India choked its cryptocurrency ecosystem to near-death

carlisle1

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

As i believe that only the Banks are against cryptocurrency and not the government right?this means the government is in favor of crypto things that will be resolve in short time and all we need to do is wait and push the government to create good stand and action for the crypto to continue operation since this is a big help for economy

darewaller

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

Lmao… but there are still lots of ways you can monetize it without anyone knowing how it happened or whatsoever. It’s not a must that you will have to make use of an exchanger and make straight withdrawals to banks.

I know a lot of people that are making use of Bitcoin and they are buying and selling and also monetizing it without problems. Maybe you should discuss with those that are living in your country and are doing the same business to know what they are all up to.

bits4books

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Crypto is not a religion but i like it

I knew that India would become such frustrating about bitcoin and cryptocurrency is bad anyway I hope that my friends there will survive under the pressure of the governmental system.

narielle

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

I think you are an Indian. Don't worry there are lots of DEX that you can use to withdraw. Don't be upset because it is a regulation by the government and no one can stop there plan. However, if you want to withdraw your cryptocurrency then use some decentralized exchange. I am sad to this news because I thought India is one of the country that fully accepts cryptocurrency.

Jonsnowstark

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India has a lot of investors. I see thia could be a big problem for investors in withdrawing their funds using their bank account. I guess the best solution is for exchanges to incorporate fiat in order to exchange directly crypto to fiat. The danger is if there is a regulation that bans these exchanges from pulling that. I hope it wont go that route because that's the best solution in this scenario.

nikolabt

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Now we have the next hearing on 11 August 2018. With this pace, I do not expect a solution this year.

ajqjjj

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Quote from: r32godzilla on July 06, 2018, 01:12:06 PM

It's really a sad news.Don't know exactly whether the Indians would be able to use local bitcoins.com hereafter for buying and selling bitcoins.

India is more population country so crypto platform is need for the economic development because peoples are expecting more secured platform in profitable way so Cryptocurrencies is good for the consumers. Indian government is accepting the peoples need so as soon as possible this will be legalized in India at the same time some regulation is possible.

SaturnBay

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So no more hope for the ICOs from India, so bad news for the investors. India is a big country with a weak economy, and they still support their "gods" more than technology, haha

gandhe83

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Quote from: dothebeats on July 06, 2018, 04:09:27 PM

Quote from: galambo on July 05, 2018, 12:53:51 PM

Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

There are many other ways to exchange crypto and especially Bitcoin and we do not need to worry about getting the value for our coins. But yes this will affect the use of crypto in India and will also affect the price of crypto as there and many big crypto holders and investors in India.

In part, this is circumventing the regulation or the law, but if there isn't any passage that restrict this on the new regulation/paper published by the RBI, I doubt you'll be in serious trouble since the funds came in from Paypal and not directly from an exchange. It's actually a gray area but for me, you cannot be upheld for such thing knowing that you understood the law clearly: it came from your paypal account the moment it left the exchanges' vaults so IMO you're all good, unless the Indian government is a total jackass and will insist that you did something wrong no matter what.

India decided to ban the bitcoin deal as "concerns about consumer protection, market integrity and money laundering." The virtual currency ruins all anti-money laundering efforts. I think that's not practical for the market today. Take a look at the whole then come to the conclusion will have good results. I think so.

magneto

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To me, Indian really made a bad decision by turning their backs on crypto altogether. I think it was a decision that made absolutely no sense, firstly considering that it will basically wipe out the entire regulated crypto industry which means more Indian companies will simply flow overseas, and secondly, people will still be able to trade crypto, just not through a regulated means.

There are rumours that this decision will be reversed some time in the future and a GST will be instated instead, but I really don't see that as much better.

It's 'choking' India's crypto economy for sure, and that's bad when crypto has a long way to go in the future and can really benefit a country's economy if it can regulate crypto services.

Anyways, I'm pretty sure that localbitcoins and paxful still serves India, and trading p2p is still fine. There's a lot of offers here: https://localbitcoins.com/country/IN

dothebeats

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Quote from: galambo on July 05, 2018, 12:53:51 PM

Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

There are many other ways to exchange crypto and especially Bitcoin and we do not need to worry about getting the value for our coins. But yes this will affect the use of crypto in India and will also affect the price of crypto as there and many big crypto holders and investors in India.

In part, this is circumventing the regulation or the law, but if there isn't any passage that restrict this on the new regulation/paper published by the RBI, I doubt you'll be in serious trouble since the funds came in from Paypal and not directly from an exchange. It's actually a gray area but for me, you cannot be upheld for such thing knowing that you understood the law clearly: it came from your paypal account the moment it left the exchanges' vaults so IMO you're all good, unless the Indian government is a total jackass and will insist that you did something wrong no matter what.

