India: Who Will Compensate For Losses Forced Upon Cryptocurrency Investors By RBI?
When governments have the power to control monetary aspects of your life they control absolutely everything. Take example for India where the central bank has banned banking services to cryptocurrency exchanges from 6th July onwards and that means investors in India cannot buy or sell cryptocurrency through legal channels.
RBI's repeated circulars and uncertainties have caused some major price volatility in an already sliding market for Bitcoin in India. Cryptocurrency adoption rate in India prior to the bear market phase was excellent. It was going great until a couple of months ago RBI started clamping down on cryptocurrency.
Government has repeatedly warned citizens not to use these cryptocurrencies but there is no ban on trading or use of these cryptocurrencies in India. Although, they are not legal tender they can be freely traded.
However, this move from RBI has caused massive panic sells in the past affecting thousands of cryptocurrency users in India.
Today is one of those days when Bitcoin in India was trading 10%-15% lower than it's international prices owing to the impending ban on banking services to exchanges. One of the top exchanges in India Zebpay sent an email to its users notifying about the upcoming ban and markets tanked once again.
How is any investor supposed to gain confidence in the market or use these cryptocurrencies to empower themselves when banksters threaten the very attempt of people to use legal channels to empower themselves.
These RBI induced panic sells have caused a lot of damage to the cryptocurrency ecosystem that was growing at a steady pace in India. Due to lack of regulation in this sector it is nearly impossible to get justice on this matter.
There's already several cases in sub judice in the Supreme Court of India. All we can hope for at the moment is some relief in the form of banking services being restored back to cryptocurrency exchanges in India after 6th July.
But in all seriousness, in a perfect world RBI would've been sued for every penny's worth for losses caused to several investors due to its unilateral bans and arm twisting of banks.
RBI needs better policymakers and the government needs to open it's eyes to changes coming into the financial sector before its too late!
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No one will that’s the risk with crypto, there will always be loses
High possible rewards always come with huge risks and not much has had the potencial to reap such high rewards as the crypto scene.
Loses should only come in times of selling not technical loses
Loses should only
Come in times of selling not
Technical loses
- journeyoflife
I'm a bot. I detect haiku.
Sadly, it does. It's not the first time I think.
That’s true
I think that everyone involved with Crypto Currencies knew the risks. I know a couple guys myself who basically tell anyone to "Get involved now, work your ass off for 3-5 years as long as this topic is hot and not regulated and changing and then be set for life". While I think that there is some truth to that, these people obviously were aware of the risks.
Those who are in crypto for long term should not sell into this panic. Hold onto yr crypto assets. Sooner or later a legal framework will exists to use yr assets.
true that! :)
It means from 6th of july indian user's cannot regulate with cryptocurrency.RBI is now going to destroy Indian user's by it's horrible decision.
Right said sir Indian government just make regulations of anything they like and whatever benefit them. Indian government does not like common people to earn good or extra they want that common people only do job and fulfill their needs. #Government does not want people to live a #Lavish life
It's funny, if you think about it.
Crypto was introduced to be a solution to the problems caused by centralization and to do the government one better.
Now it crumbles because of the government. Actually, it is not funny at all.
Let's hope for some kind of positive development here.
I am an Indian and we all are very much frustrated by the decision of RBI . Some organizations dealing with crypto's have filed a case against RBI which has its next hearing on 18th july . They dont understand that cryptocurrency is the revolutionary future .
More like they do understand that crypto would tip the scales for the poor man and they don't want to share their hoarded space with us commoners. :/
those who thought of buying at dip now would be in a dicey situation, with nothing in sight this is very dark situation for many investors....
With no exit route, everyone is in deep panic. I am still advising to all my friends to HODL it or move it to some international exchange till the dust settles down. I am sure they will look into investor concerns now at least and will come up with softened policy.
The bankers work for their convenience and will make any war to break the confidence of the cryptomoneda market, in venezuela there is a similar phenomenon, what we have to do is to weigh ourselves in the subject and achieve confidence through knowledge.
But I saw that you are the person who has been buying crypto instead of selling it.I don't understand what to do,please suggest me if you dont mind,in my cell no.
Don't worry there are many options to withdraw #Bitcoin in #Rupees like #Neteller and #Skrill if you want information on that connect with me i will help you as well
Oh thanks, I have no such idea,my son @rahul.stan handle all these ,i have to talk with him about you.
ok
I Really Scared When Indian Government Banned Cryptocurrency So What We Do How We Trading.
Love From India
Don't worry there are many options to withdraw #Bitcoin in #Rupees like #Neteller and #Skrill if you want information on that connect with me i help you as well