Topic: Does RBI softening their stance with bitcoin? (Read 163 times)
if RBI does that, that would be very impressive and a good stand and Indian people will be benefited in the long run.
Until now it seems like Indian supreme court will be going in favor of cryptos to be allowed but definitely by imposing some rules and regulations on them. This incident has been trending for last couple of months and after the recent turn of events, it looks very likely for RBI to step down from their rigid stand.
RBI had previously banned cryptos in India, however, with recent turn of events, it looks like that RBI will move from its stance and allow cryptos to be legal in India but only after passing a framework and imposing regulations on them. Looks like future is bright for crypto market in India.
Now that the market is finally open for the Indians, it will be a huge opportunity for the Indian IT sector. They are highly engrossed in outsourcing and this will create even more jobs in the Indian market.
Every country will have to accept block chain technology and crypto currency concept . It is right to impose some restriction on use of it but blindly ban it is not solution so i hope RBI will come with some rules and regulation.They can not deny the common person interest as they have already provide licence to trading company.
The rupee is inflated and buying bitcoin in India has been popular for awhile. Government can't "ban" it because people already use anonymous exchanges to buy and sell bitcoin there. Unless they want to claim everyone is a criminal and try to find how everyone stores private keys...good luck.
The problem for the government and banks in India is that the corruption has gone on for decades and won't stop without something like bitcoin becoming currency.
The problem for the government and banks in India is that the corruption has gone on for decades and won't stop without something like bitcoin becoming currency.
that corruption is exactly why they are creating road blocks for bitcoin's adoption. and this has been going on at least 2 years now. i believe it mainly started when they invalidated their large bank notes back in 2016 and there was chaos in the country and people couldn't have access to their own money because of this and many started their exit, some through bitcoin.
The rupee is inflated and buying bitcoin in India has been popular for awhile. Government can't "ban" it because people already use anonymous exchanges to buy and sell bitcoin there. Unless they want to claim everyone is a criminal and try to find how everyone stores private keys...good luck.
The problem for the government and banks in India is that the corruption has gone on for decades and won't stop without something like bitcoin becoming currency.
The problem for the government and banks in India is that the corruption has gone on for decades and won't stop without something like bitcoin becoming currency.
Definitely it can't be stop right now. Crypto is taking the world by storm and maybe RBI or even the Government is fully aware of that why they are softening their stance otherwise they will be left in the closet when this technology took off in the next 5 years. I hope the final hearing will news to our Indian bitcoin community and at least just regulate it.
The rupee is inflated and buying bitcoin in India has been popular for awhile. Government can't "ban" it because people already use anonymous exchanges to buy and sell bitcoin there. Unless they want to claim everyone is a criminal and try to find how everyone stores private keys...good luck.
The problem for the government and banks in India is that the corruption has gone on for decades and won't stop without something like bitcoin becoming currency.
The problem for the government and banks in India is that the corruption has gone on for decades and won't stop without something like bitcoin becoming currency.
As CCN reported last week, India’s Supreme Court finalized a September date as the final hearing from the crypto industry petitioning against the central bank banking ban. It has also come to light that the lawyer representing the central bank also underlined the need to regulate the sector, the first notable instance wherein the RBI has called for regulation as a matter of policy.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/
RBI starts to realize whats the peple of indias sentiments about this matter and find out that more people will hate them than trusting.
Many people has been affaected by this issues and now government of india is backing up cryptocurrency specially the number one coin and its bitcoin,so maybe in couple of weeks this will be done and cryptocurrency will be good again in this region
As CCN reported last week, India’s Supreme Court finalized a September date as the final hearing from the crypto industry petitioning against the central bank banking ban. It has also come to light that the lawyer representing the central bank also underlined the need to regulate the sector, the first notable instance wherein the RBI has called for regulation as a matter of policy.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/
RBI starts to realize whats the peple of indias sentiments about this matter and find out that more people will hate them than
It does seem like it. Nevertheless, we should be happy if this does become true and that the market gets opened for the Indians. This will generally improve the economic condition as well as generate a lot of jobs for the people.
Eventually the Reserve Bank will yield to the blockchain as would all other countries currently effecting a ban on bitcoin.Only a question of time.
I think things are slowly taking good turn in India. At first, RBI banned all transactions with cryptocurrencies in all bank. But, the latest hearing of Supreme Court stated that they want to put regulations on cryptocurrency. This definitely means they are going to unban it by putting some regulations.
Abstaining from this cryptocurrency revolution can only push any country a step backward. Today or tomorrow, to match pace with the world, acceptance of crypto is required. RBI should accept the BTC and other currencies as it is the need of the hour for India's economy to grow with the world's.
It seems so. RBI having realized the usage, positive impression and importance of BTC in India decided to come to a compensation. By the end of this year, we may have a regulation on BTC trading in India which will be Govt. approved. This will make South Asian BTC trade more convinient and reliable.
The final hearing of the Supreme Court of India dates to September as the final hearing of the applicant against the central bank banking ban from the crypto industry. I hope the decisin will go to Indian crypto industris positively.
they are using the need for regulation as an excuse to postpone adoption of bitcoin because they have noticed that they (the banks of India) have been losing their dominance over the market to bitcoin that is now being adopted by a large number of people in India.
in my opinion that is where all this drama over there is coming from and because of that, it won't go away that easily.
[/quote
With the above thread as posted, it is a great news for Bitcoin investors in India, the court is making such historical move for Bitcoin, I am optimistic that Bitcoin will be globally accepted, It is all over the news, resulting to the high awareness for Bitcoin, it may increase the Volume of investment or it will make huge volume of transaction in the near future in India.
in my opinion that is where all this drama over there is coming from and because of that, it won't go away that easily.
[/quote
With the above thread as posted, it is a great news for Bitcoin investors in India, the court is making such historical move for Bitcoin, I am optimistic that Bitcoin will be globally accepted, It is all over the news, resulting to the high awareness for Bitcoin, it may increase the Volume of investment or it will make huge volume of transaction in the near future in India.
they are using the need for regulation as an excuse to postpone adoption of bitcoin because they have noticed that they (the banks of India) have been losing their dominance over the market to bitcoin that is now being adopted by a large number of people in India.
in my opinion that is where all this drama over there is coming from and because of that, it won't go away that easily.
in my opinion that is where all this drama over there is coming from and because of that, it won't go away that easily.
As CCN reported last week, India’s Supreme Court finalized a September date as the final hearing from the crypto industry petitioning against the central bank banking ban. It has also come to light that the lawyer representing the central bank also underlined the need to regulate the sector, the first notable instance wherein the RBI has called for regulation as a matter of policy.
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/
https://www.ccn.com/ban-u-turn-indias-central-bank-admits-cryptocurrency-regulation-is-necessary/
The truth is RBI (Reserve Bank of India) is thinking seriously about cryptocurrency and Bitcoin with their statement they made lately, even the Prime Minister of India is in favor of blockchain technology as we have seen on his tweets. I am sure the Indian officials are smart enough to take appropriate decision and will start recognization of Bitcoin and Cryptocurrency as valid tender.
I respect the RBI decision no matter what they said, the officials are smart enough to take any decision, te RBI and government will not just don't admit but regulate the cryptocurrency adoption soon in the country.
If RBI stance soften with cryptocurrency, there will be a chance to open a new era of finance with cryptocurrency in india. And it’s future will be bright. So, I wish RBI stance soften with bitcoin.
Jump to: