Bitcoin trading in India is on fire

[rodskee]

This is good news for cryptocurrency. The spread of cryptocurrency in a populous country like India will have an impact on the entire crypto world. But the fear is that the RBI may ban bitcoin in India again and they are there to do so Trying my best - https: //bitcPointalk.o/index.php? Topic = 5255351.0 Earlier, they had tried to ban crypto in India, but it could not be implemented due to the intervention of the Supreme Court of India. If they want to ban crypto in India this time, I hope the people of India and the Supreme Court will resist.

It can be ban if there's ground that may direct the government to stop crypto / bitcoin from the country but if the people and the supreme
court are going to resist, the chance are big for this market to continue.
There are many possibilities where government may see lapses and allow them to stop the existence of crypto / bitcoin but as long as there
are communities that can provide benefits to people and the government.
This market will survive and continue to work alongside with other digital assets. Very important to the users to prevent illegal activities
it will remove the doubts of the government that it's been used
for illegal transactions around the place.

[suvo05]

--snip--
While majority of the countries in the world is seeing it as an opportunity, Indian government is seeing it as risk and hence trying to ban it.

Such kind of thinking only comes from a regressive mind unaware of the world development. In 5 years, India will see more temples filled with beggers than factories full with employed population.

I wouldn't say that the govt has regressive thinking just judging from cryptocurrencies. You can very well expect the govt to embrace blockchain based solutions and simultaneously reject the idea of crypto-"currencies" altogether. The policymakers and the power-holders in India take the concept of "black money" pretty strongly. The "concept" is that real, coercive power flows from "untraceable money" and only they should have it while the public shouldn't.

The Indian public is far from being mature enough to have a debate on a hedge against inflation. People are mostly content if they are making some money. They couldn't care less about the concept of banking cartels and individual privacy.

The basic problem is that bitcoin is 50 years too early for a country like India.

It's a huge country with immense possibilities.  While some people are investing money to hide tax, money laundering on the other side the top institutes like IITs and NITs are offering blockchain courses for their students. These institutes have the capability to use the blockchain technology for the greater propose. Thus I don't think it's too early for India.
Gov should make a law for the crypto coins rather than banning it. Then it will help to restrict the people from its illegal use, on the other hand, it will encourage the people to use the technology.

[Anonylz]

crypto trading is becoming is a great deal. because of its volatility people love it. and big countries like India should encourage see of crypto in eve rightful form.

I think volatility is something that you should watch out for, not love it. I could misinterpret your thought though. I agree on the fact that the population plays a role in engagement in cryptocurrency, the bad side of it though is that in long term there will be a big change in supply and demand. Investments are also one good thing when there is a large population but with the tensions right now between China and India this will be debatable.

Volatility is part of the crypto market there is hardly anything anyone can do, watching out for it won't prevent much, I think what the above poster meant is when btc price is up and down is what gives people the chance to buy and sell as the price fluctuate, population plays a big role yes, I don't see the bad side band the big change in supply you are talking about, from my own understanding the supply already know and the demand is what many grave for, (except am misinterpreting your post)

I think the more the population of people in btc, the more will be the demand and this will translate positively in price, Indian has a large population and with the acceptance of government this will really open many doors, between what tension are you referring to between China and India?

[amishmanish]

Black money are used everywhere with many payment methods, not only with Bitcoin or crypto. Governments are not able to ban fiats or INR because of black money from some companies, foundations, organizations. Hence, they will not ban bitcoin or crypto because of money launderings.

I am not saying that the govt will take a negative view of bitcoin because of money laundering issues. They will take a negative view because bitcoin allows people to have the choice to earn money and keep it for themselves. They want to control those channels themselves and not let the common public have them. Its similar to how high-level corruption flourishes while normal public is forced to account for every single penny.
The so called politicians who are taking up these laws in parliament are fed by bureaucrats. The same bureaucrats that continue to earn millions in kickbacks on defence deals, infrastructure projects, educational/ healthcare spending. Corruption is so institutionalized in our country, that these people can only see bitcoin from their colored lenses. There is a idiom in hindi which roughly translates to "The thief worries the most about theft in his house". So even though the general public will be involved through regulated exchanges, these bureaucrat and political nexus is hell-bent on painting it as "black money". This gives them the justification. Why else would there be talk of potentially making it illegal to own cryptocurrencies??

Real bans or FUDs, such news only initiate Indians choose to use P2P marketplaces more often. The combined volume on P2P marketplaces, LocalBitcoins, and Paxful is increasing.
--snip--

It is not a good one that help us to come to a conclusion because the opposite trend is found in China and CNY trading volume:

If people are relying more on P2P, then they are actually using bitcoin the way it is actually supposed to be used. Even on localbitcoin, its not like it is completely untraceable. It just allows a person to have his privacy. The authorities don't want to do their real job and blame everything on p2p trading. It is kindda pathetic and regressive.

