RBI announced that regulated entities already providing services to any individual or business dealing in digital currencies have been given three months to exit the relationship.
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//economictimes.indiatimes.com/articleshow/63769567.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Topic: At last RBI ban on Crypto (Read 596 times)
If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.
The world moving on from Bitcoin? Not going to happen.
An interim relief is not a victory at all, it is just an 'interim relief'. The deal with any economical movement in a country involves the legislation first and then a governing body is formed and then the action is taken. But here the thing is reversed in case of Bitcoin, we were always standing on pillars of sand with no legality defining our existence within the country. To terraform those pillars or sands into the shoulders of atlas we'll need to form a political body that can 'lobby' for us. Buy the gov. like multinational corps bought this BJP gov & put it to power.
Such a ban - if you can call it that, was necessary, we will now get our act together and take the right steps that we should have taken way back in 2011.
Things move at a snail's pace in India. If it takes 2 decades to announce a decision on bank accounts for exchanges, it is pretty much useless.
Interim relief is a small victory precisely because of the time it takes courts to adjudicate on issues. Exchanges can operate as usual, until the final verdict is delivered. In an ideal world, there would be legislation on the basis of which bitcoin companies would operate. Indian institutions are far from ideal.
If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.
The world moving on from Bitcoin? Not going to happen.
An interim relief is not a victory at all, it is just an 'interim relief'. The deal with any economical movement in a country involves the legislation first and then a governing body is formed and then the action is taken. But here the thing is reversed in case of Bitcoin, we were always standing on pillars of sand with no legality defining our existence within the country. To terraform those pillars or sands into the shoulders of atlas we'll need to form a political body that can 'lobby' for us. Buy the gov. like multinational corps bought this BJP gov & put it to power.
Such a ban - if you can call it that, was necessary, we will now get our act together and take the right steps that we should have taken way back in 2011.
As far as stay order is concerned, petitions have already been filed and you can expect an interim stay order would be affected on the first day of the hearing or at least within the first month of the hearing start date. As far as I know that is the common procedure in such instances, look at the Aadhaar case for instance.
If this does happen, the exchanges can consider it to be a small victory. By the time the courts give their final verdict, the world would have moved on. But I am not convinced that interim relief is that common.
Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading
The Court has sent notices, but has not issued a stay order. There is a big difference between the two. If the courts do not give any interim relief, but continue hearing the case, the exchanges might as well forget about reopening.
Crypto from day one has been poised as a disruptor and for the first time in India at least, it is acting like it. They have finally stopped looking the other way and turn their heads towards crypto, but they fail to realize that they are almost a decade too late to make any real effect. If anything this will (and has) only cut back their revenue from taxes.
As far as stay order is concerned, petitions have already been filed and you can expect an interim stay order would be affected on the first day of the hearing or at least within the first month of the hearing start date. As far as I know that is the common procedure in such instances, look at the Aadhaar case for instance.
Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
Didn't notice this before. But signed. Also glad to see you still around and kickin'.
Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading
The Court has sent notices, but has not issued a stay order. There is a big difference between the two. If the courts do not give any interim relief, but continue hearing the case, the exchanges might as well forget about reopening.
Rbi ban is on hodl as of now High court of delhi sent notices to rbi and finance ministry regarding Crypto trading
This is the quintessential example of spreading fud from an individual who is mentally dud.
Banning exchanges does not equate to banning cryptos. There is NO way to ban cryptos.
In India we have banned books, movies and dresses just because they offend our retarded mentality. Its nothing new and such things cannot stop the widespread adoption of cryptos in India.
If anything, even people who didn't know what it was, would now come to know about it.
On the hindsight, if I were to write a parodical sketch about the issue, I'd interpret what they're saying as;
"Crypto bad, you get rich, we get no tax, so we no allow you crypto. But we make our pavitra crypto, buy our crypto, you stay poor, pay us tax, we get rich"
Banning exchanges does not equate to banning cryptos. There is NO way to ban cryptos.
In India we have banned books, movies and dresses just because they offend our retarded mentality. Its nothing new and such things cannot stop the widespread adoption of cryptos in India.
If anything, even people who didn't know what it was, would now come to know about it.
On the hindsight, if I were to write a parodical sketch about the issue, I'd interpret what they're saying as;
"Crypto bad, you get rich, we get no tax, so we no allow you crypto. But we make our pavitra crypto, buy our crypto, you stay poor, pay us tax, we get rich"
Yes, it can happen that RBI may ban it .But still now it's business is running in India. There are many exchanges out side India, which are working in crypto.
Worst decision ever....
the stupidest decision ever taken by RBI. entrepreneurs will now move to other crypto$ countries. there was such a huge potential to attract investors and developing the economy while bitcoin and other digital currency become stable.
Yes, very true because Indian Government is on one side promoting cashless India and if on the other side they ban cryptocurrency then that would be the most foolish and double minded decision which in turn will also show how efficient the Government is.
They try to ban Decentralised cryptocoin, but government also issue income tax notice to cryptocoin holders. They want the gain share.
Now Indian government also want to create wealth by creating centralised cryptocoin.
Bloody Indian politicians (majority) secure their black money abroad, but they don't want citizens to earn from cryptocoin even if they pay their taxes.
We have to fight for our rights.
Now Indian government also want to create wealth by creating centralised cryptocoin.
Bloody Indian politicians (majority) secure their black money abroad, but they don't want citizens to earn from cryptocoin even if they pay their taxes.
We have to fight for our rights.
Govt is motivated and fuelled by fear and a desire to control its citizens. Innovation will always be stifled in these conditions.
Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
I have done. All other do this.
Please sign this petition:
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
dont be worry guys, we are bitcoiners, we will find a solution for that soon, for now crypto-crypto is solution for exchange,
there is 1 solution for transferring fiat in the corner, we just need to find and use it
but according to rumors, rbi is preparing market to sell his own crypto currency and if that happens, we will find that coder solution too
there is 1 solution for transferring fiat in the corner, we just need to find and use it
but according to rumors, rbi is preparing market to sell his own crypto currency and if that happens, we will find that coder solution too
the stupidest decision ever taken by RBI. entrepreneurs will now move to other crypto$ countries. there was such a huge potential to attract investors and developing the economy while bitcoin and other digital currency become stable.
Huh ?? I dont know what you are trying to say.
This thread is about something else . Why don't you start another thread titled "How I lost trust in Indian banking System"
This thread is about RBI ban on banks supporting crypto currency services.
but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..
This thread is about something else . Why don't you start another thread titled "How I lost trust in Indian banking System"
This thread is about RBI ban on banks supporting crypto currency services.
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. !!
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. !!
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 
but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..
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. !!
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. !!
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
but now most of traders and shop owners mostly dealing with cash .. other wise the charge 2% extra if you pay via debit card .. people loosed trust on current banking system and policies..
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. !!
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. !!
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
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
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
https://economictimes.indiatimes.com/opinion/interviews/if-india-makes-bitcoin-illegal-other-countries-will-gain-tim-draper-draper-venture-network/articleshow/63633507.cms
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.
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.
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
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.
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
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
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
Source
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
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!
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!
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 .
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.
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
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
Source:
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.
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
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 ?
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.
you can still sell it outside india
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
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
It's official.
https://www.youtube.com/watch?v=NlB_jcdC4Po&feature=youtu.be
https://www.youtube.com/watch?v=NlB_jcdC4Po&feature=youtu.be
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
https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
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