Topic: India might pull back the ban on crypto-fiat withdraws! (Read 399 times)

I am also waiting anxiously for the news from supreme court of Indian regarding permission for crypto currencies. because it will allow massive growth for cypto world and other Asian nations will also follow India in this regard.

on September 17th we will come to know the decision of the supreme court what will be fiat of cryptocurrencies bank withdrawals

I am looking forward to that to happen because this would be a sign for all the world that cryptocurrency is really reliable and serious thing. If India would reverse the cryptocurrency ban I will buy more Bitcoin.

The cryptocurrency and blockchain technology is an advanced technology that cannot be stopped.
Thousands of young people in India have access to jobs or jobs through blockchains and related companies!
The government should consider the multi-faceted withdrawal of the encryption ban!

Do you have any references about this news? If you have can you provide? This could cause a mislead which I just want to sure about the news.

That's good to hear that bitcoin will not be banned in India and will be legalized or somewhat regulated in India, earlier this year when the finance minister of India said that bitcoin isn't a legal tender in India, that time i thought that bitcoin will be surely banned some day in India and that day came to be 2nd or 3rd of April when RBI banned cryptocurrency all together and now if the government decide to lift the ban on bitcoin then it will be pretty good news for crypto currency enthusiasts in India.

I think from the recent update by the Supreme Court of India, your doubts would have been cleared.
Cryptos haven't been given the green flag in India and the same situation would continue till 30th September. That is the date Supreme Court has set for the "final" hearing of all the crypto related petitions.
I am sure all the folks in India have their fingers crossed. The least they would want is the Supreme court banning cryptocurrency altogether.
This time frame has also given rise to a lot of P2P exchanges and in case exchanges get a negative verdict, people would still have something to look forward to.

I don't know about any insights regarding this currency situation in India but as long as it's a good news for cryptocurrency then it would be good for us too.

Honestly, I don't see anything bad in such news, quite the opposite. I think even it is significant, it shows that one more country goes tolerant towards Bitcoin.

I also predict correct. This means that it has resolved all possible problems with their country. And when things get settled, they open up to the financial markets. This is perfectly reasonable and no one dares to refuse this lucrative prey. I think so.

India has the second largest population in the world and more over technologically inclined country which has a lot of implications for cryptocurrency if they ban it.If they reverse their ban on cryptocurrency will be one of the best news that will also help in the market recovery of cryptocurrency.

i am pretty sure and believe that the banning will be lifted sooner as Indian government has a total adaptation on cryptocurrency so even the Bank of india is claiming tp ge dominant about this issua but in the end government will be the one to be followed and crypto will win

This is the information from the given INDIVE for the primary? Hay only information not verified? If this can happen, this will be a good status for the end of the current.

I think this is very positive and very great news regarding the bitcoin. Being an Indian, this is a very good news for me also, according to the notice dated 3/04/2018 , it was clearly stated by the Reserve Bank of India 🇮🇳 that there would be complete ban over crypto within 3 months so all people have to withdraw their money from crypto currencies within 3 months and then people will themselves responsible for that loss and then now this is very good news that there could be some amendments in this decision.

Damn government that has no perfect stand about decisions,and besides who cates about Indian policy about cryptocurrency?do you think this would have a good impact in the market?stop pretending as if indian governments stand is important to this community ,but its not mate so stop this nonsense and let that country do what ever they want and we dont really care

Great, its not true finally! India has banned everything. The crypto to fiat withdrawal operations are already halted and biggest exchanger of India is now just crypto to crypto venture and nothing else. I guess this has led to biggest chaos of all time and now the time has come India will never look back to the crypto currency again ever. At least it does look like that only for sure. Almighty India was big market for the crypto currency and it always had the opportunity of having higher rates as compared to the international market. May be this wont change now.

Yes i agree with you. Who needs india ? Bitcoin is strong enough and keeps stronger.

Well, as of now Indian government is not willing to take any rough stand on cryptocurrencies at this stage. It is true that central Bank has instructed all the banks in the country to stop giving services to companies involved in cryptocurrency exchange. However, from a user point of view, anyone can use NEFT/RTGS/UPI like options to buy and sell cryptocurrencies even through the banking channels because there is no ban on individual banking.

I am not expecting any decision from the government because we will see a new government within a year and the new government would be in a better position to take any decision.

This is a very good decision, taken by the Indian government because bitcoin can greatly help is people. As majority of the people in India are poor, bitcoin can help them greatly to improve their financial conditions, as well as it can improve the economy of the country. Also this is a very good news for bitcoin because the population of India is very vast, which can help bitcoin to improve its economy.

