India closes doors for Crypto Currency - page 3.

btc78

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Eloncoin.org - Mars, here we come!

Maybe this is the reason why Indian government closes their door to cryptocurrency

Quote from: d_5tr on October 12, 2018, 08:45:30 AM

India is going to launch its own cryptocurrency.

A panel constituted by India’s finance ministry might soon recommend that the country launch a government-backed cryptocurrency.

“We are evaluating the government-backed cryptocurrency and crypto-token,” said a senior government official privy to the discussions of the panel. “And we are looking to develop and encourage our own research and development of blockchain technology,” the official added, referring to the digital infrastructure on which cryptocurrencies are based.

The finance ministry panel was set up in December 2017 under Subhash Chandra Garg, secretary, department of economic affairs, to suggest measures to regulate cryptocurrencies. The panel was supposed to submit its report by July, which was later pushed to the end of the year.

Because for how many times i have been reading thread about Rural Bank or India (RBI)is very strict about cryptocurrency and now this new thread might be the answer if proven to be legitimate and resourceful

xfaqs01

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Quote from: countryfree on April 05, 2018, 11:20:54 AM

We used to think of India as the world's largest democracy, maybe we should think of it as the world's largest fascist country. They had demonetized the largest bills last year, and now that the banks have a much tighter grip on everybody's money, the central bank wants to close one of last remaining way to get your money out of the government's hands and eyes. This is India, this is fascism.

Hopefully, this is only temporary. Looking further down the road, governments can change, too.

probably its tempory, and any country that bans crypto are temporary banning is just the farthest they can go after theyd realize that banning was a big mistake, coz they cant stop what coming which is the revolution of worlds monetary system , i guess india has a lot of corrupt politics thats why they hate blockchain.

sneeze11

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Quote from: senne on April 05, 2018, 10:47:28 AM

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/

Its a bad news for all of us , I know that many indians are getting interested on investing in cryptocurrency but they didnt get the chance. They didnt think about the opportunities they might get on cryptocurrency well we cant do anything but to accept it.

Sithawaka

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Quote from: Turkish88 on October 13, 2018, 10:52:37 PM

Not good, how its changes situation with Indian ICO projects ?
I think they need to change their official ofices to other country while situation not changes to better

Definitely the decision that was taken by the government was really bad and of course there are many ICO projects in India that started recently and they will definitely have to change there managing locations to crypto friendly regions in the world and its is a extra burden for people who comment them when considering the cost and extra work load they have to bare so it can make huge negative impact on the progress of ICO projects that started in India.

Sithawaka

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This is a really bad situation and can make a huge impact on the crypto market and the Indian crypto community because India is a large developing country there are many benefits its people and the crypto world could have gained in the future but with these governments bans everything will be in vain so I hope these policies will change in the future at least for some extend because it can make a huge positive impact on both the crypto market and Indian crypto user's

Turkish88

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Not good, how its changes situation with Indian ICO projects ?
I think they need to change their official ofices to other country while situation not changes to better

OSYA

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Quote from: senne on April 05, 2018, 10:47:28 AM

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/

India lost such an opportunity to use crypto. The banks restricted the freedom of Indian people too. The financial institutions are concerned about their customers' finance safety simply because they do not understand what is bitcoin and how it works. They'd better explore and discover bitcoin deeper instead of banning.

libert19

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Quote from: aryaadikariyansyahsuwarto on October 13, 2018, 05:19:42 PM

this is bad news for lovers of bitcoin in India, because they will certainly be very limited in buying and selling bitcoin, then the impact of this will also be felt by us from other countries, at least a little influence ... !!

There is negligible influence Indian crypto market has on global crypto market. Most Indian traders moved to p2p and court matter is getting adjourned every time.

Bitfling

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Quote from: senne on April 05, 2018, 10:47:28 AM

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/

Its really sad to read this. I am believe central banks afraid on cryptocurrency because they can not control it on supply. Central banks and government should take benefits from crypto market growth because its new investment and i am believe its good economic model

riskarcher

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seriously, isn't India the most participant for the development of the crypto currency? I often see projects developed by Indians and now closed by the government. privately the government should not interfere in this matter because the crypto currency is commercial

zwiggel

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Yes. This is bad news for investors in India. The Indian government is afraid of many risks coming to the country. They are afraid the national currency system will be overturned, the country's economy is affected. But if India understands cryptanalysis, they will accept it. India will control electronic money. The national currency system will function normally. Money investors will have the opportunity to get rich.

pacman7331

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Though India hasn't closed the door for the cryptocurrency entirely, but I think the Government of India will ban cryptocurrency in the future. Because they are making many regulations for crypto, Even they want to control the crypto market price, they think crypto is not helpful for their country! That's why In India, bitcoin's future is uncertain! Recently some exchanges stopped their services, Some government employ warns Bitcoin can be illegal anytime. But Still, no one knows surly what is gonna happen there.

aryaadikariyansyahsuwarto

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This Is Promissing Project

this is bad news for lovers of bitcoin in India, because they will certainly be very limited in buying and selling bitcoin, then the impact of this will also be felt by us from other countries, at least a little influence ... !!

Ludmilla_rose1995

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challenges like this that will always be received by cryptocurrencies, actually countries like China and India that have a large population can make cryptocurrencies famous. I am sure that in the future they will change their minds and follow in the footsteps of South Korea and the United Arab Emirates which opens the door to cryptocurrencies...

Pyr3x

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I am always very sad to hear that some country was afraid to develop bitcoin in their country and decided to ban it. He can not harm the economy or citizens, and can only improve them.

minhlee95

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I am very sorry that India was not ready for changes and banned cryptocurrency on its territory. And even more I feel sorry for people who have invested in bitcoin for the purpose of earning, but now can not continue to use it because of the state ban.

Elerntta

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This is undoubtedly bad news for bitcoin. Each such event is very inhibits its development and affects the price. But we will believe that in time the government will change its decision.

cobrafxd

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Quote from: senne on April 05, 2018, 10:47:28 AM

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/

It is realy bad news of us. because many indian pepole work in Crypto Currency.

maxamus

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Quote from: ErvingStephen on October 12, 2018, 06:32:06 AM

Zebpay, the largest cryptocurrency exchange in India, today announced the closure of its activities. The move comes five months after RBI banned banks from providing financial services to crypto exchanges. The Finance Ministry, earlier this year, had said that trading in Bitcoin and virtual currencies have no protection.

India is one of the biggest country and the government wants to have control over their financial system and don't want to lose their power to unknown crypto currency which is out of border that is why they closes door for crypto currency.

ErvingStephen

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Zebpay, the largest cryptocurrency exchange in India, today announced the closure of its activities. The move comes five months after RBI banned banks from providing financial services to crypto exchanges. The Finance Ministry, earlier this year, had said that trading in Bitcoin and virtual currencies have no protection.

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