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The opinions of Indian regulators have been known from some time are should not be surprising. I would think that most of this FUD should be priced into the price similar to what happened in Chine last year. The adoption there was not as much as in China when the ban happened. However, I believe that the ban will actually increase interest of Cryptos in India as it will be seen as a way to get away from their centralized approach to their financial system. The announcement today just disables the connection between traditional institutions and cryptos but cryptos are decentralized so are still very much available. I am sure that technology will figures out a way for them to be traded for good as a barter while they continue to exist worldwide and on the networks of these cryptos.
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This will probably go down as the most retrogressive decision made by a Nation that has a high number outsourced IT workers in many Countries.
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a decision based on fear and lack of understanding - FUD
they'll jump back in much more quickly than anyone could predict, I would bet
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I hope you are right. The government should not let arrogance make them stick to their guns.
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Now that's a shocking news for all.Though in our country it is banned for few months.Thank's for sharig this news.
@upvoted
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Now that is not a good news.India is such a big country with big economy,this decision is going to heart crypto market.Thank's to coinbase for the help.Thank you for this post.
upvoted
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Now this may cause another downfall.Already market is down,now it can hit the bottom and it's really tough to say when will be it back.Thanks to coinbase for their support.In our country not just crypto but also coinbase is illegal.
@upvoted
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All the bad news is coming together.This is real bad time for the crypto market.I think this kinds of thing will prolong the bad time for crypto market.
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India bans Crypto, that's really a bad news.
@resteemed
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Its bad for Cryptocurrency.
You always share the good content. Thank you so much for that.
@Upvoted & @resteemed.
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“Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time.”-Reserve Bank of India.
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the stock markets are probably more risky in that there is a wrong assumption that because it is regulated funds are protected. People feel "safe" when they are really not.
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The Reserve Bank of India (RBI) has announced that the bank will no longer provide services to any person or business that deals with cryptocurrencies, adding that it is also looking into releasing its own cryptocurrency in the future, according to a “Statement on Developmental and Regulatory Policies” released today, April 5.
BY-Molly Jane Zuckerman
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@pijon really! so it's not that it is "unsafe" but that they missed the boat and are trying to give themselves an advantage. Is that not fraudulent?
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India banning crypto again? Did they not ban virtual currency before this?
Crypt0, you are from India originally, if you are, how do you feel about this crypto ban?
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India has jumped off the deep end with that news. So long as the internet is on,nobody can ban crypto's- wonder if they realize this. I think what they needed to do is just have some measures to regulate crypto. I feel too bad for the HODlers of verge and hopefully they will soon solve their issues. This was a great live stream Omar :)
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I sold all Verge at recent pump,waiting for dump to buy back. :)
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Well that sucks. I hope the decision comes back to haunt them
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Yup, BUY SMARTCASH NOW!!!! 😊
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Coins mentioned in post:
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iam a vietnamese trader, i have a all chart altcoin, It will be useful to you.sorry if i bother you. but i bet you will be interested with it, and we will have a discussion about crypto graphs.
https://busy.org/@sonpham1997/bitcoin-update-bitcoin-trends-today-06-04-2018
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and George Soros getting into crypto, i imagine him as the evil alter ego of Warren Buffet
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