Indian exchanges have announced that no crypto-fiat exchanges will be allowed .

eternalgloom

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Quote from: stayeduptolate on August 03, 2018, 09:48:06 AM

Quote from: rajkr on July 05, 2018, 09:58:32 AM

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

Being an citizen of India , it was such a shocking news for me that a notice came on 3/04/2028 that the use of crypto currencies will be ban in India and all those people who has invested in crypto needs to withdraw their money within three months of this notice issuing date otherwise they will be solely responsible for their loses then exact after 3 months , on July they has banned the crypto from India but still there are hopes that Reserve bank of India 🇮🇳 could make some possible amendments in this notice.

I haven't really been keeping up with the situation in India, because it always seems to change so rapidly.
Does Bitcoin make the news there a lot? Because your government seems to have a pretty big interest in cryptocurrency, judging from all the news we hear.

I mean not that they would be able to actually stop crypto from being used...

KingScorpio

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Quote from: rajkr on July 05, 2018, 09:58:32 AM

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

indians might actually even accept and live with that, at least thats how i estimate the character of the people there.

GeorgiyBilyk

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there are a lot of exchanges that work with the dollar! I think in those countries where there will be a ban on such couples, these exchanges will move to other countries! Now there are many countries that have opened their doors for the development of the crypto market! in these countries you can safely implement any stock exchanges and any of your ideas!

stayeduptolate

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Quote from: rajkr on July 05, 2018, 09:58:32 AM

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

Being an citizen of India , it was such a shocking news for me that a notice came on 3/04/2028 that the use of crypto currencies will be ban in India and all those people who has invested in crypto needs to withdraw their money within three months of this notice issuing date otherwise they will be solely responsible for their loses then exact after 3 months , on July they has banned the crypto from India but still there are hopes that Reserve bank of India 🇮🇳 could make some possible amendments in this notice.

Payme21

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Such regulations are expected for now because there is a real fear that crypto might replace fiat currencies and this will ideally be opposed but a time will come when the policy makers will have no other option than to accept it in good faith and develop plans on how to also benefit from it probably in form of huge tax or other methods that will be advantageous to it. Lets not be scared when these negative publicities shows up because its largely expected. Better days are ahead anyways

jademacoy

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Yeah thanks to internet and other means for communication the india has now accepting cryptocurrency and even regulated its use that it could not be abuse or avoid any illegal form of doing transaction with cryptocurrency. I do believe that india now is one of a country that utilizes and uses cryptocurrency as influence also by other countries in asia and even those rich country like USA.

Hammonds

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It is true there it is, because the State of India is now very strict against Cryptocurrency.
Yesterday I heard WazirX closing the fiat and at a later date with Exchange Zebpay.

But hopefully there is a solution for the future of the Indian State towards Cryptocurrency, so that it makes the market green again.

btc_angela

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Quote from: copperton on July 21, 2018, 09:16:48 AM

Because of this decision all deposit and withdrawal of fiat currency is ban but peoples can buy and sell their bitcoins and other currency also price is decrease in India Now next hearing in supreme court is 11 September 2018 and i hope RBI regulate this coin and we can see positive news. RBI did because they think crypto is thread for economy and this currency can replace fiat currency.

So India Supreme Court already uphold again last the July 20 hearing? And they have a scheduled hearing again on Sept 11? Then I don't expect anything to change really. What they are doing is just for formality, in my opinion. We won't see a sudden U-turn from their Supreme Court. I think our Indian friends are now contemplating on the decision and thinking ways to trade and at least exchange their bitcoin to fiat. Maybe localbitcoins is a good option.

bitfocus

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wrong idea, no doubt.

jjacob

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★Nitrogensports.eu★

Quote from: rajkr on July 21, 2018, 11:34:48 PM

Quote from: Herlina on July 07, 2018, 02:39:20 AM

Quote from: virendarnagpal on July 06, 2018, 11:12:17 PM

It is not correct statement. Exchanges have not disallowed the transaction in crypto vs. fiat. It is the Reserve Bank of India which instructed the Banks working in India ; to not to facilitate their customer pay for the purchase of crypto currency. So now no customer of a bank is able to buy crypto currency by making payment for their account.

