Indian Banks Banned From Dealing in Cryptocurrencies

gorodi

full member

Activity: 476

Merit: 100

Quote from: orangetax on April 05, 2018, 07:32:05 AM

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read the full article here: https://coinfrenzy.io/indian-banks-ban-cryptocurrencies/
For more interesting and trending articles, visit: https://coinfrenzy.io/

*Attention* The title has been edited. Apologies for the confusion.

I don't believe in any news about cryptocurrencies ban. I haven't read even the novelty in this thread about. Who can imagine that such country like India abstain its economy of cryptocurrency industry. They can do something but just then to regulate

ethergod

newbie

Activity: 168

Merit: 0

Indians won't just give up on blockchain. What will happen is that companies will move to cryptocurrency friendly jurisdictions such as Singapore, and a lot of the trading will be underground.

tiar4dewie

member

Activity: 154

Merit: 10

Quote from: fabskie21 on April 05, 2018, 07:52:45 AM

Quoted from the article you posted: "Right now, it is a bit too early to say that this is a complete ban—we would need to wait a little more to be sure about it—owing to the lack of details in which things were discussed."
Perhaps, things are still unsure and are still at the table. But if completely implemented, this would be a very sad news for the massive crypto community in India and surely would bring the market further downward.

Unless the local crypto market provider in India is not at a loss of mind by exchanging crypto money with USD for example. This of course involves overseas banks, and may result in more expensive fees for transactions.
I think this is a good suggestion if this policy is properly implemented.

DarkHerO15

member

Activity: 254

Merit: 10

Feels like all of the government in the world are trying to restrict the crypto channel. They do not want people in their country to be rich as well I guess.

Omnopon)

member

Activity: 434

Merit: 10

It is so bad for Indians who put money on it already. It had affected the people who lived only by the gotten from the cryptocurrency profit.

Melnikof

member

Activity: 336

Merit: 12

Quote from: orangetax on April 05, 2018, 07:32:05 AM

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read the full article here: https://coinfrenzy.io/indian-banks-ban-cryptocurrencies/
For more interesting and trending articles, visit: https://coinfrenzy.io/

*Attention* The title has been edited. Apologies for the confusion.

This is a selective example. Most countries still try to fully implement the crypto in their financial system. Of course it happens as much as possible.

coolws

member

Activity: 126

Merit: 20

From my point of view, it should be good news for trading market. For one hand, India would prohibit cryptocurrencies since they're afraid of alts. For the other hand, most of scammers come from India which can tightened regulations to reduce scammers.

TropicalDog17

member

Activity: 308

Merit: 10

It looks horrible not only for Indians, It is actually bad for everyone, because information about coins will not be spreading out for Indians, which popularity is more than 1 billion...

shams

sr. member

Activity: 350

Merit: 250

Yes, I also saw this news and this news affected the market and market gone down because after reading this news people started to sell their coins in panic but I hope after some time it will start to recover again.

cryptocue

member

Activity: 252

Merit: 13

This is great there will be less people who will get scammed by these people,because most of these ICO scammer are from india that is why im sure there will be less ICOs in the future who will try to scam most of the investors,india is the second to the russian which are the main scammers in our communoty we shouldnt be afraid about this news because its positive news.

cilgindansci

member

Activity: 504

Merit: 10

umachit.fund

India isn't getting the crypto currency idea. China and India are doing very harmful attitudes. Everything will be great when these ideas change.

hetecon

full member

Activity: 462

Merit: 100

Viarium.io - DECENTRALIZED VR WORLD

I hope that other countries will not follow the example of India, because a similar situation was with ban advertising cryptocurrency in social networks.

flower1024

legendary

Activity: 1428

Merit: 1000

Quote from: Yuuto on April 08, 2018, 02:46:34 AM

Quote from: orangetax on April 05, 2018, 07:32:05 AM

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read the full article here: https://coinfrenzy.io/indian-banks-ban-cryptocurrencies/
For more interesting and trending articles, visit: https://coinfrenzy.io/

*Attention* The title has been edited. Apologies for the confusion.

According to this news release by Unocoin https://news.unocoin.com/?p=861, (one of the biggest Indian exchanges), none of the banks that are being regulated by this new act has contacted them yet to say that they will cease dealing with them.

If I understand this correctly, it's actually not a ban on crypto nor is it a ban on crypto exchanges. It's a ban on banks to deal with crypto institutions.

There is no point in banning crypto trades at all, they will just change to p2p or otc trading when financial institutions are not allowed to deal with crypto, and that is almost undetectable.

The Indian government is making a huge mistake by doing this. They are essentially letting crypto business go elsewhere when they are already pretty aggressive with their approach to ban crypto. When crypto goes mainstream, they will know that they made the wrong decision.

Yes they not ban Cryptocurrency but the RBI(Reserve bank of India) is withdrawing support to virtual currency businesses.

that means all banks registered in India come under RBI’s regulation and have to follow its directives.

It definitely affects the India exchanges but they can still have an option like P2P or Paypal exchange.

Geoll29

member

Activity: 266

Merit: 10

I think it will have little effect if banks will ban cryptocurrencies. Cryptos can stand on its own without the help of banks. Some small establishments are accepting bitcoin and other altcoins like 7 eleven. There's little fee that I think is lower than banks.

Yuuto

hero member

Activity: 644

Merit: 501

Quote from: orangetax on April 05, 2018, 07:32:05 AM

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read the full article here: https://coinfrenzy.io/indian-banks-ban-cryptocurrencies/
For more interesting and trending articles, visit: https://coinfrenzy.io/

*Attention* The title has been edited. Apologies for the confusion.

According to this news release by Unocoin https://news.unocoin.com/?p=861, (one of the biggest Indian exchanges), none of the banks that are being regulated by this new act has contacted them yet to say that they will cease dealing with them.

If I understand this correctly, it's actually not a ban on crypto nor is it a ban on crypto exchanges. It's a ban on banks to deal with crypto institutions.

There is no point in banning crypto trades at all, they will just change to p2p or otc trading when financial institutions are not allowed to deal with crypto, and that is almost undetectable.

The Indian government is making a huge mistake by doing this. They are essentially letting crypto business go elsewhere when they are already pretty aggressive with their approach to ban crypto. When crypto goes mainstream, they will know that they made the wrong decision.

btcvinci

member

Activity: 75

Merit: 10

Sad times when Indian government wants to remain in stone age. ironically our PM promotes digital India but his government does this.

sourish

full member

Activity: 532

Merit: 114

Right now no world government is committing outright to anything, ban or otherwise. Every such news item creates a furor among investors and residents, fanning the uncertainty behind cryptos and their position today. Only time will clarify the status of crypto and blockchain, and we should accept that.

Musstang

member

Activity: 238

Merit: 11

It's okay, Crypto-currency, and it will outlive it. In general, most banks do not approve the crypto currency, but it does not specifically prohibit it. Always when there are prohibitions there are ways to bypass, so do not worry

ApocalypseNow

full member

Activity: 476

Merit: 100

Quote from: GBCrypto1 on April 05, 2018, 07:35:35 AM

This looks bad for our Indian counterparts, from what I heard, India had one of the most active trade groups for cryptocurrencies. Ether might go down because of this. Nice article, subscribed!

They are not the most active trade group but the most active pump and dump group organizers. If you have noticed, pump and dump do not happen often anymore.

BlackWidow

sr. member

Activity: 658

Merit: 250

It seems to me in India to fear cryptocurrency and make every possible decision to isolate their economy. Hardly it will help them, as any isolation does not lead to prosperity of the country.

Topic: Indian Banks Banned From Dealing in Cryptocurrencies (Read 578 times)