Topic: India Bans Crypto Currencies (Read 529 times)
It's not a really ban, its a recommendation, no one can really ban cryptos.
Honestly, the era of cryptocurrency has led to financial or economic losses in many countries, including India and the biggest affected (negatively) is banks (FIAT) and the popularity of digital currencies is constantly evolving because of their advantages over FIAT. Certainly, in India many are using it. That's why the government of this country banned crytocurrencies.
Furthermore, I do not think this ban will continue for a long time, especially, if crypto will continue to evolve. and I expect that in the near future, India and other countries will recognize Bitcoin and cryptocurrencies in general.
Furthermore, I do not think this ban will continue for a long time, especially, if crypto will continue to evolve. and I expect that in the near future, India and other countries will recognize Bitcoin and cryptocurrencies in general.
Regulators in various countries around the world are now focusing on the virtual currency because of its very dynamic price movement and the various suspicious activities associated with it. Because the virtual currency is not protected or supervised by the government, some authorities are concerned that virtual currency will be used for criminal activities such as money laundering. In India alone, the growth of virtual currency users is quite rapid. Reportedly, there are currently hundreds of thousands of users of virtual currency in the country.
In a country like India, the numbers are probably in millions.
Regulators in various countries around the world are now focusing on the virtual currency because of its very dynamic price movement and the various suspicious activities associated with it. Because the virtual currency is not protected or supervised by the government, some authorities are concerned that virtual currency will be used for criminal activities such as money laundering. In India alone, the growth of virtual currency users is quite rapid. Reportedly, there are currently hundreds of thousands of users of virtual currency in the country.
Banks were banned from processing cryptocurrency transactions. That's fine, banks probably wouldn't know what they were doing anyways and it would lead to all sorts of problems.
India didn't ban crypto. They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway. Is coinbase a bank? Nope.
India didn't ban crypto. They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway. Is coinbase a bank? Nope.
Though they did NOT ban Crypto currency, in that it's not illegal to posses, mining or individual transactions, from the sound of it they did more than just ban Crypto transactions. The government banned banks from even setting up accounts for any business or individual dealing in Crypto. Some banks in the US are also doing similar by closing the accounts of businesses involved in crypto. It stems from the lack of regulation and KYC/AML oversight.
If Crypto is going to grow to incorporate into the existing financial structure, then it MUST deal with those issues before it can be adopted as a mainstream financial option.
Agreed and I have first hand experience with a bank refusing to open a business account for me because it had to do with cryptocurrency. It is frustrating but it won't stop cryptocurrency. I think we probably agree on that.
I'm not so sure we 100% agree on everything. For example, I could argue that bitcoin already is mainstream because of the massive infrastructure and eCommerce support. Sort of a rabbit hole... but relates to the insignificance of India or any nation-state influence: Let's consider the "value" of bitcoin. A lot of folks say there is no value in bitcoin but let's talk about the infrastructure (tangible) and eCommerce suppport (intangible). Often times the intangibles are just as important as the tangibles. How much do all the bitcoin ATMs, banks, businesses...etc come in for evaluation? Again, it can be argued that such assets can't be compared as with other businesses because of accounting differences. And that's fine but there is still value there even if it can not be liquidated for fiat if bitcoin were to go belly up. But the intangible value of utility is what makes it fly and what makes the tangibles really worth anything. Let's focus on value one more time. If someone said I'll sell you any of the online gambling sites grossing thousands daily... well, there's value.
Sure, this is more a topic for regulations and at the same time we are talking about regulations that would squash net neutrality (whatever that is--I mean...eye of the beholder stuff really) and ultimately who wouldn't want a free internet with unregulated markets? What if there were decentralized law enforcement? Like a code for good behavior and real justice for real criminals? The stake would be higher for blackhats.
so many rabbit holes saawwwyyyyeeee
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
that's just FUD. Goverment has been working on restrincting accounts of exchanges since 6 months now. the are launching their own shitcoin, which is wh they are tring to curb the use of bitcoin and other cryptocurrency Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Crypto currencies can't be "banned". Only crypto currencies relation with fiat could be "banned" or "regulated". Local bitcoins, Open bazaar and similar decentralized exchanges/markets will always exist.
INCREDIBLE INDIAA.. What a joke.
While i feel the same way as probably the whole crypto community does because it sucks and RBI sucks, this is probably the wrong board to be posting this. I'd rather we keep discussions here about bitmain's ASIC being bricked to shit.
While i feel the same way as probably the whole crypto community does because it sucks and RBI sucks, this is probably the wrong board to be posting this. I'd rather we keep discussions here about bitmain's ASIC being bricked to shit.
If Reserve Bank of India actually develops a crypto, I think that will be a very good news for cryptocurrencies as a whole. They have access to best minds in the world and enough funds. Maybe they can solve the current limitations and problems of cryptocurrencies.
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Still there's no official statement if the RBI will banning a whole of crypto. So in case they want to stop, but they still want to learn it (blockchain). Digital exchange of india still do a petition right now. Many startup of india are using blockchain for developing their concept. and that's why they are not worried about this because they already do a research before this problem coming Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Banks were banned from processing cryptocurrency transactions. That's fine, banks probably wouldn't know what they were doing anyways and it would lead to all sorts of problems.
India didn't ban crypto. They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway. Is coinbase a bank? Nope.
India didn't ban crypto. They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway. Is coinbase a bank? Nope.
