Indian banks feel crypto currency as a revenue loss for banks

[cryptocurrencyguru]

Crypto lover in India got disappointed a lot when RBI and Indian banks withdraw their support from the crypto exchange. The way people invested in the crypto market in India Indian banks treated it as their revenue loss. The way RBI and Indian banks did it is a dictatorship over hard earned money of people. In simple financial term, banks are a custodian, they can keep our money, can't claim their ownership on our money.

As an Indian, it disappointed me a lot that banks looks Blockchain technology as their competitor especially Indian government undertaking banks. Some the private sector banks support Blockchain technology and.also use it, mainly Axis bank which uses ripple and ICICI bank which uses Stellar Lumens for cross-border payment.

RBI and the Indian government should learn from other banks who have adopted Crypto like Ripple for faster cross-border payment.

Technology makes life simple not complicated, but Indian banks and RBI treating as Revenue loss, Because people of India Invest huge amount in crypto. Banks are custodian they can not show their right over people money if they do that is a kind of dictatorship.

Since RBI ban on Cryptocurrency took effect in July, most businesses in the sector have seen a significant reduction in trading. Nevertheless, although the ban was intended to end the trading of the virtual currencies in the country, some businesses have come up with creative methods that have enabled them to remain operational. Most of those who have looked for alternative ways to survive are ardent supporters of this innovation who see the potential of the digital assets in the future.

Some traders have opted to open accounts in more Crypto-friendly countries such as the US. Vikash P is one such trader who holds the digital currencies in other countries. Such traders have vowed to keep investing in the sector because of the value of the sector. For instance, Bitcoin and most of the other Cryptocurrencies had little value a few years ago but have since then appreciated at high rates. Even when the virtual currencies remain banned in the country, others are turning to face-to-face cash deals, local websites that support conversion of the local currency to Cryptocurrency, and Moneygram among others.

Another Crypto trading method that has also become popular is the P2P. This technique allows the traders to transact through escrow accounts owned by the exchanges. Wazirx came up with its P2P system before the enacting of the RBI ban. The exchange’s CEO claims that its P2P program has become very successful. Currently, Wazirx P2P sees over 1 trade per minute.


I hope soon or later Indian Banks and RBI will understand the advantages of Blockchain technology, How Blockchain Technology makes Financial system corruption free and save the cost of manufacturing the fiat currency.

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[drmilind2004]

I hope soon or later Indian Banks and RBI will understand the advantages of Blockchain technology, How Blockchain Technology makes Financial system corruption free and save the cost of manufacturing the fiat currency.

Even when the tidal wave of global banking system changes forces the RBI and Indian Banks to change their current harsh stance, they will only take the Blockchain bait, and will always remain allergic to Cryptocurrency. At the root of this stance is the ideological issue that as a centralised, socialist nation-state, the Indian Government cannot simply hand over the creation of money to untrusted, often unknown third parties; particularly when it's own fiat notes are being forged by mysterious spies.

So, in this context, the Indian official stance becomes somewhat understandable. Only a tsunami, like the 1991 global change of system, can force any change at all. In which case, there will be more striking change, and considerably richer pickings, in other, more reactive or proactive countries of the world that are already on the forefront of this revolution.

[virendarnagpal]

Banks in India are behaving like dictators.  They should understand that they own the people's money as custodians not as owners.  One sided decision making is common factor here for these Banks.

I think the Reserve Bank of India took this decision with the view to control outflow of the Indian Currency.  But blocking this channel I think they have blocked the doors of development which are available while using crypto currency. 

Instead of working on the roots of the problems they are actually working / treating the branches of the trees.  The sickness is in roots not in leaves.  If the industry is poor / growth is low / unemployment is there ; these are mainly because of the corruption which is prevalent in system since independence.  Work needs to be done there only.  If the corruption ends; industry and trade will grow naturally your exports will increase and as a result the money will start coming in.  It will be in the form of fiat as well as virtual too.  Then people will not need to send money in the country and the central bank's fear of huge outflows will not be there.
Though I appreciate the measures of the current government in curtailing corruption but more efforts are needed.  Because the corruption has been penetrated to the roots of the society which government needs to do more efforts to save the nation from the side effects of this problem.

Also I want to ask one question; when there was no crypto; how the millions of dollars were deposited in Swiss banks by the corrupt leaders / industrialists' accounts.  So responsible is not crypto; the corrupt mentality of the corrupt people may be called responsible.  And common countrymen should not be punished for that.