Topic: Indian Banks Banned From Dealing in Cryptocurrencies (Read 548 times)

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

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.

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.

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.

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.

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.

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.

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...

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.

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.

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

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

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.

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.

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.

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

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.

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

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.

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.               

banned in India is only temporary
maybe they want to regulation crypto
i believe India will accept this crypto back this could be just a mere issue

RBI Not Banning Cryptocurrencies,For users that use exchanges that work closely with banks, there is no need to worry because they all use third-party gateways for payments, that banks and the RBI have no said control or sway over. Though using third-party gateways for payments is not a permanent solution, it will, however, work for now.

check this link in link https://itsblockchain.com/rbi-banning-cryptocurrencies-fud/ 

Yes it is. and it's gonna be bad for the whole crypto community. The market has been down for a few months, and with this bad development, I bet it will continue for another month or so.
Let us all just hope that this is the worst so things could only go better form here.

India, however, has not banned cryptocurrency markets.
People can still trade encrypted currencies and bitcoins privately, so there's no need to worry about that.

I saw this post yesterday, but this is just one played out of proportion. To me since the florishing of platform like Localbitcoin, I thing there is no need to worry. The number of P2P exchange is well on the rise and expect it to continue to go stronger. I saw a post yesterday that says that the India banks are not even into Cryptocurrency that this is just like trying to create panic in the space

Actually bitcoin is not banned in India.To get more details,please check the below link.

https://www.newsbtc.com/2018/04/06/dont-believe-the-fud-india-has-not-banned-cryptocurrency/

I was dam sure bitcoin is not banned in RBI.Don't sell your valuable bitcoin by such fake news.Now the bitcoin price is recovering and it will reach any peak soon.Just hold your bitcoin.

China didn't ban Bitcoin, they are only after the ICO to protect their community from scammers. India will never let their corrupt practice intervene by cryptocurrency. We all know that one of the good feature of cryptocurrency is transparency. Indian politicians will not allow transparency on their corrupt practices. 

it's not problem, the banks seem to be afraid of the development of blockchain technology that could have replaced the role of the bank.
the things they(banks) do seem to have no effect whatsoever on the development of cryptocurrency

The fact that banks were banned from dealing in cryptocurrencies does not mean that people would stop using cryptocurrencies in india but that will certainly affect their ability to buy though.

This is the fact that crypto industry should face, even there are more and more banning form every one I believe that this industry will grow bigger and bigger, they are unstoppable.

Well, this is certainly bad news since India had one of the most active crypto communities in the world. At the same time there is a project called Zebi which was shilled by some ICO reviewers and has quite nice potential. It has something to do with blockchain being used by the Indian government so this move of the Indian central bank looks odd 

 It’s unfortunate how Governments are reacting on Bitcoin. I think they are playing safe here, they are not willing to take the risk while there is something conventional already existing. It’s really a bad news.

too active on cryptocurrencies give bad effect is real now. but i think if bank accept crypto, all users were afraid of their money lose on it because bank used it for crypto.

i assumed it was a new bank in india. no policy for crypto and they participated without really think its risk

You can try to search some news regarding it and it's obviously trus if india was banning crypto this is just temporary until india will complete all of the regulation framework to the cryptocurrency. But in some crypto news i read about india is not banning crypto right now but it looks like the governments are prohibiting any crypto related activities in india.

Many countries around the world support bitcoin but there are also many countries that prohibit bitcoin. In India, banks are prohibited from trading any coins related to bitcoins. For one country, the advantage of bitcoin is reduced. Players will worry about not knowing when their country will be banned.

I hope they don't completely ban crypto in India, if that happens it'll surely drag the market down.

The ban on the transaction of cryptocurrencies has made the Bitcoin rate in the country down to $ 5,000. This affects not only the exchange rate of the whole cryptocurrencies market. National governments fear that Bitcoin will transform their economies and their currencies, so instead of trying to control Bitcoin, they banned cryptos.

As I know Bank of Chile noticed 4 local crypto exchanges that it will close their accounts soon. So it's look like not only India want to stop crypto.

Ouuhh this is really bad news.
So many country one by one baned a crypto.
Why

I dont understand why Cypto must be band.
When a country band crypto the price will go down again.
Is so bad.

India has been hostile to cryptocurrency from the beginning and even banned some, this is bad news but in not surprised that they have gone this far, it was expected

FUD or not this news is something we shouldnt be worried about,INDIA doesnt hold most of the bitcoins but china is,thati why there are much different between the two,hence this wont affect the market too much if this is really true.People doesnt care about these FUDs or negative news because they are more focused on how will they earn or get back what they have lost.

This is bad news! I hope it does not affect the mood of the global crypto market, which is now experiencing recession ..

India is following china as of now letting members withdraw the funds from crypto and later tax the members and prepare a list dont know whether in future they accept for payments

Yes, indeed, in recent years, many projects originating from India have appeared to be scam. Therefore, it is not surprising that the authorities prohibit the use of cryptographic goods. I think the laws will soon change and the crooks will not be able to steal people.

In my opinion this is classic FUD, when it's not India, it's China or Korea. This is just market manipulation by those big market actors, trying to take advantage of the regulation-induced bear market. If anything there is a good buying opportunity for all of us.

There will be less scammers in our community then,shitty scam projects are most came from the indian and russian people if theres some people who deserves the ban it would be them,that is why i see its positive to the community rather than negative impact to most of us.If these people arent try to steal everyone's money there will be less regulations in the countries.

