Topic: Future of Crypto for Indians? (Read 282 times)
crypto's future in India has not yet come to light, because we know that the Indian government is not friendly to crypto, crypto could be completely lost in India and could again find a good market share recovery. we are just waiting for that moment and news from india.
The Supreme Court of India is still pending her decision on whether on not cryptos are legal instrument. The pressure is from RBI, I believe most laws against cryptos will eventually get repealed in the future when adopting must have peaked
Cryptocurrency now in the Asian countries has now gotten roots of which India is not an exception. Looking at the future of which Indians are building towards in the aspect of cryptocurrencies, I think they will be one of the best countries trading in cyrptocurrencies in the future.
As per the latest news still RBI has not allowed any bank to entertain the result of anyone who wants to exchange bitcoin for indian currency.Till futher orders this scenario will prevail.If we talk about the future of BTC in india,it is still suspense.Nobody exactly knows what will happen in future .But it is sure that BTC has a good future in world.
Today is the hearing and I hope this will favor in crypto enthusiast. Bankers should allow this one, for sure they are the one who is influencing the government to ban bitcoin. No one can stop this market from rising because some government already make this a legal thing, they will follow later on. You can still use your bitcoin in other country I believe. 
The RBI discourages people from using banks to obtain/meddle with bitcoin and other services directly linked to it but not necessarily banning it wholly. Perhaps this is for the preparation of their new state-issued cryptocurrency which I think they want full support with. There's really just a whole lot of opposition on bitcoin in India, especially on the ranks of the RBI. But once they saw that there's a huge benefit in accepting it, especially the services, there's no doubt they will accept it and use the tax proceeds to run the government.
India, one of the largest countries in the world with a population of 1.3 billion potential future users of cryptocurrencies, remains in a legal limbo as cryptocurrency exchanges await more clarity from the Reserve Bank of India (RBI) and the country’s supreme court. Currently a legal tussle is going on in between RBI and crypto exchanges. Soon decision will be out in Court.
As per the latest news still RBI has not allowed any bank to entertain the result of anyone who wants to exchange bitcoin for indian currency.Till futher orders this scenario will prevail.If we talk about the future of BTC in india,it is still suspense.Nobody exactly knows what will happen in future .But it is sure that BTC has a good future in world.
Bitcoin is important for Every person not for indians.most of the people are use this currency but Indian is one of the most crypto currency in this market and bit profit form it.
Initially scheduled for September 11, the Supreme Court of India has now postponed the cryptocurrency case hearing to next week. Besides the three-judge bench to look into the details of the merits of whether the RBI could take such extreme measure without having a proper consultation, the clubbed cases also seek Indian government’s clarification regarding Bitcoin-regulation in the country.
I think it is not only in India that prohibits the cryptocurrency but there are many countries that prohibits it.I think in future government accepted bitcoin due to Indian economy.
I don't think it is only in India that prohibits the circulation of cryptocurrency money, but there are still many countries that prohibit it, but I will not stop mining because it is very productive and future prospects are very good.
As per govt. it will try its best to not allow bitcoin in India and to ban Zebpay or fine them hard . If case goes in favour of zebpay then it will be great for all ,other wise as per current scenario you won't be able to change btc for local fiat but trading may continue as it now .
Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.
The Indian Ministry of Finance does not consider that virtual currency is a legal transaction tool, therefore the cryptocurrency user community in India only makes it a digital asset, the most important thing is that this ban in India causes the Bitcoin exchange rate to decline again, according to observers this decline is caused by tightening the rule of users of virtual currencies massively in the world and one of them in India.
whenever there is some drama about bitcoin in some country in the news you should always check the reality and read past what the news site is telling you because in 99% of the cases they are either lying or exaggerating things a lot. which is the case about India. what happened was that the adoption of bitcoin was slowed down because their exchanges can not accept fiat deposit through banks otherwise these exchanges are still working fine and people are trading.
Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.
You cannot expect all governments to be fully supportive of cryptocurrencies. At least there is a court review which is going on. Trading cryptos in third party countries is not easy, because you still have to transfer fiat through bank accounts. If you transfer it to a crypto exchange, they might say you are breaking their terms and conditions and freeze your account.
Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.
I thought India is slowly making a U-turn and softening their stance?
Quote
The Reserve Bank of India (RBI) has reportedly established a new internal unit dedicated to researching and regulating new emerging technologies, specifically cryptocurrency, blockchain and artificial intelligence (AI).
https://www.ccn.com/indias-central-bank-quietly-forms-new-cryptocurrency-blockchain-research-unit/
You just have to look at China, did they totally stop bitcoin or crypto? No, Chinese traders still do trading thru P2P or even bypass internet restrictions, so its going to be hard for India to banish crypto. People are smarter than the government they will do everything to get around like using VPN.
Again, why use Bitcoin?
When you talk about making profits, you speak about speculations and not money, if money not used for the purpose that was created, there is no need for it.
If you do not use Bitcoin as a currency, where you buy, sell, and use its features, you risk your money in an investment that is not created to be an investment.
If the bank reserve prohibits that currency, it does not mean that you can not use it but you can not buy through that bank.
Do not think of it as an investment.
When you talk about making profits, you speak about speculations and not money, if money not used for the purpose that was created, there is no need for it.
If you do not use Bitcoin as a currency, where you buy, sell, and use its features, you risk your money in an investment that is not created to be an investment.
If the bank reserve prohibits that currency, it does not mean that you can not use it but you can not buy through that bank.
Do not think of it as an investment.
The real question is, if cryptocurrencies and all actions related to them (spending, trading, investing, mining, etc.) were banned, will Indians still risk their lives for them? In my opinion, using a proxy will not make them anonymous enough to do that safely.
Some will leave country and some will use p2p cash trading.
This bank ban plan will probably back fire to governments. Previously, all traders used to trade on legalized exchanges — so government could track but now it has shot itself in foot.
exactly. this is the same scenario as I was talking about back when China closed down their exchanges. the traders didn't stop because of it, they simply moved their funds elsewhere. the day they closed Chinese exchanges we clearly saw a huge volume spike which stayed up until today in other exchanges including localbitcoins, Japanese and Korean exchanges mainly but also other exchanges too.
the same is happening in India, people simply moved to P2P trading. and now the government has no idea who is doing what and how much.
Let me tell you what's happening with the cryptocurrency in India, As the Reserve Bank of India is try to ban the cryptocurrency and they are going beyond the limit like threatening the traders to stop trading or else their bank account will be seized and also displaying the ads like "Do not deal with cryptocurrency as it is illegal" but cryptocurrency is not illegal in India as of now because there is a case going on right now and the next hearing will be on 17th September 2018. It's just a sheer abuse of the power by these bankers. Just in case if it is banned then what are all the ways Indians could find a loop hole to use crypto? I think Indians might start trading in cryptos via proxy from a third country and start investing the profits in any of the gulf countries.
maybe just because the government cannot get a display from crypto trading in India, and maybe also because the level of security of crypto is probably still easy to hack by hackers,and not to mention the government regulation which is still unclear, so that is probably the reason India still does not legalize a BTC
Indians that are cryptocurrency holders are not finding it funny with the stress Indian government are making them to pass. I have a friend over there that usually send his coin across to friends in another country to trade and send dollars back to him.
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