How to deal with India and countries that ban Crypto currencies

GreatOrchid

legendary

Activity: 1092

Merit: 1001

Quote from: -Sinner- on April 06, 2018, 02:54:21 AM

Just ignore them. We all know that no one can stop crypto world cause no one control it. People will always find a way to play with it, so they are just spreading "fud".
How many times China banned bitcoin? Do you remember? Cheesy

The real truth is that no one cares about what can India do to cryptocurrencies, because they can not drop the price. Most people from india does not even know what cryptocurrencies are because they do not have enough funds to buy, or to sell them.

I wouldnt care about this too much

pitiflin

hero member

Activity: 980

Merit: 507

Mate, bitcoin is apparently not banned in India. I happened to mention this in a previous post today, and I'll leave the link of the article so that you can also read it: https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/
They have said that banks cannot deal with crypto exchanges/any crypto user and whatever transactions are due, it should be cleared otherwise the non-compliant banks may face some issues.

cryptoking330

newbie

Activity: 22

Merit: 0

Quote from: Thanasis on April 06, 2018, 03:16:40 PM

Quote from: cryptoking330 on April 06, 2018, 01:36:01 PM

Quote from: Thanasis on April 06, 2018, 10:01:00 AM

Quote from: hugeblack on April 06, 2018, 04:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd. Grin

Don't you mean 1.324 Billion!? That will make it even more difficult for the Indian government to find out who is trading BTC under their noses!

Yes it is difficult for the country like India to track each and every people of the country and what they are doing,India is not like China,China is one of the well developed country in terms of technology.But India is still developing nation and they have lot of issues other than crypto currencies in their country.So chances are very less to get caught in India even if you are using bitcoin.

Yeah I see what you mean unless the IRB make it into a big problem, unfortunately when money is involved small issues get blown out of proportion.

GoldenLad

member

Activity: 266

Merit: 12

I always believe that even though a government of a country banned bitcoin or any cryptocurrency, the citizen whom are interested in bitcoin can still invest in cryptocurrency without the government knowing. So far they are not involving in illegal money activates but trading or holding like every other investors then they can invest in cryptocurrency without objection from their government. Technology is now making things easier.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: supermine on April 07, 2018, 01:36:59 PM

What if the government don't want to change the law if bitcoin is banned in future.People from India never involve in crypto currency trading is that you are saying?

No, you change the government.
When there are more people that don't vote than the ones that voted for the so called winner you have a problem.

Quote from: supermine on April 07, 2018, 01:36:59 PM

And lot of Indian people are only doing trading crypto currency trading as their profession so what will be their future if bitcoin will be banned in India?

You change profession if it's illegal, simple as that.

Quote from: supermine on April 07, 2018, 01:36:59 PM

They surely will find loopholes from somewhere,

And in this case you're not better than the corrupt officials you blame for everything, they also use loopholes.

Quote from: supermine on April 07, 2018, 01:36:59 PM

For instance if someone is doing 10 trades per day,he surely can continue trading by having ten different account in 10 different banks and I hope India have more banks with them.
And I don't know people were arrested or not for crypto trading India?

I'll ask you and the others in this thread.
How many bank transfers you usually make in a year? Those not related to crypto?
How many bank accounts do you think the average person has in India?
Trust me, it's so damn easy to find out who deals with shady stuff, the only thing that protects and will probably protect you is that they are going to be to lazy to go after you.

And back to Zebpay...
196 Zebpay BTC/INR $3,049,180 $6,469.43 0.08% Recently
Apart from the tiny volume, what's with the price?
500$ spread?

cvetkova

newbie

Activity: 4

Merit: 0

You cannot do much about these countries banning bitcoins. I always thought that there was huge scope for bitcoins in India and one Indian government has now ruined all hopes of people there.

Mikolo11132

newbie

Activity: 61

Merit: 0

“Internationally, while the regulatory response to these tokens are not uniform, it is universally felt that they can seriously undermine the AML (anti-money laundering) and FATF (Financial Action Task Force) framework, adversely impact market integrity and capital control. And if they grow beyond a critical size, they can endanger financial stability as well.”

Mike1992

newbie

Activity: 70

Merit: 0

India’s Finance Ministry had criticized
Bitcoin (BTC) and cryptocurrencies for their “lack of intrinsic value” in January of this year, and the month saw several large Indian banks close or limit the functionality of crypto exchange accounts. In early February, false reports in the media of a country-wide crypto ban in early February led to a drop in the crypto markets.

Sir mikolo

newbie

Activity: 85

Merit: 0

The Reserve Bank of India (RBI) has announced that the bank will no longer provide services to any person or business that deals with cryptocurrencies, adding that it is also looking into releasing its own cryptocurrency in the future, according to a “ Statement on Developmental and Regulatory Policies” released today, April 5.

