India closes doors for Crypto Currency - page 7.

Magic Sarap

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Quote from: Baby Dragon on August 05, 2018, 09:19:35 AM

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/

So sad to hear this news, but lets just think that the government of India might have a good reason with this, but just like of other, we all known that bitcoin can be a huge help for a lot people, especially those who are hardworking and patient - and can also be a means of extra income. I just think that it could be a huge help for the people of India since we know that they are not a well-of-country. Just imagine how could it help.

This news is really tragic, so sad that bitcoin closes the opportunity to the people in india wants to become rich. I think the reason why they closed there door to bitcoin is about the illegal transactions and trades happenings eith the use of bitcoin as a payment. And there government wants it to stop and thats the reason they see, to banned btc.

SweetCryptoNews

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India does not close the door to cryptocurrency, but simply recognizes it as a commodity. As with any product, the cryptocurrency is subject to taxes. It's just the desire of the state to regulate cash flow.

bapetdik

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I think this is bad news. If this is the case, then other countries will have a negative opinion about cryptocurrency. I think India isn't too influential but I can't predict what will happen after this. We only need to think positively about cryptocurrency in the future.

boolog

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My opinion is, a country should not be ignorant this new tool. A blockchain is a new technique that should not be missed. If a country decides against it, it will certainly have a negative impact. But thats just my opinion.

rolls89

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India has certainly put ban on their banks trading with Crypto currencies. Post demonetization,the Govt has certainly have/had a check over the financials of its citizens.The only way the citizen could escape from the clutches of the govt also looks blocked as of now.The matter is still in hearing in the apex court of India,but the court also seems to go into the Govt's favor.(Hearing is still in progress)
Until and unless,the Indian economy faces loss on account of it not accepting Crypto's I don't think the govt is going to change it's mind and that is a bad news!!

ajuelnah akun

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it seems that the government is very fond of their people, so they forbid bitcoin trading so that no citizens from India are victims of losses.

Daniwahyu007

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I was devastated about this news, there was no reason why bitcoin and the like were dangerous. India is afraid to take risks. maybe they have not understood the opportunity in the crypto world

Allaboutcryptos12

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Bitcoin in india is not totally banned. rbi banned crypto related transactions from banks. In a statment they said they have no idea in banning it. Their is a final hearing in supreme court in september for the crypto ban. Iam very much confident that india will not ban it. They may regulate it with some rule .

Baby Dragon

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OWNR - Store all crypto in one app.

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/

So sad to hear this news, but lets just think that the government of India might have a good reason with this, but just like of other, we all known that bitcoin can be a huge help for a lot people, especially those who are hardworking and patient - and can also be a means of extra income. I just think that it could be a huge help for the people of India since we know that they are not a well-of-country. Just imagine how could it help.

taeewo

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The government of india that closed the door for crypto currency will also be the one to open it in future when they see what its bringing to the world and accepted by other top country.

lionheart89

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I think for a while ... at this time India is adopting a blockchain to make official virtual currencies. maybe after that realized cryptocurrency will be legal in the country.

nidacoinlove

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Quote from: b3llsf1l3s on August 05, 2018, 06:24:01 AM

in my opinion this is just a misunderstanding like what happened last year about bitcoin being banned in China, investors make news like this in order to get cheaper bitcoin prices which in my opinion can not make the price of bitcoin soar again, there will always be people who are pro bitcoin is trying to make bitcoin prices fall, and as long as this happens, this cannot make the development of bitcoin prices like the previous year

China's ban was not any misunderstanding they have banned it purposely and so are the other countries doing now. This isn't a trick by anyone to buy cheap btc. This news can't bring down the price of btc more than $500. If the same news came about Japan then it makes a sense to push the price downwards but India don't have a huge market share in the cryptocurrency.

jatin729

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Actually Indian's are looking for more into P2P or cash. basis. Exchanges are also looking into p2p transactions and wazirX provides better service than anyother operating exchange. Btw we still have hope because SC postpond till 11th September. Let's see what will happen.

b3llsf1l3s

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in my opinion this is just a misunderstanding like what happened last year about bitcoin being banned in China, investors make news like this in order to get cheaper bitcoin prices which in my opinion can not make the price of bitcoin soar again, there will always be people who are pro bitcoin is trying to make bitcoin prices fall, and as long as this happens, this cannot make the development of bitcoin prices like the previous year

bitfocus

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such government steps will become very bad step for india because they should understand it's the future.

legok

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I hope will be rise a gain to crypto in india, too bad to heart this news...

SnowAugustine

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Quote from: ?? on ??

I don't see any reason why they should but, in any case, its not a full ban in the sense that they can actually still earn, get, exchange cryptos, just cant convert it to fiat, as RBI regulated entities, probably because the government is worried about the fact that the Indian market might collapse under the shadow of BTC's highly volatile market, by influencing it too much. This is a fairly likely scenario, because, as a developing country with an enormous population, BTC has had an enormous influence on their population. It's all about their opinion and ideas.

I think they're going to recognize this pretty soon. There is no way to stop transacting completely, the people will always figure out another way. They've got problems with the gambling industry just like this. There's another way around--tax it and regulate it. I guess you could call it a win-win scenario, but there's still the users who lose out on money taken by the government. India has all kinds of absurd taxes, so I'm sure they could make up another one to cover crypto transactions and collect millions of rupees from it.

Gayas

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I am glad that there are very few countries in the world that prohibit cryptocurrency. I think that after a time, the government of India can change its opinion, because the cryptocurrency is included in the life of every person.

cpoer2011

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If that's true it a bad news for cryptocurrency but don't worry about it there are many countries still allowing the people to use cryptocurrency. I am sure there are more countries will using and allow cryptocurrency.

appcoin.info

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Appcoin Development Team

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/

I`ve spotted this hillarious tendency to ban the cryptocurrency, and after some time passed, to revert and cancel those decisions about crypto

Facebook has done that, now India whole country.

Topic: India closes doors for Crypto Currency - page 7. (Read 2299 times)