INDIA KEEPS BAN IN PLACE,ANY THOUGHTS?

[suzanogbomo]

The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?

[jaythelingly]

India didn't ban crypto currency. RBI did. But, I hope soon they will withdraw their bannd and adopt it.

[RoyalWood01]

The indian court banking stays by its earlier restrictions of banning the transactions of crypto currency.

[First77]

In 2014, India also said "no" to international coalition against ISIS/ISIL terrorists.

[robertcross07]

I hope yes, they will reconsider their decision after a time passed. India is a technology friiendly country. So there is high chance of accepting crypto in future.

[hermanjones18]

I heard about this news and it's quite heart breaking for all of us, India's these kinds of restrictions towards the crypto currency is not correct they should try to understand the market and it's accessing system. however I hope in the upcoming future things will be changed.

[bizul]

This is not a problem because there is already a solution for regulations. Enforcing regulations will only expedite the transition towards the solution. In order to bypass regulations to have your own freedom and protect yourself at the same time, you need to switch to a Tor-based decentralized exchange, like Bisq, and use it to trade Tor-based privacy cryptocurrency like DeepOnion. Decentralized exchanges are a new trend but soon they'll pick up the pace and trading will become more convenient.

I emphasize on Tor because it's the most popular privacy tool used by millions world wide, and the more use it, the stronger it will be. Crypto wallets that integrate Tor provide identity protection so regulators can regulate all they want and it won't make a difference.

[pereira4]

Irrelevant. No matter what your jurisdiction says about bitcoin, when you wake up the next morning you'll open your favorite block explorer and you will see how every 10 minutes there's blocks being mined with transactions on it.

If your government bans bitcoin, you can still use it and obtain with cash or in exchange of goods and services.

If your exchange bans physical cash too, they will pretty much help the bitcoin economy since people will resort to providing goods and services in exchange of bitcoin as the only way to obtain it.

All govs will have a "we are banning the damn thing" period, which will follow by a "we give up, we are unbanning it" period, these that hold through it all and obtain as much BTC as possible during the dip will come out on top.

[alinalovedoogie]

Well, as I’m not sure about this but I think that Indian government is very supportive to digital transactions. I believe that they will focus in this matter again.

[lendahawkins]

The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?

its been a hell in india for cryptocurrency but i do thing its would not stop them, there is always a way to purchase cryptocurrency for example using paypal. I do believe india cant ban it forever and they will see the potential of cryptocurrency like korea in future. Look at korea they started to embrace it and they believe ban crypto would not stop them buying it and indeed its a wrong decisions.

[Maestro75]

India is not Japan or China. India is a poor underdeveloped third world country. So, whatever happens in India about Cryptos is immaterial to me and has no consequence in the world finance. If the India government likes let it also ban bathing or eating, the rest of the world won't care.

[Markmolotok1488]

I think that if not now, then they will have to reconsider their positions. The world is developing rapidly and they risk being left far behind if they interfere with development by their prohibitions.

[squatz1]

India is not Japan or China. India is a poor underdeveloped third world country. So, whatever happens in India about Cryptos is immaterial to me and has no consequence in the world finance. If the India government likes let it also ban bathing or eating, the rest of the world won't care.

While this is may what some people think, India is a huge market that companies are flocking to -- such as Apple, Google, etc as they have all already sold their products in china and consider India as the new frontier with a billion or so people to try to sell too.

India isn't a third world country, they may be poor but I wouldn't consider them third world. Crypto could play a large role in India, as if these big companies see a market in India then we MUST see an opportunity for Crypto growth in India. I don't know about the big banks in India personally, but I could assume that they have the same corruption and such problems which are present in the United States (and other world nations)

[Dr.2x]

This a sad news for the investors willing to invest in the world of crypto currency in India. This will cause a drop in the activity of crypto currency in india. As the holders of coins will face problems in dealing with their coins. this decision will also damage the future as crypto currencies have a g=high chances of getting popular, india will face a draw back.

[xbl1008]

maybe the goverment of india just wants the safety of its citizen in the dangers of losing money on crypto so they decide to ban it on their country eventhough it also have good sides just to be certain they want to regulate it first or know completly so others can avoid those who abuse the technology and take advantage of others.

[joellogan]

 it’s true that they banned btc also this types of news is really disappointing for users based on this their economy will be decreased also if they are not giving a efficient time for withdraw their money also zebpay have been canceled withdraw with rupees.

[Marlo Stanfield]

The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?

I doubt it will reconsider its stance unless there is some serious political pressure. Peer to peer trading will probably still go on as it does across the world now in many countries.

[hugeblack]

Political decisions are not permanent but change because of factors such as changing governments or international consensus.
The general impression about the Bitcoin is negative, so I do not expect that Indian position will change soon.
This decision will not affect Bitcoin, but its impact will confine to the category of traders within India.
If there is a law that criminalizes bitcoin, it is better not to make any cash transfers until the law changes.

[BitcoinGuruOne]

This is not very tought out decisoin, and it seems also immature.

As other users already pointed out, it can be a good thing in long run.
In such a huge country as India, most of the population is equiped with mobile phones which can be easily used to use btc to exchnage for services.
This could indeed backfire.

[hollowdoor]

Banning bitcoin cant be stopped and by banning bitcoin government cant stop bitcoin either.
So who cares about indian govt.