KingScorpio

sr. member

Activity: 1470

Merit: 325

Quote from: Kakmakr on April 06, 2018, 01:18:18 AM

We all know that Bitcoin and other crypto currencies are borderless and also decentralized. When countries ban Bitcoin, they push the technology into the dark underbelly of the black markets and they even increase adoption.

Now we already determined that the Bitcoin technology is borderless and unstoppable, so the next logical thing you should do is to take this technology to the next step in it's evolution.

When some control freaks in NY introduced the controversial BitLicense, people who apposed it, simply relocated their business to Bitcoin-friendly states and continued as usual.

If you are a Bitcoin user and you are not allowed to spend your coins, then move those bitcoins to a country where they are welcome. Take that well deserved holiday of a life time in another Bitcoin friendly country.

You can still receive bitcoins as payment for services, but you cannot convert it to fiat or convert fiat to Bitcoin. Grin

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.

----===== Strength in Numbers =====----

countries dont ban cryptocurrencies, its banking cartells that do that. they will exist as long as communist mindset exist.
for them the indian population is like cattle that is supposed to work for them,

best way to deal with them is improving the image and the legitimacy of cryptoeconomics so they cant lie to the people anymore.
but thats not that easy. because in cryptoeconomics there is lots of corruption, for example take this forum there is still no neutral cryptocurrency forum out there that has meaning.

regards

supermine

hero member

Activity: 826

Merit: 518

Quote from: stompix on April 07, 2018, 08:30:48 AM

Quote from: supermine on April 07, 2018, 07:46:51 AM

Quote from: Pattberry on April 07, 2018, 07:30:03 AM

Quote from: Kakmakr on April 06, 2018, 01:18:18 AM

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

Indian government never care about their citizen they always care about the politicians pockets and millionaires prestige.But localbitcoin.com is a good place still because they can't shutdown an foreign exchange so indians can find the sellers online and do face to face transaction if it is a big amount involved or just do the bank transaction because there is no way to find that this money is came from crypto trader.

Localbitcoins has currently two offers for buying bitcoin with cash for India
And the prices are 482,373.39 and 518,104.76
That's 7400$ and 7900 $
Good offers!!!

All the real offers are done via bank transfers or whatever that IMPS stands for.
Do you think banks are stupid? And even if they are the computers are not.
How many bank transfers do you think an average person is doing a month?
When somebody will start sending funds to 20 different people each day don't you think an alarms will be triggered?
Then they will have just to start pairing the accounts which is a 1 click job and they will find half of those that have ever traded through localbitcoins.

Do you know how many that were dealing over localbitcoins have been arrested?

The objective should not be finding ways to avoid the law!
People in India should focus on changing the law!

What if the government don't want to change the law if bitcoin is banned in future.People from India never involve in crypto currency trading is that you are saying?
And lot of Indian people are only doing trading crypto currency trading as their profession so what will be their future if bitcoin will be banned in India?

They surely will find loopholes from somewhere,

For instance if someone is doing 10 trades per day,he surely can continue trading by having ten different account in 10 different banks and I hope India have more banks with them.

And I don't know people were arrested or not for crypto trading India?

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: stompix on April 06, 2018, 08:56:51 AM

Common, the guys that do embrace bitcoin have a tendency to forget about taxes.
I'm willing to bet that most of them we're contributing more than a few cents to the government even in the fiat economy.
Plus, if you buy stuff you don't pay taxes to the government the merchant does..if he wants...to few are doing that in India.

There's a reason for that. In the fiat economy I was using the money of the system, renting them from my government, so there was some tax to be paid for this.
Now, cryptocurrencies are independent. They weren't printed by my government, weren't distributed by it. On the contrary, my government was warning me against them, trying to discourage me from using hem, and now when I ignored them and they went up in value, they want me to give them a share. For what? What help did they offer me? What expenses did they have to bear?
According to many governments if you buy BTC and after a year or 2 are trying to convert it into goods at a store that accepts cryptocurrency, you still owe a tax. The merchant pays his share and you are supposed to pay yours since your coins are now worth more. I don't agree with those greedy slave drivers.

Rustamm

member

Activity: 532

Merit: 18

Bitcoin lover!

