Topic: Indian Banks Banned From Dealing in Cryptocurrencies - page 4. (Read 562 times)

oh well another one to tick off of the list

then when they see their centralised crap coin is not going to be used

they will try to join the bitcoin party again but will just be further behind.

so long as we have europe, US, and other long term developed nations this is not that big of a deal

That was the title, and please have a look in the last five words of the line, means in connection to banks (RBI specifically), business transaction between private institution may still go on...

this is a serious problem, I can not believe the Indian government when they are a bit more pick up the success behind the previous decision that supports that India has a pretty good potential in the progress of the crypto world, in addition many entrepreneurs and industries that have switched to the world of crypto in India this, I really regret if the policy termination occurred. about the benefits and regulations I think has become a public secret and can be understood by various circles. hopefully the nightmare did not happen.
therefore there needs to be firm and straightforward action to compensate for the ban not to harm many aspects.

Sooner or later all countries will come to abolishing the lock. Now the crypto currency is still very undeveloped, as well as the infrastructure for it and legal legislation. And without it, nowhere. But everything will be, I'm sure.

I do not understand the actions of India, because cryptography is the future, and we need to move in the future and, conversely, to promote cryptology!

If there is a regulation against the use of banking system to purchase virtual currencies, how can anyone purchase the coins and even if they are able to purchase the coins, how are they able to sell the coins when the cooling period of three months is over, unless there is a change in these regulations i do not see people risking to invest in it, i would like to see what decisions the exchanges are going to take now.

 I want to say a very big thank you for putting things straight to @Orangetax who has come here to give us FUD to create more panic in our system that is struggling to survive from all round war.  Most of those kind of guys just come around here to create panic, they are neither cryptocurrency investors nor bounty hunters.  Thanks for your efforts.

Let me post the obvious contradiction from this shit website

So the title

Then this

Also the size of India has nothing to do with their daily BTC volume, to give you an idea, Australia with 24 million people has higher BTC volume than India.

This is nothing new and they've been talking about the need of regulation since last year

Any way these FUD threads always end up 20+ pages long, so congrats on your first big thread!

Another bad news came and I thought this issue will not going to be in reality and just a FUD but now it's for real.

This isn't a fake news although the usage of bitcoin is only stopped for the banking system but for Indians they can still transact with other people. They just don't have to get through a third party(bank) for any crypto transaction.

The government realized that it would not go into the country's pocket and banned it, but I think they will just make a tax on the crypto currency and everyone will be happy!

Last year it was China this year is India,remember that Chinese crackdown on cryptocurrency last year did not stop Bitcoin price from surging to $20.000 . So,all these FUD can not affect the crypto market in the long term it will only have a short term effects, no country Will completely do away with blockchain technology.

I do not care about this country, I think a lot of ICO scams in that country. it is natural that this country forbids bitcoin or other crypto currency because its citizens use it for crime

such as CIBUS project

OK.. here is a more reliable source:

https://qz.com/1245586/reserve-bank-of-india-cracks-down-on-bitcoin-and-hints-it-may-launch-its-own-digital-currency/

They haven't banned Bitcoin as such. The ban however prevents banks from dealing with Bitcoin. Also, the Reserve Bank of India (RBI) is planning to launch its own crypto-currency.

This is not a complete ban on cryptocurrency. Read this:

"RBI in its first bi-monthly monetary policy has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins. If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, obviously individuals will not be able to transfer money from their bank accounts to their crypto-trading wallets."

Read more at:
https://economictimes.indiatimes.com/wealth/personal-finance-news/your-bank-will-not-allow-you-to-buy-bitcoins-anymore/articleshow/63627123.cms

I think it's just on the contrary. Corrupt politicians would be happy to get paid with anonymous cryptos.
So, from this point of view the banning seem illogical to me.

I don't trust this news ). There are a lot of news related to cryptocurrency banning in India but for now I still can see there are a lot of members in this forum come from India or living in here. A lot of fake news from India before and this time I think it's the same, also a fake news to make FUD and make the whole market dump because of this news . Don't be panic everyone

The same thing happened in China, where both India and China did not accept BTC and banned the existence of BTC.

I am really surprised why this is any surprise to anyone here. We already knew the Indian position on cryptocurrency at the recently held G20 economic summit. In case anyone missed that. This was how the countries in attendance took positions:

#USA
- ICO Prohibited, Money Laundering & Illegal Act Regulations, Cryptographic Exchange Tradition License Scheme

#Japan
- taxation, payment instrument recognition

#Germany
- It is a legitimate financial instrument and may be taxable, but requires additional licenses and permits.

#England
- No government regulation

#France
- warnings about regulatory readiness (not disclosed in detail), 'risk of speculation and manipulation’

#Italy
- Some central banks consider issuing cryptocurrencies

#Canada
- Taxation

#China
- Coin trading prohibited, ICO prohibited

#India
- Not accepted as a means of payment, regulation of money laundering and illegal activities

#Brazil
- Financial assets not recognized, direct investment prohibited

#South Korea
- No anonymous account transactions (real name system), tax preparation in progress

#Australia
- No government regulation

#Russia
- Cryptocurrencies regulation legislation, ICO prohibition, while allowing legislation, can run a legitimate exchange

#Mexico
- Preparing taxation

#Indonesia
- No government regulation, prohibited from banks

#Turkey
- No government regulation

#Saudi Arabia
- Some regulations will be introduced but not prohibited

#Argentina
- No government regulation

#Republic of South Africa
- No government regulation

#European Union
- Agreed to more stringent rules to prevent money laundering and terrorist financing in Bitcoin and other virtual currency exchanges

This is bad, of course, but I don't think will really damage the cryptocoins... There's a lot of fertile ground in the world for them.

The big problem is: India has one of the bigger population of the world.. o.O

=/

It isn't a surprise for me because India is a corrupt country. Corrupt government and politicians will not let cryptocurrency to be legalize in their country because cryptocurrency is anti corruption. Their corrupt activities specially their transaction will be affected if cryptocurrency become legal.