No, India Has Not Banned Bitcoin Trading, Government Confirms
From NewsBTC
There are a lot of misconceptions regarding a recent decision by the Indian government. Various sources claim India has banned Bitcoin trading. That is not the case whatsoever. Instead, the RBI is ending its relationship between its own banks and any user or corporation dealing with cryptocurrencies.Read more: https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/The Current Bitcoin Situation in India
This week’s press release by the Reserve Bank of India has caused quite a stir. Depending on how one interprets the message, it seems the RBI wants to ban all Bitcoin trading. That is not the case, although their ultimatum is still rather significant. As of April 5th, the RBI has severed all ties with its own “regulated entities” and anyone dealing with cryptocurrency.For banks servicing cryptocurrency companies, a big deadline looms overhead. All of these institutions have a maximum of three months to cease the support. If they do not adhere to this deadline, the bank in question is no longer a “partner” of the RBI. It is a fear-mongering tactic, although one that is not necessarily fatal.
According to Unocoin, there isn’t much to be worried about. There is no ban on Bitcoin and no indication the RBI deems it an illegal currency. No funds have been frozen either, and exchange users can continue to use the platform as they always have. With no banks alerting Unocoin of any impending changes, business will resume as normal until stated otherwise.
What Does it Mean for Bitcoin Trading?
That is the big question on a lot of people’s minds. Exchanges can always look outside of India for banking partners. Additionally, it remains to be seen how many exchange-serving banks will adhere to this ultimatum in the next three months. So far, it seems the damage will not be all too great. Do keep in mind this is always subject to change
Let's just squash the latest rumours out of India. Yeesh, this seems to happen every few months.
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One of the benefits of Bitcoin, and other cryptocurrencies, is that it is meant to be a peer-to-peer network meaning that no central authority or third party is needed to transact. This news from India only makes it more difficult to access fiat to crypto exchange when using banks. However, as you state it does not outlaw the use of the assets. Therefore, users can potentially get access to Cryptos with directly purchases from other holders or cross borders. Once you have it, it is very difficult for any one organization to stop you from using it given the peer-to-peer functionality.
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$150 payout for writing "Let's just squash the latest rumours out of India. Yeesh, this seems to happen every few months."
Come on now, @contentjunkie! A bit excessive, don't you think?
Well I invest in promoting my posts and that reward pool money will never reach someone that doesn't pay a bid bot for it as long as at least one person is bidding. Its not like that those funds would go to minnows just writing content. This particular post did extremely well for what I paid while others I take a loss on.
So no $150 doesn't seem excessive at all.
So you're saying paying yourself $150+ for writing a 1.25 line comment on someone else's article isn't excessive? For real?
I guess you don't understand how the promotion system works.
I understand it very well. You obviously don't know me very well :-/. Again, you aren't fooling anyone.
I'm not trying to fool anyone.
If you say so . . .
I do...
Its not banned but our media only portrays the way it can fetch more TRP. A basic statement made enough panic that Indian Exchanges were selling BTC almost 20% lower than global rate.
it should not be... It s the world. helping third world country like india.