Quote from: Yuuto on April 08, 2018, 07:46:34 AM

Quote from: orangetax on April 05, 2018, 12:32:05 PM

The Deputy Governor of RBI, BP Kanungo, just announced officially that all the services dealing with cryptocurrencies will be banned with immediate effect. So essentially none of the entities regulated by RBI would be able to provide services related to cryptocurrencies to customers.

Read the full article here: https://coinfrenzy.io/indian-banks-ban-cryptocurrencies/
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*Attention* The title has been edited. Apologies for the confusion.

According to this news release by Unocoin https://news.unocoin.com/?p=861, (one of the biggest Indian exchanges), none of the banks that are being regulated by this new act has contacted them yet to say that they will cease dealing with them.

If I understand this correctly, it's actually not a ban on crypto nor is it a ban on crypto exchanges. It's a ban on banks to deal with crypto institutions.

There is no point in banning crypto trades at all, they will just change to p2p or otc trading when financial institutions are not allowed to deal with crypto, and that is almost undetectable.

The Indian government is making a huge mistake by doing this. They are essentially letting crypto business go elsewhere when they are already pretty aggressive with their approach to ban crypto. When crypto goes mainstream, they will know that they made the wrong decision.

Yes they not ban Cryptocurrency but the RBI(Reserve bank of India) is withdrawing support to virtual currency businesses.

that means all banks registered in India come under RBIs regulation and have to follow its directives.

It definitely affects the India exchanges but they can still have an option like P2P or Paypal exchange.