Topic: India closes doors for Crypto Currency - page 10. (Read 2299 times)
see the news now that happened. I believe in bitcoin for the future. although now many governments have not legalized bitcoin .. we must believe the future bitcoin is there
Let's get some facts right:
- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.
Crypto is far from dead in India.
- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.
Crypto is far from dead in India.
1) That is an indirect way to discourage crypto. They do not make laws and thus cannot make crypto illegal.
2) Alternate ways could be next target of RBI.
3) I have hopes from court. Even if they ban everything, they will give sufficient time to all to exit.
Wait and watch. It's going to be regulated and legal.
Let's get some facts right:
- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.
Crypto is far from dead in India.
- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.
Crypto is far from dead in India.
1) That is an indirect way to discourage crypto. They do not make laws and thus cannot make crypto illegal.
2) Alternate ways could be next target of RBI.
3) I have hopes from court. Even if they ban everything, they will give sufficient time to all to exit.
India still not close their doors for cryptocurrency RBI and government saying peoples can invest on their own risk. also peoples still can do deposit and withdrawal from exchanges also Indian wallet like ZEBPAY and unicoin but India is Planing to accept blockchain technology with new rules and policies also Government can take more taxes from their investors.
Not suprised yet disappointed. Heard the news for quite a long time already but well it finally happened.
Too bad for our cryptocurrency fellow in India, having the RBI stopping transactions from any crypto exchanges surely is a terrible thing.
They may not be able to involve theirselves in this cryptoworld again right?
It might effect badly to the market. But i hope bitcoin will remain strong and continue despite all the bad things happened recently.
Too bad for our cryptocurrency fellow in India, having the RBI stopping transactions from any crypto exchanges surely is a terrible thing.
They may not be able to involve theirselves in this cryptoworld again right?
It might effect badly to the market. But i hope bitcoin will remain strong and continue despite all the bad things happened recently.
Let's get some facts right:
- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.
Crypto is far from dead in India.
- RBI (Reserve Bank of India) has not banned crypto. It has adviced the banks to stop providing services to people and exchanges dealing with crypto.
- This means holding and trading crypto is legal. But you need to use alternate ways for making the trades (P2P trades, local bitcoin, cash etc).
- In fact most crypto exchanges are still operational and have switched to crypto-crypto trading or P2P model for crypto-fiat trades. These remain operational as of today.
- Crypto exchanges have filed petition against RBI's banking ban in Supreme Court and the case is to be heard during this month.
- Some recent reports suggest that government is not considering a blanket ban on crypto, but their main concern is money laundering. Hencd they're considering to regulate the space, declare crypto as commodity and allow trading with strict KYC & AML policies.
Crypto is far from dead in India.
According to recent news, RBI which is India's central banking institution has advised to stop transactions from any crpto exchanges. This will stop the buying and selling of bitcoin and changing into local currency. Official statements hint more bad days for bitcoin.
For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/
if India really prohibits the prohibition of crypto exchange in its country, it will likely have an adverse effect on all crypto prices. but I feel sorry for the people of India who have been playing with the crypto trade. if the citizens of India still use crypto, is there any sanction for those who use crypto ? For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/
India has clearly banned cryptocurreny. but are there any sanctions for crypto users in that country?
and India has a plan to adopt blockchain technology and I think it's something that will be a new policy for the government of India.
Banning bitcoin is just a movement by the government to implement a system that they could used to somehow deal with transaction by their people. It could also be a way for them to help their economy at the same way by implementing rules and to have a good way if cryotocurreny on transaction, investment and trading. and India has a plan to adopt blockchain technology and I think it's something that will be a new policy for the government of India.
Another country banned crypto.. But i dont think it can affect other country to encourage to ban crypto because i know some country thinks that crypto world is not a threat they just dont want to take a risk in crypto.
That's another bad news...Now people will panic and drop the price again. 😒😒😒..Really don't know when every government will accept cryptos
I guess if they get Bitcoin for their country these days they can teach it to people who are likely to be involved here for extra income as we all know that India is one of the densely populated countries. Most and they need the support they can get with Bitcoin. The central bank wants to close one of the last remaining ways to take your money out of the hands and eyes of the government.
India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.
All indian exchanges after this ban have stopped fiat currency trading but they have started cryptocurrency trading and some of the exchanges have shifted their office to other country where it is legal. Now if the people wanted to buy or sell then only through people to people where no details about crypto currency trade in bank but still it is risky. Now only option is just save it for future and think that it is long term investment and in future when India make some relief and after regulating they can think of easing the ban with certain rules and regulation.
What you said is the only way if Indian users wanted to work on Cryptocurrency, but i also think that very soon India will regulate it and going to start using of cryptocurrency in a regulation manner, which will be more good for both government and public.
India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.
All indian exchanges after this ban have stopped fiat currency trading but they have started cryptocurrency trading and some of the exchanges have shifted their office to other country where it is legal. Now if the people wanted to buy or sell then only through people to people where no details about crypto currency trade in bank but still it is risky. Now only option is just save it for future and think that it is long term investment and in future when India make some relief and after regulating they can think of easing the ban with certain rules and regulation.
To tell the truth, I don't think that it is the end of the story. Though now there are not very positive forecasts, I think that soon something will become clearer. I hope that the situation will improve (though in respect to China my hopes hasn't realized).
India is not the first country that have tried to warn their citizens about cryptocurrency. I don't see this news to affect cryptocurrency in any way. India is a single country and even if they try to prevent their citizen from accessing crypto, they must see other means and it's natural. SO if they want they should not allow it for their citizens.
This is not the first time the RBI has indicated its cautionary stance on virtual currency. It has over the last five years, issued several prior warnings, and when presenting the Union Budget for 2018 in February, India’s Finance Minister Arun Jaitley publicly stated that the country does not recognize cryptocurrencies as legal tender.
I feel sorry for the citizens of India. This is one great opportunity that is being held back from them. There is probably a good reason why they banned cryptocurrency. Maybe there was an instance where the people were scammed or cryptos were used in illegal transactions and money laundering. Mainly to protect the citizen from fraud and trickery, that's a good reason for banning. Still, if used properly, it could be a great investment for the people of India.
I believe this will be temporary ban because those concern will still let them to know the reason it should not be ban and stay .
Each country is free to set policies and regulations for the country itself, including regulating the crypto currency. Not only India, many countries are still banned and closed with crypto currency. I think that they are still conservative because not open with the presence of this great new technology and sophisticated. In my opinion, we should not hate crypto currency too much because we might someday need crypto currency for cross-country transactions. Like India, India should be more flexible in looking at crypto currency. Do not be sorry for not providing a gap for crypto currency developing in the country. Whereas if the state of India is open with crypto currency then the economic condition of its people can be better.
According to recent news, RBI which is India's central banking institution has advised to stop transactions from any crpto exchanges. This will stop the buying and selling of bitcoin and changing into local currency. Official statements hint more bad days for bitcoin.
For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/
Sad news for us the crypto holders. India is increasing the country list that stop the move of cryptocurrency, but i hope India can considerating it again to open up the crypto market in their country again. For more info, check : https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms
https://ambcrypto.com/bitcoin-btc-banned-in-india-reserve-bank-of-india-releases-an-official-statement/
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