Future of Crypto for Indians?

[qualitywork]

Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.

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[AngelSky]

Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.

Perfectly analysed the current scenario in India. May government fuck out crypto soon as well dollar equalize value to indian currency fall down badly.

[FlamingFingers]

The real question is, if cryptocurrencies and all actions related to them (spending, trading, investing, mining, etc.) were banned, will Indians still risk their lives for them? In my opinion, using a proxy will not make them anonymous enough to do that safely.

[bitcoinfuck]

bitcoin is neither legal or illegal


i am regularly trading btc in india without a problem

[Exuip]

Yes, but does India also forbid everyone to have bitcoin ?, If so, in my opinion it's very bad. in India there may be many people who want to plunge into the world of crypto investment because the real world economy is getting harder.

[pooya87]

a bank can not ban anything, the only thing they can do is to stop offering a service they should have offered. for example they can stop giving debit card accounts but that doesn't mean usage of debit cards is banned in the country! it just means the bank stopped offering that service.
the same thing is with bitcoin, they just stopped offering services to bitcoin users who want to use their bank to transfer money to exchanges and dump it for bitcoin. if you are unhappy about them then change your bank, there are off-shore banks that you can also use.

[hitcrypto]

Not only Indians but also most of the country are use this bitcoin and follow the instruction rules and crypto market will be one here all people. Most of the people are use this currency they are trading all coin and get the huge profit. Indian is one of the most crypto currency in this market.

[kokobaba880]

Bitcoin is important for Every person like if we say that one country can take benefit of it and now the market is again showing a rise while Crypto is good for every one for Indians for European and for every one in the crypto world.

[libert19]

The real question is, if cryptocurrencies and all actions related to them (spending, trading, investing, mining, etc.) were banned, will Indians still risk their lives for them? In my opinion, using a proxy will not make them anonymous enough to do that safely.

Some will leave country and some will use p2p cash trading.

This bank ban plan will probably back fire to governments. Previously, all traders used to trade on legalized exchanges — so government could track but now it has shot itself in foot.

[tadung8790]

Im not Indian.I'm just looking for the same in my country :p

[pat4cryptoreal]

Indians that  are cryptocurrency holders are not finding it funny with the stress Indian government are making them to pass. I have a friend over there that usually send his  coin across to friends in another country to  trade and send dollars back to him.

[Yantoaja]

Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.

maybe just because the government cannot get a display from crypto trading in India, and maybe also because the level of security of crypto is probably still easy to hack by hackers,and not to mention the government regulation which is still unclear, so that is probably the reason India still does not legalize a BTC

[Pursuer]

The real question is, if cryptocurrencies and all actions related to them (spending, trading, investing, mining, etc.) were banned, will Indians still risk their lives for them? In my opinion, using a proxy will not make them anonymous enough to do that safely.

Some will leave country and some will use p2p cash trading.

This bank ban plan will probably back fire to governments. Previously, all traders used to trade on legalized exchanges — so government could track but now it has shot itself in foot.

exactly. this is the same scenario as I was talking about back when China closed down their exchanges. the traders didn't stop because of it, they simply moved their funds elsewhere. the day they closed Chinese exchanges we clearly saw a huge volume spike which stayed up until today in other exchanges including localbitcoins, Japanese and Korean exchanges mainly but also other exchanges too.
the same is happening in India, people simply moved to P2P trading. and now the government has no idea who is doing what and how much.

[hugeblack]

Again, why use Bitcoin?
When you talk about making profits, you speak about speculations and not money, if money not used for the purpose that was created, there is no need for it.
If you do not use Bitcoin as a currency, where you buy, sell, and use its features, you risk your money in an investment that is not created to be an investment.
If the bank reserve prohibits that currency, it does not mean that you can not use it but you can not buy through that bank.
Do not think of it as an investment.

[Baofeng]

Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.

I thought India is slowly making a U-turn and softening their stance?

The Reserve Bank of India (RBI) has reportedly established a new internal unit dedicated to researching and regulating new emerging technologies, specifically cryptocurrency, blockchain and artificial intelligence (AI).

https://www.ccn.com/indias-central-bank-quietly-forms-new-cryptocurrency-blockchain-research-unit/

You just have to look at China, did they totally stop bitcoin or crypto? No, Chinese traders still do trading thru P2P or even bypass internet restrictions, so its going to be hard for India to banish crypto. People are smarter than the government they will do everything to get around like using VPN.

[aso118]

Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.

You cannot expect all governments to be fully supportive of cryptocurrencies. At least there is a court review which is going on. Trading cryptos in third party countries is not easy, because you still have to transfer fiat through bank accounts. If you transfer it to a crypto exchange, they might say you are breaking their terms and conditions and freeze your account.

[Red-Apple]

whenever there is some drama about bitcoin in some country in the news you should always check the reality and read past what the news site is telling you because in 99% of the cases they are either lying or exaggerating things a lot. which is the case about India. what happened was that the adoption of bitcoin was slowed down because their exchanges can not accept fiat deposit through banks otherwise these exchanges are still working fine and people are trading.

[Binugon]

Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.

The Indian Ministry of Finance does not consider that virtual currency is a legal transaction tool, therefore the cryptocurrency user community in India only makes it a digital asset, the most important thing is that this ban in India causes the Bitcoin exchange rate to decline again, according to observers this decline is caused by tightening the rule of users of virtual currencies massively in the world and one of them in India.

[LyQaN]

As per govt. it will try its best to not allow bitcoin in India and to ban Zebpay or fine them hard . If case goes in favour of zebpay then it will be great for all ,other wise as per current scenario you won't be able to change btc for local fiat but trading may continue as it now .

[Kenthunan_rondo]

I don't think it is only in India that prohibits the circulation of cryptocurrency money, but there are still many countries that prohibit it, but I will not stop mining because it is very productive and future prospects are very good.