Your bank will not allow you to buy bitcoins anymore in India

susila_bai

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Quote from: miroslavt on April 05, 2018, 11:31:46 PM

They want to ban bitcoins and then launch their own coin. So you can not compete with bitcoins even if you are a country.

It is true that they wanted to create their own coin but they are even closing down the crypto exchanges also. What stupidity this government is doing because if the crypto exchanges are closed then how will they are going to trade their own coin. I think the government is not fully knowledgeable about what to do with crypto currency

Bobby park

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Quote from: Xester on April 05, 2018, 08:14:56 AM

Quote from: Dudeperfect on April 05, 2018, 08:07:03 AM

This is a recent news coming that Reserve bank of India (central bank) bans regulated entities from dealing in virtual currencies. I don't think this is anything surprising but still, I want to alert everyone not to lose faith.

* Bitcoin: Your bank will not allow you to buy bitcoins anymore.

Please don't get panic, be your own bank! Have patience.

Even if banks will not allow the citizens to buy bitcoin but in India they cannot control the people to buy it. People nowadays are wise and does not follow directly what is placed in front of them but instead they use their minds and do the right thing to do. Banks may against cryptocurrency but as long as the people does not lose passion then cryptocurrency will still survive in India.

I believe too! People nowadays are not anymore barbaric. As the day goes by, a lot of people become educated and they can't be fooled even by the government.
Banks are infavor with cryptocurrency. They think that crypto is the biggest enemy for them. The authority of banks become null because many people are turning into cryptocurrency. That's the reason why many banks did not acknowledge the use of cryptocurrency. But as the interest of the people goes in cryptocurrency, banks cannot eliminate the crypto instead, the banks have the possibility to crash. Banks will become useless in the future. They don't need anymore by the future generation.

miroslavt

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They want to ban bitcoins and then launch their own coin. So you can not compete with bitcoins even if you are a country.

yepaiyique2

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India's approach is very similar to China's!

There are also a lot of Chinese people doing digital cryptographic transactions!

Indian citizens will also learn from China!

WorldBiz project

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Then buy it not in a bank, what’s the deal Wink

some countries are just afraid of what that cannot control

paul00

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I think if you really want to stay and be able to transact in crypto despite of your countrys’ disallowing of it, you can still do it by travelling to another country in case of withdrawal or the likes or having someone outside India to transact it and just transafer it to you

Xavofat

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Did you see that ludicrous display last night?

This actually doesn't leave that many options, especially if the government intends to enforce this adamantly.

India's recent attempt at removing a lot of cash from the economy suggests that they're intending for most money to be held in banks, which would leave Indian investors few options.

They'd have to attempt less formal systems like Western Union or PayPal, in many cases with high fees, especially due to the risk of chargeback fraud with services like PayPal.

krishnapramod

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Quote from: bozo333 on April 05, 2018, 08:28:01 AM

Quote from: Dudeperfect on April 05, 2018, 08:07:03 AM

This is a recent news coming that Reserve bank of India (central bank) bans regulated entities from dealing in virtual currencies. I don't think this is anything surprising but still, I want to alert everyone not to lose faith.

* Bitcoin: Your bank will not allow you to buy bitcoins anymore.

Please don't get panic, be your own bank! Have patience.

It is not a big issue in crypto market because Bitcoin is not easily banned in India because know only I saw the article it is just warning the Bitcoin traders. The Indian big whales are buying more bitcoin but they don't produce the pan ID so Zetpay is create the alarm automatically Indian government is warned in Bitcoin traders but it is simple issue in crypto platform some media is create the big issue because they need TRP rating.

This time, it doesn't look like media FUD or warning. It’s official, Indian banks wouldn't be dealing with cryptocurrencies.

Quote

Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.

Quote

We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months, BP Kanungo, Deputy Governor, RBI said.

