Topic: India Central Bank Says It Hasn’t Banned Crypto (Read 440 times)

It's still a ban if you ask me. They can't completely ban it like you ban drugs because it's impossible to control, so the government won't do it. They'd look weak if they imposed a ban but were unable to control it and people would simply own and trade Bitcoin in person like a contraband. Instead they ban financial sectors from using it which is easier to control and maintain.
I think they don't really understand what they're dealing with here and the ban is the result of some officials laundering money with it 2 or 3 years ago. It sill pass.

Indian Central Bank has become confusing like the leaders of the country. While Modi is saying thay they haven't discussed anything about NRC, Shah is saying that NRC will be implemented in the whole country. Similarly, RBI is syaing banks not to let people use banking channel for crypto settlement and given free hand to banks to freeze suspected accounts, on the other hand saying it hasn't banned cryptos.

If the traders can't use banking channel to receive cash against cryptos, how they are expected to earn an income!! Things are not moving to positive direction as of now!

Yeah. I read somewhere that Indian central bank didn't issue any regulations on cryptocurrencies yet. They have only banned exchanges for now which have forced Indian population to sell their bitcoins on peer-to-peer network. It is strange decision to be honest. They are letting people to trade bitcoins between them but aren't allowing any exchange to be the intermediary. Hope they resolve the final position soon.

I think it never banned and only clarified its negative stance, I don't think it can ban crypto as whole either lol. Because the government bodies are so weak that it can't even fake notes let alone crypto hehe.

Because people don't read. They just spread FUD and hear what they want to here and have no idea about legal issues. Anyway... Since when has banning things ever worked? >.<
Why would you want regulated entities to offer crypto assets anyway? The point of crypto is not to have regulation. Regulation just means someone can control it.



They won't be able to prove who has coins and who does not and that would be a massive waste of public resources. I doubt your average taxpayer is going to be happy with their tax money being spent that way when it could be used to upgrade and improve infrastructure.

They cant ban it totally since they don't have the authority to do it. Moreover, governments also don't wanna totally quit this market to lose there share. They are trying there best to remain in this market by providing regulations.

Yes the case is still pending in Supreme court regarding Crypto regulation in India and Indian government gives statement regarding that they are not banned Crypto Curriencies in India but RBI ruled out to all Indian Banks  are not going to deal with any crypto currencies related to business firms so it has affected to stop all crypto exchanges in India. may be you will get once Indian government and RBI both come to conclusion about crypto currency then only  we will get the solution for crypto regulation.

Please read my comment again. I was only saying that there are some articles^[1] suggesting that India is planning to launch their own national cryptocurrency. And yes, just like what China is planning to do and what Venezuela did. I don't know about making it dominant over decentralized crypto such as bitcoin but it will most likely become the legal tender to be accepted by banks and other financial institutions.

---

[1] https://www.livebitcoinnews.com/india-considers-issuing-national-cryptocurrency-despite-anti-bitcoin-stance/

Reserve bank only stated that the regulated entities cannot offer crypto assets but it no where mentioned about the ban on cryptocurrencies. Also I think, Central Bank and Reserve Bank are two different banks so how could you co-relate them here?

India is the country which is undergoing the legalization process of cryptocurrencies and from several months, we can see the hearings in the Supreme court of India about the circulation of the cryptocurrencies. I do no think that India has arrested anyone until now for using cryptocurrencies or transacting with them. Good news about the legalization of cryptocurrencies should be spread globally so that most of the countries can start supporting the act.

This means that they more or less did the same thing as China.

They can say what they want and try to look good but we all know better. They did ban it because if you ban a financial product from the financial sector you are banning it. It's like banning apples from grocery stores and allowing to only buy them in person like from your neighbor or a grower. You technically can still get them but it's much harder.


If they did not want to ban it they wouldn't ban some features of it but let it develop freely.

They have never banned it and never legalized it, they have denied any cryptocurrency trading directly from bank. The p2p options are always available, there is no illegal charge upon anybody holding the crypto coins,  there is no different income tax law for crypto coins.

If Indian government legalize crypto currency then it will be a great news for it's public, yes India is the second most populated country in the world and I am sure the transactions and usage will be more aggressive than other countries and there is a big chance for a massive pump if they legalize crypto currency.

