Crypto-Demonetisation in India.
If you are an Indian Citizen like me and a Cryptocurrency Investor than you must be kinda Heart Broken right now. Yesterday I got the news around 8 O'Clock in the Night and my Heart just Sank.
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Don't get me wrong Cryptocurrencies are not Banned but the Reserve Bank of India is barring Regulated Entities like Banks and Exchanges or other Wallet Providers or any particular Individual to deal in Cryptocurrencies.
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RBI has given around three Months to all Regulated Entities to unwind from their current Position. Although RBI has decided to promote the Blockchain Technology in financial services.
I personally am not selling any of my Holdings as I have nothing to lose and everything to Gain if something Positive comes out of it.
What are your Opinions on this Development?
This is just getting tougher!
Yes it is getting Tougher by the Day but I feel this is a Bad decision from RBI as it will only lead to Unregulated Transactions of Bitcoin in India.
Please reply me. I have some doubts:-
@akdx these questions will lead to a Huge Comment so rather doing that I will make a Post on each of your questions today so stay Tuned to my Blog.
I will tag you in those Posts too.
Thanks!
Answer to the First question is already Up. Check it out.
Thanks @arunava. I have checked and also posted my comment in your post.
I do not understand why India views cryptocurrencies as a threat
people fear what they don't understand. I guess this might be the reason @stcarbrio
It's the Banks that are Bad Shit Scared Right now.
Actually they are asking so called experts who are over 50 for Advice on a Tech that has just arrived. And it's no wonder that they are unable to muster what the Potential of Cryptocurrencies are.
They are saying baseless things like Cryptocurrencies are Promoting scams but the Bottom line is Scammers will scam anyway they can even before Cryptocurrencies came to limelight there were several ongoing Scams but no one highlights that fact.
Gonna hold, keep accumulating more and watch the show.
Yes it would be an Heartbreaking Show but I will not sell unless I accure Profits.
will it discourage crypto traders form India or there some alternative methods.
It will of course discourage a lot of Traders but people's will find another way for sure.
Its nice.....We pray and hope for a positive turn out soon...
The only think this will lead is more Unregulated Transactions of Bitcoin over the Counter and the Government would have zero chance of keeping a Track of it.
Try as they might, Indians will still hold and deal with crypto as long as the internet stays on . Bitcoin and cryptos give freedom and we all know that human beings love freedom. Governments and Central banks want tax slaves whom they can control and fleece. Lets see how long this will go on.
Lately the Banking charges are just going Nuts so yes I would love not to pay those stupid charges and I will try to Sell my Bitcoins elsewhere.
They were getting Millions if not Billions in Taxes from the Crypto exchanges in India which led to the GDP rise of India in this session. Now that they are trying to close exchanges they are also saying no to those Billions.
I don't get how these people Run the Government.
my heart too sank and I found many people on indian exchanges panic selling which is very bad as they will all regret. No one can ban bitcoin , its like you can't exchange it in to fiat in india but can use it globally. But I seriously think it's better for the crypto community to stay strong during this storm and avoid panic selling!
I will not lie about the fact that I also had a brief moment where I thought about selling all my Holdings but right now the Loss I would occur would be too great.
So I will wait out this Storm and see what happens.
My portfolio now stands at 4000 USD which was worth around 16000 USD in January. So I am definitely HODLING
yes @arunava.. Same is the case with me! But hey whole crypto concept is to elimanate banks and give the power over wealth to people and so banks banning bitcoin makes perfect sense! We will definitely HODL bro!
I was summoned by @arunava. I have done their bidding and now I will vanish...
A portion of the proceeds from your bid was used in support of youarehope and tarc.
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Good content @arunava!! I just followed and upvoted:) lets help each other!!