RBI ban impact on crypto currency. | Bitcointalksearch.org

Techie5879

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Quote from: adzino on April 07, 2018, 09:08:20 AM

Quote from: rajkr on April 07, 2018, 08:42:29 AM

RBI has banned crypto currency in INDIA and given a timeline of 3 months to financial institutions so how much will it impact on price of BTC globally in next 3 month?

I don't think India or most of the South East Asia is deeply involved with crypto currencies. So i guess there won't be a huge impact globally since India does not cover most of the market like China or Japan. There might be a small temporary spike on the price which will eventually get covered and recover.

The population of India was actually pretty interested in the bitcoin, although not having a huge market share like that of some Asian countries like China or Japan. The regulation of RBI regulated entities by banks might affect a bit of the market share for now, but definitely will hurt BTC in the long term, due to decrease in mass adoption in the future.
The Prime Minister definitely did this move in order to support the Indian market, which was indeed lowering due to the crypto one, but also in part he did this to support the soon to be "Lakshmi", the bitcoin of Indian government, as they are calling it, although I doubt it would be successful.

Domanity

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India is a country that has small investors against Bitcoin, so I think the current RBI policy will not have a big effect on Bitcoin. what worries me is that this Indian government policy will affect other countries. and certainly if it did, it would have a big impact on Bitcoin.

Sadlife

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No surprise that the indian government would do that after all the price was already dropping before that news. So it might affect it but not on a large scale. After all india has been against crypto currency and been trying to regulate it then call's it a scam. No surprises at all.

crazybtclover

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Number of people using Bitcoin in India is not that high. So, even if they can’t buy or invest in Bitcoin, I don’t think it will have a big impact. But it will be a great miss for Bitcoin nevertheless, given India’s big economy. Hope everything will be alright.

Lorna t

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There is a reserve bank in India ( RBI ) released in a statement directing all regulated entities along with a stop bank dealing with individual and businesses dabbling of virtual currencies .the value for one bank ban is dealing with individual that trades by cryptocurrency that will slow down the growth of the crypto of India and I think it will impact a lot the industry because traders will follow a different channels for the transaction .and then the bitcoin will move its own way there is a possibility of reducing a few number if traders .

MinerHQ

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Quote from: akmittal on April 07, 2018, 08:52:08 AM

RBI decision about Crypto and Bitcoin is taken in support of Indian stock market. Because Indian stick market is loosing its charm due to Crypto market. I hope it will slightly impact the Bitcoin and crypto market.

Indian stock market went up because people were expected a lot for the current government but at the end of four years, things are not moving as they expected. So stock market needs to go through the correction.

Quote from: ?? on ??

I cant understand the reason behind this ban.It is absloutely unnecessary suring this bear market.

Indian government thinks that these cryptos are like Ponzi schemes and people may lose money in it. Apart from that, they don't know how to regulate this market so they are banning until they find a way to regulate it. India is quite popular for adding taxes to all investments but they are not able to do so in cryptos.

These Indian investors need to find other means to buy and sell cryptos.

chengyinoing01

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Perhaps this will give bitcoin a temporary dip, as it did last year when China banned cryptocurrency. The market will recover in a short time, but it will bring a rebound to the market.

So I'm not worried about India's control.

vendy86

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i think we already learn from china ban.
market will react negatif for a while,then it will recover as a usual.
no need to panic and look it as a opportunity to buy at low price

passioncrypto

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I don't think that it will impact a lot in the industry because traders will follow different channel for transaction. And then bitcoin will move on its own way. But there is a possibility of reducing a few number of traders.

SiDtHeBeSt

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It might have a little effect on the market but I don't think that it would be anything to worry about. Bitcoin would surely recover soon after that. There were not as many people in India who were interested in bitcoins/other cryptocurrencies as in other countries because a lot of negative news, etc. were shown regularly.

Ctn

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Quote from: rajkr on April 07, 2018, 08:42:29 AM

RBI has banned crypto currency in INDIA and given a timeline of 3 months to financial institutions so how much will it impact on price of BTC globally in next 3 month?

It will impact only that much, upto which level the bitcoin holders are present in the India. It's obvious because if they sell bitocin tomorrow or if the government cease the crypto assets then it will hamper bitcoin market directly as that much equivalent money will be shipped out of the bitcoin market. So that's the thing, only that much money which is involved into the India.

That's the speculation about the technical market situation and it's effect.

