India choked its cryptocurrency ecosystem to near-death

[shabinmathew23]

 From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do  now how to withdraw the funds to indian rupee any solution?

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[Slow death]

I also read this news about India and wondered the following:

If the people of India exchange their bitcoin for paypal and then withdraw their money from paypal to their bank account, use this option would be wrong? would be breaking the law?

This made me very curious and I would like someone to explain it to me.

[galambo]

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do  now how to withdraw the funds to indian rupee any solution?

There are many other ways to exchange crypto and especially Bitcoin and we do not need to worry about getting the value for our coins. But yes this will affect the use of crypto in India and will also affect the price of crypto as there and many big crypto holders and investors in India.

[audaciousbeing]

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do  now how to withdraw the funds to indian rupee any solution?

Its really a bad one and I see the effect spiralling into the mainstream of the price and the price that is just recovering might face another round of downward trend with no time for recovery in sight. But at the same time, I strongly believe its just going to be a set back and not a total defeat because when people have a will, there will surely be a way to go about it. I see new means if trading popping up in a more decentralised way that cannot be stopped or linked except for isolated cases.

I foresee a situation whereby people will start coming groups on Telegram, WhatsApp, Facebook to carry out trade they decide who will act as escrow and with the continued availability of the internet, they are still connected to the global market. I hope the Indian government would review this policy of theirs in the near future.

[Crypdon]

Don't worry, there will be many DEX's in future where you will be able to exchange crypto into fiat. Failing that, use a VPN and find an exchange where you can swap coin into fiat. Otherwise, just wait for India to change their mind and catch up

[nsasuiteb]

That is not simpy don't worry if you are an indian having a lot in coins but f*uck all of fiat. That shows how good crypto is they can do nothing but banning lol .

[BitcoinMarshal]

This is very poor decision but still many options available for local peoples as some are using VPN, Western Union Paytm few still using banks but not showing that they are still using cryptocurrency and bitcoin these type things cannot stop peoples from their crypto love

[Tankdestroyer]

still using banks but not showing that they are still using cryptocurrency and bitcoin these type things cannot stop peoples from their crypto love

They might still use crypto but it will lead to a stricter regulation in their country if they continue to use it, they will be stopped or imprisoned later on(for not abiding by the rules). Their decision will surely affect the bitcoin price as a whole and will slow down adoption. I do hope India reconsiders their decision because it is both bad for crypto and their citizens using it as well.

[cryptothief]

I think it's probably another country having a knee jerk reaction to something they're not quite sure of. Wouldn't be surprised if it gets reversed down the line once they come up with a longer term strategy, but until then, there's always options. Check this article, couple of ways to exchange money in the mean time.

https://www.coindesk.com/crypto-exchanges-are-already-adapting-to-indias-bank-account-ban/

And as someone already mentioned, there are multiple ways of exchanging money, it'll just be a bit (lot?) more hassle to do so.

[Hydrogen]

India has waged a war against paper money in an effort to embrace the new age cashless society paradigm being pushed recently. This could have a negative effect of choking industry, business and jobs which rely upon paper money to function. These forms of restrictive measures have a potential to impede economic growth and strangle job markets over the long term. In short india choking its crypto currency industry could match it choking its paper money based industries. Not that this would be significant or out of the ordinary given a large percentage of policy legislated by states in this day and age have extremely negative economic and financial effects, while producing little or nothing in the way of tangible positive gains.

Its not a relevent point, they can blame the "diminishing price of oil" for it and no one will ever be the wiser. It worked for venezuela. It will probably work for argentina, india, turkey and many other nations who are likely to be experiencing severe recession and economic downturns before long. Few care enough to support sound economic policy and so things typically end poorly.

[BitHodler]

And as someone already mentioned, there are multiple ways of exchanging money, it'll just be a bit (lot?) more hassle to do so.

I'm sure that with how booming everything related to crypto is, that people won't mind taking an extra step to get themselves into this market. They just need to buy Bitcoin and from there are free to trade anything they want.

It's basically the same with how certain financial institutions have prohibited people from using their credit cards to buy crypto, but this isn't going to work in reality since you can easily get around it.

