018, 08:41:57 AM
 #22

I guess thats going to be positive news for all of us. India is very strong point in the crypto currency space because it does have lot of users and people are very very rich in that country. I know this because there exchangers prices are always high than couple of thousand dollars as compared to other international market and this is because they are tolerable to keep them high due to high traffic of crypto users.
Anyway, if this petition does get from AIMI side then obviously many users will start the crypto investment back again and thus there will be huge up surge in the prices.

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July 01, 2018, 09:58:48 AM
 #23

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?

Only time will tell what really happens. FYI I dont believe that India is really very big market because most of them dont even have knowledge about the crypto currencies or most of them are scary about digital investment. The developed countries are on the other side has more trust on such system but when it comes to the country like India which is developing one, I should think it wont matter a lot when this rules and regulations will be implemented. I know this will bring only positive news in the market but it wont help grow the international market as being speculated here.

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July 01, 2018, 10:16:34 AM
 #24

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?
This is good news for the crypto currency users and it may bring some positive hopes to the neighbouring countries s well so it maybe the reason for the bump.But still nothing declared yet and it may not be declared soon because India is a country where all the actions take too much time so it maybe here as well.But I don''t think Indian governments are serious about the crypto currency usage in their country.

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July 01, 2018, 10:23:36 AM
 #25

India is a large country and therefore there are many potential users of cryptocurrency. This is positive news. Perhaps someone already knows the decision that will make the court and therefore the price of bitcoin began to recover. In any case, all the positive news is good. Let's not rush this. Tomorrow we will. There's not much to wait for.

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July 01, 2018, 10:52:10 AM
 #26

India is a large country and therefore there are many potential users of cryptocurrency. This is positive news. Perhaps someone already knows the decision that will make the court and therefore the price of bitcoin began to recover. In any case, all the positive news is good. Let's not rush this. Tomorrow we will. There's not much to wait for.

People from India are involved with crypto since ever. Until now they banned bitcoin countless times, news from there are subject of manipulation and I believe they arw spinning news all the time, from long time ago I don't trust in nothing  that comes from India and China, big countries with a lot of citizens, but their governments arw corrupted a lot.
What ever they do affect market of course, their government decisions affect almost billion people, what they do can push price up or down, but as I see people from there are still in bitcoin no matter what their government say and do.

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July 01, 2018, 10:53:16 AM
 #27

In India, everything happens unexpectedly. This also applies to cryptocurrencies. In the beginning, the reserve Bank of India banned all operations with cryptocurrency. And the other day there was information that caused all the shock.Bankers did not conduct any research but nevertheless decided to ban cryptocurrencies This decision has no reason.The management of crypto-currency companies is building their protection on this. The court session is to be held on July 20.India had planned to regulate the cryptocurrency in spring is also planned to introduce an 18% tax on crypto-currencies But this has not happened now Interesnat why?

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July 01, 2018, 12:44:35 PM
 #28

This might have been one of the reasons why some ICOs have spawned from India lately; the confidence of the people are slowly returning as their government properly address the issue with cryptocurrency. Without a doubt, it is definitely a good news for mass adoption; not enough to affect the current condition of the market though.

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July 01, 2018, 01:44:14 PM
 #29

The decision of government will not be so rigid. They will give some chance to crypt holders .The ban is not solution as government itself has permitted the company earlier. 
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July 01, 2018, 07:36:02 PM
 #30

We can hope India's crypto-Fiat ban will be soon resolved and the Indian government will start adopting cryptocurrency trading and approve the trading of crypto assets int the day-to-day life.  In fact, I am expecting mass installation of bitcoin ATM's in City complex and malls where we can convert our cryptocurrency without the involvement of mediators.

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July 01, 2018, 07:59:37 PM
 #31

I think the ban that occurred in the beginning of this year was due to the massive upsurge of people entering crypto. They acted that way to allow time for review and so I think it's good they're reverting their stands to bring proper procedures. I'm sure China will follow suit very soon

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July 01, 2018, 08:06:40 PM
 #32

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?
Well, thanks for the info. I hope this good news for India will also bring good news to all crypto-holders world-wide. Everyone is waiting and anticipating for another kick of Bitcoin price once again. It’s been more than half a year already since holders first tasted good profits.

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July 01, 2018, 09:26:01 PM
 #33

Well, I am from India and I really want there must be some exchanges open and RBI allow us to at least exchange BTC to our local pairs. If RBI shutdowns all the btc related transactions in India then it is going to effect a lot of people who are taking btc as the main source of their income. Let's hope for the best and let's see what is the result tomorrow from the Supreme Court. I think there is a very high chance that RBI will ban Bitcoin completely.


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sirenmoon
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July 01, 2018, 10:34:28 PM
 #34

I think the ban that occurred in the beginning of this year was due to the massive upsurge of people entering crypto. They acted that way to allow time for review and so I think it's good they're reverting their stands to bring proper procedures. I'm sure China will follow suit very soon

India was actually afraid of the possible outcome. Too much people invested in crypto searching for the other earning possibilities. I believe that at least half of them are trying to avoid taxes with their doing. Inevitable has come and India cannot deny the power of the crypto market anymore. Many of the countries are trying to take control over crypto in their own territory but they are failing. India has embraced the market and allowed the withdrawals again because they have found the ways to take a benefit. "If you cannot fight it - Embrace it!"

