Topic: End of road for Cryptocurrencies in INDIA? - page 2. (Read 692 times)

This is not the first time we have being hearing this type of news. Regulation of cryptocurrency by government of any country o will just  have a momentary effect on cryptoworld, cryptocurrency is too relevant to be stopped.

china himself puts a stick in the wheel! because of strict restrictions, China is becoming less and less influential country in the crypto market! very many miners and companies are starting to leave with China! all companies are beginning to migrate to more open countries that let bitcoin and the entire crypto market into their lives!
The same is true in India! they do not understand that they will complicate the development of themselves and the entire crypto market!

A lot of counties have banned or cracked down on cryptocurrencies, only to later repeal the changes once they realize it's too brash. India will likely be the same eventually, as cryptos allow them to trade with other countries much easier.

Yes, I also got this news and this is very shocking news for me also because Now my entire life style depends on BTC only and being the resident of India, I was very worried about the ban but let me clear u one thing first that this ban is not on permanent basis, this is only temporary ban because RBI is not sure about that volatility of BTC, once they come to know, they will surely remove the ban.

There were a lot of news about banning cryptocurrencies in different countries before. But any single novelty hadn't become a reality. The same situation here. I don't watch the details but crypto wouldnt be wholly banned.

This seriously an exaggeration, nothing else. India is not among the major supporters of the crypto market, nor is it holding any successful crypto exchange of the world. India is not China which will affect the market in an influential way. The banning of crypto currencies in India is not going to make people suffer in any way except for Indians themselves. There is no need to even pay attention to this news.

No matter what this government and other governments that oppose cryptocurrencies will do there will always be lots of people from their own respective countries who will be engaging, trading and using this kind of financial activity. It's totally unstoppable. And since we are in the stage of enhancing highly technological advancements in all aspects of human lives, cryptocurrencies are just a part of an evolving financial revolution. We are currently living in a virtual world and it's just perfect that virtual currencies go along with that.

Just like exchanges moved out of China to hong kong when China banned cryptocurrency exchanges, in the same way the Indian companies too will definitely find the loop holes that exist in market around India and would perhaps move their business overseas. There are approximately 5 million Indians indulged in trading and I don't think most of them would want to give up the easy money they earn through trading. Most probably the move would be taken back by the RBI. Philippines is still a very bitcoin friendly country and maybe Indian countries would set up businesses here.

This is not the first time this has happened, a similar action was taken in the US as well. Can't see how this isn't considered monopolization, but I guess they can get away with it.

Definitely not the end of crypto, as I highly doubt they would know if you paid for crypto regardless, but it will definitely make it more difficult to buy.

I think sometimes regulation are not bad enough they just wanted to getting it know and making some rule so the people can using that wisely. Still many asian country not accepted bitcoin (as transaction) but they still can change with exchanger and trade as high vakue investment

yes people are using bitcoin it does not matter what the position of bitcoin is in our life, we are earning with bitcoin same as us people of India are getting income from bitcoin so why would they let this easy war of earning be go, I think bitcoin use does not really matter for the promotion of bitcoin in some community as already no such banking was heartedly accepting bitcoin, so no matter if they accept bitcoin or not but to stop the growth of bitcoin in any country is not very possible.

"Things have been made harder, not outlawed.It is still allowed for them to continue providing services until RBI comes up with a further notice. Nothing has changed in that regard for now either. It is the market FUD following the news that is driving the prices down."

there are no exact dates, will be as with China: forbid, but not completely and not so understood, etc.

They have not banned crypto but they are stopping the transactions by asking banks to end relations with exchanges. After this is implemented, bitcoins will die in India.

No, India hasn’t banned cryptocurrencies published on telegram group CTA_NEWS

Rumors and manipulation in the market wiil be always

Well the Indian authority have the right to either welcome cryptocurrency into the domain of kick it out but I believe they can bring to an end the existence of Cryptos in they country as digital currency are highly decentralized and it transactions can be carried out from any where at any time.

 The Central Bank (RBI) issued its third warning, reminding the investors of its earlier concerns.  the RBI said that the creation, trading or usage of Virtual currencies or VCs as a medium for payment are not authorised by any central bank or monetary authority. "No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," it added.
 there are five points listed RBI those are:
1.The RBI says that virtual currency being in digital form are stored in digital-electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc.
2.Payments by virtual currency take place on a peer-to-peer basis without an authorised central agency which regulates such payments.
3.There is no underlying or backing of any asset for virtual currency. As such, their value seems to be a matter of speculation.
4.Cryptocurrencies are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear.
5.It has been reported that usage of digital currencies are largely for illicit and illegal activities.

So these points show government and RBI are trying to make end of road for Cryptocurriencies.


 but some countries like Japan promotes cryptocurrencies.

Please don't leave a misleading topic. You said in the body of the post that the Indian government was ONLY regulating the activities of virtual currencies under 3months

i am actually supporting cryptocurrencies.

indian officials have from a humanist perspective legitimacy to fight certain cryptocurrencies that waste so many ressources, like bitcoin. if they do their agenda right they will successfully get every single national trader/craftsmen to not accept bitcoin.

regards

In indonesia bitcoin is never been legal, and the goverment banned bitcoin long time ago.
But many indonesian people still having bitcoin.
That's not a big problem i think

India, like China, has banned the BTC deal, but in the long run it is an irrational choice, with developed countries such as Japan and the United States trading BTC.