INDIA KEEPS BAN IN PLACE,ANY THOUGHTS?

[JeffreyKen]

That's not a good news. Cryptocurrency is the future to the digital transaction system. I think you should make a community and then appeal to the government.

[bestcomputerpsycho]

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?

Yes, current situation is bad but it will soon be lifted I guess, there's been news that some kind of crypto regulation has been made and govt. may release it by fortnight of july. So let's see how that goes, also the next hearing in supreme court is on 20th july, some good info might come of it. Even if it's the bad news, I'm prepared for that
Koinex has already launched it's LOOP peer-to-peer platform so that's an option if needed to buy/sell cryptos with fiat. Same has been taken care of by BitBnS and WazirX platform. So technology is going ahead and govt. can ban crypto in its entirety.

[mahibul49]

yes current situation is not normal but ofcourse i know it will solved.bcz btc is a major part of indias people.and india gaining huge money from btc.

[Vineeta2oct]

Well it is shocking to all of crypto lovers and investors but we'll keep doing what we are doing. Either govt will lift this ban or people will find some other way to encash their coins but crypto trading/investing will stay on.

[MainIbem]

The ban is a set back to the teaming fans of bitcoin in India. I see this ban as a temporary one. India will not want to be in isolation so, as more and more countries legalises bitcoin, India will reconsider it's position.
However, I don't think the ban stops you from working to earn bitcoin. If so, why not continue the work and accumulate bitcoin, whenever the ban is lifted, you can exchange to fiat.

[hasmukh_rawal]

Technically speaking, it's not a 'BAN' that 'India' has made. The RBI has kept this issue in front of the IT companies that they should not deal with INR-Crypto transactions. They have not directly placed a ban on cryptocurrencies. Although this will affect the dealing of crypto transactions but it still does not say us that we should completely stop using crypto. Just make a few things clear when you post a question/opinion . My thought on this would be just to wait until the reversal takes place. The reversal will surely happen as one cannot stop these things from happening. It will happen regardless the so called BAN eventually .

[ankurguta87]

Supreme Court of India has ruled not to grant interim relief to those affected by the Reserve Bank of India’s (RBI) ban on banks' dealings with crypto-related businesses, Quartz India reports today, July 3rd. SC has thus yet again refused to stay RBI’s April 6 circular, which had directed all banks to extract themselves from existing relationships with crypto exchanges and traders within three months, due to take effect July 6th.

The only hope remaining is pending decision on 20 July.

[Getcoinsite]

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?

No one cares about whats the issue about india so stop this nonsense,i have read such many thread about this damn India banning related post but still continue spreading the news its flooding the market with same damn topic ,why dont you just post when the final decision of Indian government made and statement for now stop talking its irritating

[chidrawarster]

Its not fair , the whole world is moving towards digitization and still India is trying to ban the crypto space.I also feel India has supported technology always and it will realize the blockchain technology some day and also will adopt in the future. I would wait for few more years for regulations to fall in place and India may understand by that time most of the countries will have been adopted crypto world. India has a bright future from the technology point of view and its one of the fastest growing economies , lets hope for the best.

[RankerCan]

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

Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee (source). All announcements from RBI are in fact Indian Govt statements on financial matters.

[RankerCan]

Its not fair , the whole world is moving towards digitization and still India is trying to ban the crypto space.I also feel India has supported technology always and it will realize the blockchain technology some day and also will adopt in the future. I would wait for few more years for regulations to fall in place and India may understand by that time most of the countries will have been adopted crypto world. India has a bright future from the technology point of view and its one of the fastest growing economies , lets hope for the best.

They have done what most of other Governments are doing with CC. Its not about opposing a new technology, the ban by governments on CC is about not giving up the financial control of the country.

[Labay]

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.

But there are some potential effect of bitcoin price when there are country that banning bitcoin because it is affect by some investor that are from India and on other part of the world.  Of course, when we heard that there are country that ban bitcoin then we might think on what happen next? what if our country does do it? what if right?  there are some investor must think that and maybe they get afraid of investing in bitcoin and it has chance that the bitcoin does not recover or maybe it would dip.

[kangen riko]

Although the Central Bank of India prohibits the exchange of bitcoin with rupee currency but the government still provides support for trading and use of bitcoin and this could be an opportunity for everyone to be able to use their bitcoin without having to exchange it in rupee currency.
But it takes a lot of people and merchants who want to receive payments using bitcoins.

[2weent6]

yes current situation is not normal but ofcourse i know it will solved.bcz btc is a major part of indias people.and india gaining huge money from btc.

Yep, this should not stay forever because India may left behind by the other countries. For sure they will make a revision on their decision so bitcoin will finally be legal on their side. Hodlers must keep on holding, expect good things in the future.

[lambomkini]

India’s ban on crypto is inevitable. Any country with unhealthy economic conditions is afraid of crypto because they need to rely on some bubble economy (such as real estate) to support the development of the national economy, and cryptocurrencies will obviously Economic orientation has an impact. The previous Chinese ban was also based on this reason.

[Baofeng]

Its not fair , the whole world is moving towards digitization and still India is trying to ban the crypto space.I also feel India has supported technology always and it will realize the blockchain technology some day and also will adopt in the future. I would wait for few more years for regulations to fall in place and India may understand by that time most of the countries will have been adopted crypto world. India has a bright future from the technology point of view and its one of the fastest growing economies , lets hope for the best.

They have done what most of other Governments are doing with CC. Its not about opposing a new technology, the ban by governments on CC is about not giving up the financial control of the country.

Yeah might be the real reason why the India Supreme court upholds the ban. Crypto is threat according to them (and other nations who opposed it). India is a country based on Technology, almost all top IT firms has a headquarters on that country. So I was quite surprised by decision, however, we all know that its a big mistake to stop crypto because crypto enthusiast will always find a way to continue what they love to do with bitcoin and we do hope that they will change their minds and make a U-turn in the next coming months.

[Leo Barnes]

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?

It is the Reserve Bank of India who choked bitcoin and cryptocurrency I read one of the articles of Quartz India peoples in India is having a hard time and confused whether bitcoin legal or illegal.

https://qz.com/1171183/bitcoin-is-neither-legal-nor-illegal-in-india-and-everyones-confused/

[taeewo]

Am very optimistic that this unfavorable decision of banning cryptocurrency will be retracted, they will still see the more benefits the blockchain technology is bringing to the society or better still they just regulate it...

[popelene1]

They will still have a big re think about the ban of cryptocurrency, this is really bad for a country we know as an advanced domain to restricted blockchain tech..

[wantjokull]

Who knows. When the 2018 budget was finalised then they decided they will explore the use of the crypto currencies and now they are here banning the ass of crypto currency transaction. Well, practical it is just the ban over the crypto to fiat conversions. No one said that you cant use the crypto currencies and this can also be seen from the crypto exchanges who are still running and active. Just recently zebpay has updated their API with new features of crypto to crypto trade.
So whether or not they reconsider it but the fact of crypto being used by India will always remain same.