Ninjastic
PostEdited versionsQuotes to this post
Post
Topic
Board Legal
Re: End of road for Cryptocurrencies in INDIA?
by
semobo
on 07/04/2018, 19:13:58 UTC
Quote from: Ojengonggu on April 07, 2018, 04:14:05 PM
Quote from: semobo on April 07, 2018, 01:35:12 PM
Quote from: hacekd on April 07, 2018, 01:01:43 PM
Quote from: markhudson2002 on April 05, 2018, 01:34:00 PM
The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.

RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.

Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
The Indian government and the Reserve Bank of India (RBI) have previously warned the public over the crypto currency, with New Delhi swearing earlier this year to eliminate the use of digital currency, which is considered illegal. The Indian government has previously compared the crypto currency investment to "Ponzi schemes" that offer exceptionally high returns to early investors.
But this is not the statement from the governments,this is from the RBI,so still bitcoin is not yet illegal in India.But finance minister of India stated that it is not illegal and legal in india so the news was understand in wrong direction again.Is there any proof that India banned crypto currency there then I will trust the news.
whether this is a ban from the government or just from the RBI, which is clear according to news reports in local newspapers, India forbid virtual money transactions within the next 3 months and if this happens demands the possibility of bitcoin prices will go down and I hope the government can take policy to revise this statement,

But not all the news by the media are accurate last time also they conveyed the news wrongly when the fiance minister said cryotocurrency is not a legal tender in India but the medias reports says the cryotocurrency banned in india.But later the real condition exposed.Surely the government will have to hive their status about cryotocurrency in their country then only people of that country will act accordingly.