India Central Bank Says It Hasn’t Banned Crypto

[mamamu111]

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/

[1714038205]

1714038205

[Getmon]

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/

It cannot be an overall ban. The ban was for the financial sector for them not to get involved in transactions using cryptocurrencies. That would include banks and other financial establishments. If this is the case, individual citizens in India has the freedom to transact, trade, and use crypto for remittance.

[piebeyb]

in almost all countries bankers suddenly do the same thing with this, why is that, are they worried and afraid that fiat currencies will be replaced by new technologies such as bitcoin and blockhain, it seems they don't have to show fear like this, everything should work okay, bitcoin doesn't force people to stop using fiat currency so BANK's attitude shouldn't be like this to bitcoin, I think this news is old news that has been picked up and has no influence on the price of bitcoin, basically it is actually BANK and bitcoin can walk side by side, still all Indians have the freedom to use bitcoin too, why should it be banned, it looks funny and ridiculous

[rosezionjohn]

Right. They did not ban the bitcoin transactions but they do not recognize it as a legal tender which makes it difficult for any holder to spend or convert them to fiat. According to some articles, a lot of exchanges there were forced to close down due to the pressure and unfavorable position of the government towards crypto. There were also reports that they are planning to launch a government-backed crypto and that's probably why they have all these restrictions.

[Pffrt]

India never said bitcoin is ban. RBI had asked financial institution not to assist cryptocurrency related transactions. Bank have stopped cooperating cryptocurrency transaction and asked their customer not to transact any kind. People are able to trade frequently but I think it's a lot of pressure. In our country, it's ban 

[isaac_clarke22]

Back in July 2019, there was like a proposal made to ban crypto however it seems like it changed to this.
I guess it is better to be like that, rather than banning it.
This seems like people would buy Bitcoin through personal transactions. I am pretty sure this is like an initiation of the government to make their own coin, but let's see how it goes.

[Webetcoins]

Back in July 2019, there was like a proposal made to ban crypto however it seems like it changed to this.
I guess it is better to be like that, rather than banning it.
This seems like people would buy Bitcoin through personal transactions. I am pretty sure this is like an initiation of the government to make their own coin, but let's see how it goes.

The reserve Bank of India has stated that though the digital currency is not completely banned in the state but they cannot allow freely to use this asset. What I gain from this statement is that this is another way of regulating this digital market as they have block users access to banking channels. As they have ordered not to provide services to the people who are dealing in digital currency.

[pakhitheboss]

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 banks are so confused on one statement they say crypto to fiat and fiat to crypto transactions are banned. User have lost their bank account who did those transaction and still they claim no ban. Do they think citizen of the biggest democracy are fools?

[blckhawk]

As far as I know, the ban is only effective for banks and does not restrict cryptocurrency exchanges from operating. Though we must not be confident that they wouldn't include a total ban on the future.

The ban, for me, looks like a precautionary measure to prevent banks from abusing the 'cryptocurrency' hype, since they knew banks would advertise them aggressively to get more profit from innocent investors that does not know about its negative effects from volatility, often advertising it as "Have gains of up to 30% in less than a month" schemes.

[CryptoBry]

Definitely, there is no application of any BAN of cryptocurrency in India because I think there is still no law passed and approved for this matter so the India Central Bank could never pronounced any ban. But, and this is where the problem is, they are making it so difficult and even impossible for the fledgling cryptocurrency industry to connect with the banking system, making people wary and nervous to continue dealing with cryptocurrency -- certainly not the best environment for this industry to continue growing. In the most effective way, the government has stifled the cryptocurrency industry, and they are doing it successfully even without banning anything. Sadly, this is showing us that cryptocurrency can not really ignore the power and influence of the government. Let's hope that since it is quite clear that there is really no BAN, people will realize that in the first place cryptocurrency means people to people and that they can still do business here without the government and the banking industry.

[tz]

It's not far off an actual ban, they are basically making sure no-one that is legitimate and is in the financial industry is able to offer crypto-based services to other companies or consumers. They've killed the "supply" of bitcoin essentially, making it impossible for consumers to get their hands on it (without turning to dodgier methods), and making it impossible to operate a business on the blockchain.

They don't have the power to completely ban bitcoin, it's a decentralized currency and they can't control it. But they can control how people get involved in it, and it's actually pretty shitty how they've resorted to this method.

There is an old saying, where that if you ban something, you are only going to create a bigger underworld market. Better to control it, tax it, profit off it. Looks like India is taking the ban route, I wonder what the future leads for the financial sector.

[Leonardo7]

In my country, no bank buys or sells a digital asset to anyone but that doesn't make it illegal, so traders can deposit and withdraw cash from banks to their crypto trading site, this is not a problem at all.

[Murat]

That's the common scenario of many countries because the conventional banking system is really afraid of innovation of blockchain system because they think it would be a threat for them, Day by day blockchain system is developing and getting accepted around the world in both public and private sector, some countries are considering this blockchain system would be the key factor in the monetary world so, with the change of time, this type of perception and policy will be also changed when the will realized the actual fact, let's see what will happen in the coming days.

[hello_good_sir]

I'm not sure why people keep on keeping on with their misconception of the actions of the RBI. It was never a ban to begin with. All that it was is a restriction placed on banks and other financial entities on transacting with crypto related transactions, that is all. It is still perfectly legal (albeit, discouraged by the government for sure) to hold and trade BTC on a p2p market.

The damage that is done is mostly in the regulated crypto businesses, whom depend on supportive legislation to keep in business. That's why you see Zebpay and others moving out of India.

I would argue that this is not a very wise move to make given the loss in revenue and potential future growth that this crypto sector can bring to the Indian economy. But hey, there's nothing we can do about it.

[slaman29]

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/

That's basically part of what everyone is fighting for, but the fact is some banks have frozen accounts of individuals, known to have been trading crypto. It's pretty big over there and these guys have been getting a lot of attention. BEcause if what RBI said is true, then they've definitely acted outside the law or the banks have by freezing individual accounts!

[BeManga]

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/

its not really easy to overall ban crypto in one country
they can only do it in some centralized platform like bank
in my opinion, it will not really harm bitcoin because individuals still can use it or use the platform of other countries

[kryptqnick]

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/

Great news! I was hoping that India would change its policies. Apparently, this day has come. Perhaps, it was a misunderstanding from the very beginning, or maybe the people who weren't happy with hostility affected this change. India is a country with fast-growing population. However, it seems that there aren't many crypto users there. Perhaps, favourable or at least neutral policies will be able to change that.

[btccashacc]

When it comes to regulation the Government will see Bitcoin's from two perspectives first in terms of payment, second as an investment or asset like stock and stuff. That's why in some countries bitcoin has been banned but you can still use them for speculating like gold, I think this is humans' right to own and hold something precious, and so grateful that the government are not banning it if they just wanna hold them as an investment thing.

[ChrisPop]

Even if they wanted they couldn't really ban Bitcoin and/or cryptocurrencies. An ideal internet should be based on decentralization and democracy - that's why we need a global internet mesh network without all those ISPs that can be restricted by governments. A total ban on crypto could also have major influence on the migration of people. If a government would ban crypto - would raise question marks in the population - "why does our government ban a virtual currency that offers freedom?".

[TastyChillySauce00]

not far from banning, I guess they said it like that because they don't want to be considered against technology and innovation, limiting any regulated entities from offering crypto is basically like limiting person from their own right, though there's nothing I can do about this and people in India could probably only be able to deal using cryptocurrencies for individual transaction or online transaction.