RBI ban Bitcoin? | Bitcointalksearch.org

Netnox

legendary

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Quote from: preshpr1nce on April 05, 2018, 10:29:03 AM

Quote from: Thanasis on April 05, 2018, 10:18:13 AM

Quote from: infested on April 05, 2018, 10:13:30 AM

Its a small market in crypto terms. Who cares?

What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

Size means nothing, also it's a lot more than 132 million...
Volume is everything.
India has rather small trade volume in crypto, to compare:
Australia, 24 million people = https://coin.dance/volume/localbitcoins/AUD/BTC
India, 1.324 billion people = https://coin.dance/volume/localbitcoins/INR/BTC

Even Nigeria has India well and beat = https://coin.dance/volume/localbitcoins/NGN/BTC

I wonder how we would react to that news
"Nigeria bans crypto currency"

These figures can be wrong. Because most of the Bitcoin trading has moved underground, due to the harassment from the authorities. Now the vast majority of the trades are happening through peer-to-peer exchanges or through anonymous websites set up abroad.

tahozor

newbie

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RBI asked the organizations it regulates to terminate its business relationships with cryptocurrency firms and individuals. “It was decided that, from this point on, companies regulated by the RBI should not engage or provide services to any natural or legal persons involved in or accompanying cryptocurrency. Regulators that already provide such services should withdraw from the relationship within a certain time, ”the RBI said. RBI set the last date for the termination of such relations on July 5.

beami

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It is possible that the Indian government wants to protect its people from these risky investments, especially when the crypto market is depressed. And I believe that Indians who have been involved in bitcoin are unlikely to leave just like that, there must be other ways to continue their investments even though the RBI does not yet have the ability to manage bitcoin.

jcarlo

member

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I think India government never said they ban bitcoin. Maybe they ban bitcoin if used as payment in merchant but i dont think they will ban bitcoin trading because i am believe they can not. Its like in my country, where people can not use bitcoin for buying goods in merchant but we have local crypto exchanger. Its like grey area

I lucy

newbie

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it never said the bitcoin is banned
it has clearly mentioned the acceptance of crypto currency in banks is not allowed

ZzV1Finn

full member

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I think in the fall of bitcoin will begin to grow much faster than now, why do I think so can not say, there are many reasons that I still check and develop already on this is not small resources.

kimpack7461

newbie

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We can not say that Bitcoin is illegal in India. So sad. Obviously RBI and Govt will use blockchain in the future but they do not support crypto. RBI is a densely populated country, however population density is high, most people do not know about coding terms! Listen to some rumors about the bitcoin ban in India, but I do not know the exact information. India is a densely populated country if RBI bans bitcoin then it will surely affect the market.

gowobonyok

jr. member

Activity: 490

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Quote from: Thanasis on April 05, 2018, 10:18:13 AM

Quote from: infested on April 05, 2018, 10:13:30 AM

Its a small market in crypto terms. Who cares?

What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

there has been no official statement about it, or there is no source that says RBI is a bitcoin tire. they're just looking at regulation on bitcoin.

jak3

legendary

Activity: 1274

Merit: 1004

Quote from: Thanasis on April 05, 2018, 10:18:13 AM

Quote from: infested on April 05, 2018, 10:13:30 AM

Its a small market in crypto terms. Who cares?

What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new, can anyone confirms that the news is true or not?

well I am from India and yes that news is true, RBI has said we cannot Run businesses or any official transaction with cryptocurrencies but they have not said anything about exchanging Bitcoins or any cryptocurrency compared to clear transactions like I can use it for my personal reasons. They just restricted it for business use.

perla

hero member

Activity: 1932

Merit: 504

Quote from: Minerall on August 23, 2018, 12:24:27 PM

The Reserve Bank of India has made a very bad decision. They need to review their decision. I hope that it is just a temporary ban. India is an upcoming economic country with a lot of youth wanting to invest in Bitcoin. They will be left behind if they did not review it.

I think government can do anything include to support bitcoin again, only need time until they know if bitcoin can give more advantages than bad affect. They only don't know yet for now

Odlanyer

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Bitcoin have cross the stage of ban distractions and more country of the world would join and accept bitcoin as transaction medium, India is the most populated country country in the world and also in the world of internet and technology so it not possible that people there not using bitcoin even it banned, I think still continue to patronize cryptocurrency in their country.

Minerall

jr. member

Activity: 235

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The Reserve Bank of India has made a very bad decision. They need to review their decision. I hope that it is just a temporary ban. India is an upcoming economic country with a lot of youth wanting to invest in Bitcoin. They will be left behind if they did not review it.

spazie

newbie

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The RBI positions itself as merely seeking the interests of consumers, while also citing claims that are often used that cryptocurrency is only a tool for criminals and those who want to damage market integrity.

Sovaivncb1996

newbie

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The Reserve Bank of India (RBI) said Thursday that banks and financial institutions under the control of the RBI would be banned from cooperating with e-currency trading platforms or participate in activities related to electronic money.

BlockchainGod

full member

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It seems to me that this is of little importance in the market. In my country, bitcoin has been banned since 2015 and this does not prevent me or my friends from buying and selling it. We even have a cafe that accept bitcoin and other crypto-currencies.

team87

jr. member

Activity: 336

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I don't even understand the exact reason why RBI prohibits bitcoin. but I am concerned about this news. certainly bitcoin users in India will be saddened by this ban. be patient. Sad

stayeduptolate

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Quote from: sunny7408 on April 05, 2018, 10:12:26 AM

RBI ban Bitcoin?

We all know that bitcoin is a decentralised crypto currency and no currency has the right to ban the bitcoin internationally and if any country is banning bitcoin from its nation then it means that its citizens will not be allowed to transact bitcoin through any of the domestic exchanges like in India , Zebpay is the domestic exchange but we Indians are free to use any international exchanges for transacting bitcoins and even local bitcoin like peer to peer transactions is also a good option.

Dmitry.Vastov

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Quote from: sunny7408 on April 05, 2018, 10:12:26 AM

RBI ban Bitcoin?

A notice came on 03/04/2018 from reserve bank of India 🇮🇳 that all the crypto traders have to withdraw their all money that they has invested in bitcoin and within 3 months of period, crypto will be banned from India and then after exact 3 months on the month of July, crypto has been banned in India but it doesn’t mean that holding or owning a bitcoin will be illegal in India 🇮🇳, we Indian are unable to use any domestic exchanges but we are free to use any international exchange as bitcoin is a decentralised crypto currency.

makanele

newbie

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This does not restrict Indian crypto users from using localbitcoins.com or crypto for fiat transactions and vice versa with other encrypted users. In some countries this illegal bitcoin is at the same time. Similarly, the Reserve Bank of India does not accept this bitcoin.

elenora

jr. member

Activity: 95

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Quote from: Thanasis on April 05, 2018, 10:18:13 AM

Quote from: infested on April 05, 2018, 10:13:30 AM

Its a small market in crypto terms. Who cares?

What you mean by small market?India is one of the more populated country in the world holding 132 million people which is small? Cheesy

But I don't know this is a true or false new,can anyone confirms that the news is true or not?

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