End of road for Cryptocurrencies in INDIA?

Greenkarki

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Quote from: [email protected] on April 10, 2018, 06:56:44 AM

It is never the end of the road because people of INDIA who are involved in international trading or businesses can still continue using bitcoin but it may only affect the local businesses in INDIA and it is temporary. Indian Republic may still reconsider after sometime and that is why i said it is just a temporary thing.

In india bitcoin is not banned but the serious discussion is going on. Actually what the government announced is it ask the bank to close the account of the person who deals with cryptocurrency. And the government gives three months time for that. So in india it is not completely banned. We dont know whether it is completely banned or not. This is the current situtaion in India. There are so many people in India now use bitcoin.

[email protected]

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It is never the end of the road because people of INDIA who are involved in international trading or businesses can still continue using bitcoin but it may only affect the local businesses in INDIA and it is temporary. Indian Republic may still reconsider after sometime and that is why i said it is just a temporary thing.

Diabolov

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I think, online petitions can certainly help the govt understand what people want. But from the legal point of view its useless.

There was a time when politicians in India did not necessarily bother with public opinion. But things are changing. To take a very current case, it would be very very foolish of any leader or party to underestimate the rage exhibited by Indians against rapes in Delhi. Neither the e-petitions not FB Black badges nor the march to the Rashtrapati Bhavan has a legal standing. However, they are important warnings - make no mistake about that.

"Public interest litigation (PIL) cannot be used as a weapon to challenge financial or economic decisions", the RBI has told the Delhi High Court opposing a plea against the surcharge on credit and debit card transactions recently. The RBI can refute the petitioner's contention if it neither violate any fundamental right nor any legal right of the petitioner or any citizen of India.

Lets see what happens next..

telluria

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Bad news, hopefully it's not forever

BitHodler

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Quote from: Goozzi on April 10, 2018, 02:34:13 AM

Over 16,000 Indians have even already signed a change.org petition that was launched on the same day as the RBI directive. Addressed to the central bank, as well as to the Prime Minister of India, the petition calls on the country to adopt a framework which will allow cryptocurrency innovation to flourish instead of trying to stifle it. It points to failed attempts by cities around the world to block Uber as an example of why it wouldn’t work. The writers of the petition also point out the hypocrisy of the central bank for considering issuing its own digital coin.

I can't remember having seen similar petitions, regardless of how many people signed them, have ever worked in modern economies concerning serious matters. Have these things ever resulted in something in India?

I however find it great that people at least try to force something through. Everything is better than just standing there and do nothing, even when you know that it is the easiest way out.

Some times I would love to see a total failure of the current system due to crypto, but I know that won't be happening with how people are too much focused on fiat and their shitty governments not doing anything for them.

BTCeminjas

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Quote from: yojodojo21 on April 07, 2018, 04:45:53 AM

There are so many issues now all over to the internet about this, and the very most effective way to indian people they should make a petition for it, Many investors, miners will complain but it think it will get how many months before it'll be implemented, and the very best way to get out of it if you are from india,is,you should live to other country. best solution.

Living your place just for cryptocurrencies? I think that is more expenses you have when you travel.
Well, I guess the best way to do in India people is if they have a certain amount of bitcoin then they need a cash out just send to their trusted friends or relatives abroad in other countries and sell them bitcoin and they return with you a fiat.

Goozzi

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But this is not the end. Today over 16,000 Indians Sign Petition Against “Irrational” RBI Crackdown.
The Indian cryptocurrency community has reacted swiftly to the recent Reserve Bank of India (RBI) action against it, which directed all regulated entities including banks not to provide services to businesses dealing in instruments such as bitcoin. Both entrepreneurs and everyday users came out on various online forums and social media to explain the follies in the central bank’s approach.

Over 16,000 Indians have even already signed a change.org petition that was launched on the same day as the RBI directive. Addressed to the central bank, as well as to the Prime Minister of India, the petition calls on the country to adopt a framework which will allow cryptocurrency innovation to flourish instead of trying to stifle it. It points to failed attempts by cities around the world to block Uber as an example of why it wouldn’t work. The writers of the petition also point out the hypocrisy of the central bank for considering issuing its own digital coin.

Source: https://news.bitcoin.com/over-16000-indians-sign-petition-against-irrational-rbi-crackdown/

carlfebz2

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Quote from: biboy on April 08, 2018, 09:27:20 AM

Quote from: botany on April 08, 2018, 12:57:55 AM

Quote from: ahmad21 on April 07, 2018, 05:18:31 AM

Exchanges still are not going to shut down as only INR withdrawals and deposits have been shut down. Exchanges have found their way out by introducing crypto to crypto trading pairs. This will remove the use of INR from trading but yes this is a great problem for sure. Moreover these are obvious signs that government is not ready to welcome this great technology any time soon into the Indian markets. Don't know why India is going absolutely in a separate direction from rest of the world.

