INDIA KEEPS BAN IN PLACE,ANY THOUGHTS? - page 3.

RankerCan

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Quote from: jaythelingly on July 06, 2018, 06:13:29 PM

India didn't ban crypto currency. RBI did. But, I hope soon they will withdraw their bannd and adopt it.

Reserve Bank of India (RBI) is India's central banking institution, which controls the monetary policy of the Indian rupee (source). All announcements from RBI are in fact Indian Govt statements on financial matters.

chidrawarster

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Its not fair , the whole world is moving towards digitization and still India is trying to ban the crypto space.I also feel India has supported technology always and it will realize the blockchain technology some day and also will adopt in the future. I would wait for few more years for regulations to fall in place and India may understand by that time most of the countries will have been adopted crypto world. India has a bright future from the technology point of view and its one of the fastest growing economies , lets hope for the best.

Getcoinsite

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Quote from: suzanogbomo on July 04, 2018, 05:22:38 AM

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?

No one cares about whats the issue about india so stop this nonsense,i have read such many thread about this damn India banning related post but still continue spreading the news its flooding the market with same damn topic ,why dont you just post when the final decision of Indian government made and statement for now stop talking its irritating

ankurguta87

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Supreme Court of India has ruled not to grant interim relief to those affected by the Reserve Bank of India’s (RBI) ban on banks' dealings with crypto-related businesses, Quartz India reports today, July 3rd. SC has thus yet again refused to stay RBI’s April 6 circular, which had directed all banks to extract themselves from existing relationships with crypto exchanges and traders within three months, due to take effect July 6th.

The only hope remaining is pending decision on 20 July.

hasmukh_rawal

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Technically speaking, it's not a 'BAN' that 'India' has made. The RBI has kept this issue in front of the IT companies that they should not deal with INR-Crypto transactions. They have not directly placed a ban on cryptocurrencies. Although this will affect the dealing of crypto transactions but it still does not say us that we should completely stop using crypto. Just make a few things clear when you post a question/opinion . My thought on this would be just to wait until the reversal takes place. The reversal will surely happen as one cannot stop these things from happening. It will happen regardless the so called BAN eventually .

MainIbem

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The ban is a set back to the teaming fans of bitcoin in India. I see this ban as a temporary one. India will not want to be in isolation so, as more and more countries legalises bitcoin, India will reconsider it's position.
However, I don't think the ban stops you from working to earn bitcoin. If so, why not continue the work and accumulate bitcoin, whenever the ban is lifted, you can exchange to fiat.

Vineeta2oct

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Well it is shocking to all of crypto lovers and investors but we'll keep doing what we are doing. Either govt will lift this ban or people will find some other way to encash their coins but crypto trading/investing will stay on.

mahibul49

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yes current situation is not normal but ofcourse i know it will solved.bcz btc is a major part of indias people.and india gaining huge money from btc.

bestcomputerpsycho

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Quote from: suzanogbomo on July 04, 2018, 05:22:38 AM

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?

Yes, current situation is bad but it will soon be lifted I guess, there's been news that some kind of crypto regulation has been made and govt. may release it by fortnight of july. So let's see how that goes, also the next hearing in supreme court is on 20th july, some good info might come of it. Even if it's the bad news, I'm prepared for that

Koinex has already launched it's LOOP peer-to-peer platform so that's an option if needed to buy/sell cryptos with fiat. Same has been taken care of by BitBnS and WazirX platform. So technology is going ahead and govt. can ban crypto in its entirety.

JeffreyKen

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That's not a good news. Cryptocurrency is the future to the digital transaction system. I think you should make a community and then appeal to the government.

hollowdoor

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Banning bitcoin cant be stopped and by banning bitcoin government cant stop bitcoin either.
So who cares about indian govt.

BitcoinGuruOne

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This is not very tought out decisoin, and it seems also immature.

As other users already pointed out, it can be a good thing in long run.
In such a huge country as India, most of the population is equiped with mobile phones which can be easily used to use btc to exchnage for services.
This could indeed backfire.

hugeblack

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Political decisions are not permanent but change because of factors such as changing governments or international consensus.
The general impression about the Bitcoin is negative, so I do not expect that Indian position will change soon.
This decision will not affect Bitcoin, but its impact will confine to the category of traders within India.
If there is a law that criminalizes bitcoin, it is better not to make any cash transfers until the law changes.

Marlo Stanfield

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Quote from: suzanogbomo on July 04, 2018, 05:22:38 AM

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 doubt it will reconsider its stance unless there is some serious political pressure. Peer to peer trading will probably still go on as it does across the world now in many countries.

joellogan

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it’s true that they banned btc also this types of news is really disappointing for users based on this their economy will be decreased also if they are not giving a efficient time for withdraw their money also zebpay have been canceled withdraw with rupees.

xbl1008

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maybe the goverment of india just wants the safety of its citizen in the dangers of losing money on crypto so they decide to ban it on their country eventhough it also have good sides just to be certain they want to regulate it first or know completly so others can avoid those who abuse the technology and take advantage of others.

Dr.2x

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This a sad news for the investors willing to invest in the world of crypto currency in India. This will cause a drop in the activity of crypto currency in india. As the holders of coins will face problems in dealing with their coins. this decision will also damage the future as crypto currencies have a g=high chances of getting popular, india will face a draw back.

squatz1

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Quote from: Maestro75 on July 07, 2018, 12:57:32 PM

India is not Japan or China. India is a poor underdeveloped third world country. So, whatever happens in India about Cryptos is immaterial to me and has no consequence in the world finance. If the India government likes let it also ban bathing or eating, the rest of the world won't care.

While this is may what some people think, India is a huge market that companies are flocking to -- such as Apple, Google, etc as they have all already sold their products in china and consider India as the new frontier with a billion or so people to try to sell too.

India isn't a third world country, they may be poor but I wouldn't consider them third world. Crypto could play a large role in India, as if these big companies see a market in India then we MUST see an opportunity for Crypto growth in India. I don't know about the big banks in India personally, but I could assume that they have the same corruption and such problems which are present in the United States (and other world nations)

Markmolotok1488

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I think that if not now, then they will have to reconsider their positions. The world is developing rapidly and they risk being left far behind if they interfere with development by their prohibitions.

Maestro75

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India is not Japan or China. India is a poor underdeveloped third world country. So, whatever happens in India about Cryptos is immaterial to me and has no consequence in the world finance. If the India government likes let it also ban bathing or eating, the rest of the world won't care.

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