If you are a investor in Bitcoin or any other cytpocurrency and you are from India, a deadline is looming on you. After 5th july the financial entities of India which includes Banks, will no longer support business related to cryptocurrencies.
In April RBi has issued a circular giving a three month waiting period to all the financial entities of India to end their relationships with the crypto world.That period is going to end on 5th july. It means you will no longer be able to buy or sell your cryptocurrencies in Fiat.
The Internet and Mobile Association of India(IAMAI) had filed a writ petition in supreme court against the RBI move of banning financial institution from providing services to businesses dealing in cryptocurrencies. Today, the court has refused to grant a temporary stay against RBI’s directive restricting banks to provide services to exchanges. Accordingly, banks have to end their relationship with cryptocurrency exchanges in India by July 5.
Meanwhile, cryptocurrency exchanges have given assurance to virtual currency investors that their investments will remain safe with exchanges.
The RBI has issued many warnings to against dealing in Cryptocurrencies and even compared it to ponzi scheme.
While many new investor are rushing to cash out their crypto investment ,experience traders remains unfazed .
Be positive, mate and don’t create FUD. We can still try peer to peer crypto transactions. WazirX has launched an amazing platform for crypto buyers and sellers. Check it out here. We will definitely find out some efficient method for trading till then be positive and HODL!
Sharing the right news is not about creating FUD . P2P trading will not be as smooth as it is right now.
Sharing the news in such a way could create FUD. It’s good to present it in a positive way.