Bitcoin India: RBI's Mandate May Result In Rise Of P2P Trading!

in india •  last year 

RBI's move didn't go down too well with the cryptocurrency trading community in India. Many felt that it was wrong on part of the central bank of the country to impose how people choose to use their money. Especially through legal channels where the money is tracked and accounted for completely.


Source

If you stop the legal channels for purchase and sale and impose restrictions on using our money through regulated channels, it's likely that people will choose to take alternative means to do whatever they need to do. Banks are custodians of our money, they do not own it, neither does the government but it seems to think it does!

We've seen that government bans doesn't really do much to reduce the demand for cryptocurrencies in the world. Infact OTC trades have witnessed a rise in many places including India. Newer solutions are making it easier to transaction via p2p channels and existing channels are witnessing better volumes.

Localbitcoins is the most popular platform for trading via p2p channels. You can buy and sell in a number of ways and the site does a great job of connecting you to a buyer or seller and transactions take place smoothly.

Instashift.io is the latest entrant to hit the p2p scene in India. It offers an escrow based system. @libert has posted a wonderful review of the same here! The volumes aren't that great just yet but it is likely to improve. I haven't had a chance to test it out yet but I will post about it when I do.

Remitano is another platform that connects bitcoin buyers to sellers and vice versa. It's worth checking out.

Ofcourse, there are others ways of buying and selling Bitcoin in India. Social media platforms have made it easier. Several groups cater to these demands and it's likely to grow. Facebook, whatsapp are some of the routes through which trading takes place. This is an organised sector after all. It's hard to put a finger on the number of trades or volumes being traded everyday. But suffice to say it's growing steadily.

If Indian government doesn't regulate this market it is likely to loose out not only on taxes but on job creation, self-employment opportunities as well as innovation in this sector. RBI's decision is due to the protectionist outlook of the government and ignorance on the subject matter. But these are just minor hurdles that the world of cryptocurrencies will overcome one way or the other as it continues to grow.

Either be part of change or get left out! This is what will happen to our country. Hopefully, RBI's mandate will get a stay order from the Delhi high court allowing exchanges in India to operate beyond the 3 month deadline ending June, 2018.

Meanwhile, if you guys use any p2p channels, please let me know your experience in the comments below.


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OTC is going to be the way to go for most people. These regulations are getting ridiculous.

This post really helpful for me @firepower.. will check all the channels and possibilities.. bt still m afraid of using local bitcoin

I really wanna use local bitcoins but I am really afraid. I have heard a lot about it but never tried it, if I send bitcoins to someone and he does not transfer the money, what will the option for it? Can you please make a detailed post about it and how to be safe while transacting here. I love to read your blogs because you mainly write for Indian users and we do not find any such articles written here on steemit.

Sure i'll do a post sometime soon for Localbitcoins and exchanging to INR in general. But, they have escrow protection for both buyer and seller jfyi. :)

@firepower i know for sure that cryptocurrency will kick banks to the court of bankruptcy.

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RBI and the Indian government in general will soon learn the benefits of this amazing technology. Like you rightly mentioned they are mostly going to lose on the taxes. Either way, since most developing countries are warming up to cryptocurrency, India will eventually have to follow suit. While India will come along at some point, why not try Blockbasis where users can send and receive cryptocurrency with an email.

Right.the initiative of RBI doesnt make good rather it influences to do p2p trading.

There is one such exchange https://xcoins.io/how-it-works where you can buy bitcoins, Peer to Peer, with your credit card. Never used it and I hope I will never get in a position to use this. :-P

Hopefully we hear some positive news soon and the whole markets goes up. I can actually see it now, how every effort helps in taking cryptos to the mainstream. It can change the prices and thus change your life! :-D

I expect her to rise in a very short time
India is a strong country and supports currencies beautifully
Really great article

It does damage also to cryptocurrency awareness and adoption. Most people in globally believe in central powers. That is why we have modi bhakts, and the likes of asaram bapu and ram raheem shaitan. The average person needs direction and solutions from a central authority, a govt. that can keeps the best interests of the country in mind and can lead the people to prosperity. That is why in sports, we have team captains, and companies have ceos for faster decision making, decisions that reflect the best outcome and majority opinion.

When a govt authority bans bitcoin, it reduces credibility of the crypto asset. And unfortunately, returns aside, we need crypto and blockchain technology to have wider adoption for things to improve and become efficient. To reduce banking scams and misselling. P2P channels help overcome the current ban but for wider adoption, we need regulation and infrastructure (exchanges and wallets) to make transactions using crypto super easy. Escrow, p2p are still complicated things for the average person that doesnt know what bitcoin is.

I have no need to try p2p, i have access to exchanges and cfd contracts on crypto but i hope adoption goes up in india. This is a new technology and i hope we can create a world leading blockchain project out of india. An equivalent of apple or msft.. a tech company, not a tech outsourcing company.

People should also tap into their social network overseas. That is another way to circumvent this ban.

Moreover, i wish the govt could understand that crypto adoption will go up in the future and this is a way of redistributing wealth on a global scale. Just like india holds gold, india should start investing in crypto assets.. just as fx reserves.

Greatpost @firepower.
Like i said in one of your posts ,the Asian govt may be tryimg to clean up financial messes or continue making mess.Because if we go crypto ,money laundering will reduce.When a govt authority bans bitcoin, it reduces credibility of the crypto asset. And unfortunately, returns aside, we need crypto and blockchain technology to have wider adoption for things to improve and become efficient. To reduce banking scams and misselling.
Cryptocurrency is the future

Now a days bitcoin is the famous in the world .Days by days increasing bitcoin popularity .

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Very interesting! No matter what the governments do, there will be a workaround. How do you stop a decentralized exchange!

I have no idea what will happen in near future, if the government impose bans it will become difficult to trade, but alternate path definitely come out. Let's see what will happen, we will follow your path, what ever you do in future. Hope for the best and good luck.

India is the country of power.the beautiful country it is. here culture is so good.your sheared a wonderful post.hope everyone will be benefits and like on this.keep it up.go on your way

Hi brother @firepower, regard from aceh/indonesia

Peer to peer is the global solution. I think in even in DAX platforms, the one with P2P options are going to win out in the long term. Indian govt. may try to curb but it would be loosing battle.
You can't tell people that you own their money and then expect them to sit down quietly. Indians are going to bring down the roof in the crypto party.............just wait and see!

@firepower encouraging information. Hope the Bank and the government takes some positive measures in dealing with cryptos..However, do you have any info about india's own proposed cryptocurrency?

BITCOIN will go to the MOON and I will FINALLY buy my llama!

I think if Jio introduces it's coin then it will make a smooth path for the cryptocurrency to grow in India.

hi there would've loved to know its being traded in other currencies

The government can place ban but the people will determine if the ban will work. The people will definitely find a way to trade cryptocurrency

I have never withdraw my sbd on any online exchange, I sell it to those who need it for Power up and it's the only one I ever have cos I ain't have cash to invest in other cryptos. I gather from comments people with kind heart like you upvote