Your Bank will not allow you to buy crypto currencies anymore

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Link: EconomicTimes

RBI has repeatedly cautioned users, holders and traders of virtual currencies regarding various risks associated in dealing with such virtual currencies.

You will not be able to buy cryptocurrency via banks or e-wallets etc. in India anymore as Reserve Bank of India (RBI) has banned them with immediate effect from "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".

RBI it its first bi-monthly monetary policy has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins. If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, obviously individuals will not be able to transfer money from their bank accounts to their crypto-trading wallets.

"A person will not be able to transfer money from his savings account to his cryptowallet" says, Abizer Diwanji, Head, Financial Services, EY India.
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Well, if affects to only those who deals with Indian exchanges. Rest are nothing changed.
there are many many ways to buy and sell crypto's
infact now we are safe with Exchanges fees, GST and TAX
 
rip bitcoin in india. rip in peace indeed[DOUBLEPOST=1523025015][/DOUBLEPOST]
Soyab0007 said:
Well, if affects to only those who deals with Indian exchanges. Rest are nothing changed.
there are many many ways to buy and sell crypto's
infact now we are safe with Exchanges fees, GST and TAX
Click to expand...
It'll definitely affect the long term adoption of bitcoin and cryptos in India.
 
adventureguy said:
rip bitcoin in india. rip in peace indeed[DOUBLEPOST=1523025015][/DOUBLEPOST]
It'll definitely affect the long term adoption of bitcoin and cryptos in India.
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India was never planning, to adopt bitcoin or crypto.. from 2013 they were saying its not a legal tender and trade at your own risk
 
letmein said:
And? What's the problem in that? Don't people trade in the stock exchange at their own risk?
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Stock and Crypto market both are different... blockchain coins are untraceable coin to certain extent.
And Stocks are not threat to banks.. bitcoins does posses threat to banking system
 
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The Reserve Bank of India(RBI) has taken an excellent step. The worst thing about cryptocurrency was that it was not regulated. Cryptocurrency was an effective way of laundering money and turning black into white money. It also promoted child pornography.
 
So it's basically ok for a 3rd world country-in-denial like ours to get something as absurd as a bullet train, but not crypto? I thought moar tech was the way forward...
 
Julian said:
So it's basically ok for a 3rd world country-in-denial like ours to get something as absurd as a bullet train, but not crypto? I thought moar tech was the way forward...
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Bullet train is for modis place...his selfishness. He wants Mumbai to be next Gujrat or say convert Mumbai into gujrat.
If he senses some sense into crypto his next action plan might be to kill paper currency overnight and force everyone into crypto. Then we might not have banks but crypto minings in that place. He might then declare India 100% digitalised!
 
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