The specified time period is three months. It's not clear what services these banks would be providing, not likely purchases, but withdrawals. Taking banks out of the equation, leaves Bitcoin users with a few limited options, but guess that's more than enough. This isn't going to stop Bitcoin users from finding ways to trade. The Digital India initiative was growing with cryptocurrencies, but no, the government doesn't want digitalization without them having control. Let them launch their own centralized cryptocurrency by taking an anti-crypto stand.

https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574

eaLiTy

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Have Fun )@@( Stay Safe

Quote from: Dudeperfect on April 05, 2018, 08:07:03 AM

This is a recent news coming that Reserve bank of India (central bank) bans regulated entities from dealing in virtual currencies. I don't think this is anything surprising but still, I want to alert everyone not to lose faith.

I have read the news, so what is the real implication of this, does banks stop dealing with the cryptocurrency exchanges running in India and will the banking system ban users to send money to those exchanges just like they wont allow to send money to gambling sites. The current government is also a failure in every aspect as i have not seen any wise decision from them either.

Rhudy199

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I strongly agree with your opinion

Tynovten_

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"In its statement RBI said that technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others."

This is a real warning to the people of India, can only hope this won't affect more bitcoin price, isn't it every news from any country always affect the price even though it depends on how many users crypto on the country.

InahC

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Well, even if you can't buy directly with bank you can still buy bitcoin thru a person here in the forum then you can pay them paypal if you wanted. Their is really a lot of way to buy Bitcoin without using bank, you just need to search. If people really interested in buying some, I think they will find a way on how they can buy it.

gamechangers

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Activity: 392

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This is nothing to worry about at all. As far as cryptocurrencies and people are concerned, the government can never win. So Indians will still buy their bitcoin one way or the other. People are now after liberty and tired of the hold and manipulation by government.

pat4cryptoreal

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This is not the first time we in the cryptocurrency have been hearing this. I just want to tell the new comers to invest more in bitcoin because it will be like last year. When the storm is over the price will escalate.

buyandsale

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yes in india too much tax on btc and they cant really track all btc transactions so may be banks will not allow btc buyers well then the other options are localbitcoin how can it can be stopped haha

bozo333

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Quote from: Dudeperfect on April 05, 2018, 08:07:03 AM

This is a recent news coming that Reserve bank of India (central bank) bans regulated entities from dealing in virtual currencies. I don't think this is anything surprising but still, I want to alert everyone not to lose faith.

* Bitcoin: Your bank will not allow you to buy bitcoins anymore.

Please don't get panic, be your own bank! Have patience.

It is not a big issue in crypto market because Bitcoin is not easily banned in India because know only I saw the article it is just warning the Bitcoin traders. The Indian big whales are buying more bitcoin but they don't produce the pan ID so Zetpay is create the alarm automatically Indian government is warned in Bitcoin traders but it is simple issue in crypto platform some media is create the big issue because they need TRP rating.

Xester

hero member

Activity: 994

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Quote from: Dudeperfect on April 05, 2018, 08:07:03 AM

This is a recent news coming that Reserve bank of India (central bank) bans regulated entities from dealing in virtual currencies. I don't think this is anything surprising but still, I want to alert everyone not to lose faith.

* Bitcoin: Your bank will not allow you to buy bitcoins anymore.

Please don't get panic, be your own bank! Have patience.

Even if banks will not allow the citizens to buy bitcoin but in India they cannot control the people to buy it. People nowadays are wise and does not follow directly what is placed in front of them but instead they use their minds and do the right thing to do. Banks may against cryptocurrency but as long as the people does not lose passion then cryptocurrency will still survive in India.

Dudeperfect

hero member

Activity: 1190

Merit: 534

This is a recent news coming that Reserve bank of India (central bank) bans regulated entities from dealing in virtual currencies. I don't think this is anything surprising but still, I want to alert everyone not to lose faith.

* Bitcoin: Your bank will not allow you to buy bitcoins anymore.

Please don't get panic, be your own bank! Have patience.

Topic: Your bank will not allow you to buy bitcoins anymore in India (Read 219 times)