Slash61

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Calm down, do not be too excessive, patience all there will be a way, this is very bad news for crypto, but it has no real statement maybe there is a very shrewd game in it, yes it will all be better back then be patient all will change your mind with itself, the VPN will run properly.

darkangel11

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Quote from: Hughes_Ryan on July 06, 2018, 02:00:32 PM

Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

India is a negative country with Bitcoin and cryptocurrency. I do not think that India will destroy the cryptocurrency ecosystem because, in the past, banks in India have accepted Bitcoin. They are going backward and they are against the future

If you haven't noticed countries that are afraid of the position of their own fiat currency are more inclined towards banning crypotos and also not allowing people to move money out of the country. They know their economy is weak and want people to spend money within the borders. If you earn money online and spend them in another country, you're using the local infrastructure, but funneling money to foreign businesses. When the economy in your country is weak it can tip the scales. It's a good moment to get rid of your rupees Wink

Kingofbitcoin12345

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The best possible solution is a local group of crypto users who exchange bitcoin to rupees into a one on one transaction.. It’s like if you need cash then you can buy my coin and send it personally or through wallets.. It’s like trade-in or bargaining..

I hope this is not illegal as only banks transaction is illegal.. So I expect that this decision will only hits the bank profits and not the cryptocurrency or bitcoin..

Hughes_Ryan

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

India is a negative country with Bitcoin and cryptocurrency. I do not think that India will destroy the cryptocurrency ecosystem because, in the past, banks in India have accepted Bitcoin. They are going backward and they are against the future

yesyes18

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

Well, then I think you'd have to resort to peer to peer transactions then. By the way sorry to all Indians who got affected by this. Anyways I hope they gave you guys some time to withdraw funds from the banks and financial institutions?

r32godzilla

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It's really a sad news.Don't know exactly whether the Indians would be able to use local bitcoins.com hereafter for buying and selling bitcoins.

stompix

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Quote from: Slow death on July 05, 2018, 12:42:50 PM

I also read this news about India and wondered the following:

If the people of India exchange their bitcoin for paypal and then withdraw their money from paypal to their bank account, use this option would be wrong? would be breaking the law?

This made me very curious and I would like someone to explain it to me.

No, it would not as for now the RBI has demanded that banks stop servicing exchanges, not private transactions.
As far as I understand from the situation in India they are trying to cut links between exchanges/traders and Indian banks.

In this PayPal for BTC transaction, they have no jurisdiction whatsoever.

But, paypal<>BTC , you know how tricky this thing is..... Grin

Quote from: Crypdon on July 05, 2018, 03:51:09 PM

Don't worry, there will be many DEX's in future where you will be able to exchange crypto into fiat. Failing that, use a VPN and find an exchange where you can swap coin into fiat. Otherwise, just wait for India to change their mind and catch up

DEX still heavily rely on bank to bank transactions.
Other methods of payment are just too costly to make it worth and the prices are reflecting the risks taken by the sellers/buyers.

Rather than searching for a solution to avoid it the right choice would be to fight the core problem.

Pancho95

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Maybe you can try with skrill. I dont know how it works for you but i think that you can transport it to skrill and than you need to have your skrill connected with your bank account and than from skrill to bank. It will take more than one day i think Cheesy

Silberman

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Quote from: Crypdon on July 05, 2018, 03:51:09 PM

Don't worry, there will be many DEX's in future where you will be able to exchange crypto into fiat. Failing that, use a VPN and find an exchange where you can swap coin into fiat. Otherwise, just wait for India to change their mind and catch up

Not true, a decentralized exchange will allow to us to exchange our coins for other cryptocurrencies that is true, but they will have no access to the fiat market and if they do you will have to go through the same procedures as with any centralized exchange, this is definitely bad news for those living in India but if you do not depend on your earnings in cryptocurrencies you could simply hold and wait until the day they reverse this decision.

shabinmathew23

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as of now people are using site called localbitcoins.com cause there was only 2 exchane unocoin and zebpay both stopped withdraws.Also zebpay is not allowing the users to withdraw bitcoins
currently there is going to launch peer to peer model . A peer-to-peer model does not require a bank account and entails direct cash transfer between the sellers and buyers with exchanges taking the responsibility of transferring the cryptocurrency.

BrewMaster

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There is trouble abrewing

when reading this news you have to understand one thing: Indian government has NOT banned bitcoin or trading of it or any other cryptocurrency.
what has happened is that an Indian bank, RBI (Reserve Bank of India) is banning accounts of exchanges including Zebpay and that is causing drama on the internet with articles like this which OP is posting: https://qz.com/1321076/bitcoin-ban-how-rbi-choked-indias-cryptocurrency-ecosystem/

there is a lot of petitions and pressure on the Indian government at the moment to resolve this issue and meanwhile people are happily trading in a p2p manner.

Slow death

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Quote from: liuqi on July 06, 2018, 03:36:06 AM

I don't believe this news...

This News is true and very serious.

Indian Supreme Court Continues to Uphold Central Bank’s Ban on Crypto Dealings

Quote from: liuqi on July 06, 2018, 03:36:06 AM

because some whales are involve this process...

