Some of you have reached out to me personally regarding this situation. I'm still under a deluge of DMs and haven't been able to come back to all of you. It's just easier to post my thoughts here on the on going matter concerning the state of cryptocurrencies in India.
- Cryptocurrencies are not banned by the Indian government.
- RBI is preventing banks and payment processors regulated by them from dealing with cryptocurrency exchanges.
- After 3 months if the situation doesn't change. You can purchase and sell via Cash/Peer to Peer transactions using services such as Localbitcoins.com. Your tokens are yours only!
- Do not panic sell your hard earned cryptocurrencies away.
Exchanges operating in India are currently doing whatever they can to get RBI to reconsider it's notification. In the 3 months to go I certainly hope there will be some kind of regulation in place that will allow all regulated banks from dealing with cryptocurrency exchanges.
Currently autonomous banks don't have to adhere to such rules. One such bank is the Bank of Sikkim. However, this bank alone cannot come to the rescue of exchanges or users in India. We need the banks that we use everyday to allow us to do what we think is best with our money.
Here's the link to the video in the tweet by CNBC-TV18. Watch the video.
It's ironic how the Secretary DEA says that cryptocurrency users are free to trade via cash, implying that back channels are open and can be used. While the rest of the government wants us to go cashless. It's a funny world we live in where our elected officials control our lives by controlling our money.
Link to Petition!Hopefully we can come together in stopping them. Please support the growing movement by signing this petition. Please spread the petition link far and wide and tweet with this hashtag on twitter: #RBICantStopMe.
A couple of official emails and statements from cryptocurrency exchanges in India:
You can read Koinex's blog on this matter here!
You can also read what these cryptocurrency exchange owners have to say about the decision here!
As you can see all major exchanges are trying to change this scenario or find solutions to it. We have some time.
Please don't exit the market based on fear and doubt. Please be informed and do your research on the subject. Stop panic selling on Indian exchanges. This new FUD has made no impact on global prices. We're basically shooting ourselves in the foot by our actions led by fear!
There are challenges to purchasing and selling now but these are mere hurdles that we have to cross. Hopefully the government will change its decision and do the right thing. Only time will tell.
IMO It's too early to dump and exit. But be aware and make the right choices for yourself. Goodluck!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Building A List Of Users From India—Please Fill This Form ASAP!
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #20
Even i get message form Koinex. I don't know people interpreter news wrongly or understand it in wrong way.
They are not banning crypto but to creating a barrier for users to buying and asking Banks to don't operate with exchange.
I know this is panic moment and even for crypto market. Don't sell your coin in loss. They will surly allow crypto in future.
I only want to say all of your don't sell your coin.
@firepower explain it very clearly to all indian users.
Govt. even know people find way to buy crypto and even they can't control but they are doing this only for people who are not know he side effect of crypto.
Even government want that Indian people must invest in Indian share market instead of crypto. They has own vision.
I only want to say hold it.
@firepower please check petition link once. I think something wrong with link.
Thanks. It seems to be working fine now.
Yes now it's working fine.
I already filled up this petition and iam sure that if all Indian cryptocurrency traders united and Support this petition then Indian government must have to change this rule.
Because after India now their are News that Pakistan also Banned Cryptocurrencies but unlike india they declared cryptocurrency illegal.
Pakistan and it's policies other than concerning terrorists makes no impact anywhere. Their crypto market is insignificant compared to our own which itself is small in relation to global trade.
Yup that's true but i think we are going to see some positive news if this petition do well and government agencies see the potential of Cryptocurrencies.
Everyone should raise their voice and should get united for the problem,and should find a appropriate solution for the problem.
It would be great to see the people rise up against this tyranny, by taking away peoples rights it will only make them want bitcoin even more.
Signed.
We have 21681 signatures - wow!
Way to go @firepower
I feel that RBI will launch it's own crypto tokens after 3 months and want the crypto traders to buy/trade other crypto assets only with RBI issued crypto tokens. Hence do not want any bank to deal with crypto assets directly, creating a playing field for it's own token.
That's exactly what they're upto I think. These morons in power bending rules in their favour. Didn't expect anything else. What an absolute disgrace.