Ahh well, that's quite relieving to hear. I quite remember when the rumours came about the ban of crypto in India so many online friends of mine in India got worried as it would hamper some of their business. I hope this would cheer them up a little. This would also go a long way to promote the establishment of crypto related jobs in India

Which one correct news about bitcoin transaction in India, last several day I got information India have been legal using bitcoin but why did you give information about India back to banned bitcoin as legal payment transaction now, I think need time how to know bitcoin keep using as legal transaction or not.

Two of the biggest populated countries in the world China and India coming up with their national cryptocurrency and then what happens, they will force everyone to use them  . The volume will be crazy high if they force them as almost 40% of the world's population live in those two countries .

Since you touched the narrative of terrorism, lets analyse the major terrorist attacks against military and parliament
Indian Parliament attack (2001) Under BJP government. Do you have any idea how many terrorist attack happened after Modi government came into power including attack against military camps which never happened in history and you are coming up with the narrative that people are supporting the current government and turning to nationalism because they are holding the record for the most attack against Indian military.
Indian Army brigade headquarters in Uri (2016)
Nagrota army base attack (2016)
Pathankot attack (2016)
Sukma attack(2018) and just before the elections when all the polls were against the BJP because of their incapability to fulfill anything and turning the economy upside down with demonetization we had Pulwama attack (2019), all these attacks were against Indian military base and camps, hope you have heard about the recent arrest of a police officer who is close to the BJP government, deputy SP Davinder Singh who was recently arrested along with terrorist and he was directly involved in Indian Parliament attack (2001) and Pulwama attack (2019).  

You can lie and find a narrative you want but the facts and truth will come out one day. I know i am going way off topic but the narrative he is giving cannot be accepted.

The narrative during demonetization was combating terror funding, black money and corruption and what has changed after that, what about the fake calculation and narrative the government used, how many black money was recovered. The economy doomed because of some illiterate taking decisions, many small business shut their door because of the immense loss they had to encounter, any idea about the total loss the tax paying citizens had to encounter 13,000 Crore INR to monetize again, any idea or calculation about the counterfeit notes reduced after demonetization, the statistics says it increased  . Any idea how many people died because of the rush and cash crush when no one was able to withdraw their money from the bank and your stupid analogy for the betterment is bullshit and that is the fact. So please do not come up with fake narrative you learn from RSS and BJP camps.

The people of India will adopt, but the government is making things difficult for anyone to invest by using the RBI to shut down business by restricting banks to conduct business with crypto exchanges and i did not see any narrative regarding this, the government says BTCitcoin is a ponzi scheme, so what is your narrative on this subject.


PS:The long response is because of the narrative @Thavash wants to portray and i want to inform the real situation rather than sugar coating that everything is fine and done for the greater good.

You cannot make a statement like that without talking about how the country has suffered tremendous terrorism, which is the reason that people there have turned to nationalism. And the money ban was because its neighbour was essentially printing fake notes to try to destroy the Indian economy - lets leave politics out of the bitcoin forum in any case. If India with its large population adopts Bitcoin in a big way this will be massive for BTC.

The status of reserve bank is same as before, they are not going to allow crypto as a legal tender but they know that it cannot be banned. They have understood that with banning banks to transact with exchanges, they are losing more on taxes. We may see a positive outcome from court soon and exchanges will be back with bank transactions.

Yes RBI has not banned CryptoCurrency in India but i don't understand why they have ruled out for all banks not to support any crypto related business .It has effected all Crypto exchanges to stop there business in India but i didn't understand on what basis they decided. Better to understand the Crpto Currency and give proper resolution for Crypto Currency in India because there are so many countries regulated Crypto currencies and getting the benefit in the form of tax.

India was an interesting place with a growing economy but the only negative is the ruling government who does not have any idea about innovation or technology as they are too much focused on religious polarization as they are thinking of getting the vote bank of religious fundamentalist. The government banned 500 and 1000 INR bank notes without any prior warning and it was a real shit show during that period as they did not have sufficient newly printed notes.

India does have the worlds largest Thorium reserve and most of the reactors will start functioning by 2025

The training program for BTCitcoin mining is conducted by a private association and it has nothing to do with the government as they are still in the dark ages.