India Central Bank Says It Hasn’t Banned Crypto

[Twinkledoe]

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.

They won't do such total ban as they can see that a lot more advanced countries that are totally accepting crypto. Yes, if they do ban the crypto usage, it is like they are inhibiting the growth of advanced tech. And with the relatively large population of that country that are into crypto, even if they ban it, they will always find a way on how to deal with crypto. There's no benefit in banning crypto usage, they will just create more resistance from this action.

[7788bitcoin]

They won't do such total ban as they can see that a lot more advanced countries that are totally accepting crypto. Yes, if they do ban the crypto usage, it is like they are inhibiting the growth of advanced tech. And with the relatively large population of that country that are into crypto, even if they ban it, they will always find a way on how to deal with crypto. There's no benefit in banning crypto usage, they will just create more resistance from this action.

Only the third world countries banned bitcoin and in India i am sure there are having restrictions going on but not sure about the situation right now but these countries does not think about the innovation as the authorities are not having the ability to understand the technology even though there are having more techies. Does the central bank have the authority to ban bitcoin to come up with a statement like that  .

[Eugenar]

I see a plain simple explanation, they said that regulated entities couldn't offer crypto asset to their community, in the first place, cryptocurrency asset is mainly created with the characteristic of being decentralized. If they are pushing regulation in a cryptocurrency asset, then it is clear this asset will not adhere to their intention. Cryptocurrency in the first place should not be banned at all as India is one of the most fastest emerging country with people focusing on technological development. Cryptocurrency could be their asset if they support it.

[tbterryboy]

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.

Actually these coming days have not yet arrived. We are been expecting something good to show up with the blockchain technology since years but were not successful to do so. Banking systems are getting outdated and they do need some change.

Blockchain if linked with the banking systems can really make a huge change. Peoples can rely on the blockchain networks for their fiat transactions and it would also give a lot of ease for the transactions. Global transactions would be supported at the minimal fees and it would help a lot of traders trading over the nations. We are really expecting a lot things from the blockchain technology or bitcoins and hope our expectations are been fulfilled.

[Wysi]

Trust me there are no such bans but yes bankers often send threatening and warning messages not to indulge in crypto transactions. They are afraid of losing preference as users might opt for crypto instead of fiat due to the fact they don't have control over it and these warning messages are creating a huge negative impact on crypto community as most of the amateur users stay away from crypto, this started post 2017 when bitcoin gained massive popularity due to the bull run and most of the newbies started using bitcoin.

[Jet Cash]

India is an interesting country. Didn't they try to ban cash and gold? They are quite sophisticated in their use of technology, and they are planning to build thorium reactors to generate electricity. This a safe and cheap way to generate electricity, and the omly downside is that it doesn't [roduce weapons grade isotopes.

If they generate a surplus of cheap electricity, then it would obviously be a great pace to set up mining farms, and they have just announced a training programme for Bitcoin mining.

https://news.bitcoin.com/bitcoin-mining-training-30-cities-india/

[eaLiTy]

India is an interesting country. Didn't they try to ban cash and gold? They are quite sophisticated in their use of technology,

India was an interesting place with a growing economy but the only negative is the ruling government who does not have any idea about innovation or technology as they are too much focused on religious polarization as they are thinking of getting the vote bank of religious fundamentalist. The government banned 500 and 1000 INR bank notes without any prior warning and it was a real shit show during that period as they did not have sufficient newly printed notes.

and they are planning to build thorium reactors to generate electricity. This a safe and cheap way to generate electricity, and the omly downside is that it doesn't [roduce weapons grade isotopes.

India does have the worlds largest Thorium reserve and most of the reactors will start functioning by 2025

If they generate a surplus of cheap electricity, then it would obviously be a great pace to set up mining farms, and they have just announced a training programme for Bitcoin mining.

The training program for BTCitcoin mining is conducted by a private association and it has nothing to do with the government as they are still in the dark ages.

[chennappa121]

Yes RBI has not banned CryptoCurrency in India but i don't understand why they have ruled out for all banks not to support any crypto related business .It has effected all Crypto exchanges to stop there business in India but i didn't understand on what basis they decided. Better to understand the Crpto Currency and give proper resolution for Crypto Currency in India because there are so many countries regulated Crypto currencies and getting the benefit in the form of tax.

[johnwest]

The status of reserve bank is same as before, they are not going to allow crypto as a legal tender but they know that it cannot be banned. They have understood that with banning banks to transact with exchanges, they are losing more on taxes. We may see a positive outcome from court soon and exchanges will be back with bank transactions.

[Thavash]

India was an interesting place with a growing economy but the only negative is the ruling government who does not have any idea about innovation or technology as they are too much focused on religious polarization as they are thinking of getting the vote bank of religious fundamentalist. The government banned 500 and 1000 INR bank notes without any prior warning and it was a real shit show during that period as they did not have sufficient newly printed notes.

You cannot make a statement like that without talking about how the country has suffered tremendous terrorism, which is the reason that people there have turned to nationalism. And the money ban was because its neighbour was essentially printing fake notes to try to destroy the Indian economy - lets leave politics out of the bitcoin forum in any case. If India with its large population adopts Bitcoin in a big way this will be massive for BTC.

[eaLiTy]

~snip
You cannot make a statement like that without talking about how the country has suffered tremendous terrorism, which is the reason that people there have turned to nationalism.

