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Author Topic: Indian exchanges have announced that no crypto-fiat exchanges will be allowed .  (Read 237 times)
dewi91
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July 07, 2018, 07:48:29 PM
 #41

Another country banning cryptocurrencies without knowing anything about it. Well, good thing that India isn't significant player on crypto market, so we won't see any impact like it was with China.

eventhough crypto users in India are not too much but indeed this is a bad news. in this year many countries announcement to banned crypto and it make the market of crypto is very hard to rise. I hope no more country can banned crypto so that the market of crypto will recover soon.
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July 07, 2018, 08:25:55 PM
 #42

Situations like this happen here and there. It's sad that most of the authority don't even know about the cryptocurrency system and how beneficial it could be , before banning them. Even though India wasn't a large community, it's sad how a part of the crypto community got eliminated.
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July 07, 2018, 09:16:54 PM
 #43

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

if so convert crypto into PayPal, Skrill, MOL, WebMoney and other
they just banned crypto right? not with money online
there is some exchange that also accepted cashing out using money online
SIMPLE

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July 09, 2018, 05:17:06 AM
 #44

This is indeed a sad news. Given that no fiat will be allowed, it will make the market a little bit undesirable to the people residing in India. This will result in fewer investors from India. And losing the people from an entire means that the crypto currency market has lost an entire country's worth of investors.
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July 09, 2018, 05:19:25 AM
 #45

Recently, the encryption industry has encountered some troubles in India. It is hoped that this will soon be over. After all, there are many people in India and the number of users is huge.
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July 09, 2018, 05:31:33 AM
 #46

It  said that ignorance is a disease,hat is why some countries are acting so ignorantly toward crptocurrency,there other ways which investors can cash there investment out even with is ban in india.

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July 09, 2018, 12:01:26 PM
 #47

i dont think that indian government has taken a correct decision. they should have researched the importance of crypto before taking a decison like this. Many governments and companies ban on crypto related things and they again reverse their decisions after understanding the importance. For an example like facebook ban all the cyypto related advertising and they reversed their decision. so i hope india will soon understand the importance of cypto currency and correct their decision
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July 09, 2018, 02:18:24 PM
 #48

They have no choice. With the RBI pulling the plug on banking relationships, they could only offer crypto-crypto exchanges from now onwards. But here they have a huge disadvantage - how can they compete with other crypto-crypto exchanges like Binance? If they cannot solve the fiat problem, they will die a slow death.


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July 09, 2018, 02:42:30 PM
 #49

A Bad news for crypto enthusiast in India, As I am from India I do know what options are available now but I never expected the goverment to stop the Banks from engaging with the exchange. A case has been filed but how much time it will take only God knows. Still you are allowed to trade and hodl Cryptos but you cannot convert it into fiat. Lets see what happens next,   

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July 11, 2018, 08:54:23 AM
 #50

It is sad to hear of this news, I hope India will allow crypto in the future
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July 14, 2018, 02:29:26 AM
 #51

So, just as you have to say and prove yourself, the crypto currency life in India is not in dilemma.
Jacob Amarall
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July 15, 2018, 02:09:30 PM
 #52

Zebpay, one of India's largest electronic money trades and Bitcoin, is preventing India's deposits and withdrawals as a result of a ban by the central bank.
Specifically, the electronic wallet and Zebpay exchange platform are turning to disable all Indian deposits and withdrawals to customers as a direct consequence of the ban from the central bank banning Provides services to electronic money companies.
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July 15, 2018, 02:32:12 PM
 #53

On April 5, the Reserve Bank of India (RBI) - the country's central bank - issued circulars for all financial institutions banned from providing services to businesses in the sector electronic money. Crippling policy also forced banks to stop allowing their retail customers to purchase electronic money through their bank accounts. With a three month period, the ban began on July 5.
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July 15, 2018, 08:20:14 PM
 #54

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

Indian exchanges and Indian traders are dealing with some bad time in cryptocurrency market because there have been strict conditions implied by the RBI and supreme court in recent few days by which traders are facing many difficulties in trading cryptocurrencies and it this continue then you can see Indian traders will lose their confidence on BTC. But i will suggest them to try localbitcoins.com where you can exchange peer to peer transactions.

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July 16, 2018, 02:18:47 AM
 #55

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.


Just make a deal with a people who buys bitcoin by using escrow. There are so many ways to make a solution for this. Indians can even find members here in this forum who has a high positive rating so they can receive their fiat anywhere like in Paypal.

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July 16, 2018, 04:20:59 AM
 #56

This news is a bad news for people especially investors ,will face lots of problem in investing. india should lift the ban before they left behind by other countries.
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July 16, 2018, 07:51:17 AM
 #57

This this is the bad new for crypto enthusiastic people who are really love bitcoin and doing businesses but after RBI decision exchanges are not allowing withdrawal and deposit of money my money also stuck on Zebpay wallet but one thing is good we can transfer or trade bitcoins & other cryptocurrencies on exchanges.
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July 21, 2018, 02:16:48 PM
 #58

Because of this decision all deposit and withdrawal of fiat currency is ban but peoples can buy and sell their bitcoins and other currency also price is decrease in India Now next hearing in supreme court is 11 September 2018 and i hope RBI regulate this coin and we can see positive news. RBI did because they think crypto is thread for economy and this currency can replace fiat currency.
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July 22, 2018, 04:34:48 AM
 #59

It is not correct statement.  Exchanges have not disallowed the transaction in crypto vs. fiat.  It is the Reserve Bank of India which instructed the Banks working in India ; to not to facilitate their customer pay for the purchase of crypto currency.  So now no customer of a bank is able to buy crypto currency by making payment for their account.

Yes Exchanges just freeze deposits and withdrawals and Supreme Court confirmed it will hear a petition against the ban on July 20, there is still little hope for the decision of the Supreme Court

Still no message has come from local trading sites like zebpay ,is there no decision from supreme Court side as the above mentioned dated has crossed,still all holding is freezed.
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July 22, 2018, 05:08:59 AM
 #60

It is not correct statement.  Exchanges have not disallowed the transaction in crypto vs. fiat.  It is the Reserve Bank of India which instructed the Banks working in India ; to not to facilitate their customer pay for the purchase of crypto currency.  So now no customer of a bank is able to buy crypto currency by making payment for their account.

Yes Exchanges just freeze deposits and withdrawals and Supreme Court confirmed it will hear a petition against the ban on July 20, there is still little hope for the decision of the Supreme Court

Still no message has come from local trading sites like zebpay ,is there no decision from supreme Court side as the above mentioned dated has crossed,still all holding is freezed.

You have to be clear that it is only your fiat holdings which have been frozen. You may still deposit and withdraw cryptocurrencies from these exchanges. As far as fiat is concerned, they have no way to enable withdrawals because the exchanges have no banking links now. Your fiat money is not frozen in the technical sense.


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