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Author Topic: The date is very close when Indian government will ban the crypto trading.  (Read 133 times)
rajkr
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June 22, 2018, 04:10:45 AM
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The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.
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June 22, 2018, 06:41:15 AM
 #2

well i think one can't ban crypto so easily, there are many other platform like local bitcoin, remitano , and unocoin haven't released any statement yet, statement is only released by Zebpay.

Why don't you use crypto for what it is made for, not for trading. sorry but i strongly think that you don't know what actually crypto is for.

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June 22, 2018, 07:57:22 AM
 #3

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency. 
Do you have proof that on what's the update regarding this issue on India? If there's a whale on India and your government doesn't allow to do such trades, he will just migrate to a better close country.

Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.
Depends on your situation, I can't you something that I haven't been into situation. If you want to exit because of the law go for it but don't regret when you miss the up's of cryptos.

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June 22, 2018, 08:56:15 AM
 #4

I do not know about the legal status of bitcoin in India" Some articles talk about it but are contradictory," but you must try to avoid breaking the rules even if it generates profits.
Bitcoin is Peer 2 Peer, So you do not need any system to use it. " second  trusted part."
try online sellers from localbitcoin or exchange your coins into any form of payments accepted in India. "PayPal, Skrill, ...etc"

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June 22, 2018, 12:51:10 PM
 #5

Why would you trade in indian currency? you can always use USDT for that reason.
Also its not so easy to ban something in nowadays
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June 22, 2018, 08:55:03 PM
 #6

According to zebpay announcement that if zebpay bank is disrupted, rupee deposit and withdrawal is impossible.

So, I think for the safety of your funds start to move all of your funds out from the zebpay exchange if your all crypto funds are there.

There is still some alternative way to withdraw your crypto without using local exchange in India.

You can try to make a perfect money verified account because there are many options to convert your crypto to perfect money then you can use some service to withdraw your perfectmoney to western union or any other available remittances in your country to receive your money.

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June 22, 2018, 10:07:59 PM
 #7

This FUD doesn't help the crypto community. Are you sure of the date, why say is so close without any official announcement. Well, if it happens, you can use a vpn to access an outside exchange to trade over there.
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June 23, 2018, 05:08:20 AM
 #8

Any youtuber said this news is fake and does not any proof. I think this is only FUD that want to try dumped the price of crypto and they buy back at cheaper price.

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June 23, 2018, 05:23:44 AM
 #9

Any youtuber said this news is fake and does not any proof. I think this is only FUD that want to try dumped the price of crypto and they buy back at cheaper price.
I don't know if it's fake news or not, but I'm not Indian and don't really follow crypto news anyway, so it would be nice if OP provided a link to support his assertions.

If India is going to ban crypto, I'd definitely move your money out of it and into fiat.  Don't know what the penalty would be for not doing so, but I wouldn't risk being branded a criminal for using bitcoin.  If a government criminalizes crypto, there's not really much you can do.

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June 23, 2018, 05:29:01 AM
 #10

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.

Actually even if its ban from your country or any other country you can still trade and you don't need to transfer any since your account isn't the one who will be banned its the exchange. What I'm trying to imply is that even if its ban in your country you can still gain access from exchanges by having an IP address from a country nearby you can always do this as long as you have an IP tunnel.

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June 23, 2018, 05:29:29 AM
 #11

YEP. Some people say the government can not ban crypto. But when they forbade the transfer from crypto to paper money. Everything is really hard. This like ban the crypto. My country is doing the same thing. bored

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June 23, 2018, 05:35:59 AM
 #12

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.
Oh, that must be a tough situation for Indians. If you want to play it safe then just abandon crypto completely until new regulations take place.

It's not impossible though, you could still trade crypto to Indian currency via P2P exchange. I'm sure such service would still exist as it pretty much impossible to ban, but then again it would be illegal. I hope there would be a change though, outright banning crypto is a bit over the top IMO when other countries have a slight positive stance on it.

