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I stand to be corrected here (I'm sure crypto experts on HN can weigh in on this point with far better detail), but I think a "ban" in this context means that t
by herodoturtle 6y ago
I stand to be corrected here (I'm sure crypto experts on HN can weigh in on this point with far better detail), but I think a "ban" in this context means that they won't allow conversion of Bitcoin to the local Indian currency and vice versa.
So for example, whilst nothing can be done about Indian miners / holders of Bitcoin continuing to trade Bitcoin for other currencies in other jurisdictions (and by extension, nothing can be done to stop them from continuing to exchanging bitcoin for services and products online), Indian citizens won't be able to buy bitcoin using local Indian exchanges, nor will they be able to sell bitcoin using local Indian exchanges, nor will they be able to buy or sell products and services in India using Bitcoin.
- JoeAltmaier 6y ago...unless they do. That's the thing about BitCoin. It never leaves the internet. You want to exchange them - do it. Indian currency exists outside India. Exchanging it for bitcoin is a digital transaction. On the internet. So I still don't see the ban as even meaningful words.