Jan 21, · The Reserve Bank of India has said it had not banned cryptocurrencies such as bitcoin in India, but only ringfenced regulated entities like banks from risks associated with trading of such virtual instruments. The RBI clearly states in its reply to the IAMAI that it has not prohibited virtual currencies in the country, the publication reiterated. Nov 29, · After the Supreme Court’s ruling to quash the ban on cryptocurrencies in India, activity in the crypto space has grown significantly, however, some rumors have still emerged about the uncertainty regarding the legal status for Bitcoin and cryptocurrencies in the country. 2 days ago · The Supreme Court of India passed judgment on Wednesday striking down the central bank’s April circular which bans regulated financial institutions from providing services to crypto businesses. The court held that the RBI circular is .
Bitcoin will be banned in indiacryptocurrency: India plans to introduce law to ban cryptocurrency trading - The Economic Times
You simply cannot transfer your money to the bank. The crypto-currency experts are saying that the concept of the blockchain the algorithm behind crypto-currency cannot be hacked.
But, there were lots of people whose money was stolen from the wallet. That means it was not that much secured. Hit the bell icon below on the right side of the screen to never miss any update. April 17, April 24, October 15, March 29, August 11, April 1, Hi , I am Anuj Vohra. Founder of Itsfacile.
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No funds have been frozen either, and exchange users can continue to use the platform as they always have. With no banks alerting Unocoin of any impending changes, business will resume as normal until stated otherwise.
Exchanges can always look outside of India for banking partners. Additionally, it remains to be seen how many exchange-serving banks will adhere to this ultimatum in the next three months. So far, it seems the damage will not be all too great. Do keep in mind this is always subject to change.
As has become evident with other exchanges, there are crypto-friendly countries. Malta comes to mind, as Binance recently migrated there. If push comes to shove, Indian exchanges have other options to look into. It may hinder the use of INR, albeit it is still too early to draw any conclusions in this regard.
This decision by the officials India is not entirely surprising. For several months now, the RBI has warned about the risks associated with cryptocurrencies. However, the government is still working on actively regulating cryptocurrency. How that will play out in India, remains to be determined.
The only thing that matters is how Bitcoin trading is not banned in the country. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. All Rights Reserved. Advertise Submit a Press Release. Home Cryptocurrency news Bitcoin. Reading Time: 2min read. Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza!
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