Topic: Indian exchanges have announced that no crypto-fiat exchanges will be allowed . - page 3. (Read 540 times)
July 07, 2018, 04:22:00 AM
It will be a huge loss to the government as there is potentially millions in tax revenue that they are going to miss out on. I would suggest the Indian traders continue their trades and collect crypto currencies to hodl. Eventually India will allow it and then you can cash out after
July 07, 2018, 03:44:26 AM
Another country banning cryptocurrencies without knowing anything about it. Well, good thing that India isn't significant player on crypto market, so we won't see any impact like it was with China.
We can't blame these countries who prohibits the use of crypto currency investments because they might just protecting their citizens from money laundering, terrorist funding and scam investments due to crypto but still they are just overdoing it because they only see the negative side of crypto not the positive aspects of it in which there also the regulation that they can protect them from these bad people who use crypto for their illegal agenda.
but they have NOT prohibited investment in cryptocurrencies! that part is just what the FUDsters on the internet are spreading on the forums and social media.
bitcoin is still being used and people are still buying it in India.
July 07, 2018, 03:02:56 AM
India is a country that thrives on technology. There will be no ban here, just that they will ban ICOS, prohibit the form of illegal capital mobilization.
July 07, 2018, 02:58:59 AM
Is depends on the dept of your believe on blockchain technology. To me I believe that blockchain technology is unstopable. Not even the government of any country can slow down the progress of blockchain technology. It is just a phase that will prompt developers to device a means of getting to another realm of operation.
July 07, 2018, 02:44:56 AM
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 Courtthat was another bad news again for cryptos. im pretty sure this can again cause a down fall to the prices of all the cryptos if ever their decision was finalized about the banning of cryptocurrencies.
Another country banning cryptocurrencies without knowing anything about it. Well, good thing that India isn't significant player on crypto market, so we won't see any impact like it was with China.
u proof that the news is true. while op does not provide real news links. this could be just an issue to lower prices. although the impact is not too great for the crypto market but India has a sizeable community now.@anggada18 yes india is not a big country but keep in mind that there are many indians are a member of this forum , not only on this forum but also on the other websites as well . indians are verry active when it comes to income oppurtunities , thats why i guess most of them do also uses cryptos. and if ever the banning continues . this should greatly affect the value of all cryptos .
@sud if lets just hope that this news is just only a hoax or a fud .
July 07, 2018, 02:39:20 AM
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 
July 07, 2018, 02:37:00 AM
Another country banning cryptocurrencies without knowing anything about it. Well, good thing that India isn't significant player on crypto market, so we won't see any impact like it was with China.
but we need proof that the news is true. while op does not provide real news links. this could be just an issue to lower prices. although the impact is not too great for the crypto market but India has a sizeable community now. 
July 07, 2018, 02:33:41 AM
Another country banning cryptocurrencies without knowing anything about it. Well, good thing that India isn't significant player on crypto market, so we won't see any impact like it was with China.
We can't blame these countries who prohibits the use of crypto currency investments because they might just protecting their citizens from the illegal use of it like money laundering, terrorist funding and scam investments due to crypto but still they are just overdoing it because they only see the negative side of crypto not the positive aspects of it in which there also the regulation that they can protect them from these bad people who use crypto for their illegal agenda.
July 07, 2018, 02:28:03 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.
it is not. Just because it can't be traded with fiat there, it doesn't mean it's in jeopardy. Whatever the regulators will say, crypto will find the way. I'm sure India don't want to fall behind on crypto though
July 07, 2018, 02:25:57 AM
Two biggest Indian crypto exchanges has already announced that they are not allowing users to deposit or withdraw INR now! 
KOINEX - https://twitter.com/koinexindia/status/1015155469583900674
ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552
Every indian exchange has started crypto-to-crypto trading platforms.
KOINEX - https://twitter.com/koinexindia/status/1015155469583900674
ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552
Every indian exchange has started crypto-to-crypto trading platforms.
"now"?!! this is 3-4 days old and the warning for disabling deposits and withdrawals of fiat (Ruppee) came out a couple of weeks ago (i think it was about 1 month-4 weeks ago)!
and they always had crypto-to-crypto trading which has not changed so far.
Now waiting for another ways to convert crypto to Fiat currency.Or may have crypto for longer investment as good assets
July 07, 2018, 02:20:02 AM
I do not know what the Indian government gains from banning crypto transactions in the country. Such a poor country should allow bitcoin in so as to enable the citizens have a level of financial freedom. What a pity that they like the Phillipines have bad leaders.