So you have billions of ....poor poeple.
Not going to help the price.



Once they start taxing, nobody is going to use banks, so it will end in the same way, with BTC being banned or regulated.I really wanna see Indians who are master of tax evasion (after greeks) lining up to pay tax on their BTC income


Read the news, the ban stays!!!!!!

China may be the country behind the bad news of the cryptocurrency market, so removing Indian prohibitive crypto policies is very appropriate for a country with Indian technology.

If they realize that there's a lot more to bitcoin-related trades, they'd surely reconsider, specially that they can closely monitor the money going in and out of the banks and exchanges. Taxes would surely turn their heads and decisions around once they figure out that it can make millions a year. Idk what are they trying to protect in banning such kind of trades. If they regulated it closely, they don't have to worry about fraud and money laundering which I think is the common theme countries use as a reason as to why they don't like cryptocurrencies.

Considering there are billions of potential users in india which I believe can take a great advantage of bitcoin and all other crypto coins. Having india amongst us and not having bans on crypto on india would mean great deal for us.

There are many people who work for a lot less money than countries like UK or USA so if you can connect people from those countries than bitcoin can become huge in india. Considering outsourcing and freelancing is HUGE in india, payments via bitcoin can make it that much easier.

Oh really? So South Korea is a 3rd world country? 
You might try and read about some countries before you label them based on your beliefs.


So what can the RBI do to ban it completely? They can only prevent banks from dealing with crypto exchanges, nothing more than what they are planning on doing right now. An all-out ban in trading and usage I don't think was ever discussed or proposed. That would be a problem.

 India is a 3rd world's corrupt country where government do not think about citizens.
RBI's hints to all Indian banks "to stop dealing with any firm or individual involved in crypto dealings" is part of the politics.
America, Canada, UK, France, Australia, New Zealand, Japan etc. has declared Bitcoin as legal tender or legal commodity.
Above 1st world countries tolerate Bitcoin but 3rd world countries like South Korea, Bangladesh, Myanmar and others do not like bitcoins because it's not under control of government. Corrupt governments always want to control everything the way they want to, for the years these governments tried to find the way to under control bitcoin in their countries, when no solution found they decided to ban it, some countries banned Bitcoin and Altcoins in their countries then afterwards they unbanned it because they realized that all crypto firms and giants went out of country after ban on it and started their business from outside of country which impacted badly on economy of that country.

 Crypto currency is not just a internet currency anymore, cryptos are more than a real currency, one can use as currency, as investment, as payment gateway, trade as commodities and many other uses of it.

 Fiat currency notes can be copied but copying of Bitcoin is not possible.

 Indian government was aware of cryptos in India since 2012, but they only came to decision of banning it in country last year December when price went up 1,400,000INR.

 India is well known for dirty politics in all over the world, Bitcoin, Altcoin banning in India could be the politics.

India was actually afraid of the possible outcome. Too much people invested in crypto searching for the other earning possibilities. I believe that at least half of them are trying to avoid taxes with their doing. Inevitable has come and India cannot deny the power of the crypto market anymore. Many of the countries are trying to take control over crypto in their own territory but they are failing. India has embraced the market and allowed the withdrawals again because they have found the ways to take a benefit. "If you cannot fight it - Embrace it!"

Well, I am from India and I really want there must be some exchanges open and RBI allow us to at least exchange BTC to our local pairs. If RBI shutdowns all the btc related transactions in India then it is going to effect a lot of people who are taking btc as the main source of their income. Let's hope for the best and let's see what is the result tomorrow from the Supreme Court. I think there is a very high chance that RBI will ban Bitcoin completely.

Well, thanks for the info. I hope this good news for India will also bring good news to all crypto-holders world-wide. Everyone is waiting and anticipating for another kick of Bitcoin price once again. It’s been more than half a year already since holders first tasted good profits.

I think the ban that occurred in the beginning of this year was due to the massive upsurge of people entering crypto. They acted that way to allow time for review and so I think it's good they're reverting their stands to bring proper procedures. I'm sure China will follow suit very soon

We can hope India's crypto-Fiat ban will be soon resolved and the Indian government will start adopting cryptocurrency trading and approve the trading of crypto assets int the day-to-day life.  In fact, I am expecting mass installation of bitcoin ATM's in City complex and malls where we can convert our cryptocurrency without the involvement of mediators.

The decision of government will not be so rigid. They will give some chance to crypt holders .The ban is not solution as government itself has permitted the company earlier. 