Yes Exchanges just freeze deposits and withdrawals and Supreme Court confirmed it will hear a petition against the ban on July 20, there is still little hope for the decision of the Supreme Court

Still no message has come from local trading sites like zebpay ,is there no decision from supreme Court side as the above mentioned dated has crossed,still all holding is freezed.

You have to be clear that it is only your fiat holdings which have been frozen. You may still deposit and withdraw cryptocurrencies from these exchanges. As far as fiat is concerned, they have no way to enable withdrawals because the exchanges have no banking links now. Your fiat money is not frozen in the technical sense.

rajkr

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Quote from: Herlina on July 07, 2018, 02:39:20 AM

Quote from: virendarnagpal on July 06, 2018, 11:12:17 PM

It is not correct statement. Exchanges have not disallowed the transaction in crypto vs. fiat. It is the Reserve Bank of India which instructed the Banks working in India ; to not to facilitate their customer pay for the purchase of crypto currency. So now no customer of a bank is able to buy crypto currency by making payment for their account.

Yes Exchanges just freeze deposits and withdrawals and Supreme Court confirmed it will hear a petition against the ban on July 20, there is still little hope for the decision of the Supreme Court

Still no message has come from local trading sites like zebpay ,is there no decision from supreme Court side as the above mentioned dated has crossed,still all holding is freezed.

copperton

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Because of this decision all deposit and withdrawal of fiat currency is ban but peoples can buy and sell their bitcoins and other currency also price is decrease in India Now next hearing in supreme court is 11 September 2018 and i hope RBI regulate this coin and we can see positive news. RBI did because they think crypto is thread for economy and this currency can replace fiat currency.

opendata

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This this is the bad new for crypto enthusiastic people who are really love bitcoin and doing businesses but after RBI decision exchanges are not allowing withdrawal and deposit of money my money also stuck on Zebpay wallet but one thing is good we can transfer or trade bitcoins & other cryptocurrencies on exchanges.

Louvre

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This news is a bad news for people especially investors ,will face lots of problem in investing. india should lift the ban before they left behind by other countries.

The Cryptologist

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Quote from: rajkr on July 05, 2018, 09:58:32 AM

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

Just make a deal with a people who buys bitcoin by using escrow. There are so many ways to make a solution for this. Indians can even find members here in this forum who has a high positive rating so they can receive their fiat anywhere like in Paypal.

hitrawal91

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BitcoinSN - The Real Bitcoin!!!

Quote from: rajkr on July 05, 2018, 09:58:32 AM

Indian exchanges have announced that no crypto-fiat exchanges will be allowed till further RBI notice.So now the future of Crypto in india is in dilemma.

Indian exchanges and Indian traders are dealing with some bad time in cryptocurrency market because there have been strict conditions implied by the RBI and supreme court in recent few days by which traders are facing many difficulties in trading cryptocurrencies and it this continue then you can see Indian traders will lose their confidence on BTC. But i will suggest them to try localbitcoins.com where you can exchange peer to peer transactions.

Ruth Diass

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On April 5, the Reserve Bank of India (RBI) - the country's central bank - issued circulars for all financial institutions banned from providing services to businesses in the sector electronic money. Crippling policy also forced banks to stop allowing their retail customers to purchase electronic money through their bank accounts. With a three month period, the ban began on July 5.

Jacob Amarall

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Zebpay, one of India's largest electronic money trades and Bitcoin, is preventing India's deposits and withdrawals as a result of a ban by the central bank.
Specifically, the electronic wallet and Zebpay exchange platform are turning to disable all Indian deposits and withdrawals to customers as a direct consequence of the ban from the central bank banning Provides services to electronic money companies.

gooutfinish

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So, just as you have to say and prove yourself, the crypto currency life in India is not in dilemma.

previouslyabused

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It is sad to hear of this news, I hope India will allow crypto in the future

Topic: Indian exchanges have announced that no crypto-fiat exchanges will be allowed . (Read 540 times)