Maybe they are scared. Because bitcoin is a decentralized platform and not viable it leaves them unable to control bitcoin. I think this is a temporary announcement. Bitcoin is currently being accepted in many countries around the world. They can not ban it forever. It will be outdated 
July 07, 2018, 02:07:48 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.
Lolz. It’s not in dilemma mate, it’s ruined, it’s gone forever if some other economics committe doesn’t stand up against RBI.
Anyway big institute like AIMIA stood against the RBI with petition but what happened ? Everything got messed up and Supreme Court still backed up RBI. It’s politics mate, India is full of politics and not developments or futures, just forget about it.
July 07, 2018, 01:51:42 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.
An interesting thing to observe is that in some exchange INR deposits and withdrawals are still working like Unocoin. This means that all banks have not followed the RBI circular. Even Zebpay just paused before a day saying that it is following RBI notice. The exchange did not mention if it got any notice from the banks it was using. This means that banks have actually not got any official letter from RBI to impose the ban on 5th July.
July 07, 2018, 01:36:33 AM
Two biggest Indian crypto exchanges has already announced that they are not allowing users to deposit or withdraw INR now!
KOINEX - https://twitter.com/koinexindia/status/1015155469583900674
ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552
Every indian exchange has started crypto-to-crypto trading platforms.
KOINEX - https://twitter.com/koinexindia/status/1015155469583900674
ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552
Every indian exchange has started crypto-to-crypto trading platforms.
"now"?!! this is 3-4 days old and the warning for disabling deposits and withdrawals of fiat (Ruppee) came out a couple of weeks ago (i think it was about 1 month-4 weeks ago)!
and they always had crypto-to-crypto trading which has not changed so far.
July 07, 2018, 01:26:02 AM
Well, it is true that we cannot use exchanges to deposit or withdraw money in fiat currency. However, we can always use platforms like localbitcoins where we are allowed to make one to one trade even using the banking channels. So if you want to sell your Bitcoins and I want to buy it then we can still use bank accounts through NEFT/RTGS/UPI options and use localbitcoins for maintaining security in the throughout the trade process.
July 07, 2018, 01:19:37 AM
So now the future of Crypto in india is in dilemma.
there is no "dilemma" here!
bitcoin is going to be used as before by the Indians but now they will be doing their trades elsewhere instead of doing it on Zebpay. and altcoins are still the same shitcoins with no future so we are clear on that front also.
and when all of this drama is settled bitcoin is still the same decentralized currency that nobody can't do anything about to stop it.
well bitcoin or altcoins are not banned in India. this is just bank shenanigans that the Indians have to endure every day. and this is not the first time they are encountering this type of problems, unlike what these topics tell you it didn't start this month. it has been going on for over a year now but in different forms and every time with a new drama.
but since bitcoin price is now at the bottom and some people want it to go lower, you keep hearing the "negative" news over and over again in an exaggerated manner.
July 07, 2018, 01:18:58 AM
Two biggest Indian crypto exchanges has already announced that they are not allowing users to deposit or withdraw INR now!
KOINEX - https://twitter.com/koinexindia/status/1015155469583900674
ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552
Every indian exchange has started crypto-to-crypto trading platforms.
KOINEX - https://twitter.com/koinexindia/status/1015155469583900674
ZEBPAY - https://twitter.com/zebpay/status/1014477101410455552
Every indian exchange has started crypto-to-crypto trading platforms.
July 07, 2018, 01:05:14 AM
So now the future of Crypto in india is in dilemma.
there is no "dilemma" here!
bitcoin is going to be used as before by the Indians but now they will be doing their trades elsewhere instead of doing it on Zebpay. and altcoins are still the same shitcoins with no future so we are clear on that front also.
and when all of this drama is settled bitcoin is still the same decentralized currency that nobody can't do anything about to stop it.
July 07, 2018, 12:58:44 AM
So now the future of Crypto in india is in dilemma.
there is no "dilemma" here!
bitcoin is going to be used as before by the Indians but now they will be doing their trades elsewhere instead of doing it on Zebpay. and altcoins are still the same shitcoins with no future so we are clear on that front also.
and when all of this drama is settled bitcoin is still the same decentralized currency that nobody can't do anything about to stop it.
July 07, 2018, 12:25:39 AM
I do not know what the Indian government gains from banning crypto transactions in the country. Such a poor country should allow bitcoin in so as to enable the citizens have a level of financial freedom. What a pity that they like the Phillipines have bad leaders.
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