As You All Know RBI has Repeatedly Cautioned Users , Holders and Traders of Virtual Currencies , Including BITCOINS , Regarding various Risk Associated in Dealing with such Virtual Currencies on Following Dates:
December 24, 2013
February 01, 2017
April 05, 2018
India’s Finance Minister Arun Jaitley Kept on Saying that We Have Made a Committee to Analyze and Discuss the Matter of Bitcoin and other Cryptocurrencies and Waiting for it's Report. Meanwhile RBI (Reserve Bank of India) Suddenly Sent Notices on 6th April 2018 to Exchanges and Banks About Not to Deal with Bitcoin and Cryptocurrencies with Immediate Effect and Gave Three Months Time to Close the Operation.
Many Petition Were Filed Against RBI's Decision and Brought the Matter to High Court. Hight Court Simply Denied the Appeal and Said that all Such Matter Regarding Bitcoin and Cryptocurrencies Shall be Discussed Only in Supreme Court.
Before Few Days SC (Supreme Court) also Said Banks and Appellant to Resolve the Matter at Their Level.
The Next Hearing Will Be On 20th July, 2018 in Supreme Court.
The Crypto to Fiat Operation of Exchanges Like Zebpay , Unocoin and Other Indian Exchagnes Will Be Stopped On 6th July, But Crypto to Crypto Trading Will Be Operative.
Meanwhile Indians..!! You Guys Can Trade Your Bitcoins in Localbitcoins For These Days**
Do You Need To Worry About it?
No, Not at all.
We Have Found Something Which Needs To be Discussed Here.
A Person Named Varun Sethi Filed an RTI Against RBI On 9th May and Asked the Following Questions :
- You( RBI) Warned People About Not to Deal In Bitcoin and Cryptocurrencies Several Times (Three Times ).
Did You Make Any Committee for this ?
RBI's Answer : No
- Can You Provide us the Members Details of Committee?
RBI's Answer : We Have Not Made and Committee so We Can Not Provide Any Details.
- How did You Come To Know about the Risk Associated With Bitcoins and Other Cryptocurrencies
RBI's Answer: What is Sought is Not Information as Defined in Section 2(f) of the RTI Act 2005.
( According to this Act they said that Such Type of Information about Blockchain and Bitcoin, Any Evidence , Any Paper , Any Model or Any Electronic Material is not avaiable Online)
- Did You Collect Any Information About Blockchain From Any Other Countries Federal Bank
RBI's Answer: No
- Did You Take Any Measures To Adopt Blockchain Technology in Banking Sector
RBI's Answer: No
- Does These Rules and Regulations Apply on State Bank of Sikkim?
RBI's Answer: State Bank of Sikkim Comes Under Us But We did not Provide any Notice to them
Can You Guys Look at the Answers of RBI.
They did make the decision Without Any Adequate Reserach Which is Merely Speculative one.
We Belive that Cryptocurrencies are More likely to be Regulated Instead of Ban.
Regulations do Require Comprehensive Sets of Rules Which Requires Some time too.
Whithin Few Months or May be Few Years it will Be Regulated in India.
Comment below what you think.
Thanks
officially they dont ban bitcoin they just disclose bank from exchanges
Yes they are manuplating us... Maybe the reson they don't have a strong banking to support crypto transaction on banking... Fear on collapse on banking sector
I hope bitcoin not ban rbi change thier dicision
Bitcoin will not ban for sure wait for my next post i will explain you...
but im thinking that our india govt. coming with there coin like laxmi coin but i dont that .. or may be its not true let see
Yes they are coiming with plan but not a laxmi coin.. wait for my next post i will explain you
It's just for a temporarily! It will definitely revoked by RBI soon!
Yes this is the temporarily decision taken by in RBI.... Govt. Is supporting blockchain technology
U can use that in many other ways YouTube it 😎
Thanks i will do with your support and love
hope they resolve this soon.
Very soon... Good news are coming brother
@Infospace bro 20yh July Ko pata chalega ki Bitcoin ban hoga ya regulation aayega....
Maybe RBI stay with there decision... But don't worry good news in pipeline
if Bitcoin banned in India what are the ways to p2p?
So many option are coming actually option is started from wazirx to peer to peer trading... And one big project will help indian to use crypto day to day life i will share you how its work in my next post
I think btc will be regulate in india definately, bcz in noida some diploma courses is started for learning crytocurrency
Yes you right its will grow more than other countries in india becoz we have mass voulme
RBI officials are trying just to show their powers. Iam sure that most of the officials must be having crypto portfolio on personal level.
Maybe RBI is in fear to collapse there banking that's why they are stop trading from banking
RBI have not any study on the block chain
RBI don't know power of bockchin
Stupidly ban on crypto.
We will bounce back trend for #isupportcrypto
No they know the power of crypto.. that's why they are fearing to regularise the crypto... If crypto will replace banking sector RBI have no work.. and you know where is corruption come from...
Hope India will be like others countries too. Promote and allow Crypto
Crypto crypto everywhere
officially not ban cypto
Crypto is future wait for my next post
Regulations r more likely to be come in play
RBI is confused what to do.... #isupportcrypto
Rbi cannot ban.
If it does, it will be a big mistake
RBI..... No one can ban crypto
This bank deserves name Raddi Bank of India
No no brother everything that RBI doing is really wrong but Not this kind of thing he deserve maybe he don't have Protocol to merge with crypto
India gov need jst few time for regulated crypto in india
It will bro india will regulate crypto for sure.
I am dam sure, India will regulate BTC.
So don't be panic , wait and watch.....
Yes india will regulate crypto
No one can ban bitcoin!!!
Ban word is not for Bitcoin
The ban will soon b over if they get unable to provide genuine reasons until 20th july
Its just a manuplation
What you think people plz comment below
They have to regulate bitcoin in india
Yes good news are coming
@infospace - RBI is doing such a stupidity, while not stopping the banking transactions Indian govt should try to educate and regularize it.
There are hundreds of way we can sell our crypto assets in the form of INR.
I salute to the other progressive countries who already been adopted Blockchain & trying to regulating Cryptocurrencies.
I think India will also do the same like foreign countries only it need some more time.
Good content, Keep writing.
Thanks @somenath30 appreciate your word
they don't say crypto is illegal.they just shut the transaction between bank and online buying and selling crpto.
But the problem is why he is doing this when every one is agree to paying tax on bitcoin transaction
They have indirectly ban but who cares.
Yes who cares they do whatever they want to do
wait n watch
what happened next
I m not waiting for RBI decision... I m doing what i want that's it
Congratulations @infospace! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Semi Finals - Day 1
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
not ban in india
Only transaction ban
Yes bank transaction