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Shyamthakur2
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July 08, 2018, 01:26:13 PM
 #1

Bitcoin ban: How cryptocurrency exchanges are circumventing RBI's circular
https://m.businesstoday.in/lite/story/bitcoin-ban-how-cryptocurrency-exchanges-are-circumventing-rbi-circular/1/280005.html
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July 08, 2018, 01:31:37 PM
 #2

Any country that bans cryptocurrency will end up changing their mind when it becomes widely adopted.  Your economy would lose out on  a lot of business if you weren't accepting a currency that the entire world uses.

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July 08, 2018, 01:41:42 PM
 #3

From the information in the link, I think the ban has not really been active since the exchanges are still acting as escrow.

Thus, from this extract from the link"
Nischal Shetty also explained how peer-to-peer method will work. He said the exchange will first connect the person looking to buy crypto for rupee with someone who's looking to sell crypto for rupee. Then the seller will have to deposit the virtual currency with the exchange. Then the buyer will have to pay rupee to the seller directly. And once the seller receives the payment and confirms to the exchange, the crypto-exchange will release the currency to the buyer".

Hence, the exchanges are still running an escrow services. Meanwhile, the suppose ban was to even limit exchanges activities with individual and not limiting India investors with the outside world.

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July 08, 2018, 01:50:21 PM
 #4

Any country that bans cryptocurrency will end up changing their mind when it becomes widely adopted.  Your economy would lose out on  a lot of business if you weren't accepting a currency that the entire world uses.

I totally agree with you on this. The leading countries governments have a hard time inhibiting BTC so countries which don't have much opposition find it easier to ban BTC and they do so almost to please the giants, but soon they will realise at what a cost that came to

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July 08, 2018, 02:11:19 PM
 #5



So this is probably related to why zebpay close their exchange. The news back then about India's government about BTC was different but maybe one day they change their minds about it because countries embracing crypto is increasing already, they know whats coming in the future so join the flock because we are going there.



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July 08, 2018, 02:18:19 PM
 #6

so trading in india is illegal or we can still do trade and cashout via localbitcoins ?
my personal thinking would me its most wrong decision and now crypto trader will do hidden buy and sell without giving tax !
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July 08, 2018, 02:21:54 PM
 #7

I'm not aware on this news that bitcoin is ban at india but since im full of curiosity i've research some news and i would like to share it the link is down below , looking forward to reply or comment though , because as far as i know it's been regulated on some part of asia so how come the india country ban it.

Link: https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/

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July 08, 2018, 02:23:41 PM
 #8

I want to correct your statement; bitcoin has not been banned in India.  Though Reserve Bank of India has restricted banks under its control prohibiting usage of their customer's accounts for purchase of crypto currency.  So now the customers of Indian banks can not buy crypto by debit to banking channels.

Though Government of India has not declared crypto currency as illegal activity.  

I am sure that after some time the Government will think over the issue and as the adaptability of the coins is increasing and people are diverting towards crypto currency the restrictions will be withdrawn.  Because future is of crypto currency.

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July 08, 2018, 02:26:03 PM
 #9

, and now crypto trader will do hidden buy and sell without giving tax !

I think this is where it will get to. It is going to be a hidden business transaction where the people there won't have the freedom to exercise financial transaction anymore. But, I think this is likely to set the Indians backwards a bit.

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July 08, 2018, 02:26:25 PM
 #10



So this is probably related to why zebpay close their exchange. The news back then about India's government about BTC was different but maybe one day they change their minds about it because countries embracing crypto is increasing already, they know whats coming in the future so join the flock because we are going there.
By the recent RBI decision, banks have been told to discontinue banking services to those dealing with virtual currencies including  zebpay. Here the official announcement from zebpay published 21th of June and updated 4th of July. Zebpay users are not able to withdraw rupees until the cryptocurrency exchange finds a banking service that allows the withdrawal which is become almost difficult inside India due to the RBI ban. Most of users consider the RBI nothing but a dictatorship when the IMAI made a write petition to the supreme court of India to overturn the ban.

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July 08, 2018, 04:23:19 PM
 #11

I just think that this is not a way that can be 100% dead for India, they can still access it without any obstacles, it can be called not permanent, so do not worry it's just a bluff for all users in India to sell what they have may be there a bit of an old game now, do not just look at the negative news India does but there are some positive news from different countries, the advancement of cryptocurrency will be very good for the future, then they will follow the flow that is not too far behind from developed countries.
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July 08, 2018, 04:30:53 PM
 #12







I am sad to hear that news because I am worried about the people in India that wants to invest in bitcoin. People in India wants to invest in bitcoin but they can't. I hope that the bitcoin will not be banned in India because many people wants to invest in bitcoin.

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cacvy3
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July 08, 2018, 04:44:18 PM
 #13

Those news are more than old, i dont understand why you even bother to post it again because we have already seen them more than dozens of times before. Anyway, this does not have a huge weight on the bitcoin community, hopefully.
harrypot
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July 10, 2018, 11:58:48 AM
 #14

India will repent further for doing so. Bitcoin is being used in many places and I hope this popularity will increase more ahead.
soname12
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July 10, 2018, 12:05:58 PM
 #15

Luckily I'm not an Indian. Maybe India is a slow country. They fear Bitcoin will destroy their economy but they do not know that they have lost future when they ban Bitcoin

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Dr.2x
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July 10, 2018, 12:58:08 PM
 #16

A sad and old news. India has banned crypto too because of its virtuality and many other cause. But I am not much bothered about it as you can see the market is still recovering inspite of this bad news.
anchaldhiman15
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July 10, 2018, 01:02:46 PM
 #17

cryptocurrencies are banned in india but the government in india thinking seriously about cryptocurrencies because cryptocurrencies are accepted by other countries worldwide then india also has to be accepted cryptocurrencies and when it will be accepted the started charging taxes on it.
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July 10, 2018, 01:07:30 PM
 #18

that's why you need to go to Socratus
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July 10, 2018, 01:20:58 PM
 #19

Nowadays btc is very famous and popular crypto currency in the world people like to use this currency in various purpose but its really disappointing that India banned BTC which is really affect their people who have investment in here because they can earn more with this. I hope they will consider this chapter again.
Bugcoin5
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July 10, 2018, 01:21:29 PM
 #20

I think It is very much still legal to trade cryptocurrency and please note that 31st March Government installed committee to provide report to government to regulate or bring rules so please be vigilant and see the news to get avoid any trouble in future. I would suggest to watch the genuine news .
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