"Despite the news, cryptos are roughly unchanged in the past 24 hours" lol I wonder why.
More of a detour than a dead end for the free commerce-loving people of India. They'll just do what all markets do: adjust.
Sure, short term it'll definitely be an obstacle for Indians to obtain and transact in crypto.
As for the long term? The ban can only be enforced on registered institutions. People can still obtain crypto via over-the-counter means or by offering goods or services in exchange for cyrptocurrencies. They can still spend crypto amongst each other or at businesses that don't comply with RBI regulations that are located in...you know...the rest of the world.
This ban will hurt businesses registered with the RBI and give companies one more reason not to incorporate in India. In fact, it'll accelerate the switch to a peer-to-peer economy where people conduct business among-st themselves without institutional intermediaries and motivate Indians to engage more in global commerce.
There's no stopping this train, no matter how hard they try.
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Lol I wish them luck banning it. People will definitely find ways around it,they are just delaying the inevitable that is crypto is here to stay.
Upvoted, Followed and Resteemed by @cryptoryno33
I'm agree with you.
Cryptocurrencies are the future of money and any try for stopping them will fail. At least not until then people trust them and use it. ;)
this year is such bad year because of indian government .They are coming with lots of bad news about cryptocurrency but they forgot about blockchain technology
I am agree with you but according to world change your desion because any business will be easy with digital currency
Kept it up
Among hindus, there are a lot of enlightened people, whose opinion can not be changed by prohibitions!
India want to bring JIO coin. so wait some day.
Greetings from Berlin
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I did upvote and resteem...
A very optimistic view on something such as this! Let's hope the people of India think in the right direction and bring the wealth back down to the community level!