It's a huge country with immense possibilities.  While some people are investing money to hide tax, money laundering on the other side the top institutes like IITs and NITs are offering blockchain courses for their students. These institutes have the capability to use the blockchain technology for the greater propose. Thus I don't think it's too early for India.

I dont' say "blockchain technology" is too early. "Bitcoin" with its concept of financial freedom and privacy, maybe too early for most of the population. Most people still prefer to tow the official govt line rather than take a constitutional stand.

Gov should make a law for the crypto coins rather than banning it. Then it will help to restrict the people from its illegal use, on the other hand, it will encourage the people to use the technology.

Agree. If they just ban it, this is going to be another reasons to leave this country ASAP. Yeah but i am sure we'll all try to oppose it in our own ways first.

[whyrqa]

In India, the mood of the Government regarding cryptocurrencies and users very often changes. Recently, information has again appeared that ordinary cryptocurrency users will be punished for illegal actions by cryptocurrencies. but at the same time, the Central Bank of India made an official statement that no state bank would deny services to cryptocurrency companies. Against this background, the Indian cryptocurrency exchange COINDCX began to raise funds as investments from other companies such as CoinBase and Polychain. Therefore, in any case, India has a future with cryptocurrency and it is very promising.

[Ozero]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.


If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

In India, there has not yet been any legalization of bitcoin or other cryptocurrencies. Recently, the illegal order of the Reserve Bank of India was withdrawn through the court regarding the recommendation to other banks and financial institutions of the country not to service accounts related to cryptocurrency.
Now in India, there are still no laws and rules for cryptocurrency circulation. However, information appeared that the government may prohibit the full circulation of cryptocurrency in India, so the situation there is not quite good. In any case, there is nothing to rejoice at the moment. The government can change its mind under pressure from the people.

[Swordsoffreedom]

In India, the mood of the Government regarding cryptocurrencies and users very often changes. Recently, information has again appeared that ordinary cryptocurrency users will be punished for illegal actions by cryptocurrencies. but at the same time, the Central Bank of India made an official statement that no state bank would deny services to cryptocurrency companies. Against this background, the Indian cryptocurrency exchange COINDCX began to raise funds as investments from other companies such as CoinBase and Polychain. Therefore, in any case, India has a future with cryptocurrency and it is very promising.

A few days ago, I've seen a post about the Indian government want to ban cryptocurrency and today they legalize cryptocurrency. Actually, there is no guarantee that they will not ban crypto again in a few days later. so, I want to say to all Indian BTC holder “be alert" find an alternative way to use and to trade BTC, even if the government will attempt to ban BTC again, so that you do not have to face any problem.

[khaled0111]

A few days ago, I've seen a post about the Indian government want to ban cryptocurrency and today they legalize cryptocurrency.

I am a litle bit confused because I remember reading that topic too talking about the possibility of banning the use of cryptocurrencies in India.
Here is the link:
https://bitcointalk.org/index.php?topic=5255351.0

I don't know what to believe anymore!
@OP, if possible, can you add links to the source on which you found this info?

[rathaha10]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.


If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

No doubt, the india market holds a great potential towards crypto mass adoption over the nation. I'm really glad we now have quite a handful number of trusted projects from there as oppose how india projects in the late 2017 to early 2018 existed scams with raised funds and the fact that crypto activities got approved by the Supreme Court really bossted the usage of crypto in India

[Anish02]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.
(....)

Isn't it just because everyone is at hope working and in front of their pc?
Or there are a lot of crypto enthusiast out there just making a lot of trades last month. So good for them, at least crypto has moved a lot since they legalised it.

I don't think the reason is working in front of their PC and also because of the pandemic.
It's just simple for me; they want Bitcoin, they want to own Bitcoin.
As you can see in the OP, much more bitcoin has traded on local/peer-to-peer exchange. So for sure, they are much into HODLING, especially the about trading bitcoins in India already lifted or already legalized (based on OP).

If this will continue, we will have a strong adoption in this country. Considering the huge population of India, this will drive mad in adoption. I hope it will affect in bitcoin's price later on.

Just imagining, if the whole of Asia adopts bitcoin as a currency.  The price of bitcoin will boom to $100k easily. I keep wondering why the Asia countries find it hard to legalize bitcoin. Are they all afraid of bitcoin uniqueness or something else. Is it not yet time for them (Asian's) to accept digital currency as an avenue of financial freedom

Most of the Asian countries government has thought that their countries people would make the bad use of cryptocurrency to launder the black money. Then there are a lot more illegal activities that can be possible with the help of cryptocurrency. Such kind of reasons has made them paralyze to take a decision in cryptos favor.

[Benefactor]

At present, Bitcoin has been declared illegal by many Asian countries. All of these countries think that the use of Bitcoin is harmful to their country. My personal opinion is that although Bitcoin is used for some immoral purposes, there are many good aspects to it. Unemployment is a problem in many countries in Asia, so the Bitcoin business can play a big role for all these countries. If this is done then the world market will bring a great potential for the future of the crypto economy. Unemployment problems in all those countries will be solved.

