Topic: RBI ban Bitcoin? - page 3. (Read 909 times)
No, no one can prohibit bitcoin. Bitcoin belongs to people and no one can take the digital currency from people, so bitcoin will always prosper.
I would like to shed light upon the actual situation of the notice released by RBI.
According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
yes, we also need more accurate statement from the RBI and also from the exchanges. According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
More details can be found here.
*Am not trying to create any kind of FUD. This is just to keep everybody informed.
India is a very big market even though it is not a rich country
But I think this decision will change and in the end
Everyone will recognize the crypto currency
But I think this decision will change and in the end
Everyone will recognize the crypto currency
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? 
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"
Your analysis is completely immature one , you are only checking one site that too only track local bitcoin transaction .
reality is just on indian exchanges volume of all crypto currencies is more than 1500 btc daily . Also it is not the real data because mostly people dont do trading on indian exchanges because of scrutiny , high fees , govt strictness etc . if you see alexa ranking then most of top 10 exchanges worldwide have large amount of indian users . as per data only 2-3% of indians trade crypto but still that is large amount of people with more room to grow in India after becoming bitcoin fully legal .
RBI is central bank , not the govt of india , so it can not ban anything other than currency and bitcoin is treated as other type of asset in india bcoz only INR is legal currency there .
news in real was RBI barred all banks to deal with any person or company who trade/buy/sell any type of cryptocurrency . it means people can not withdraw funds from crypto sale to banks and neither they can deposit funds to exchanges for buying crypto . However govt secy still saying people can buy crypto in P2P txn or cash transaction .
also few days back news was there that govt may make a policy to legalize crypto . if that happens then RBI bank also will be lifted . as of now bitcoin is neither completely legal nor illegal in india .
news in real was RBI barred all banks to deal with any person or company who trade/buy/sell any type of cryptocurrency . it means people can not withdraw funds from crypto sale to banks and neither they can deposit funds to exchanges for buying crypto . However govt secy still saying people can buy crypto in P2P txn or cash transaction .
also few days back news was there that govt may make a policy to legalize crypto . if that happens then RBI bank also will be lifted . as of now bitcoin is neither completely legal nor illegal in india .
Well, I do not know if this is just fake or FUD, but this was posted 4 hours ago :
https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
and this 2 hours ago :
http://www.business-standard.com/article/finance/reserve-bank-of-india-considers-issuing-its-own-virtual-currency-118040500757_1.html
and
https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294
None, looks like reputable sources.
*One of the countries that need it the most... f#$%#*
https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
and this 2 hours ago :
http://www.business-standard.com/article/finance/reserve-bank-of-india-considers-issuing-its-own-virtual-currency-118040500757_1.html
and
https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294
None, looks like reputable sources.
*One of the countries that need it the most... f#$%#*
The last link of NDTV is one of the reputable source of news in India.
It's so sad to see India to ban Bitcoin and other cryptocurrencies. I assume most indian crypto users would still be holding their coins . Lets see how everything turns out in this 3 months time-period. I know most users would be angry about the government's decision, in the past too people have expressed their concerns against government thinking to ban crypto.
Well, yes it might be in India.
It is global news now, so we have to accept that their government is apposed to Crypto currencies. I still think they have a
hidden agenda with all of this, but time will tell if I am right about this. {They might release their own GovCoin soon}
This decision is going to come back and bite them in the ass..... but let's leave them to make mistakes.
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? 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"
I heard that one in ten transactions of bitcoin was happening in India.
I'm not going to list up every exchange to give an idea, but I compared across more than 1 and seen the same pattern, they're a low player in this game.
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? 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"
Well I agree to the fact that India has a small trade volume in crypto comparing to the other nations. But 132 million people means that it is a large market. And bitcoins has a large space to grow. But banning makes the room closed for the bitcoin.
China have 18.5% of world population India have 17.9%. Both of them bans bitcoin means it only available to remaining 63.6%
I would like to shed light upon the actual situation of the notice released by RBI.
According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
yes, we also need more accurate statement from the RBI and also from the exchanges.
I would like to shed light upon the actual situation of the notice released by RBI.
According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
According to it, all the banks are instructed not to perform transactions from or to cryptocurrency exchanges. This does not restrict the indian crypto users to use localbitcoins.com or crypto to fiat and vice-versa transactions with other crypto users. Users may also use decentralized peer to peer exchanges and the banks would not be able to restrict it because they would be just money transfer from one person to another.
relaxed India is small compared to some countries that are pro bitcoin
later also by itself he will accept the existence of bitcoin
later also by itself he will accept the existence of bitcoin
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? 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"
I heard that one in ten transactions of bitcoin was happening in India.
Its a small market in crypto terms. Who cares?
Bro Indian is a huge crypto market remember ittrue and also they never cared about the bans their government has been putting on bitcoin so far in the past couple of years and their volume and also the price they are paying to buy bitcoin has been a lot higher than the price that we are paying for bitcoin in USD and the volume is also lower.
This is a very sad news. They want to ban bitcoins because it looks risky and then they want to launch their own coin. Where is the logic in this ?
Its a small market in crypto terms. Who cares?
Bro Indian is a huge crypto market remember itYes It's true . There is a press release from RBI. Lets wait for response of big exchanges like Unocoin and Zebpay.
You can read point No. 13 here
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
You can read point No. 13 here
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
However, there is a catch it says RBI regulated entities. Do we have any non RBI regulated entities? We will need to see what alternate options we would have. Read somewhere coindelta founder says that its still not a complete ban. They didn't used the word illegal so we might have other options. Many people in India are full time into Bitcoin. Lets see if we will have to relocate to Singapore maybe.
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? But I don't know this is a true or false new,can anyone confirms that the news is true or not?
I'm sure they have a lot more than 132 million people
although india is not grossly important to bitcoin since the vast majority there have very little money for investing.
Yes It's true . There is a press release from RBI. Lets wait for response of big exchanges like Unocoin and Zebpay.
You can read point No. 13 here
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
You can read point No. 13 here
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
RBI ban Bitcoin?
That is true and there are already articles published online about that sad news. The banks are no longer allowing citizens of India to buy bitcoins. The reason is absurd and we do not know if later they will shift their decision like China does. But as long as the people supports bitcoin then bitcoin will still be strong in India amidst these issues. But we cannot deny that there will be a major effect and a decrease of bitcoin holders when this happens.
Yes RBI ban bitcoin is not a new news any longer because we have heard so many news like that in the past but bitcoin continue. Bitcoin have cross the stage of ban distractions and more country of the world would join and accept bitcoin as transaction medium.
Well, I do not know if this is just fake or FUD, but this was posted 4 hours ago :
https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
and this 2 hours ago :
http://www.business-standard.com/article/finance/reserve-bank-of-india-considers-issuing-its-own-virtual-currency-118040500757_1.html
and
https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294
None, looks like reputable sources.
*One of the countries that need it the most... f#$%#*
https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
and this 2 hours ago :
http://www.business-standard.com/article/finance/reserve-bank-of-india-considers-issuing-its-own-virtual-currency-118040500757_1.html
and
https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294
None, looks like reputable sources.
*One of the countries that need it the most... f#$%#*
The last link of NDTV is one of the reputable source of news in India.
It's so sad to see India to ban Bitcoin and other cryptocurrencies. I assume most indian crypto users would still be holding their coins . Lets see how everything turns out in this 3 months time-period. I know most users would be angry about the government's decision, in the past too people have expressed their concerns against government thinking to ban crypto.
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