Since you touched the narrative of terrorism, lets analyse the major terrorist attacks against military and parliament
Indian Parliament attack (2001) Under BJP government. Do you have any idea how many terrorist attack happened after Modi government came into power including attack against military camps which never happened in history and you are coming up with the narrative that people are supporting the current government and turning to nationalism because they are holding the record for the most attack against Indian military.
Indian Army brigade headquarters in Uri (2016)
Nagrota army base attack (2016)
Pathankot attack (2016)
Sukma attack(2018) and just before the elections when all the polls were against the BJP because of their incapability to fulfill anything and turning the economy upside down with demonetization we had Pulwama attack (2019), all these attacks were against Indian military base and camps, hope you have heard about the recent arrest of a police officer who is close to the BJP government, deputy SP Davinder Singh who was recently arrested along with terrorist and he was directly involved in Indian Parliament attack (2001) and Pulwama attack (2019).  

You can lie and find a narrative you want but the facts and truth will come out one day. I know i am going way off topic but the narrative he is giving cannot be accepted.

And the money ban was because its neighbour was essentially printing fake notes to try to destroy the Indian economy - lets leave politics out of the bitcoin forum in any case.

The narrative during demonetization was combating terror funding, black money and corruption and what has changed after that, what about the fake calculation and narrative the government used, how many black money was recovered. The economy doomed because of some illiterate taking decisions, many small business shut their door because of the immense loss they had to encounter, any idea about the total loss the tax paying citizens had to encounter 13,000 Crore INR to monetize again, any idea or calculation about the counterfeit notes reduced after demonetization, the statistics says it increased  . Any idea how many people died because of the rush and cash crush when no one was able to withdraw their money from the bank and your stupid analogy for the betterment is bullshit and that is the fact. So please do not come up with fake narrative you learn from RSS and BJP camps.

If India with its large population adopts Bitcoin in a big way this will be massive for BTC.

The people of India will adopt, but the government is making things difficult for anyone to invest by using the RBI to shut down business by restricting banks to conduct business with crypto exchanges and i did not see any narrative regarding this, the government says BTCitcoin is a ponzi scheme, so what is your narrative on this subject.


PS:The long response is because of the narrative @Thavash wants to portray and i want to inform the real situation rather than sugar coating that everything is fine and done for the greater good.

[uray]

Do you want to say that India has the same plan as China - to introduce a national cryptocurrency and make it dominant over the rest of cryptocurrencies?

Two of the biggest populated countries in the world China and India coming up with their national cryptocurrency and then what happens, they will force everyone to use them  . The volume will be crazy high if they force them as almost 40% of the world's population live in those two countries .

[sisule]

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/

Which one correct news about bitcoin transaction in India, last several day I got information India have been legal using bitcoin but why did you give information about India back to banned bitcoin as legal payment transaction now, I think need time how to know bitcoin keep using as legal transaction or not.

[joinfree]

Ahh well, that's quite relieving to hear. I quite remember when the rumours came about the ban of crypto in India so many online friends of mine in India got worried as it would hamper some of their business. I hope this would cheer them up a little. This would also go a long way to promote the establishment of crypto related jobs in India

[mahilchii]

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.

[suvo05]

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.

[pixie85]

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.

This means that they more or less did the same thing as China.

They can say what they want and try to look good but we all know better. They did ban it because if you ban a financial product from the financial sector you are banning it. It's like banning apples from grocery stores and allowing to only buy them in person like from your neighbor or a grower. You technically can still get them but it's much harder.


If they did not want to ban it they wouldn't ban some features of it but let it develop freely.

[TheGreatPython]

Reserve bank only stated that the regulated entities cannot offer crypto assets but it no where mentioned about the ban on cryptocurrencies. Also I think, Central Bank and Reserve Bank are two different banks so how could you co-relate them here?

India is the country which is undergoing the legalization process of cryptocurrencies and from several months, we can see the hearings in the Supreme court of India about the circulation of the cryptocurrencies. I do no think that India has arrested anyone until now for using cryptocurrencies or transacting with them. Good news about the legalization of cryptocurrencies should be spread globally so that most of the countries can start supporting the act.

[rosezionjohn]

Do you want to say that India has the same plan as China - to introduce a national cryptocurrency and make it dominant over the rest of cryptocurrencies?

Please read my comment again. I was only saying that there are some articles^[1] suggesting that India is planning to launch their own national cryptocurrency. And yes, just like what China is planning to do and what Venezuela did. I don't know about making it dominant over decentralized crypto such as bitcoin but it will most likely become the legal tender to be accepted by banks and other financial institutions.


[1] https://www.livebitcoinnews.com/india-considers-issuing-national-cryptocurrency-despite-anti-bitcoin-stance/

[chennappa121]

Reserve bank only stated that the regulated entities cannot offer crypto assets but it no where mentioned about the ban on cryptocurrencies. Also I think, Central Bank and Reserve Bank are two different banks so how could you co-relate them here?

India is the country which is undergoing the legalization process of cryptocurrencies and from several months, we can see the hearings in the Supreme court of India about the circulation of the cryptocurrencies. I do no think that India has arrested anyone until now for using cryptocurrencies or transacting with them. Good news about the legalization of cryptocurrencies should be spread globally so that most of the countries can start supporting the act.

Yes the case is still pending in Supreme court regarding Crypto regulation in India and Indian government gives statement regarding that they are not banned Crypto Curriencies in India but RBI ruled out to all Indian Banks  are not going to deal with any crypto currencies related to business firms so it has affected to stop all crypto exchanges in India. may be you will get once Indian government and RBI both come to conclusion about crypto currency then only  we will get the solution for crypto regulation.