Why do you need Indian exchanges to trade between crypto pairs? You can easily do it on international exchanges like Binance and Bittrex. You will have far greater liquidity on international exchanges!
Buying bitcoins for Indian fiat is difficult in international exchanges is difficult because of capital control laws. Indian exchanges used to fill that niche.

Maybe they are just trusted their exchange rather than the international exchange, if in India they are not allowed to do cryptocurrency anymore then it would really create a big loss in the world of crptocurreny as Indians are one of the active promoters of cryptos, hope that it won't totally banned.

Even such ban if you are really serious on buying up crypto there are lots of ways even exchange is totally banned or prohibited. indian currency can be converted into other currency and use up international 3rd party which being used to purchase crypto. People might really be scared but if you really mean to engage with it then its possible.

This banning news adds up again on the struggle of potential adaption of cryptocurrency on any place.

brylle34

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Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

Maybe they will just use an exchange for their country for nation wide use, or the government will create a big limitations on crypto trading. this will have a big impact in the country of India and in the Bitcoin world because there are a lot of Indian people who are investing in bitoin and altcoins for trading. it could be good or bad, we have just to wait after 3 months, i hope after this 3 months we will hear good news for our Indian friends.,

biboy

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Quote from: botany on April 08, 2018, 12:57:55 AM

Quote from: ahmad21 on April 07, 2018, 05:18:31 AM

Exchanges still are not going to shut down as only INR withdrawals and deposits have been shut down. Exchanges have found their way out by introducing crypto to crypto trading pairs. This will remove the use of INR from trading but yes this is a great problem for sure. Moreover these are obvious signs that government is not ready to welcome this great technology any time soon into the Indian markets. Don't know why India is going absolutely in a separate direction from rest of the world.

Why do you need Indian exchanges to trade between crypto pairs? You can easily do it on international exchanges like Binance and Bittrex. You will have far greater liquidity on international exchanges!
Buying bitcoins for Indian fiat is difficult in international exchanges is difficult because of capital control laws. Indian exchanges used to fill that niche.

Maybe they are just trusted their exchange rather than the international exchange, if in India they are not allowed to do cryptocurrency anymore then it would really create a big loss in the world of crptocurreny as Indians are one of the active promoters of cryptos, hope that it won't totally banned.

botany

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Quote from: ahmad21 on April 07, 2018, 05:18:31 AM

Exchanges still are not going to shut down as only INR withdrawals and deposits have been shut down. Exchanges have found their way out by introducing crypto to crypto trading pairs. This will remove the use of INR from trading but yes this is a great problem for sure. Moreover these are obvious signs that government is not ready to welcome this great technology any time soon into the Indian markets. Don't know why India is going absolutely in a separate direction from rest of the world.

Why do you need Indian exchanges to trade between crypto pairs? You can easily do it on international exchanges like Binance and Bittrex. You will have far greater liquidity on international exchanges!
Buying bitcoins for Indian fiat is difficult in international exchanges is difficult because of capital control laws. Indian exchanges used to fill that niche.

semobo

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Quote from: Ojengonggu on April 07, 2018, 11:14:05 AM

Quote from: semobo on April 07, 2018, 08:35:12 AM

Quote from: hacekd on April 07, 2018, 08:01:43 AM

Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

The Indian government and the Reserve Bank of India (RBI) have previously warned the public over the crypto currency, with New Delhi swearing earlier this year to eliminate the use of digital currency, which is considered illegal. The Indian government has previously compared the crypto currency investment to "Ponzi schemes" that offer exceptionally high returns to early investors.

But this is not the statement from the governments,this is from the RBI,so still bitcoin is not yet illegal in India.But finance minister of India stated that it is not illegal and legal in india so the news was understand in wrong direction again.Is there any proof that India banned crypto currency there then I will trust the news.

whether this is a ban from the government or just from the RBI, which is clear according to news reports in local newspapers, India forbid virtual money transactions within the next 3 months and if this happens demands the possibility of bitcoin prices will go down and I hope the government can take policy to revise this statement,

But not all the news by the media are accurate last time also they conveyed the news wrongly when the fiance minister said cryotocurrency is not a legal tender in India but the medias reports says the cryotocurrency banned in india.But later the real condition exposed.Surely the government will have to hive their status about cryotocurrency in their country then only people of that country will act accordingly.

La Maree Noire

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Looks exactly like this, yes. More and more depressive things are popping out last few weeks

Ojengonggu

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Quote from: semobo on April 07, 2018, 08:35:12 AM

Quote from: hacekd on April 07, 2018, 08:01:43 AM

Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

The Indian government and the Reserve Bank of India (RBI) have previously warned the public over the crypto currency, with New Delhi swearing earlier this year to eliminate the use of digital currency, which is considered illegal. The Indian government has previously compared the crypto currency investment to "Ponzi schemes" that offer exceptionally high returns to early investors.

