Future of crypto currency will be bright in India

[virendarnagpal]

Previously Banks in India working under the rules framed by the central bank i.e. Reserve Bank of India ; the banks were instructed not to allow their customers debit their accounts maintained with the banks for purchase of crypto currency.

Against this order; one suit was filed in the Supreme Court of India.  During one hearing the Reserve Bank of India admitted that the instructions were given to check illegal transactions in the country.

Now Bank has admitted that regulation of crypto currency is their necessity.  This admission indicates that transactions will not be restricted but will be regulated.  So again the business will start.  Though final hearing is in September this year. 

I am very much positive that Central Government will definitely allow the transactions to take place but definitely will like to impose certain rules and regulations to stop money laundering; terror funding etc. Prime Minister Mr Modi is very much in favour of digitalization of money in India; so future of crypto in India seems very bright.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

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[tsmc103]

Definitely future of crypto currency in India will be bright because RBI will regulate cryptocurrency in India and bank can't identified which transaction is illegal if crypto purchaser purchasing bitcoin from seller not from exchange also banks already say bitcoin regulation is necessity for banking systems, RBI can make some rules and policies for cryptocurrency purchasing and selling.

[BitcoinHodler]

they just couldn't control the flow of money from INR to BTC, they certainly tried preventing their people from dumping their fiat for bitcoin multiple times with different scenarios but Indian people are exiting whether their government likes it or not.
so they changed their strategy now until they come up with a better solution!

[Yaunfitda]

So this maybe the reasons why the sudden push on Sept 11 as in what originally plan on July 20 or 21. Of course they really can't do anything to stop it, in 2016 Indian banknote demonetisation started and ended up in Aug 2017. But it didn't go any good to the Indian economy on the contrary it makes it worst. So I think they have learn their lessons, bitcoin and crypto is hard to stop and control so they much as well put a stricter regulations, still a win-win situation for both government and Indian crypto enthusiast.

[Chetan04]

Cryptocurrency and blockchain trends are everywhere right now. The tsunami of ICOs continues flooding every cryptocurrency investor’s browser. In India, though, Initial Coin Offering investments are still at a preamble level. You see, when it comes to money, citizens of India are wired to save more and spend less. They prefer to invest in sovereign promise like gold or land. Indians prefer fixed deposits to equities and investing in equities is considered as gambling.

Investing in crypto world, including currencies like Bitcoin or Ethereum, is risky indeed. Those currencies are virtual, volatile, intangible and very risky with no real sovereign promise of any returns. ICOs are a significant part of these kinds of concerns.

Every cryptocurrency is blockchain, but not every blockchain is cryptocurrency. This way, with a wave of digitization in India, blockchain can emerge as a new hero on the Indian scene. So, the positive focus on blockchain as a technology itself is redeeming. ICO is the most straightforward way for a company that develops a blockchain technology to raise funds.

However, to regulate ICOs in India, there are lots of regulatory challenges as well. First of all, based on ICO nature, tokens could be classified as securities, or a currency, or a payment system or even as intangible property. Besides, crypto-tokens may require coordination among the Securities and Exchange Board of India, the Reserve Bank of India and other sectoral regulators for proper, effective oversight.

This lack of clarity about cryptos in India has led to companies raising funds for their projects in other markets. US, Europe, other parts of Asia, you name it. Indian companies have to compete with global companies to raise funds right now. And this requires a lot of marketing with an understanding of other regions peculiarities.

[Xester]

I guess regulation will be placed on cryptocurrency on India rather than total ban. India will be like the Philippines wherein the use of cryptocurrency is regulated and requires KYC and AML requirements before you can buy and sell your bitcoin. Because of this regulations cryptocurrency especially bitcoin has been widespread on the Philippines and soon India will follow their footsteps.

[electronicash]

the problem with such claim is that there is no exact date when its going to be good for someone to buy cryptocurrency?

lucky for those who had already done before they've bann it because those guys had already entered the market before it will blow up. if they can allow now for users to buy thru fiat these days then we can see new holders already and price would have gone up.

[virendarnagpal]

I guess regulation will be placed on cryptocurrency on India rather than total ban. India will be like the Philippines wherein the use of cryptocurrency is regulated and requires KYC and AML requirements before you can buy and sell your bitcoin. Because of this regulations cryptocurrency especially bitcoin has been widespread on the Philippines and soon India will follow their footsteps.

Yes you are right.  Because India being developing nation; the Government can not take too much risk of currency outflow.  Also you are right that they will not allow without KYC and AML.  They do not fear for legally earned currency; they seem to be concerned about illegal currency or say black money going out of India.  And I think controlling illegal money or KYC is good even for crypto market. 

[zenrol28]

They cannot stop Bitcoin. Since they cannot stop it, then they'll regulate it. But there will be a time that even regulations can't slow Bitcoin's progress to debank the people.

[honey7]

Yes it is. Moreover increased participatiion by people in India.

[stompix]

Yeah,  the future is so bright and people are believing so much in it that they are paying $8,989.41 per BTC and $945.40 for shitcash just to get their money out of Zebpay.

/s

[mbenga]

Previously Banks in India working under the rules framed by the central bank i.e. Reserve Bank of India ; the banks were instructed not to allow their customers debit their accounts maintained with the banks for purchase of crypto currency.

Against this order; one suit was filed in the Supreme Court of India.  During one hearing the Reserve Bank of India admitted that the instructions were given to check illegal transactions in the country.

