ByBit halt their operation from Jan 12!

[Bitcoin Smith]

Due to recent developments from Indian regulators and in continuation of previously implemented restrictions, we regret to inform you that, effective Jan 12, 2025, 8AM UTC, Indian users will temporarily be unable to open new trades or access any products on the Bybit platform. The only exception will be withdrawals, which will remain available for your convenience.

Temporary Restriction of Services in India

Another exchange bites the dust, thanks to the Regulators especially to our Finance Minister Nirmala Sitharaman. It is clear that our government doesn't care about their citizens and closing every available door for money making opportunity.

[TheUltraElite]

In the last few paragraphs what I understood is that they are finalizing registration as a "virtual digital asset service provider" for India and is working with the regulator - FIU I assume here.

I am not using bybit, but I guess the regulatory systems are working to get this solved? We cant say for sure because they are calling the setback temporary, we can still keep some hope.

[pakhitheboss]

Another CEX offering up to $20K withdrawal for non-KYC customers has to succumb to the Indian Government rule. I do not think they will return to India and adhere to the FIU laws. Their business was largely based on non-KYC customers globally and as of now, the countries with high crypto users are experiencing CEX being asked to follow their laws. All of this for the sake of anti-money laundering and terrorist funding, I fail to understand that fiat-based illegal issues are still going on then how the government thinks crypto can be controlled with such laws. This is another way for the government to stop Indians from indulging in crypto and becoming financially independent.

[Bitcoin Smith]

In the last few paragraphs what I understood is that they are finalizing registration as a "virtual digital asset service provider" for India and is working with the regulator - FIU I assume here.

Probably but if it was resolvable they might tried while they are operating but now they are stopping their service means there's something serious is going on and we don't know for sure when they will come back.

Another CEX offering up to $20K withdrawal for non-KYC customers has to succumb to the Indian Government rule. I do not think they will return to India and adhere to the FIU laws. Their business was largely based on non-KYC customers globally and as of now, the countries with high crypto users are experiencing CEX being asked to follow their laws. All of this for the sake of anti-money laundering and terrorist funding, I fail to understand that fiat-based illegal issues are still going on then how the government thinks crypto can be controlled with such laws. This is another way for the government to stop Indians from indulging in crypto and becoming financially independent.

I never used Bybit but I only came across this news after Indian board on Reddit is filled with this news and people are crying they lost their live hood because of this ban, while this is not a ban but the exchange is stop providing feature what I don't understand is people who are trading crypto even doesn't know the difference of Ban and this issue. They can simply switch to other platforms and better if they move to one like Bisq.

[memehunter]

Another CEX offering up to $20K withdrawal for non-KYC customers has to succumb to the Indian Government rule. I do not think they will return to India and adhere to the FIU laws. Their business was largely based on non-KYC customers globally and as of now, the countries with high crypto users are experiencing CEX being asked to follow their laws. All of this for the sake of anti-money laundering and terrorist funding, I fail to understand that fiat-based illegal issues are still going on then how the government thinks crypto can be controlled with such laws. This is another way for the government to stop Indians from indulging in crypto and becoming financially independent.

IMO this hostile attitude of Indian government toward crypto will only lead to the more resilient crypto community. I mean, which does not kill you, only make you stronger. Government first posed heavy taxation on crypto profits and then complaining about people evading taxes  . Sooner, we will see crypto only local communities where people will stop using fiat at all.
If government needed our details for the betterment of our nation, nobody would have any issue, but we all know they need it because they want to control more and more so they can impose more taxes. 
Anonymity is a right.

[TheUltraElite]

Sooner, we will see crypto only local communities where people will stop using fiat at all.

Stop using fiat? You expect your local suttahwala to accept payments in bitcoin? UPI might be a thing running but that is fiat. The government made the digital payment systems easy to use and that is why UPI is so popular. They will never stop using fiat.

What does bitcoin payment have that is better to them than using fiat?

Anonymity is a right.

Anonymity is something that is a pipe dream, it has been lost a long time back.

[memehunter]

Stop using fiat? You expect your local suttahwala to accept payments in bitcoin?

Why not? Lightening network is an option.  

UPI might be a thing running but that is fiat. The government made the digital payment systems easy to use and that is why UPI is so popular. They will never stop using fiat.

Every transaction through UPI is under the radar of government. It enables control over financial freedom. Perhaps you are not aware about the Golgappe wala (ok pani puri, happy! ) who recieved tax notice becuase of UPI transaction. I am not saying that he should not pay taxes, but this is a living proof that how robust this radar is, government knows even your pani puri payments  .

What does bitcoin payment have that is better to them than using fiat?

Everything, but I understand bad old bad habits die slowly.

Anonymity is something that is a pipe dream, it has been lost a long time back

True! But we need to somehow revive it no matter what it takes, specially for our future generations, we can not leave them in the grasp of totalitarian state.

[pakhitheboss]

If government needed our details for the betterment of our nation, nobody would have any issue, but we all know they need it because they want to control more and more so they can impose more taxes.  
Anonymity is a right.

Our current FM aunty does not have a constituency, so she does not understand the problem of the middle class. She, justifying the difference between salted popcorn and caramelized popcorn for GST purposes made me realize how dumb fuck this bitch is understanding the reality. The government does not understand anything happening on the ground, which is what is called incumbency. The only problem is that we do not have a strong opposition! Imagine Rahul Gandhi becoming the PM, we will be more fucked than we are now.

Stop using fiat? You expect your local suttahwala to accept payments in bitcoin?

Why not? Lightening network is an option.  

Both of you try to understand that Bitcoin is no longer an alternative to fiat. It has way passed the point when it broke the $100K price point, it is now more precious than Gold. Do you think an Indian holding Bitcoin or Satoshi can trade it for sutta or anything else? The amount of ROI Bitcoin has generated is more than your property valuation and local stock market in a short period.