But this is not the statement from the governments,this is from the RBI,so still bitcoin is not yet illegal in India.But finance minister of India stated that it is not illegal and legal in india so the news was understand in wrong direction again.Is there any proof that India banned crypto currency there then I will trust the news.

whether this is a ban from the government or just from the RBI, which is clear according to news reports in local newspapers, India forbid virtual money transactions within the next 3 months and if this happens demands the possibility of bitcoin prices will go down and I hope the government can take policy to revise this statement,

semobo

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Quote from: hacekd on April 07, 2018, 08:01:43 AM

Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

The Indian government and the Reserve Bank of India (RBI) have previously warned the public over the crypto currency, with New Delhi swearing earlier this year to eliminate the use of digital currency, which is considered illegal. The Indian government has previously compared the crypto currency investment to "Ponzi schemes" that offer exceptionally high returns to early investors.

But this is not the statement from the governments,this is from the RBI,so still bitcoin is not yet illegal in India.But finance minister of India stated that it is not illegal and legal in india so the news was understand in wrong direction again.Is there any proof that India banned crypto currency there then I will trust the news.

hacekd

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Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

The Indian government and the Reserve Bank of India (RBI) have previously warned the public over the crypto currency, with New Delhi swearing earlier this year to eliminate the use of digital currency, which is considered illegal. The Indian government has previously compared the crypto currency investment to "Ponzi schemes" that offer exceptionally high returns to early investors.

khufuking

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One negative news after another , it is like the attack on BTC is coordinated . Something telling me that if BTC manage to survive all this bad news it will become unstoppable . BTC is being tested now at levels never seen before and when it will manage to pull out of it , it will go new places .
India is indeed important country for BTC and I do not think the road will end now or even close to end . In China and Russia we saw bad news too and yet crypto managed to survive in those 2 countries . I do not really think it is the end of road , Indians will just find a way to deal with it .

ahmad21

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Quote from: BChydro on April 05, 2018, 09:15:52 AM

Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

So what happens to the users in India, the exchanges will be shutting their doors just like China in three months time, that is not a good news either for bitcoin because two countries with the two biggest population have put some regulations so that people who are interested are not able to trade in crypto currency, which i think is against a democracy like India.

Exchanges still are not going to shut down as only INR withdrawals and deposits have been shut down. Exchanges have found their way out by introducing crypto to crypto trading pairs. This will remove the use of INR from trading but yes this is a great problem for sure. Moreover these are obvious signs that government is not ready to welcome this great technology any time soon into the Indian markets. Don't know why India is going absolutely in a separate direction from rest of the world.

yojodojo21

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There are so many issues now all over to the internet about this, and the very most effective way to indian people they should make a petition for it, Many investors, miners will complain but it think it will get how many months before it'll be implemented, and the very best way to get out of it if you are from india,is,you should live to other country. best solution.

Thanasis

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Quote from: krishnapramod on April 07, 2018, 02:35:57 AM

Three months to go and even after that if RBI sticks with its current stance, would it be the end of road for cryptocurrencies in India? No. Either exchanges will come with some alternative solutions or traders will move to P2P markets. A good number of Indians have invested into crytos and then there are also traders who have quit their jobs to trade in crypto. If these traders don't have the option to buy/sell Bitcoin through legal means, obviously they would find loopholes.

Democracy Grin

Yes,always there will be a loophole and Indians are good at doing that. Cheesy

It is funny that the prime minister want India to be digital India but they are not supporting the future technology.But still there is no announcement from the governments so now people of india are free to use bitcoin.

krishnapramod

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Three months to go and even after that if RBI sticks with its current stance, would it be the end of road for cryptocurrencies in India? No. Either exchanges will come with some alternative solutions or traders will move to P2P markets. A good number of Indians have invested into crytos and then there are also traders who have quit their jobs to trade in crypto. If these traders don't have the option to buy/sell Bitcoin through legal means, obviously they would find loopholes.

Democracy Grin

botany

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Quote from: BitHodler on April 06, 2018, 08:20:30 PM

Quote from: botany on April 06, 2018, 04:09:30 PM

The government will be the loser here - losing indirect tax revenue as well as a ready source of information on possible tax evaders.

Paranoid governments consider that to be collateral damage, which applies to China as well. What they care about is that the mass will be exluded from entering this market, and it definitely leaves a dent or two.

However, the people already aware of crypto won't back off just because their government thinks it can dictate every aspect of their life. Those who felt the freedom of crypto will do everything to keep it.

China has been able to stop a lot of sites and services they deem to be a potential threat, but that doesn't work with crypto. You can't stop something that can't be stopped, so even attempting it is futile.

That is true. With exchanges gone, the masses will not take the pains to find peer to peer traders. They will just stop trading.
The RBI hasn't banned Bitcoin. It cannot do so; the move has to come from the government.

