The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?
We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body over the bitcoin who could keep eye over all the bitcoin activities and specifically the illegal one and after seeing this thing reserve bank of India has put ban on crypto currency as they issued a notice stated that all the crypto users have to withdraw their money from crypto currencies within 3 months and then after that they will be responsible for the loses and then in month of July they has banned every crypto currencies but there are assumptions that there could be some amendments in this notice. 
Topic: INDIA KEEPS BAN IN PLACE,ANY THOUGHTS? (Read 1573 times)
India didn't ban crypto currency. RBI did. But, I hope soon they will withdraw their bannd and adopt it.
The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?
India 🇮🇳 is a developing and very potentiating country and it has illegalised bitcoin in its nation because of its increasing illegal use and therefore they issued a notice in April month that all Indians have to withdraw their money within 3 months from these crypto currencies and then otherwise they will be responsible for the losses and then they illegalised bitcoin but still owning bitcoin is not illegal, we can use international exchanges for transacting bitcoin and there are even assumptions that there could be some amendments in this notice.
I don’t think that India will ban crypto, one hiring is pending in Supreme Court of India regarding Crypt currencies but they didn’t take any decision.
We can hope India will never ban crypto, if they ban then it will be for some period.
We can hope India will never ban crypto, if they ban then it will be for some period.
That the india but the RBI of bitcoin the one who banned of that and because of that many people was felt sad, but I hope sooner or in the future they will accept bitcoin to their country because it will give a brighter and fortune life to everyone.
india bitcoin ban has been a long day.
I do not think that India will continue to ban technology for a long time.
I do not think that India will continue to ban technology for a long time.
The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?
I think this is the matter of controversy and I think that every Indian should be worry about this, though bitcoin is a decentralised crypto currency and no country has the right to ban it completely, they can only ban people from using national exchanges and bitcoin will be banned completely in only one case and that is when all the countries in the world will ban it and we all know that it is next to impossible so one need not to worry that much about this ban but there could be some amendments for sure shot.
by this year end we may see positive changes in Indian cryptocurrency regulation hope for the positive feedback
Trade is not a criminal offence. Most of us trade in various asset classes in the stock market. So how is this [cryptocurrency trading] any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing.
I hope that does not happen. and the Indian government may withdraw its policy on crypto bans. because the policy will harm them. users of crypto aka continue to grow in that country so that the rule will not be obeyed.
First of all its the Reserve bank of India that has banned the crypto currencies and not India. Still cryptocurrencies can be openly sold, bought and traded in India, its not illegal. The next hearing on cryptocurrencies ban by RBI in court is on 11th September. The results are expected to be in the favor of crypto supporters as crypto regulation committee of India is now coming into play and stating the importance of digital assets and the technology behind them. Still we can cash in and out of crypto easily as exchanges in India are now offering peer to peer transactions. Some of such exchanges are Wazirx, koinex, etc.
Indian Govt itself didn't ban cryptocurrencies but RBI banned all crypto transactions with banks using INR but this can't stop people using cryptocurrencies. They can use p2p exchanges or foreign exchanges. They can exchange goods for crypto. Indian govt acknowledge this and they are planning to make some regulations for cryptocurrencies, they could treat them as commodities.
Indian government is always known for making such restriction. If you are Indian you cannot even hold money in your Paypal account. You will be able to receive but will be immediately withdrawn to your bank account. The government always speaks about Digital India and other such things but do not want to allow its citizens to hold virtual currency that is not governed by RBI. This is very Sad news.
Current government have banned Bitcoin due courption cases of stake holders involved in money laundering. Hopefully wih in few years government will allow Bitcoin. Some states have requested to central goverment to permit Bitcoin trade. India is second largest populated country in the world.
Government polices varies with the change of government. India has banned for some years, but with in next year near elections government may permit. Indian stake holders are trying their level best to remove ban on bitcoin. Due to crouption they banned.
India has not banned Bitcoin for years. In fact, Bitcoin is not even banned right now. It is only Bitcoin exchanges which have had their banking links cut. If Bitcoin is really banned, then possessing it or transacting in it could be a crime. Right now, none of all that is true. The community support for Bitcoin in India is very small.
many times they said there would be no such prohibition in this regard. Are you sure this is certain?
Government polices varies with the change of government. India has banned for some years, but with in next year near elections government may permit. Indian stake holders are trying their level best to remove ban on bitcoin. Due to crouption they banned.
India never banned crypto currencies yet,just the Reserve Bank of Inida (RBI) warned the banks in India to stop dealing with any kind of crypto currency related transactions.But in India it looks the crypto currency is going to be legalized because some of the organizations take this issue to the court now there will be final verdicet soon.I hope it will be on the side of the crypto investors.
Government polices varies with the change of government. India has banned for some years, but with in next year near elections government may permit. Indian stake holders are trying their level best to remove ban on bitcoin. Due to crouption they banned.
I heard about this news and it's quite heart breaking for all of us, India's these kinds of restrictions towards the crypto currency is not correct they should try to understand the market and it's accessing system. however I hope in the upcoming future things will be changed.
You can actually never really say which is right and which is wrong, people selling bitcoin for Indian rupee can be benefitted by it but the fact is the extra rupee here has no records with Reserve bank and can actually cause instability in the country, thus better then taking chances by centralizing bitcoin and other crypto currencies, India simply banned the buying and selling of them although peer to peer trading is still available and running pretty smooth. 
The Reserve Bank of India has got a court backing for its earlier restrictions on providing bank services for those who deal on bitcoin and cryptos,This is a direct disregard to warnings recently issued by experts(to Europeans banks) that banning cryptos will have undesirable consequences.Do you think it will reconsider its stance?
Let's wait and see. There are still pending hearing on July 20 so its possible that may overturn it by the chances are slim. In any case that they continue with their decisions then we can't do anything about it. And as far as the EU decisions, it doesn't have any bearing on the India's Supreme Court because they wouldn't care about any nations accepting or rejecting crypto. They have their own stance, so it they think that crypto is really a threat to their banks and economic stability, then so be it. But if crypto was proven to have a good effect and shouldn't be frown upon my country, then maybe they could reconsider their stance and perhaps make a sudden U-turn.
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