Payment Gateways for Crypto Purchase blocked in India
We often say that life is full of challenges and there is no life without struggle. This applies in our life but does it also apply to crypto? The answer is yes and I can do this at least for the Indian crypto community. Here in India, if one good thing happens then it brings a bunch of other problems and this is why things are looking to be even more challenging and complicated. It seems like this journey is not just going to be long but also tough because even after many good developments and innovations things are getting worse.
We know that anything can grow only when more people participate and if we try not to discourage people from taking part then this will not let the ecosystem grow. Despite all the issues and no regulation scenarios Indian crypto community managed to do well and even the growth rate was significant but things have turned the other way around effective 1 April 2022 and it's all because of higher tax, uncertainty, and lack of banking support. Banks have been creating issues since the beginning and even RBI has never supported crypto. The blanket ban which was implemented in 2018 was because of RBI however in 2020 it was removed by the supreme court.
Now there is another issue that is with almost every crypto exchange in India. Banks have stopped providing banking support to the exchanges and because of this instant deposits and withdrawals are not working. It will take 7 days time to process the withdrawal which is a long period and it's going to affect the investors. I did not try to withdraw for long so thought of checking if it's working or not and yes it is offline.
I use Bitbns exchange so I checked and here is what we can see. There are two ways to withdraw money from the exchange.
- Instant - It's disabled.
- Normal - this will take 7 days which is a very long time.
Now in this scenario, if someone wants to withdraw his own money then also he has to wait for 7 days and this is something not good at all. People may have emergencies and they would not be able to get even their money on time because the banking system is not providing the support to crypto exchanges and this is happening even when govt has implemented a 30% tax. How will govt earn tax if people would not get the basic services to trade because of this there is a drastic drop in trading volume across exchanges in India.
This is not a good situation and ideally, this should not happen at all because instead, it's making things worse for the crypto industry in India. Even we can say that the brain drain has started and recently wazirx exchange founder has moved to Dubai because this country is crypto-friendly and this is just the beginning. If this situation continues to happen then probably more such scenarios will be repeated and this will take India behind in the innovation and digital revolution that the world is going to see through crypto.
Thank you so much
Stay Safe
Greetings @reeta0119
This certainly is a setback to the few advances they were achieving, the detractors of cryptocurrencies do this because they do not believe in it , and there is also a market that they can no longer control, I hope you can get other alternatives so that you do not spend so much time to dispose of your resources
Thank you very much for sharing.
Hello @dgalan
What you said is right and this is applicable to the current crypto scenarios. Thanks for stopping by and sharing your thoughts.
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This are set back, not quite good for crypto users in India the government have shown less interest on crypto am sure this move will as well discourage crypto adoption in the country.
I would suggest looking for alternative exchange to process p2p transaction which can pay in local cash as well.
Do stay encouraged cheers.
Do you know any p2p exchange that is trustable ?
Binance is good place and very reliable.
Paxful...https://paxful.com/sell-bitcoin
It has lightening wallet support, so if you have a wallet that supports lightening network, maybe transaction fees will be low...
There are also places you can convert crypto to swap like https://changenow.io/
So convert your crypto to usdt then BTC... this site has segwit support. So if you have a segwit supporting wallet like ledger, trezor or electruc I think, you can transfer BTC cheaply.
I suggest try not to use CEX that too Indian CEX...
Convert your crypto using platforms like change.now, there are more and I found them from hive.io site... after that convert to BTC then use paxful to liquidate it to INR.
remember...to keep proper accounts of your transacctions though... because tax stuff, you can install vpn too, recommend it.
Learn to use Bitcoin segwit... you just need a wallet that supports it.
Also there is another P2P excchange https://agoradesk.com/... explore them, these are safe.
Although you have to be careful.
You can ping me at discord, i will share information I know.
Wow. this is very useful information and thanks for sharing with me. I will dm you soon.
The centralized system will never accept crypto for what it is; either they modify is significantly or they reject it totally. That's what is happening in india and other countries of the world, including El Salvador.
yes, centralized system not accept crypto easily because somewhere they are scared of it and this is topping them to adopt it
Please illuminate me on El Salvodor, people are crushing me when I say that Bukele is currupt and he is no hero with BTC made legal tender, its to avoid using US dollars that's all, and have control over sovereign currucy.
When I point it out, I find haters man, abusing me...that guy has won crypto communities heart I tell you.
Even so, el salvador is beeter than india in crypto.
I truly agree that El Salvador is definitely better than India.. A bitter truth but we can't ignore it
I feel what you are feeling because this has happened in Nigeria long ago. In fact our government are still hunting accounts that are running crypto transactions and everyone is just trying to be preventive and careful.
A lot of crypto trader's accounts have been blocked for this reason. But I hope that things change for India soon.
Some govts are really trying something that should not be the case, they should think more on the adoption side but they are trying to control it. Hope some day they realize the potential and this is much needed I believe. thanks.