With countries that prohibit crypto currency, there is no need to fight. They themselves after a while should be convinced of the error of their step and want to use the crypto currency voluntarily. The imposition of their opinions will lead to nothing good. Everything should develop naturally.
As for India, it does not prohibit crypto currency. The Reserve Bank of India recommended that other banks stop providing services in the crypto currency. However, its use outside the banking sector continues. Such a decision is not so significant that it is regarded as a prohibition of crypto currency.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: supermine on April 07, 2018, 07:46:51 AM

Quote from: Pattberry on April 07, 2018, 07:30:03 AM

Quote from: Kakmakr on April 06, 2018, 01:18:18 AM

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

Indian government never care about their citizen they always care about the politicians pockets and millionaires prestige.But localbitcoin.com is a good place still because they can't shutdown an foreign exchange so indians can find the sellers online and do face to face transaction if it is a big amount involved or just do the bank transaction because there is no way to find that this money is came from crypto trader.

Localbitcoins has currently two offers for buying bitcoin with cash for India
And the prices are 482,373.39 and 518,104.76
That's 7400$ and 7900 $
Good offers!!!

All the real offers are done via bank transfers or whatever that IMPS stands for.
Do you think banks are stupid? And even if they are the computers are not.
How many bank transfers do you think an average person is doing a month?
When somebody will start sending funds to 20 different people each day don't you think an alarms will be triggered?
Then they will have just to start pairing the accounts which is a 1 click job and they will find half of those that have ever traded through localbitcoins.

Do you know how many that were dealing over localbitcoins have been arrested?

The objective should not be finding ways to avoid the law!
People in India should focus on changing the law!

supermine

hero member

Activity: 826

Merit: 518

Quote from: Pattberry on April 07, 2018, 07:30:03 AM

Quote from: Kakmakr on April 06, 2018, 01:18:18 AM

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

Indian government never care about their citizen they always care about the politicians pockets and millionaires prestige.But localbitcoin.com is a good place still because they can't shutdown an foreign exchange so indians can find the sellers online and do face to face transaction if it is a big amount involved or just do the bank transaction because there is no way to find that this money is came from crypto trader.

Pattberry

sr. member

Activity: 448

Merit: 250

Quote from: Kakmakr on April 06, 2018, 01:18:18 AM

The governments that ban Bitcoin, should not receive the benefits of this technology. Make sure your bitcoins goes towards the Bitcoin friendly countries that deserve your support. Let them miss out on the taxes and the new job opportunities and the tourism income.

They are not in favor of technology and they are trying to silence the users who are making use of it, big companies can move to other countries, but what about the normal users, they cannot just hop into an aeroplane and just relocate to a new place, since India is a corrupted country and they are not capable of providing new jobs, yet they are planning to shut down innovation too, what a wonderful governance.

aoihs00

sr. member

Activity: 700

Merit: 300

Quote from: Thanasis on April 06, 2018, 10:01:00 AM

Quote from: hugeblack on April 06, 2018, 04:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd. Grin

Oh come on buddy what are you thinking ? Get hidden in the crowd, lolz we are not in the Bollywood movies were we can do anything that we want. The real fact is that we cant do anything like that as the transactions needs to get started somewhere and I think its first place is always banks! Also what do you think how will you get the money back in your accounts? It has to come form where and that will be obviously traceable. If we do find out some ways then government will notice that too as these things cant be hidden from them. As they say, they are everywhere. Wink

But yes I did like the idea of this one .. .

Quote

online sellers: localbitcoins, paxful
online forums: Currency exchange

Dudeperfect

hero member

Activity: 1190

Merit: 534

At this point when things are not clear, I believe that we should not get our self into a panic mindset. The businesses can't use banks for crypto transactions, we as a individual users still have the access to banking system and we can use concepts similar to Localbitcoins to continue trading. Even though this is a sad decision by the government, I believe that things will get clear soon and everything will be back to normal. We know what to do in such cases, Be your own bank!

Thanasis

hero member

Activity: 1820

Merit: 515

★777Coin.com★ Fun BTC Casino

Quote from: cryptoking330 on April 06, 2018, 01:36:01 PM

Quote from: Thanasis on April 06, 2018, 10:01:00 AM

Quote from: hugeblack on April 06, 2018, 04:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd. Grin

Don't you mean 1.324 Billion!? That will make it even more difficult for the Indian government to find out who is trading BTC under their noses!

Yes it is difficult for the country like India to track each and every people of the country and what they are doing,India is not like China,China is one of the well developed country in terms of technology.But India is still developing nation and they have lot of issues other than crypto currencies in their country.So chances are very less to get caught in India even if you are using bitcoin.

cryptoking330

newbie

Activity: 22

Merit: 0

Quote from: Thanasis on April 06, 2018, 10:01:00 AM

Quote from: hugeblack on April 06, 2018, 04:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd. Grin

Don't you mean 1.324 Billion!? That will make it even more difficult for the Indian government to find out who is trading BTC under their noses!

Topic: How to deal with India and countries that ban Crypto currencies (Read 483 times)