BitHodler

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Quote from: botany on April 06, 2018, 04:09:30 PM

The government will be the loser here - losing indirect tax revenue as well as a ready source of information on possible tax evaders.

Paranoid governments consider that to be collateral damage, which applies to China as well. What they care about is that the mass will be exluded from entering this market, and it definitely leaves a dent or two.

However, the people already aware of crypto won't back off just because their government thinks it can dictate every aspect of their life. Those who felt the freedom of crypto will do everything to keep it.

China has been able to stop a lot of sites and services they deem to be a potential threat, but that doesn't work with crypto. You can't stop something that can't be stopped, so even attempting it is futile.

marielbeckham

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Unexpected step back. Really sad news.

botany

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Cutting banking services to exchanges is in effect shutting them down. I am not sure if individuals are still allowed to transfer funds to international exchanges (if it doesn't violate other guidelines). If the exchanges are shut down, bitcoin trading will just move over to P2P sites and will take place informally. The government will be the loser here - losing indirect tax revenue as well as a ready source of information on possible tax evaders.

supermine

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Quote from: lili song on April 06, 2018, 04:59:17 AM

For India I hear they banned bitcoin now, investors worried some population in India will reduce to invest in bitcoin.
I hope in the future the condition is back to normal and in India can accept bitcoin again. I still sure bitcoin will grow again in some country.

No you are wrong,Bitcoin is not banned in India.The news was about that Reserve Bank of India (RBI),give a circular to the people that stop dealing with the crypto currencies if there is any scams or something happened the banks won't involve in that.But Indian government didn't release any statement regarding this issue so people in India are still free to use bitcoin.And I asked my friends too still they are doing trading as always,no problem yet.

lili song

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For India I hear they banned bitcoin now, investors worried some population in India will reduce to invest in bitcoin.
I hope in the future the condition is back to normal and in India can accept bitcoin again. I still sure bitcoin will grow again in some country.

Kizaki

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I think India had been planning to ban cryptocurrency last year, and it I think this will somehow affect the crypto market because there are a lot of crypto enthusiasts in India. Government is starting to regulate cryptocurrency investments because of it's volatility and risk. So, expect more and more countries will start regulating it.

zhekinsp

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But it doen't means that India banned the crypto currenies,they just said the people who uses vitual currencies are be cautious and RBI never involves if there is any scams or whatever.

So it doesn't mean bitcoin is not banned yet right?

Helen17

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One more bad news for the industry
It is frustrating, people don't understand why countries are banning crypto while crypto equals future!

warrior333

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Quote from: bambazamba on April 05, 2018, 10:07:04 AM

Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

This is an another set back for bitcoin and their country . India is one of the biggest market of ICOs and crypto currency . That is such a shame that Indian government is taking such step amid knowing all the possibilities and potentials it has to remove the problems of poverty , unemployment etc in their country . I seriously do not understand why the perspectives of people and governments are not changing for good.

Very strange that you do not understand. Poverty benefits the government of India. Poor people are always easy to manage. If a hungry man is fed, he will be willing to do anything for his Savior. Why does the government need everyone to be able to provide for themselves and to Express their claims to politicians at any time?

bambazamba

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Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

This is an another set back for bitcoin and their country . India is one of the biggest market of ICOs and crypto currency . That is such a shame that Indian government is taking such step amid knowing all the possibilities and potentials it has to remove the problems of poverty , unemployment etc in their country . I seriously do not understand why the perspectives of people and governments are not changing for good.

Proton2233

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Quote from: HereisTommy on April 05, 2018, 09:44:56 AM

No, I don't thinks so. Looks like it's a temporary movement, later they will consider crypto to be a great solution cause the rest of the world does so

I understand you don't like the news, but how can you believe this ban is temporary? Are you so naive to believe that the government cares about your well-being? Lol. This will happen all over the world. We had plenty of time to organize an Autonomous bitcoin economy, but we enjoyed rising prices. Now we're paying for our carelessness.

HereisTommy

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No, I don't thinks so. Looks like it's a temporary movement, later they will consider crypto to be a great solution cause the rest of the world does so

BChydro

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Quote from: markhudson2002 on April 05, 2018, 08:34:00 AM

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

So what happens to the users in India, the exchanges will be shutting their doors just like China in three months time, that is not a good news either for bitcoin because two countries with the two biggest population have put some regulations so that people who are interested are not able to trade in crypto currency, which i think is against a democracy like India.

crzy

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This is a sad news, why so much negative things happenening on this great technology? Well I still hope that India will revised their decision within three months. India is a huge market, now we can see more dumping price of bitcoin and also other coins. Undecided

d-unknown

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markhudson2002

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The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.

Topic: End of road for Cryptocurrencies in INDIA? (Read 287 times)