India Puts the Brakes on Cryptocurrency Trading

DooKey

DooKey

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Yesterday the central bank of India released new monetary policy that forbids regulated entities from dealing with individuals or business that's buying or selling cryptocurrencies. Basically, they can't facilitate any kinds of transfers of funds to digital wallets or private banks for purposes of trading in crypto. India has a large population and it's involved in a significant number of Bitcoin transactions worldwide. This policy is bound to cause a significant impact in the cryptocurrency market.

Interestingly, the RBI isn’t nailing the coffin shut on cryptocurrencies entirely: it’s actually looking into creating its own fiat digital currency, which it hopes to circulate alongside paper currency. A committee exploring the possibilities of this will submit a report on its feasibility by the end of June.
 
to put in context, India has been plagued with micro-finance scandals, investment scandals, bank scams to the sum of Billions of USD every year .... with a focus on the poor and working class.

their regulatory framework is still weak
 
at first i was upset that USA banned ICO launches... but i think in the long run you look at countries like india where people take the $1 it took them all day to earn > invest in a scam > and they are broke.... is the other extreme.
 
I had wondered when this would start kicking in. Of course it would be one of the most bureaucratic and corrupt governments in the world to do it first. The US will likely follow in about 5 years, if history teaches any lessons on the matter. Soon, the only cryptocurrencies in wide use will be government issued, and nobody will be 'mining' them. Of course, this will all be done in the name of public safety.
 
This will be interesting to see the impact on the global market. Will we see a glut of video cards come on the market or will they simply do overseas trades for the currencty then convert that to local?
 
No surprise that India would be an early mover on this.

They've long had tight controls on gold purchases, and for almost 40 years personal holding of gold was illegal. Now they tax it heavily and have loads of restrictions that help prop up their unwanted rupees.

Cryptocurrencies got around all of that for a time.
 
All in all, it's just another brick in the wall.
 
Grimlaking said:
This will be interesting to see the impact on the global market. Will we see a glut of video cards come on the market or will they simply do overseas trades for the currencty then convert that to local?
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NewEgg is advertising 1060's for $300. when's the last time you saw that price? The market is starting to show pressure. I imagine instocknow and pricehound would should a number of cards being available at lower prices.
 
RealBeast said:
No surprise that India would be an early mover on this.

They've long had tight controls on gold purchases, and for almost 40 years personal holding of gold was illegal. Now they tax it heavily and have loads of restrictions that help prop up their unwanted rupees.

Cryptocurrencies got around all of that for a time.
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Modi put in a TON of anti corruption and anti bribery measures in place to reduce corruption including replacing the currency. It has helped stabilize things for India, and he is well liked as a PM. Crypto currency is just a way to continue corruption and bribery.
 
Starting to sound like the pyramid is almost complete. Can't wait to find out who get buried in it!
 
digital fiat currency?

you can do that already with your credit card and pay by phone.

crypto is really unnecessary.
 
This isn't going to effect anything. India don't matter. The bulk of the crypto market is asia. So move on, nothing to see here :)
 
India was never big in crypto market. no one cares. It wont change anything

South korea and japan is where most of the volume comes from.
 
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Galvin said:
India was never big in crypto market. no one cares. It wont change anything

South korea and japan is where most of the volume comes from.
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fine1-825x300.jpg

Ummm nooooooooo
 
Galvin said:
This isn't going to effect anything. India don't matter. The bulk of the crypto market is asia. So move on, nothing to see here :)
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Another domino teeters...

None of these government restrictions are made in a vacuum against the value/survivability of bitcoin - of course each one has an affect on the market.

India isn't in the top 5 or 10 countries by participation/volume --- but they do have volume - and they have what, 1/6, of the world population or something?


Bitcoin participation/volume by country:
https://coin.dance/volume/localbitcoins
 
Shocking that yet another central bank is threatened by decentralized digital currency since they do not control and cannot corrupt it.

Unfortunately the genie's already out of the bottle, now its just a matter of how the banking industrial complex manages their decline.
 
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lcpiper said:
Weren't we just having a discussion the other day about making crypto illegal?

Yes yes, someone said it couldn't be done.
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It can be done about as well as all the governments and dictators that have attempted to declare the internet illegal.

Guess how that's working out for them.
 
odditory said:
It can be done about as well as all the governments and dictators that have attempted to declare the internet illegal.

Guess how that's working out for them.
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You'd be a little less skeptical if it was your nuts in the dictator's vise now wouldn't you? :jimlad:
 
DigitalGriffin said:
NewEgg is advertising 1060's for $300. when's the last time you saw that price? The market is starting to show pressure.
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there's an EVGA GTX 1070 Ti Ultra Silent on ebay for $500, 4 are available and 18 hours left on the listing as of this posting and None have sold. I paid $500 New the last week of Dec 2017
 
odditory said:
Shocking that yet another central bank is threatened by decentralized digital currency since they do not control and cannot corrupt it.

Unfortunately the genie's already out of the bottle, now its just a matter of how the banking industrial complex manages their decline.
Click to expand...

It's the government who's outlawing it.
 
Galvin said:
India was never big in crypto market. no one cares. It wont change anything

South korea and japan is where most of the volume comes from.
Click to expand...
Speculative increase would come from untapped markets, not saturated markets.
 
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