Do you think, India lifting the ban on cryptocurrencies will impact BTC Price?

[niocexchange]

We think this is huge for the crypto world looking at the current BTC price graph.

Comment below your opinions.

EDIT

Here is All you need to know about #Cryptocurrency Trading becoming legal in India

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[amishmanish]

Any positive news or sentiment does have an affect on price. Yet, bitcoiners have seen enough drama around the bans and un-bans (thanks to China), for this to really have much of an affect.

As far as the buying pressure from Indian is concerned, I'd be surprised if it makes much of a difference in the short term. The main difference will come in the long term as an army of Indian entrepreneurs and developers who were unceremoniously dumped due to this stupid ban will slowly find their way back and start contributing to the space. This will be an overall positive as developers can focus on India specific solutions. Eveything crypto and blockchain will no longer be untouchable.

[Darker45]

I think so, although we could assume that even with the ban on cryptocurrencies in India right now, a lot of Indian people are still very much into crypto. We can very much feel it within this forum and in other social media sites. But a legal acknowledgement of cryptocurrencies in the second most populous country in the world would definitely affect the price of Bitcoin. It could be taken as a form of legal assurance to them. It is indirectly an encouragement for other people to finally decide to accept Bitcoin as payment or buy and sell it. The increase may not be that significant as I think the larger effect is rather gradual but, for sure, there will be an impact.

[pooya87]

of course it will, any action that helps ease the adoption of bitcoin specially in a country with a lot of people who have shown a lot of interest in adopting bitcoin. but it won't be the way the news sites are saying, it won't be a sudden bullish move with a pump coming! it will be slow growth as more and more people adopt bitcoin. even though we may see some short term jumps too but the main rise will be in the long term.

[bhabygrim]

I think we would feel the impact of it slowly or little by little.
It would be for a long term effect on the price not just a sudden pump and dump drama again.
I also think that it wouldn't make any difference because we still have so many indian member in the crypto community even before the ban is lifted.

[Juggy777]

Well I'm close to the region so I think it's really big news. And it has been big for a long time to be honest. I'm very happy for the decision, and maybe we can see some of the older indian exchanges coming back to the country after leaving. RBI will be very pissed about this for sure, wonder what's their response gonna be.

I remember that you're from India and I'm glad to know that your country has finally done justice to crypto lovers, also I'm confident that a massive upwards movement in Bitcoin prices is coming. As for the response from RBI it's simple that they'll either challenge this order, or your government will pass a rule and nullify this order. Another alternative for the RBI is to make Bitcoins legal, and ask Indian government to tax it but I highly doubt that they will choose this alternative.

[DabsPoorVersion]

Yes it is,

The issue of lifting the ban is a positive news for bitcoin and it can help in a way that a new country finally accepted (not actually adopted yet) and realized that banning bitcoin in their country is unnecessary. It can give a little impact to btc price but it will be very minimal.

[BlackFor3st]

We think this is huge for the crypto world looking at the current BTC price graph.

Comment below your opinions.

The effect will depend on how big is the demand in India because demand will dictate whether it can impact the bitcoin price or not. Let's say that there are plenty of users in India but the investors are only few then it cannot affect that much to bitcoin price.

But if the demand in India is kind big then it can surely impact the bitcoin price in case the government of India will lift the ban on crypto currencies. It will be a good news also to the crypto lover if in case India will lift it's ban to crypto currencies.

[buwaytress]

Absolutely. But as pooya says, not a sudden boom, but a steady recovery. You've to remember, when it first happened, the sentiment slowly turned negative and exchanges left the country. Individuals had their bank accounts frozen and people just generally got really mad. It was actually good for P2P though!

But now, things won't heat up, they will rather thaw. I will need to see the central bank's own official response and what they'll do after this + the new legislations.

[Fappanu]

Yes ofcourse this is because many investors will invest again in Bitcoin and other crypto currency but I think this will not give huge impact maybe thiers some increase but this will probably not continue to increase more. This is because not all investor will buy again some will wait more dump to buy at cheap price.