Bring back Raghu Ram Rajan... He got better view of virtual currencies:
Keep strong! Keep freedom :)
Bless!
Done my friend :)
Just filled it, thanks for the link.
We all together can make it happen. Crytpto currencies are future. This is not only us who are trying to fight against crypto ban, Look i have shared an image below and read what american billionaire Tim Draper said
.
So this is not just our opinion that crypto should be legal. let see what would happen, till that, support crypto and make it to reach at our government.
#isupportcrypto
He's right! Our policy makers do stupid things quite often.
This is at least, a bit of a welcome relief. I read something close to this on @surfyogi's post. I really hope the petition get through and they allow people do whatever they like with their money. All The government want is control. They know with suffering/poverty, they can control people, but with the access to cryptos, they have limited powers. They want to flex their muscles at the expense of the citizens. You nailed it right here when you said:
The more they talk about crypto, the more they give it popularity. Well done bro.
Thank you. I'm just hoping for a miracle at the moment.
Miracle will happen soon and is on his way ! Crypyo-exchanges are looking into legal term's and will soon gona file case in suprem court against RBI. RBI violated law ! #isupportcrypto
It will come. I really admire your passion and desire. You are really an impressive man. Well done bro.
very good writing blog
Already signed that !
Hoping some good news !
Yeah everyone should do so.
thanks for that.
signed and have also shared it in some social networking sites for more and more people info.
Good post
Oh wow it's good that crypto is not banned in India because India is one of large trade center and is useful and effective for cryptocurrencies.
Thanks fot sharing this information
Don't act as a result of Panic, keep yourself together!
We've had similar issues with CoinSpot over the Xmas break. Although the RBA didn't intervene, the banks were majorly cracking down and they had to go slow. Finally they introduced an option where you can walk into a newsagent and directly deposit cash to buy crypto...All that is gone and we are back to being able to use bank accounts! Im sure it's temporary or a prelude to the launch of Jio Coins?
Don't know if this is for Jio or RBI's own digital currency. Whatever the case maybe it needs to be reversed immediately. However, I'm uncertain about this.
nothing new from the government, always trying to stifle the growth of the common people... already signed the petition, we will not let them cut off our wings this time.
Please make sure the petition link is working. When I clicked, change.org is showing that the petition is not available.
https://www.change.org/p/rbi-make-india-at-the-forefront-of-blockchain-applications-revolution
oh look some FuD "yawn"
Thanks for the great update, yes this types of behavior from the system, makes very little effects,as the community becomes very hard bold by its every experience. Thanks, we will definitely waiting for your updates in future too. Have a great time ahead.
Good luck with the petition
Ooohh..such a complex situation we are in....restreming the post...many have been worried about prevalent condition...
Thanks for great news. Resteem it now. I will also fill the petition against RBI decision.
thanks for information! thanks for sharing
Thanks.... for great news..Resteem it now I will also.. fill the petition ...against rbi decision......
I love CRIPTO and I do not panic sell. I will purchase Rs. 10000 Alt coins.
Thank you so much for this great news....
Good news, thank you for information @firepower
I am Pricasso most wonderful artist and here are my two 'artistic' cents.
Banks, governments and general 'overseeing authorities' are losing power and fast, and there is really not much they can do about it. This all can be thrown into the general global FUB basked of silly attempts to discredit/shutdown crypto's much like the internet which from day 1 they have tried to abolish. A life of abundance lies ahead thanks to Cryptos and they really can do ZERO about it. I recommend following John Mcafee on Twitter he calls a spade a spade. Justin Sun (TRON founder) also a good one.
Yours Always
Pricasso
very good job.you give many update information about cryptocurrency bank of india.Thanks for share.
Great job spreading the word. I’m sure this will be reversed eventually, once India sees the lost opportunities from such a move....but hopefully a petition will help speed the process. No need to sell! No need to FUD! Stay strong!
So personally, do you take this as a "buy" signal to take advantage of the FUD?
For me, hodling seems the best route as of now.
Signed the petition and I am very positive that Indian Government will think over it, brain drain will be happening very soon due to. So many engineers, coders are employed with the blockchain technology and it is the future. If India wants to develop , it should embrace it.