People can choose to withdraw cash from an ATM with their credit card, deposit it into their bank account, and from there wire it to whatever exchange they are using. In this case it will only cost you a small fee extra.

[liuqi]

I don't believe this news because some whales are involve this process so these kind of rumours are not working on permanently. I think indian government is supporting to big whales so they are plan to restrict from crypto but some banks also create a own cryptocurrency so Indian government is accepting the crypto investment.

[Slow death]

I don't believe this news...

This News is true and very serious.

Indian Supreme Court Continues to Uphold Central Bank’s Ban on Crypto Dealings

because some whales are involve this process...

This has nothing to do with whales, this has to do with the central bank of india and the government of india

so these kind of rumours are not working on permanently.

it seems that this situation will remain for a long time

Zebpay Exchange Halts Fiat Ops as India Crypto Banking Ban Deadline Looms

I think indian government is supporting to big whales so they are plan to restrict from crypto but some banks also create a own cryptocurrency so Indian government is accepting the crypto investment.

I do not think that's what's happening.

[BrewMaster]

when reading this news you have to understand one thing: Indian government has NOT banned bitcoin or trading of it or any other cryptocurrency.
what has happened is that an Indian bank, RBI (Reserve Bank of India) is banning accounts of exchanges including Zebpay and that is causing drama on the internet with articles like this which OP is posting: https://qz.com/1321076/bitcoin-ban-how-rbi-choked-indias-cryptocurrency-ecosystem/

there is a lot of petitions and pressure on the Indian government at the moment to resolve this issue and meanwhile people are happily trading in a p2p manner.

[shabinmathew23]

as of now people are using site called localbitcoins.com cause there was only 2 exchane unocoin and zebpay both stopped withdraws.Also zebpay is not allowing the users to withdraw bitcoins
currently there is going to launch peer to peer model . A peer-to-peer model does not require a bank account and entails direct cash transfer between the sellers and buyers with exchanges taking the responsibility of transferring the cryptocurrency.

[Silberman]

Don't worry, there will be many DEX's in future where you will be able to exchange crypto into fiat. Failing that, use a VPN and find an exchange where you can swap coin into fiat. Otherwise, just wait for India to change their mind and catch up

Not true, a decentralized exchange will allow to us to exchange our coins for other cryptocurrencies that is true, but they will have no access to the fiat market and if they do you will have to go through the same procedures as with any centralized exchange, this is definitely bad news for those living in India but if you do not depend on your earnings in cryptocurrencies you could simply hold and wait until the day they reverse this decision.

[Pancho95]

Maybe you can try with skrill. I dont know how it works for you but i think that you can transport it to skrill and than you need to have your skrill connected with your bank account and than from skrill to bank. It will take more than one day i think

[stompix]

I also read this news about India and wondered the following:

If the people of India exchange their bitcoin for paypal and then withdraw their money from paypal to their bank account, use this option would be wrong? would be breaking the law?

This made me very curious and I would like someone to explain it to me.

No, it would not as for now the RBI has demanded that banks stop servicing exchanges, not private transactions.
As far as I understand from the situation in India they are trying to cut links between exchanges/traders and Indian banks.

In this PayPal for BTC transaction, they have no jurisdiction whatsoever.

But, paypal<>BTC , you know how tricky this thing is.....

Don't worry, there will be many DEX's in future where you will be able to exchange crypto into fiat. Failing that, use a VPN and find an exchange where you can swap coin into fiat. Otherwise, just wait for India to change their mind and catch up

DEX still heavily rely on bank to bank transactions.
Other methods of payment are just too costly to make it worth and the prices are reflecting the risks taken by the sellers/buyers.

Rather than searching for a solution to avoid it the right choice would be to fight the core problem.

[r32godzilla]

It's really a sad news.Don't know exactly whether the Indians would be able to use local bitcoins.com hereafter for buying and selling bitcoins.

[yesyes18]

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do  now how to withdraw the funds to indian rupee any solution?

Well, then I think you'd have to resort to peer to peer transactions then. By the way sorry to all Indians who got affected by this. Anyways I hope they gave you guys some time to withdraw funds from the banks and financial institutions?