This might have been one of the reasons why some ICOs have spawned from India lately; the confidence of the people are slowly returning as their government properly address the issue with cryptocurrency. Without a doubt, it is definitely a good news for mass adoption; not enough to affect the current condition of the market though.

In India, everything happens unexpectedly. This also applies to cryptocurrencies. In the beginning, the reserve Bank of India banned all operations with cryptocurrency. And the other day there was information that caused all the shock.Bankers did not conduct any research but nevertheless decided to ban cryptocurrencies This decision has no reason.The management of crypto-currency companies is building their protection on this. The court session is to be held on July 20.India had planned to regulate the cryptocurrency in spring is also planned to introduce an 18% tax on crypto-currencies But this has not happened now Interesnat why?

People from India are involved with crypto since ever. Until now they banned bitcoin countless times, news from there are subject of manipulation and I believe they arw spinning news all the time, from long time ago I don't trust in nothing  that comes from India and China, big countries with a lot of citizens, but their governments arw corrupted a lot.
What ever they do affect market of course, their government decisions affect almost billion people, what they do can push price up or down, but as I see people from there are still in bitcoin no matter what their government say and do.

India is a large country and therefore there are many potential users of cryptocurrency. This is positive news. Perhaps someone already knows the decision that will make the court and therefore the price of bitcoin began to recover. In any case, all the positive news is good. Let's not rush this. Tomorrow we will. There's not much to wait for.

This is good news for the crypto currency users and it may bring some positive hopes to the neighbouring countries s well so it maybe the reason for the bump.But still nothing declared yet and it may not be declared soon because India is a country where all the actions take too much time so it maybe here as well.But I don''t think Indian governments are serious about the crypto currency usage in their country.

Only time will tell what really happens. FYI I dont believe that India is really very big market because most of them dont even have knowledge about the crypto currencies or most of them are scary about digital investment. The developed countries are on the other side has more trust on such system but when it comes to the country like India which is developing one, I should think it wont matter a lot when this rules and regulations will be implemented. I know this will bring only positive news in the market but it wont help grow the international market as being speculated here.

I guess thats going to be positive news for all of us. India is very strong point in the crypto currency space because it does have lot of users and people are very very rich in that country. I know this because there exchangers prices are always high than couple of thousand dollars as compared to other international market and this is because they are tolerable to keep them high due to high traffic of crypto users.
Anyway, if this petition does get from AIMI side then obviously many users will start the crypto investment back again and thus there will be huge up surge in the prices.

There is no assurance that this positive news will happen. What I know is that July 2nd is tomorrow and the Supreme Court will make a pronouncement based on what we have read all through since the beginning of this banning episode. It just better to wait for such pronouncement and not keep hopes high unnecessarily. I also know that government will surely get a win in the pronouncement of tomorrow and crypto might not get any win rather some will be taken away and we will have to grapple with anything that comes then interpret that as a win.

A judge would not declare the India authority should not perform its duty of "protecting" its citizen that would amount to anarchy also might not declare some people should be subjected to some frustrating environment because of what they believe as freedom is guaranteed by the constitution. Put all this together, I see a compromise at the end where the authority would be allowed to perform is function and crypto enthusiasts allowed to function as well but in a regulated environment.

Indeed that is a good sign and may have a great impact in the crypto community. But as you see it is not enough and we should still some other news to make the crypto community in a forward phase again.

India currently has a small share of the cryptocurrency market, but it has great potential, and there are a large number of poor people who need blockchain. But I believe that the blockchain will first become popular in developed countries.

actually this is a good news that we heard from the country of india,therefore in this decision indian people who love cryptocurrency investment will be glad about this decision thats theres amendment in using of cryptocurrency investment ,so therefore in this situation we should aware thats theres a big boom of cryptocurrency investment in indian country and by this happen the the whole scenario of crypto world there would high growth again.

That move is unexpected and I would say that I'm disappointed lol. I wanted to observe what would happen to a 3rd world country that bans cryptocurrency and compare it to another 3rd world country that encourages it.

That said, India's amendment proves that there will be more cons than pros if they continue the ban.

Lol, nope.

Yeah, quoted a phrase because the rest makes the same sense to me.


Didn't the Bitcoin user's in Poland or Bangladesh cared. Saw a thread in Bitcoin discussion yesterday, some guy from Bangladesh looking to buy some cryptos using Payoneer. Point is having a blunt opinion is good, but rashness is something different. Nothing personal about it mate. When you look at the overall picture, it does matter irrespective of how small a country bans Bitcoin.

