Cryto currency users in India - Don't panic - there is no ban
The news of ban of buying and selling is not true - atleast the document avaialable in the RBI website says othersie. (ie, there is no immedeate ban on the activity)
The document says,
New relationships / accounts for exchanges should not be allowed (with immedeate effect) by banks and NBFCs controlled by RBI
Existing accounts should stop providing services (NOT IMMEDEATELY!)
A circular regarding the time frame will be announced seperately (and no circular is announced right now that I could find.)
RBI Link : https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
13. Ring-fencing regulated entities from virtual currencies
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately
comments:
Jio a rumoured coin should be ready to lauch soon ... So, HLOD till they try to fork some of the existing blockchain. Otherwise such a funny step after creating history with demonetization is not really a logical decision.
Do we consult any of those animals pictured below before taking decisions ? Just curious
I really hope prices dont crash further and that we can continue in Indian exchanges. Why target us folks when people like mallya and others cheat on an even more greater scale? sigh
I was one of those people who kept quiet and didn't criticize the goverment for the demonetization for the first 2 - 3 weeks. Then, we had a couple from Germany visiting us after traveling (begging, standing in the queue, being hungry, thirsty etc) across the country -- they showed me the photos the reality and how many people were included. They were thinking that this is how India always is. After that 2 months after the demonetization I happen to travel across the length of the country and understood more about the perils, I saw that the largest number people in queues were army men. In states like Sikkim and Some parts of Bengal, people were using Nepali and Bhutani currency as our currency was not there ...
After those 3 months and witnessing what happen in this country, I have stopped expecting. Anything is possibe.
Your questions are all wrong as they are all logical.
Decisions are no more taken based on logic !
Lets stop expecting anything logical from the same RBI which had allowed the foolish ban of currencies. Monetory policy or any such decision from them is no credibility any more after they have proved their lack of understanding of basics of economics.
So does that mean that we will be forced to leave steemit and other parallel cryptos within some time limit that will be determined by the government policies? Can indians find solace in the fact that other countries haven't banned the same?
Police / cyber cell is already having honeymoon with Aadhar card UPI bugs and this will be fun
Would this have any impact on banks who had collaborated with and were using Ripple for transferring funds from abroad?
P.S.:
I was trying to share this post from bsteem app but mistakenly tapped on "Reported" and it was reported ...without any option to undo it. Sorry about it but I still don't understand what did it mean.
I dont think so as Ripple is used as a ledger - database with various properties and inside the ledger the transactions will be corresponding to some FIAT. (Say USD - INR pair) and is completely under the FEMA/FATCA regulations.
Ripple in India is having a tough time with regulations and this will create more hurdles for them. Its sad that the technology is misunderstood with use cases like currency.
I can't see any impact of that on post ... may be its only within the app. Appreciate the comment :-)
bitcoin cannot be banned it only be regulated
true ...