This has nothing to do with whales, this has to do with the central bank of india and the government of india

Quote from: liuqi on July 06, 2018, 03:36:06 AM

so these kind of rumours are not working on permanently.

it seems that this situation will remain for a long time

Zebpay Exchange Halts Fiat Ops as India Crypto Banking Ban Deadline Looms

Quote from: liuqi on July 06, 2018, 03:36:06 AM

I think indian government is supporting to big whales so they are plan to restrict from crypto but some banks also create a own cryptocurrency so Indian government is accepting the crypto investment.

I do not think that's what's happening.

liuqi

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I don't believe this news because some whales are involve this process so these kind of rumours are not working on permanently. I think indian government is supporting to big whales so they are plan to restrict from crypto but some banks also create a own cryptocurrency so Indian government is accepting the crypto investment.

BitHodler

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Quote from: cryptothief on July 05, 2018, 05:14:00 PM

And as someone already mentioned, there are multiple ways of exchanging money, it'll just be a bit (lot?) more hassle to do so.

I'm sure that with how booming everything related to crypto is, that people won't mind taking an extra step to get themselves into this market. They just need to buy Bitcoin and from there are free to trade anything they want.

It's basically the same with how certain financial institutions have prohibited people from using their credit cards to buy crypto, but this isn't going to work in reality since you can easily get around it.

People can choose to withdraw cash from an ATM with their credit card, deposit it into their bank account, and from there wire it to whatever exchange they are using. In this case it will only cost you a small fee extra.

Hydrogen

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India has waged a war against paper money in an effort to embrace the new age cashless society paradigm being pushed recently. This could have a negative effect of choking industry, business and jobs which rely upon paper money to function. These forms of restrictive measures have a potential to impede economic growth and strangle job markets over the long term. In short india choking its crypto currency industry could match it choking its paper money based industries. Not that this would be significant or out of the ordinary given a large percentage of policy legislated by states in this day and age have extremely negative economic and financial effects, while producing little or nothing in the way of tangible positive gains.

Its not a relevent point, they can blame the "diminishing price of oil" for it and no one will ever be the wiser. It worked for venezuela. It will probably work for argentina, india, turkey and many other nations who are likely to be experiencing severe recession and economic downturns before long. Few care enough to support sound economic policy and so things typically end poorly.

cryptothief

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I think it's probably another country having a knee jerk reaction to something they're not quite sure of. Wouldn't be surprised if it gets reversed down the line once they come up with a longer term strategy, but until then, there's always options. Check this article, couple of ways to exchange money in the mean time.

https://www.coindesk.com/crypto-exchanges-are-already-adapting-to-indias-bank-account-ban/

And as someone already mentioned, there are multiple ways of exchanging money, it'll just be a bit (lot?) more hassle to do so.

Tankdestroyer

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Quote from: BitcoinMarshal on July 05, 2018, 04:39:48 PM

still using banks but not showing that they are still using cryptocurrency and bitcoin these type things cannot stop peoples from their crypto love

They might still use crypto but it will lead to a stricter regulation in their country if they continue to use it, they will be stopped or imprisoned later on(for not abiding by the rules). Their decision will surely affect the bitcoin price as a whole and will slow down adoption. I do hope India reconsiders their decision because it is both bad for crypto and their citizens using it as well.

BitcoinMarshal

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This is very poor decision but still many options available for local peoples as some are using VPN, Western Union Paytm few still using banks but not showing that they are still using cryptocurrency and bitcoin these type things cannot stop peoples from their crypto love

nsasuiteb

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BAILOUT

That is not simpy don't worry if you are an indian having a lot in coins but f*uck all of fiat. That shows how good crypto is they can do nothing but banning lol .

Crypdon

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Don't worry, there will be many DEX's in future where you will be able to exchange crypto into fiat. Failing that, use a VPN and find an exchange where you can swap coin into fiat. Otherwise, just wait for India to change their mind and catch up

audaciousbeing

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

Its really a bad one and I see the effect spiralling into the mainstream of the price and the price that is just recovering might face another round of downward trend with no time for recovery in sight. But at the same time, I strongly believe its just going to be a set back and not a total defeat because when people have a will, there will surely be a way to go about it. I see new means if trading popping up in a more decentralised way that cannot be stopped or linked except for isolated cases.

I foresee a situation whereby people will start coming groups on Telegram, WhatsApp, Facebook to carry out trade they decide who will act as escrow and with the continued availability of the internet, they are still connected to the global market. I hope the Indian government would review this policy of theirs in the near future.

galambo

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Quote from: shabinmathew23 on July 05, 2018, 11:43:05 AM

From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

There are many other ways to exchange crypto and especially Bitcoin and we do not need to worry about getting the value for our coins. But yes this will affect the use of crypto in India and will also affect the price of crypto as there and many big crypto holders and investors in India.

Slow death

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I also read this news about India and wondered the following:

If the people of India exchange their bitcoin for paypal and then withdraw their money from paypal to their bank account, use this option would be wrong? would be breaking the law?

This made me very curious and I would like someone to explain it to me.

shabinmathew23

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From today, bitcoin will not add even a rupee to your bank balance today is the last day to monetise the investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow ...guys what to do now how to withdraw the funds to indian rupee any solution?

Topic: India choked its cryptocurrency ecosystem to near-death (Read 256 times)