Saw this link on facebook:
https://blockmanity.com/reserve-bank-india-bans-banks-india-dealing-crypto-currency/And as I'm surfing around, I saw this post and base on the article it will be for one year.
People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.
Yep that's still going to happen, this only applies for the banks.
Indeed. People will do everything to continue their operations no matter how good or shady it is. However this isn't entirely 100% that deals will still continue though. Some might get discouraged anymore to invest in here, especially those who had just arrived in cryptocurrency. Large projects using crypto coins isn't likely to stop though.
Others are already discouraged, disappointed and whining due to this. You can see that there are many newbies that posted this news as they understood it wrongly. But we've been to this type of news since before and we are just going to get used when there are news like this.
As what batang_bitcoin stated that personal meetups could be the way to succeed these kind of deals with just a phone call. It is the bank that banned the deal with BTC inside them but outside of it is none of their business unless there will be an extensive regulations where there will be police patrolling out of those deals, which I highly doubt it could get implemented.
Yeah this only applies to the bank as long as the transaction isn't inside the bank, they don't care at all.