India Central Bank Says It Hasn’t Banned Crypto

[msarro]

They cant ban it totally since they don't have the authority to do it. Moreover, governments also don't wanna totally quit this market to lose there share. They are trying there best to remain in this market by providing regulations.

[Mike Mayor]

Because people don't read. They just spread FUD and hear what they want to here and have no idea about legal issues. Anyway... Since when has banning things ever worked? >.<
Why would you want regulated entities to offer crypto assets anyway? The point of crypto is not to have regulation. Regulation just means someone can control it.

If Indian government legalize crypto currency then it will be a great news for it's public, yes India is the second most populated country in the world and I am sure the transactions and usage will be more aggressive than other countries and there is a big chance for a massive pump if they legalize crypto currency.

They have never banned it and never legalized it, they have denied any cryptocurrency trading directly from bank. The p2p options are always available, there is no illegal charge upon anybody holding the crypto coins,  there is no different income tax law for crypto coins.

They won't be able to prove who has coins and who does not and that would be a massive waste of public resources. I doubt your average taxpayer is going to be happy with their tax money being spent that way when it could be used to upgrade and improve infrastructure.

[iamsheikhadil]

I think it never banned and only clarified its negative stance, I don't think it can ban crypto as whole either lol. Because the government bodies are so weak that it can't even fake notes let alone crypto hehe.

[worle1bm]

They cant ban it totally since they don't have the authority to do it. Moreover, governments also don't wanna totally quit this market to lose there share. They are trying there best to remain in this market by providing regulations.

I don't think that closing exchanges equals to "providing regulations". Let's hope for the better though, they might be just figuring it out at the moment

Yeah. I read somewhere that Indian central bank didn't issue any regulations on cryptocurrencies yet. They have only banned exchanges for now which have forced Indian population to sell their bitcoins on peer-to-peer network. It is strange decision to be honest. They are letting people to trade bitcoins between them but aren't allowing any exchange to be the intermediary. Hope they resolve the final position soon.

[avikz]

The Reserve Bank of India (RBI) said regulated entities cannot offer crypto assets in the country, but that does not equate to an overall digital asset ban.  READ MORE VIA THE LINK BELOW...
https://worldpublicityblog.com/index.php/2020/01/23/india-central-bank-says-it-hasnt-banned-crypto/

Indian Central Bank has become confusing like the leaders of the country. While Modi is saying thay they haven't discussed anything about NRC, Shah is saying that NRC will be implemented in the whole country. Similarly, RBI is syaing banks not to let people use banking channel for crypto settlement and given free hand to banks to freeze suspected accounts, on the other hand saying it hasn't banned cryptos.

If the traders can't use banking channel to receive cash against cryptos, how they are expected to earn an income!! Things are not moving to positive direction as of now!

[darkangel11]

I think it never banned and only clarified its negative stance, I don't think it can ban crypto as whole either lol. Because the government bodies are so weak that it can't even fake notes let alone crypto hehe.

It's still a ban if you ask me. They can't completely ban it like you ban drugs because it's impossible to control, so the government won't do it. They'd look weak if they imposed a ban but were unable to control it and people would simply own and trade Bitcoin in person like a contraband. Instead they ban financial sectors from using it which is easier to control and maintain.
I think they don't really understand what they're dealing with here and the ban is the result of some officials laundering money with it 2 or 3 years ago. It sill pass.