Reserve Bank of India in the past few months has served as a major deterrent to the rise of cryptocurrencies in the country. It has done a lot to curb use of cryptocurrencies in India even though cryptos are not illegal itself.
However, there isn't a lot that the central bank of India can do regarding any individual or group of individuals engaging in any Peer-to-peer trading.
P2P trading of cryptocurrencies usually involves transfer of cryptocurrency between two individuals for an exchange of INR. But as far as the central bank is concerned, the purpose of the transfer of INR between two individual accounts is largely unknown for most of the transactions.
There's nothing RBI can do about it because no bank in the country has the judicial power to attribute any purpose or reason for a bank transfer in case of P2P or in general between individuals.
Banks aren't empowered with the right to exercise this judicial function which otherwise would allow them to ascertain the nature of each transaction and therefore further curbing any transactions between end-users.
The fact that the banks are helpless in this matter is actually empowering the end users to continue staying invested in the market.
Banks after all are simply custodians of our money, they are not the owners of our money! They shouldn't be telling us what to do or not to do with our legally accounted funds!
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This is absolutely right sir. We should have complete control of our funds. If only the world could just evolve into using only liquid money, life would have been so cool.
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I agree completely. I believe for that matter even government has no authority on p2p online exchnages
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This is the power of dicentralized crypto currency,no one can control it.
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This is good news for Indian peoples . And i'm waiting, when cryptocurrency legal in India?
In G20 meeting most of the countries legal the crypto currency.
India always adopt technology in last.
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@firepower Hi friends how are you good hope you are so much thank you so much to make beautiful posting so you can make every post very nice your post is very nice and very respectable to me from your post i can learn new things i can learn new things thank you Many greetings and congratulations on behalf of you
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Wow very great full news.i like it cryptocurrency. Thank you so much my best friend. I love India country.@firepowerIndian people as well as the crypto market in India purely works on sentiments e.g. banking service ban on exchanges was a big hype and negative publicity actually ruined the market completely. People need to look at bigger picture and remain calm. Cryptocurrency is THE future!
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There is a theory that the Central banks are actually privately owned and not governedby any goverment.
If so... it is obvious why they are fighting against cryptocurrencies, because it indicate the end of their monopoly on the flow of money to and from everyday people like you and me.
What do you think?
Are they controlled by people only looking out for their own personal interests?
Keep on steeming....
@sacryptocollect
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Central banks want to hold on to the status quo. It won't last forever because money as we know it is changing. Cryptocurrencies are here to stay whether central banks like it or not.
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Totally agree!
In a weird way it can be benificial if exchanges are banned(unknowingly the central banks may have dug their own graves) because it promotes peer-to-peer transactions and if you think about it, thats what we actually want crypto currencies to become!
We want everyday transactions to take place, where everyone uses crypto to do day-to-day payments for goods and services.
Do you agree?
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Yeah I agree, crypto currencies shouldn't be heavily regulated. Banks don't like competition lol
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Yeah, P2P transaction is totally out of RBI radar. And RBI can't trace it easily. And it's also safe of Crypto lovers. This time P2P is a gift for Indian Crypto lovers..
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Cryptocurrency truly is money without borders and free from oppression of centralized control. Banks, neither central nor public/private have any say or control on it. Those who have stake in the blockchain are simply the owners of that blockchains tokens.
This is perhaps one of the key reasons mass adoption will happen. This is also the biggest reason the banks are running around afraid like headless chickens. There is a chance that in five years time, once the realize that they can't stop it, they might even become the leading investors and promoters
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its good news for us
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@firepower banks were never supposed to be a part of Cryptocurrencies. That was the main characteristic of Bitcoin when it started where no third parties were involved in any transactions between payer to payee. The very purpose is getting defeated. Regulation in crypto is most welcome but what we do with our legally earned money is purely our concern. We are anyways paying taxes on our income.
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HOPE SO... I feel very relaxed when I saw your post... Thanks for sharing. Cheers. @firepower
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It's good news for crypto investor , rbi can't ban p2p trading .
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Well said. Banks are just a medium for us to keep our money with them and we can use it for different purposes as we want. And in this p2p model banks are helpless to anything. They can't do anything as it's impossible for them to track the purpose. But recently few case happened where user put remark related to bircoin so based on that bank has called the account. So we all need to be careful while initiating such transfer don't write any remark related to bircoin or cyrptocurrency.
Other than this nothing to worry and keep trading to crypto market.
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@firepower
I was reading this news where
Praveen Kumar, chairman and CEO of Belfrics, a Malaysia-based exchange with operations in India said-
There are measures that we are taking in the meantime, but for the industry to survive and thrive, fiat transactions need to be allowed else, we end up competing with all the other global exchanges that also offer crypto-to-crypto or P2P trade
Thats right or not?
And
What is we end up competing with each other ? How ?
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WazirX - Bitcoin Exchange for India!
https://wazirx.com/invite/rc2ybxkc
Signup for quick INR deposit and withdrawal upto ₹50000000 without KYC plus $200 bonus
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Now Supreme court has overruled RBI's decision to ban cryptocurrency.
BuyUcoin Cryptocurrency Exchange was amongst the earliest exchange to adopt the p2p model. It now serves the 350K+ crypto investors in India.
https://www.buyucoin.com/
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