This FUD doesn't help the crypto community. Are you sure of the date, why say is so close without any official announcement. Well, if it happens, you can use a vpn to access an outside exchange to trade over there.
It's not FUD https://www.bbc.com/news/world-asia-india-43669730
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June 23, 2018, 02:27:55 PM
 #13

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.
Oh, that must be a tough situation for Indians. If you want to play it safe then just abandon crypto completely until new regulations take place.

It's not impossible though, you could still trade crypto to Indian currency via P2P exchange. I'm sure such service would still exist as it pretty much impossible to ban, but then again it would be illegal. I hope there would be a change though, outright banning crypto is a bit over the top IMO when other countries have a slight positive stance on it.

This FUD doesn't help the crypto community. Are you sure of the date, why say is so close without any official announcement. Well, if it happens, you can use a vpn to access an outside exchange to trade over there.
It's not FUD https://www.bbc.com/news/world-asia-india-43669730

Yes, But quilting crypto at such low rice will result in much loss. I hope that Indian government will come some rules and will not ban trading completely.Local trading sites has given date of 5 july .
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June 23, 2018, 03:09:12 PM
 #14

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.
who said this fake news, many governments are continuously accepting the crypto investment. This year Indian government is accepting cryptocurrency but some new regulations are possible in crypto trading. I think next month approval is possible in India because already RBI is approved in crypto technology so surely Indian government accepting the Crypto trading.

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June 24, 2018, 08:34:47 AM
 #15

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.
Oh, that must be a tough situation for Indians. If you want to play it safe then just abandon crypto completely until new regulations take place.

It's not impossible though, you could still trade crypto to Indian currency via P2P exchange. I'm sure such service would still exist as it pretty much impossible to ban, but then again it would be illegal. I hope there would be a change though, outright banning crypto is a bit over the top IMO when other countries have a slight positive stance on it.

This FUD doesn't help the crypto community. Are you sure of the date, why say is so close without any official announcement. Well, if it happens, you can use a vpn to access an outside exchange to trade over there.
It's not FUD https://www.bbc.com/news/world-asia-india-43669730
I agree with this post. I am sure in modern economy it is always impossibly to completely ban cryptocurrency, the exception is China, but it can be made mostly by philosophical, cultural and historic traditions of this country. Legism and Confucianism are on the way.
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June 24, 2018, 09:02:24 AM
 #16

In my opinion this  bad news just make impact for while in crypto market, like news of China ban crypto trading and exchange, i personal still bullish for crypto and the price will possible to going up again. Because crypto and the blockchain technology is very usefull for this world.

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June 24, 2018, 09:53:50 AM
 #17

Indian government can do whatever it wants, but it wouldn't be good for the people, as a lot of people are involved in crypto trading and it has been a source of income for them.

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June 24, 2018, 10:53:04 AM
 #18

The date is very close when Indian government will ban the crypto trading.So It will be impossible to trade in indian currency.  Should one exit from crypto or transfer  all holdings to  outside Indian exchanges.

They are going to ban the crypto currencies withdraws I guess. You should not be having any problems regarding your crypto portfolio because that will be in your wallets or exchanger of India. They will close the operation of bank transfer but not the crypto themselves. You can always trade you crypto currencies over another exchanger, somehow get it into USD currency and later on try to send it over the PayPal. Thats the best option for you right now. If you keep it that way, do nothing about your coins then also it wont affect you at all. Its all about the banks not gonna accept the crypto to fiat conversions.

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kakonhat
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June 24, 2018, 11:57:20 AM
 #19

How can you say this? Do you have any reliability news? If you don't mind, I think you are saying depending on other country's situation. But I can address you one news that China banned ICO but now China already started thinking again about Cryptocurrency. So they have understood their wrong decision. However, I am not saying you are wrong but if India does that then one day also India will understand the requirements of the blockchain.

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June 24, 2018, 12:20:54 PM
 #20

if indian goverment ban totally crypto currency in their country that would be very sad news for the crypto investor in country. But not until the government announce their action on official statement this news are still considered rumors.. Hopefully, Indian government comes to their mind to just promote crypto or just regulate it than totally ban in their country.
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