[bitbunnny]

We might see some effects but not in an instant and fast way. Don't expect some huge price jump just because of that and everything depends how demand and supply ratio will move and how vivid will becom cryptocurrency market in India. Anyway, I don't expect too much but some slight positive effects we might see.

[gentlemand]

You can 'unban' something but that doesn't mean banks will want to participate in any uptake. The business they do is entirely on their own terms. They're not obligated to take anyone or anything.

I hope it does allow the locals to have a play but it has never been any type of epicentre when there was no action taken against it. Considering the Indian government's willingness to ruin their own people other measures will be put into place by them if BTC starts to get serious traction in India.

[Alanin]

its a crowded country.
if just 0.5% starts to hoard, it will have a huge impact on the market

[Distinctin]

It will certainly have a positive impact since it's in fact a big positive news.
Per https://www.worldometers.info/world-population/population-by-country/, india is 2nd largest population in the world, so we could expect some big impact.

[Kemarit]

We will see, this is really a big news around the crypto sphere because India is a big market and we are hoping that they could make a impact not just to the price but to developing innovative blockchain technology as India is known for their IT expertise.

So let's see how it goes, we might not felt the positive effect, but for sure India's crypto market are very happy and rejoicing with this victory.

[angrybirdy]

No, because even after this news was released we can still see the price of bitcoin being stable as it is. There is no big response even after India decided to lift the ban on cryptocurrency.

Maybe because the public expected this to happen since we have encountered a lot of lifting ban before that's why we have lesser expectation from the local crypto industry.

[xvids]

No, because even after this news was released we can still see the price of bitcoin being stable as it is. There is no big response even after India decided to lift the ban on cryptocurrency.

Maybe because the public expected this to happen since we have encountered a lot of lifting ban before that's why we have lesser expectation from the local crypto industry.

I must disagree with you it would surely have some impact to the price but it would be for a long term,
What do you expect after the news has been released the people from India would go crazy and go all in into BTC?
Of course the effect or impact would take some time it wouldn't be a sudden burst like most of us are expecting.
And I don't really think that it would be huge since even before they lift up the ban on crypto there are still some Indian's who earns through crypto.

[stompix]

Did it impact when the ban was put in place? No!
Will it impact when the ban is lifted? No!

Unfortunately, no matter how large the country is in terms of population, it has close to zero effects on bitcoin.

It will certainly have a positive impact since it's in fact a big positive news.
Per https://www.worldometers.info/world-population/population-by-country/, india is 2nd largest population in the world, so we could expect some big impact.

As I was saying, basing this on the population alone is stupid.
If it were like that it would mean Bangladesh is more important than Germany, France, and South Korea combined.
Which of course you realize is stupid.

You can 'unban' something but that doesn't mean banks will want to participate in any uptake. The business they do is entirely on their own terms. They're not obligated to take anyone or anything.

That's the slight but important difference. It might get legal, but it doesn't mean people and businesses will suddenly use it.
In theory, we have 260 000 shops in Japan accepting bitcoin, if each of them would have a single customer paying with BTC we would see the mempool full of txs like in 2018. But..it's not!

[hulla]

We think this is huge for the crypto world looking at the current BTC price graph.

Comment below your opinions.

Firstly of all, i want the OP to understand that India don't totally ban cryptocurrencies because there are actually some part of India where crypto trading, investment etc are allow.
Meanwhile, if we put the present situations of India economy into consideration, theres opportunity for bitcoin price to experience a positive signal if the India governments totally lift up the ban on cryptocurrencies on the area affected.

[camito]

We think this is huge for the crypto world looking at the current BTC price graph.

Comment below your opinions.

Knowing India has many cryptocurrency players, lifitng its ban could mean a challenge and an encouragement to other Bitcoin users. Once they heard that the ban is lifted, there will be lot of players who will dig in, and possibly, BTC's price graph would change. What we don't know is if it will come down or go high if the ban is lifted - but possibly, it would be the latter. It can bring positive news as well as signal for other countries (if it would be a big news) to try to invest also in Bitcoin. Though there was no major impact in BTC, as the whole of India didn't experience the ban, its come back can surely make Bitcoin more alive.