At last RBI ban on Crypto - page 2. | Bitcointalksearch.org

achris

jr. member

Activity: 40

Merit: 4

Not true .

After the demonetization , there was a new inflow of Rs 15.28 lakh crore into the banking system.
That's another reason why the interest rates have remained unchanged this time around.
Banks have not become poorer . All the peoples money have been collected to infuse funds into the banking system via demonetization.
Only major problem is that the NPAs keep growing nevertheless. !! Sad

Quote from: The_Don1 on April 07, 2018, 11:30:30 PM

Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins

The_Don1

newbie

Activity: 107

Merit: 0

Govt just want peoples money to come in bank because banks become very poor in last 2 years .. go fund them with your taxes /cess / bitcoins

achris

jr. member

Activity: 40

Merit: 4

Tim Draper on why this move by RBI is a big mistake

https://economictimes.indiatimes.com/opinion/interviews/if-india-makes-bitcoin-illegal-other-countries-will-gain-tim-draper-draper-venture-network/articleshow/63633507.cms

kimochidesh

sr. member

Activity: 518

Merit: 257

Yes the news is true. RBI has banned cryptocurrencies implying that the commercial banks cannot carry out any transactions in crypto assets. But this does not means that it is an end of Bitcoin in India. The people of India can still trade in Bitcoin. RBI cannot stop decentralized exchange from offering Bitcoin in India.

Naman1111

full member

Activity: 294

Merit: 100

Guys there is still a window of 3 months. I already know of a lawyer whi is moving a PIL against this RBI order. RBI as of now dont have any authority on Zebpay like exchanges that is why it is trying to curb the transactions. Everyother progressive nation is working towards legalizing crypto and our government is holding back. Such big dissappoinment.

RocketSingh

legendary

Activity: 1662

Merit: 1050

Quote from: Blackshadow007 on April 05, 2018, 05:40:18 AM

Well not sure this is true or not but seems like death of crypto in India .

https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms

This will only make sure that the volume will explode on sites like https://localbitcoins.com & https://bisq.network. Good for those who trade over there.

Somz1

full member

Activity: 420

Merit: 102

Most of the ignorant folks think an exchange ban = Bitcoin ban, one cant simply ban Bitcoin, jeez
The govt is just stupid, allowing other countries to thrive while India will realise it value at the very end and then try to make things right....Same as always

CryptoKnight7

newbie

Activity: 5

Merit: 0

As many people have said earlier in this thread, there are ways one can still trade cryptocurrencies. Also, don't forget RBI has given a window of three months for private entities like banks to withdraw their support to companies and individuals related to cryptocurrencies. So, we have a time period of three months to figure out ways to overcome this hurdle. It won't be easy, it won't be simple, but it certainly is not impossible. South Korean investors have done it before, Chinese investors overcame their government's ban on cryptocurrency exchange. Certainly, we can do it too. Our market is not even that big that we can affect the international market. There's hardly any change in international market despite a major dip in the Indian market.

Source

achris

jr. member

Activity: 40

Merit: 4

Thanks UPENtXF for brining this platform to notice.
I like the way it connects to the Tor network

)

The questions still remains ...
The actual transfer to fiat currency via National Bank transfer - is that still legal ? ( even though its a P2P transfer ) And does the RBI have a jurisdiction over direct individual money transfers - resulting in crypto-currency related transactions

Quote from: UPENtXF on April 05, 2018, 10:17:13 PM

Quote from: hdclover on April 05, 2018, 01:53:07 PM

This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.

That's right in general. They can force centralized exchange sites like Localbitcoins and Remitano to stop offers in India, but they can't stop Bisq and other more decentralized exchanges the same way.

Take action!
https://bisq.network/

Liquidity won't come to decentralized exchanges until you bring it!
Still don't see any INR offers on Bisq order book.

They need contributors too, such as Java devs:
https://bisq.network/contribute/

At least, spread the word on social media!

UPENtXF

member

Activity: 125

Merit: 10

Quote from: hdclover on April 05, 2018, 01:53:07 PM

This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.

That's right in general. They can force centralized exchange sites like Localbitcoins and Remitano to stop offers in India, but they can't stop Bisq and other more decentralized exchanges the same way.

Take action!
https://bisq.network/

Liquidity won't come to decentralized exchanges until you bring it!
Still don't see any INR offers on Bisq order book.

They need contributors too, such as Java devs:
https://bisq.network/contribute/

At least, spread the word on social media!

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Yes there will be always many possible way to cash out but its not user friendly for all Indians as it was via indian exchanges . Most of Indians do not know other ways to cash out than simple Bank withdrawals from Indian Exchange . peer to peer trade no one can stop , you can sell crypto you own via forums , Localbitcoins for Cash and many other ways like PayPal acceptance for your crypto with trusted traders .

hdclover

hero member

Activity: 1120

Merit: 501

www.bitcoin.org

This is not the death. You can still trade cryptocurrencies in person to person exchange like localbitcoins, remitano etc. Ofcourse we will see a major price drop in Indian exchanges but this is definately not the end of cryptos. Looks like RBI is planning on some kind of their own digital SHIT coin so they don't like crypto.

doublecoins

newbie

Activity: 154

Merit: 0

now it is clear India banks and Indian financial system declare war on Bitcoin they don't want the future generation to enter into Bitcoin and crypto assets

akhjob

sr. member

Activity: 1050

Merit: 416

Buy Bitcoin

RBI is not banning Crypto. Just curtailing the money flow into cryptos and trying to create a centralized cryptocurrency. This is the relevant portion of Official press release given below

Quote

12. Central Bank Digital Currency

Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.

13. Ring-fencing regulated entities from virtual currencies

Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.

Source:

Quote

https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

ershovspa

newbie

Activity: 144

Merit: 0

This news is quite strange. They are banning bitcoins as it is affecting market integrity of the country. And now they want to launch their own coin ?

kabit9

full member

Activity: 853

Merit: 114

Quote from: achris on April 05, 2018, 08:04:31 AM

you can still sell it outside india

How? Do you have a bank a/c outside india to cash out to? if so, that's probably illegal if you are an indian citizen not working abroad.

This is pretty much a direct ban to all crypto's in India. Short of declaring it illegal and subject to criminal prosecution to own cryptos, this is the nearest they have done. It is very very negative news and i expect markets to take it accordingly.

achris

jr. member

Activity: 40

Merit: 4

you can still sell it outside india

~Money~

hero member

Activity: 1132

Merit: 536

unfortunately it is really happening

this is the end of crypto in india, wondering what will happen to bitindia !
maybe it is time to leave this world by us

and maybe it comes a big goodbye by us, Indians, on forum Sad

SpadeFX

newbie

Activity: 17

Merit: 0

It's official.
https://www.youtube.com/watch?v=NlB_jcdC4Po&feature=youtu.be

Blackshadow007

sr. member

Activity: 787

Merit: 276

Currency Xchanger™

Well not sure this is true or not but seems like death of crypto in India .

https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms

Topic: At last RBI ban on Crypto - page 2. (Read 584 times)