[Ibizugbe1]

The people of India saw freedom and decided to embrace it and their Apex bank are angry with the people for trying to chat their own financial course. I hope the Apex bank chiefs won't approach the supreme court again to review their judgement giving legal backing to cryptocurrency trading.

[FlightyPouch]

The people of India saw freedom and decided to embrace it and their Apex bank are angry with the people for trying to chat their own financial course. I hope the Apex bank chiefs won't approach the supreme court again to review their judgement giving legal backing to cryptocurrency trading.

We don't know though all we know is that they don't have the right to hold your freedom to choose where to put your money. If you all wanted to put that in the bank, it is your right. If you want to buy bitcoins and save them for later, that is your right. Either way, people are finding ways to gather profit and if they wanted to invest in bitcoins, that is fine, that is their money.

[kotajikikox]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.


If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

No doubt, the india market holds a great potential towards crypto mass adoption over the nation. I'm really glad we now have quite a handful number of trusted projects from there as oppose how india projects in the late 2017 to early 2018 existed scams with raised funds and the fact that crypto activities got approved by the Supreme Court really bossted the usage of crypto in India

being one of the Largest country in the world this is really in effect for the market of crypto if they will suffer (indian Crypto users) continuously like this situation.
and they have been suffering since years ago when crypto was banned in their country and now here we go again.

Why can't India decide whether to accept crypto or not? Do some forces affected by and opposed to this?

Of course and those are the capitalist and Bank owners,because with crypto they are in the edge of business and afraid of losing their syndicated businesses when crypto took over and being supported by masses.

[shoreno]

The people of India saw freedom and decided to embrace it and their Apex bank are angry with the people for trying to chat their own financial course. I hope the Apex bank chiefs won't approach the supreme court again to review their judgement giving legal backing to cryptocurrency trading.

We don't know though all we know is that they don't have the right to hold your freedom to choose where to put your money. If you all wanted to put that in the bank, it is your right. If you want to buy bitcoins and save them for later, that is your right. Either way, people are finding ways to gather profit and if they wanted to invest in bitcoins, that is fine, that is their money.

yup . banks are just insecure becuase those that invest on them are now withdrawing thier coins and put them on bitcoins   . they are afraid that one day they thier business will go down the drain so as early as possible they are now finding ways to stop it  .

anyway bitcoin is now allowed on india again ? what the heck   ,  cant count the times they banned and unbanned btc   .  what wrong with thier governments   , are they  confused or what   ?

[Nhor1011]

After legalizing bitcoin in India, bitcoin trading in India exploded in mid-May. Over the past month, there has been data indication, indicating that more bitcoin has changed hands on local, peer to peer exchange in India than before.


If this continues, with the way Indian's are going about bitcoin trading. The Indian market is likely to hold a great potential and importance for the future of the crypto economy. Since people in India is betting big on bitcoin

It means that the mass adoption in India are now increasing. If other country will legalize also the cryptocurrency like India,i think it will help our economic problem specially this current pandemic situation. It will increase the number of people using it as an alternative source of income. It's really a good opportunity if ever but only the government can decide to accept.

[FlightyPouch]

anyway bitcoin is now allowed on india again ? what the heck   ,  cant count the times they banned and unbanned btc   .  what wrong with thier governments   , are they  confused or what   ?

Well, it is a decentralized cryptocurrency so maybe they are looking for how the people will react to it and they will make a law if that turned out to be bad or maybe banning it, again. As far as I know, the interest of Indians to crypto currencies are increasing and they might be one of those countries with a lot of users but the government, again, might ban the said currency, I don't know what they are really thinking.

[Kakmakr]

India has the potential to take this technology to the Moon, just based on their population density, but their politicians are very sketchy to say the least. India are one of the countries with the highest corruption statistics in the world, so getting them to play ball.. would be next to impossible.

Since Bitcoin became more mainstream, India has banned Bitcoin several times. The different people in government are not talking out of one mouth...it all depends what each group/party can get out of this. 

[TutorShow]

India has the human element that needs a lot of money for production, but that human element does not have a lot of money in order to invest and achieve a lot of money and profits.
India will not be a market for investments in digital currencies, but the use of programs to pay directly to buy Indian products and shipping in digital currencies will make India the first country in the world.
we need some apps like paypal to bitcoin to work in india

[stiffbud]

India has the human element that needs a lot of money for production, but that human element does not have a lot of money in order to invest and achieve a lot of money and profits.
India will not be a market for investments in digital currencies, but the use of programs to pay directly to buy Indian products and shipping in digital currencies will make India the first country in the world.
we need some apps like paypal to bitcoin to work in india

There are many frauds related to PayPal to bitcoin and that is the reason only trusted people are always willing to deal in it, others just won't accept this kind of deal. A lot of people have been scammed in the past in the PayPal trades and even escrow also don't accept PayPal as a method of payment.
But Indian crypto market is having a lot of potential in the short term and in the long term as well, because there are only a few companies in the crypto sector in India which directly means there is a lot of development that can happen in the near future because of crypto being legalised in India now.