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July 02, 2018, 08:00:27 AM
 #35

Well, I am from India and I really want there must be some exchanges open and RBI allow us to at least exchange BTC to our local pairs. If RBI shutdowns all the btc related transactions in India then it is going to effect a lot of people who are taking btc as the main source of their income. Let's hope for the best and let's see what is the result tomorrow from the Supreme Court. I think there is a very high chance that RBI will ban Bitcoin completely.

 India is a 3rd world's corrupt country where government do not think about citizens.
RBI's hints to all Indian banks "to stop dealing with any firm or individual involved in crypto dealings" is part of the politics.
America, Canada, UK, France, Australia, New Zealand, Japan etc. has declared Bitcoin as legal tender or legal commodity.
Above 1st world countries tolerate Bitcoin but 3rd world countries like South Korea, Bangladesh, Myanmar and others do not like bitcoins because it's not under control of government. Corrupt governments always want to control everything the way they want to, for the years these governments tried to find the way to under control bitcoin in their countries, when no solution found they decided to ban it, some countries banned Bitcoin and Altcoins in their countries then afterwards they unbanned it because they realized that all crypto firms and giants went out of country after ban on it and started their business from outside of country which impacted badly on economy of that country.

 Crypto currency is not just a internet currency anymore, cryptos are more than a real currency, one can use as currency, as investment, as payment gateway, trade as commodities and many other uses of it.

 Fiat currency notes can be copied but copying of Bitcoin is not possible.

 Indian government was aware of cryptos in India since 2012, but they only came to decision of banning it in country last year December when price went up 1,400,000INR.

 India is well known for dirty politics in all over the world, Bitcoin, Altcoin banning in India could be the politics.
stompix
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July 02, 2018, 08:11:30 AM
 #36

Above 1st world countries tolerate Bitcoin but 3rd world countries like South Korea, Bangladesh, Myanmar and others do not like bitcoins because it's not under control of government.

Oh really? So South Korea is a 3rd world country?  Grin Grin
You might try and read about some countries before you label them based on your beliefs.

Well, I am from India and I really want there must be some exchanges open and RBI allow us to at least exchange BTC to our local pairs. If RBI shutdowns all the btc related transactions in India then it is going to effect a lot of people who are taking btc as the main source of their income. Let's hope for the best and let's see what is the result tomorrow from the Supreme Court. I think there is a very high chance that RBI will ban Bitcoin completely.

So what can the RBI do to ban it completely? They can only prevent banks from dealing with crypto exchanges, nothing more than what they are planning on doing right now. An all-out ban in trading and usage I don't think was ever discussed or proposed. That would be a problem.




SirLancelot
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July 05, 2018, 11:14:58 AM
 #37

Considering there are billions of potential users in india which I believe can take a great advantage of bitcoin and all other crypto coins. Having india amongst us and not having bans on crypto on india would mean great deal for us.

There are many people who work for a lot less money than countries like UK or USA so if you can connect people from those countries than bitcoin can become huge in india. Considering outsourcing and freelancing is HUGE in india, payments via bitcoin can make it that much easier.

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July 05, 2018, 02:21:03 PM
 #38

If they realize that there's a lot more to bitcoin-related trades, they'd surely reconsider, specially that they can closely monitor the money going in and out of the banks and exchanges. Taxes would surely turn their heads and decisions around once they figure out that it can make millions a year. Idk what are they trying to protect in banning such kind of trades. If they regulated it closely, they don't have to worry about fraud and money laundering which I think is the common theme countries use as a reason as to why they don't like cryptocurrencies.

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July 05, 2018, 02:58:22 PM
 #39

I think the ban that occurred in the beginning of this year was due to the massive upsurge of people entering crypto. They acted that way to allow time for review and so I think it's good they're reverting their stands to bring proper procedures. I'm sure China will follow suit very soon
China may be the country behind the bad news of the cryptocurrency market, so removing Indian prohibitive crypto policies is very appropriate for a country with Indian technology.

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July 05, 2018, 04:06:17 PM
 #40

Considering there are billions of potential users in india which I believe can take a great advantage of bitcoin and all other crypto coins. Having india amongst us and not having bans on crypto on india would mean great deal for us.
There are many people who work for a lot less money than countries like UK or USA

So you have billions of ....poor poeple.
Not going to help the price.

If they realize that there's a lot more to bitcoin-related trades, they'd surely reconsider, specially that they can closely monitor the money going in and out of the banks and exchanges. Taxes would surely turn their heads and decisions around once they figure out that it can make millions a year.


Once they start taxing, nobody is going to use banks, so it will end in the same way, with BTC being banned or regulated.I really wanna see Indians who are master of tax evasion (after greeks) lining up to pay tax on their BTC income

I think the ban that occurred in the beginning of this year was due to the massive upsurge of people entering crypto. They acted that way to allow time for review and so I think it's good they're reverting their stands to bring proper procedures. I'm sure China will follow suit very soon
China may be the country behind the bad news of the cryptocurrency market, so removing Indian prohibitive crypto policies is very appropriate for a country with Indian technology.

Read the news, the ban stays!!!!!!

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