Hello everyone,,
Scene: Reserve bank of India doesn't understand Bitcoin & other cryptocurrency and also admit they don't have a clue what they should do about it. They ban every bank from providing services to every crypto exchange based in India. They ask every bank to block the bank accounts of holders who will use their money to buy Bitcoin (Prevent citizens from using their own money when it isn't even illegal to own crypto).
First, what the heck were those websites about? I've deleted them from the quote.
Second, who told you that we're completely stopped from using our money to buy BTC? The banks have stopped every means to not let us buy BTC through exchanges, but exchanges are smarter as they've bypassed this since by providing a P2P solution (which was already existing since the invention of BTC) which made it easier to know our local buyers and interact with them and sell directly through banks without any major interferences.
Outcome: Onramps and offramps have been cut off by the government so people can't use white money. Bitcoin holders are now offering to sell Bitcoin in Black money in Cash at a premium of around 30%. People are actually buying at such a high price because if citizens can't use their own money the way they want, what's the value of such money. Some(very few) are offering services in exchange of crypto so they don't have to disclose or pay taxes.
I'd have believed your words to be true if it was 2017-18, but it isn't. BTC is going hand in hand with our currency and I don't believe that you need to go for black purchases (however, even if you buy through banks currently, the only problem is that you're not assured that you'll get your BTC so better to trade with trustworthy people only). Even if you want to go the cash way, ask those traders only as they're able to manage such deals for you but the minimum purchase amount will change to a bit higher.
Let this be a lesson to anyone who thinks government's can ban cryptocurrency. You can't ban Bitcoin out of your economy. You'll instead ban your own money out of bitcoin based economy.
Even if they do, we are "JUGADU" people and we know where to keep our shoes and how to save them from being stolen away.
Edit: Currently local bitcoins prices are normal. But some of the local sellers are charging a premium.
As I said, it never reached such high premium rates (not even 10% high this time as I'm an active manager of a very big Indian trading group).
Update: Turns out my seller is trying to fool people by asking for a higher price while the Indian market is at par with international market and some are panic selling at a discount. Thanks to all the people for their suggestion to change my dealer….
Panic selling? Are you serious, my friend?
We're still getting much better rates here on exchanges like instashift and localbitcoins. It's your fault to believe such seller as you let him make a fool of yourself. Be well informed before making unsustainable claims that don't even exist. When we know about the CEO of Google - Sundar Pichai who is an Indian, I believe we don't really need to beg our Gov every now and then as they should know how reputed India is in terms of technology at worldwide levels.