Now Bank has admitted that regulation of crypto currency is their necessity.  This admission indicates that transactions will not be restricted but will be regulated.  So again the business will start.  Though final hearing is in September this year. 

I am very much positive that Central Government will definitely allow the transactions to take place but definitely will like to impose certain rules and regulations to stop money laundering; terror funding etc. Prime Minister Mr Modi is very much in favour of digitalization of money in India; so future of crypto in India seems very bright.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

In my opinion if India will revert and cancel those decisions about cryptocurrency of their, this would became a great example for all the countries in the world that bitcoin is worthy and confident enough.

[oppasong]

this is very good news for crypto users in india hopefully many countries will also start from india country to accept bitcoin because bitcoin is very helpful to all society in world.

[yadwoa69]

Until the government give positive outlook of the impact of  cryptocurrency in India it will be quite difficult for cryptocurrency to have any future in India.

[avikz]

Previously Banks in India working under the rules framed by the central bank i.e. Reserve Bank of India ; the banks were instructed not to allow their customers debit their accounts maintained with the banks for purchase of crypto currency.

Against this order; one suit was filed in the Supreme Court of India.  During one hearing the Reserve Bank of India admitted that the instructions were given to check illegal transactions in the country.

Now Bank has admitted that regulation of crypto currency is their necessity.  This admission indicates that transactions will not be restricted but will be regulated.  So again the business will start.  Though final hearing is in September this year. 

I am very much positive that Central Government will definitely allow the transactions to take place but definitely will like to impose certain rules and regulations to stop money laundering; terror funding etc. Prime Minister Mr Modi is very much in favour of digitalization of money in India; so future of crypto in India seems very bright.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

Mostly correct statement but need few corrections. Banks have never admitted that regulation of cryptocurrency is a necessity. They were always in favor of complete ban like majority of other banks in the world. They are talking about regulation now because they have understood that it is beyond their control. Now they want to regulate it because that is the most reasonable way to them. Most likely the government will take this route.

Secondly, the next hearing date is scheduled on 11th September 2018. In the meantime, the supreme court has asked few regulators like SEBI and Finance ministry to provide their views on this matter. I don't expect they will provide anything positive. But yes, the case seems like turning positive for the crypto community because government is understanding the fact that it is impossible to control the circulation of cryptos in india. Instead they will try to regulate the crypto related businesses and impose taxes on it to fill their coffers.  A lot depends in 11th September. Mark the date!

[elachious123]

Generally future of Cryptocurrency will be bright, I don't think it will be limited to Just India because the advancement in Blockchain technology has made many people want to go into Crypto currency

[virendarnagpal]

Previously Banks in India working under the rules framed by the central bank i.e. Reserve Bank of India ; the banks were instructed not to allow their customers debit their accounts maintained with the banks for purchase of crypto currency.

Against this order; one suit was filed in the Supreme Court of India.  During one hearing the Reserve Bank of India admitted that the instructions were given to check illegal transactions in the country.

Now Bank has admitted that regulation of crypto currency is their necessity.  This admission indicates that transactions will not be restricted but will be regulated.  So again the business will start.  Though final hearing is in September this year. 

I am very much positive that Central Government will definitely allow the transactions to take place but definitely will like to impose certain rules and regulations to stop money laundering; terror funding etc. Prime Minister Mr Modi is very much in favour of digitalization of money in India; so future of crypto in India seems very bright.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/

Mostly correct statement but need few corrections. Banks have never admitted that regulation of cryptocurrency is a necessity. They were always in favor of complete ban like majority of other banks in the world. They are talking about regulation now because they have understood that it is beyond their control. Now they want to regulate it because that is the most reasonable way to them. Most likely the government will take this route.

Secondly, the next hearing date is scheduled on 11th September 2018. In the meantime, the supreme court has asked few regulators like SEBI and Finance ministry to provide their views on this matter. I don't expect they will provide anything positive. But yes, the case seems like turning positive for the crypto community because government is understanding the fact that it is impossible to control the circulation of cryptos in india. Instead they will try to regulate the crypto related businesses and impose taxes on it to fill their coffers.  A lot depends in 11th September. Mark the date!

Thanks for corrections.  Sure that it all depends on hearing in supreme court on 11th Sept.  But I am sure in the years to come; the role of crypto in India will increase.

[elygil2022]

Not only in India, but everywhere else. Unless that nation’s politicians have other things in mind other than the welfare of their citizens. 

[Edgarroni]

Did you know the cryptocurrency market in India is completely unregulated? If the bank loses your money, you can complain to the Reserve Bank of India (RBI). But with bitcoin, you have no one to turn to.

[Slow death]

I am very much positive that Central Government will definitely allow the transactions to take place but definitely will like to impose certain rules and regulations to stop money laundering; terror funding etc.

I would not be so sure, if they wanted to regulate cryptos, they would have done it a long time ago

Prime Minister Mr Modi is very much in favour of digitalization of money in India

India’s Ministry of Finance Compares Bitcoin and Cryptocurrencies to ‘Ponzi Schemes’

it seems that the government of India has a very bad opinion regarding bitcoin

so future of crypto in India seems very bright.

Indian Crypto Exchange Unocoin Suspends Fiat Deposits, Withdrawals in Wake of RBI Ban

honestly, I do not think the situation in India is going to be resolved so early