On the other hand there is no global or political effects of this bam in the world because India is not involved in such things on major scale.

putrii

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Quote from: rajkr on April 07, 2018, 08:42:29 AM

RBI has banned crypto currency in INDIA and given a timeline of 3 months to financial institutions so how much will it impact on price of BTC globally in next 3 month?

it seems there are still a lot of bad news that tried to attack cryptocurrency to aim to drop the price of cryptocurrency hopefully this is not too influential with bitcoin price.

pooya87

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when bitcoin was around $8000 last year on USD markets it was above $10000 on Indian markets. that didn't change a single thing about bitcoin so why should it start now?

besides it is not exactly a ban and also even if it were, bans never have any impacts on bitcoin apart from some temporary panic sells by the newbies and that has already happened and it has been over for days.

rajkr

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Quote from: Slark on April 07, 2018, 10:20:28 AM

Quote from: rajkr on April 07, 2018, 08:42:29 AM

RBI has banned crypto currency in INDIA and given a timeline of 3 months to financial institutions so how much will it impact on price of BTC globally in next 3 month?

Can you share source material - official RBI note or something similar? Also, what was their line of reasoning and objective of this crypto ban?
Not long ago Indian government gave that vibe that they would like to regulate crypto (and even harsh regulation is better than a ban).

I am sharing the link .RBI has said that circular in this regard will be issued soon.
https://www.livemint.com/Money/DmTfdMYZ8ZWN7gk3vHFFhM/RBI-asks-banks-to-stop-services-to-those-dealing-in-cryptocu.html

Slark

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Quote from: rajkr on April 07, 2018, 08:42:29 AM

RBI has banned crypto currency in INDIA and given a timeline of 3 months to financial institutions so how much will it impact on price of BTC globally in next 3 month?

Can you share source material - official RBI note or something similar? Also, what was their line of reasoning and objective of this crypto ban?
Not long ago Indian government gave that vibe that they would like to regulate crypto (and even harsh regulation is better than a ban).

rajkr

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Quote from: akmittal on April 07, 2018, 08:52:08 AM

RBI decision about Crypto and Bitcoin is taken in support of Indian stock market. Because Indian stick market is loosing its charm due to Crypto market. I hope it will slightly impact the Bitcoin and crypto market.

Yes definitely stock market may be the reason .But need of block chain technology is inevitable otherwise they will be much behind in technology and use of block chain is not also limited to crypto currency.The same protest had been seen when stock market came into existence in 1992 in India.And later on they regulate stock market and the regulating agency like SEBI came into existence.Stil hoping for good news .

rajkr

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Quote from: pawanjain on April 07, 2018, 08:59:32 AM

Quote from: LastJedi on April 07, 2018, 08:51:45 AM

Quote from: litec0ins on April 07, 2018, 08:46:22 AM

I don't believe these things no more, and if they do ban then enjoy getting left behind.

China kept banning it but then reversed their called just because of this fact of getting left behind and not moving along with the future.
But Indonesia did the same earlier this year and they still have it banned there so I do not know if this one will stick or not.

I dont think India would stick to it because it is a developing country and just a month or two before the ban they said that they would explore the blockchain technology more and try to indulge with it. So I dont think they would stick to their ban for longer . Also , I think this might be a conspiracy or something because earlier India was planning to launch their own cryptocurrency and also Jio coin was going to be launched this year. So lets see what happens in near future.

Yes Sir ,I am totally agreed but we have seen a big fall in two days in indian exchanges the rate of BTC fell approximately 40%. Technology of block chain will be must for all banking institutions .RBI is also planning to launch its own crypto currency "LAKSHMI".I hope very soon they will come up with much relaxed policy.

adzino

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Quote from: rajkr on April 07, 2018, 08:42:29 AM

RBI has banned crypto currency in INDIA and given a timeline of 3 months to financial institutions so how much will it impact on price of BTC globally in next 3 month?

I don't think India or most of the South East Asia is deeply involved with crypto currencies. So i guess there won't be a huge impact globally since India does not cover most of the market like China or Japan. There might be a small temporary spike on the price which will eventually get covered and recover.

Kprawn

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The impact of this has already been seen, but the reaction of investors to this has been calm and collective. India {Govt} has

never been a strong supporter of Bitcoin in any way. This is not "shocking" news to most Bitcoin investors, so they factored

that into their response to this. True Bitcoiners also know, banning Bitcoin will just promote it further, because there is a

general mistrust in most governments. {A lot of them are corrupt and they ban Crypto currencies, because they want to

protect their own power} Wink

pawanjain

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Quote from: LastJedi on April 07, 2018, 08:51:45 AM

Quote from: litec0ins on April 07, 2018, 08:46:22 AM

I don't believe these things no more, and if they do ban then enjoy getting left behind.

China kept banning it but then reversed their called just because of this fact of getting left behind and not moving along with the future.
But Indonesia did the same earlier this year and they still have it banned there so I do not know if this one will stick or not.

I dont think India would stick to it because it is a developing country and just a month or two before the ban they said that they would explore the blockchain technology more and try to indulge with it. So I dont think they would stick to their ban for longer . Also , I think this might be a conspiracy or something because earlier India was planning to launch their own cryptocurrency and also Jio coin was going to be launched this year. So lets see what happens in near future.

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