Yesterday, all the alarms were activated due to a public statement from the Reserve Bank Of India regarding new takeovers and actions related to cryptocurrency. In this statement, the bank recommends clients and customers not to trade in crypto currency and also prohibits institutions administered by them (financial institutions or banks in India) to deal with crypto currency, and with institutions that use crypto currency as part of their business model. Some people interpret this as a direct prohibition on all use of cryptocurrency within the borders of India. But interpretation is actually more pragmatic.
I should say, that there is no direct ban on cryptocurrency in India yet. The Reserve Bank of India has forbidden banks to maintain fiat accounts linked to the cryptocurrency, but the trade itself is not forbidden. You can exchange cryptocurrency p2p or withdrow it to other countries and get fiat currency there.
Very good information. Thank you for having the best comments for the community. Right now I'm going back to the market and will try to buy as much Bitcoin and Ethereum as these are the best investments at the moment. I think if India does not prohibit Bitcoin, this seems to be making the BTC a $ 1000 increase in 20 minutes