It's really a bad news for Indian crypto lovers.RBI don't want to ban crypto but they ordered every bank with no connection with any exchange.And they are also gonna launch a crypto or a digital currency.Yeah, it's a good news.but banning crypto does not help, if people want to buy they buy no matter.And this news is not sure cause they give some time like 3 months to banks.hope they change their decision.our country really needs this crypto support and new technology.

By prohibiting crypto-currency activities, India restricts itself and its people to the possibility of developing new technologies. So, tomorrow, India will have to buy these technologies from other countries.

I think these people deserves this ban! because you are the ones who are making our market looks like scams,most scammers are coming from india and russia that is why the SEC has tighthened their regulations because of your scam projects! Sometimes something needs to be regulated so that people wont try to abuse the system.

Might be a good thing if this news is real,because we could have less ICO scams if these indians wont be able to use cryptocurrencies in their country,russians should be banned to so that there will be less scammers in our community because most of them are from these countries! Either way it will be better if some of these countries will got restrictions and im sure there will be less scam projects here.

As far as I remember, India is a country that from the very beginning said that they would prohibit bitcoin and all crypto currencies in general, this indicates that they are afraid of transparency, this is my opinion, I'm not accusing anyone of just saying my opinion.

Very sad news, a lot of people will be shocked to hear this. Price for all coins is down by 305 or more in Indian exchanges now.

If this is a final ban, then colleagues are very sorry. It is hard to fight against the government. So it is beneficial to the people living below the poverty line. Nothing easier to feed and control. Bad politics, hence the prohibitions. But I think there is a way out, it takes time.

As some already have written, the title of this post (and the title of the blog post) is extremely misleading.

The regulation envisioned by the RBI is somewhat similar to the Colombian "cryptocurrency ban" that was already circulating in Bitcointalk's news section. It prohibits (most, not even all!) banks to provide "cryptocurrency services", like in Colombia.

There is no clarification in the article if this probition includes to "provide bank accounts for cryptocurrency exchangers". But even if it does, then "crypto wallets" are not illegal and it continues to be possible to buy or sell Bitcoin in India via exchanges such as Bisq, or using some other virtual currency as an intermediary (even if it's play money like the Linden dollar).

Read the freaking whole article and look for other reliable sources don't just make a title that is misleading to the eyes of the community as some newbies are lazy to read and research the full news, this looks like a FUD the article and some people already stated that it is ban on transactions between the banks and cryptocurrency to be clear a temporary ban up to 3 months base on the article, this is really a manipulated and misleading title of the thread and the article provided.

Yeah it could be FUD.

Besides many countries often change their view about ICO/crypto (see China)

Now on the Internet there are a lot of fake news, so you need to trust only proven sources.

Why india bans cryptoescurrencies i could not understand becuse India is worlds fastest economic growing country, india has great potential but in last few days there was lot of ICO scams in inda and people are so worried to take a new chance in shape of our currency like crypto so there is some reasons why India is refused cryptocurrencies,

its really a bad news for crypto, indians has a big interest for crypto, and they also have enough influence for cryptocurrency, with this news It might affect the current price of all crypto.

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.

Well the market is still in poor conditions as before, so its hard to tell how the news was received. Hopefully is just something temporary.

Government of india will not yet impose penalties for virtual currency users. They will only limit and close access to use cryptocurrency as a means of payment,
Nevertheless they will adopt and develop the blockchain technology system used by the virtual currency, for use in the national financial system. The move is seen to strengthen India's ambition to become one of the main countries in the digital economy sector.

stop spreading FUD to get traffic on your crappy click-bait website. there is no ban in India. the word that you deliberately ommited from your copy pasted news is "crackdown on cryptocurrencies" and they didn't even talk about a ban. it is possible that in the future a ban also happens but unlike what your click-bait says it has not yet happened.

I guess such a ban will only incite a lot of Indians to buy some crypto, as in order to make it impossible to buy you need to ban the Internet.

If you can't regulate it, you have to ban it depending on the situation, if it is a little country, it may not care about cryptocurrencies for now. But larger ones take such measures immediately, it will be either ban or regulations.

India's ban on digital encryption is temporary.

Because India cannot now effectively regulate digital cryptography! The worry is that the current market environment in India cannot guarantee the full control of encrypted currency transactions.

Ah really bad news for all indians and us. One of the most active country in trading is INDIA and this will make sure Bitcoin will go down so big this week i will not surprise if it his 5000$ today and will make the market go red. Hope that INDIA will not completely ban it and make a better solution on the problem.

I guess you meant "can't control". Your are right here.

And the arise of Indian crypto is also possible. But your example with Venezuela is not the best one. Petro is prohibited in US and can be prohibited in other countries too. And it's still not accepted by other countries. So what's the use of such crypto?

I don't think that it'll strike crypto projects very much. Most of ICO project are registered in crypto loyal countries but noy in countries of their team location.

Here we go, another bad news on cryptocurrency. I'm afraid the price will go down again, that's why i already sold out all my bitcoins and my altcoins. I'm also ready to buyback again though when the price start going up again. Many indian friends of mine also told me that bitcoin ban is real.

Indian banning of cryptocurrency is like they are blocking civilization and the progress of crypto but i know in the end crypto will take over and become legal in indian

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.

Just read that,the market is likely to respond to this news by the close of the day and so investors should keep an eye on the portfolios.It is however not clear if this is a permanent ban as more details is needed.

It's such a bad new for Indian cryptocurrency community. Many government ban crypto just because that they can control, it's show the government's weak. But i'm sure that in some day you will see a country have their own cryptocurrency, like Venezuela now. Problem here is just time.

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!

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.