Though they did NOT ban Crypto currency, in that it's not illegal to posses, mining or individual transactions, from the sound of it they did more than just ban Crypto transactions. The government banned banks from even setting up accounts for any business or individual dealing in Crypto. Some banks in the US are also doing similar by closing the accounts of businesses involved in crypto. It stems from the lack of regulation and KYC/AML oversight.
If Crypto is going to grow to incorporate into the existing financial structure, then it MUST deal with those issues before it can be adopted as a mainstream financial option.
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Go look at the Bitcoin life time chart
https://coinmarketcap.com/currencies/bitcoin/#markets
It's been one big pump by whales since 2017
By the end of 2018 Bitcoin will be worth what it was worth before the hype around 500-700$
Banks were banned from processing cryptocurrency transactions. That's fine, banks probably wouldn't know what they were doing anyways and it would lead to all sorts of problems.
India didn't ban crypto. They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway. Is coinbase a bank? Nope.
India didn't ban crypto. They are just preventing problems that may come from ignorant banks trying to things they shouldn't be doing anyway. Is coinbase a bank? Nope.
I think they will not ban cryptocurrency in India but for the mean they announced that the bank will not entertain a person or either provide services regarding crytocurrencies even business purposes. For the reason that have plan to have their own cryptocurrency in the future.
If I can be allowed to make one generalisation about Indian people, it's that they are extraordinarily resourceful.
And another point.... electricity is pretty damn cheap in India.
And another point.... electricity is pretty damn cheap in India.
it's hilarious that people think this can be stopped 
It's just as hilarious that people think this can't be stopped
Yeah, valid. Regulations wont be able to stop it 100% but there sure are other ways it can be done. Quantum computers may render private keys useless, there will be a time in the future when people will laugh at our measly binary systems.
Another article. Yes Bitcoin is still not completely banned in india.
"The cryptocurrency debate in India has turned on its head.
The Reserve Bank of India (RBI) has initiated a crackdown on cryptocurrencies such as bitcoin, even as it considers a proposal for issuing its own digital currency.
“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately,” the RBI said in a statement.
This may mean the end of the road for those who own bitcoin or its peers, as well as the many virtual currency exchanges. The existing business ties must be wound down in the next three months.
“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,” RBI deputy governor BP Kanungo explained at a press conference on April 05. “And if they grow beyond a critical size, they can endanger financial stability as well.” AML and FATF are international policy frameworks aimed at combating money laundering and terrorist financing.
Virtual currency players in India are naturally disappointed with the RBI’s decision.
“I don’t believe this is the right direction that the central bank has taken. This will cause panic among a few million people in India who are already using cryptocurrrencies,” said Sathvik Vishwanath, co-founder of Unocoin, a virtual currency exchange in the country. “If they want to launch their own digital currencies, they don’t need to ban existing ones.”
“This means that banks will not probably give loans to cryptocurrency exchanges. And the transactions will also get affected,” said Shubham Yadav, co-founder of of Coindelta, another cryptocurrency exchange. “However, the silver lining here is that they still haven’t banned it fully.”
The central bank, meanwhile, has constituted an inter-departmental group to study the feasibility of a digital currency backed by the RBI. “This will be in addition to the paper currency that we have. It also holds the promise of reducing the cost of printing of notes,” Kanungo said. The committee will submit its report by June 2018.
Some cryptocurrency players see this as good sign. “RBI issuing their own virtual currency just shows that soon there will be an ecosystem where cryptocurrencies will be central to the ecosystem and the government will not be able to ignore it,” said Coindelta’s Yadav."
"The cryptocurrency debate in India has turned on its head.
The Reserve Bank of India (RBI) has initiated a crackdown on cryptocurrencies such as bitcoin, even as it considers a proposal for issuing its own digital currency.
“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately,” the RBI said in a statement.
This may mean the end of the road for those who own bitcoin or its peers, as well as the many virtual currency exchanges. The existing business ties must be wound down in the next three months.
“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,” RBI deputy governor BP Kanungo explained at a press conference on April 05. “And if they grow beyond a critical size, they can endanger financial stability as well.” AML and FATF are international policy frameworks aimed at combating money laundering and terrorist financing.
Virtual currency players in India are naturally disappointed with the RBI’s decision.
“I don’t believe this is the right direction that the central bank has taken. This will cause panic among a few million people in India who are already using cryptocurrrencies,” said Sathvik Vishwanath, co-founder of Unocoin, a virtual currency exchange in the country. “If they want to launch their own digital currencies, they don’t need to ban existing ones.”
“This means that banks will not probably give loans to cryptocurrency exchanges. And the transactions will also get affected,” said Shubham Yadav, co-founder of of Coindelta, another cryptocurrency exchange. “However, the silver lining here is that they still haven’t banned it fully.”
The central bank, meanwhile, has constituted an inter-departmental group to study the feasibility of a digital currency backed by the RBI. “This will be in addition to the paper currency that we have. It also holds the promise of reducing the cost of printing of notes,” Kanungo said. The committee will submit its report by June 2018.
Some cryptocurrency players see this as good sign. “RBI issuing their own virtual currency just shows that soon there will be an ecosystem where cryptocurrencies will be central to the ecosystem and the government will not be able to ignore it,” said Coindelta’s Yadav."
This is just going to chase startups and entrepreneurs out of the country and exacerbate the brain drain which is already a huge problem over there. So short sighted just to hold on to the status quo by people in power.
Where it says that they are banning cryptocurrencies? Link pls or stop spreading the FUD.. There is enough FUd outthere, and too much emotional traders... Thats why BTC is getting DOWN
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