This is a very bright start because they think back with all their knowledge that cryptocurrency is indeed a lot of good potential for the future for a country that really recognizes it, realizing the spread of cryptocurrency everywhere without being able to bear as much of their knowledge but crypto getting stronger again to be used by many people. very good news, fresh money will come back and hope the trust will continue to happen again, this relationship develops.

India has just raw numbers, nothing else.
The GDP per capita in Poland is 12 times the one in India.
How many Indians afford to invest 40$ a month in cryptos? That's the average meal for two persons in Warsaw.
Plus Poland is part of the EU, if countries follow this path...you don't want to think about it.

Economical potential? Who cares about potential? NK might have the same potential as SK but it will take decades before they will be able to produce 1/100 of what SK is doing right now.

Stop with the stupid nationalism and face reality.


Don't just quote one phrase, you know pretty well what I was saying.
Do you want to say that the appeal you've posted has triggered the current pump? Really?

i don't think this news had anything to do with the rise. there is a lot going on right now that such news from India is lost among them. and this price level has been resilient enough so far that causes the bounce back on its own without needing any news.

not to mention that the Indians have proven they don't care much about what their government and banks say. they have lost their faith in them a while ago. i remember we had the same drama last year too and bitcoin price went about 40 to 60% higher in India than in USD markets because people were buying bitcoin more even though there was a shortage of bitcoin over there.

Positive news has been expected from the country, but we are not sure about it. India being one of the major market for Cryptocurrency giving at least a neutral support than a ban will surely lead to the price increase as well growth of the entire cryptocurrency market which has been found low over the past few months.

The real ban on bitcoin can only be a joint confrontation with most countries and regions in the world, but this is obviously unrealistic.
The cryptocurrency has become irreversible, and it is only a matter of time before countries gradually accept bitcoin or other types of virtual currency!

Hopefully Bangladesh will be among those to change their views. I feel sorry for the average Bangladeshi involved in Bitcoin because the Police is always hunting them like common criminals. China's ban was not actually on Bitcoin but on ICOs and strict regulations on trading exchanges. People still deal with Bitcoins in China.

China is a bigger market compared to India, CMIIW. So the news will really cause a massive pump. However, personally I'm happy with the current development, even though the price were still not good, but seeing the market being green is emotionally comforting. Lots of good news recently, let's hope this fundamental changes will cause a reversal soon.

A lot of people who were against bitcoin before has changed their views. Even countries like korea has lifted their ban. Really, a ban is just too much for crypto. I'm thinking south korea and india has seen the positivity of cryptocurrency that's why they have changed their views. I hope china will be next to lift the ban.

I do not agree, comparing India to Poland is not correct. India is a huge growing country with lots of economical potential. Current economical state doesn't matter much though, because there's huge growth potential.

I'm happy for Indian crypto users because it does seem like action is being taken and that the central bank circular could very well be overturned. I don't think that's the reason for the small pump though. I mean, India as a whole is still a small market and you have to consider the fact that nothing has changed yet. Banks still won't let you use their services for crypto-related activities once the deadline comes. Even if the market were large enough to cause a pump, it's really not the time to go crypto buying yet.

Also, did the circular itself cause a significant price movement? I don't seem to remember any that coincided with the its release. If the panic that caused didn't move the market, it's highly unlikely that optimism against it could move the market.

Sharing avikz's post.



Broad opinion, don't think it matters when you're into a decentralized currency (my opinion)

reading opinions on the above article I feel that this is good news for crypto and the government of India is open to the advancement of the times, the people of India are very fortunate with this and it will certainly have a good impact on the state of the world crypto market though not directly felt the state of the market against purchasing power there is an increase although not directly I am sure there progress gradually increased, goo luck and successful for all of us

It will be a good news if that happens atleast for the citizens of the country as ban might have stooped people using it. But considering the government policies and election coming in next year things may not be the way it seems and anytime the u-turn can happen and will know soon.

Nobody cares about India, sorry but that's the reality.
Just as nobody cared when Poland showed the door to its biggest exchange or Bangladesh was banning BTC
Both of them and a lot of other countries are too insignificant to determine such a price rise.

As for the petitions in India we had a lot of them and nothing happened before, this is just a coincidence and you're trying to find links between the events when there is none.

The positive news is that India may not be shutting down the currencies. All India Mobile And Internet Association has already filed a petition against the Reserve Bank of India and thats why Supreme Court has filed a case and for which the results would be declared on July 2nd. Most of the people think that there will be amendment in the use of crypto currency rather than banning it completely and thus it has already become good news for the India market. Get ready for the boom that will be coming from this country. I guess thats the closet reason in the current situation for the current pump.

Anyone has insights about this?