India: Here's All That We Know On RBI's Ban Coming In From 5th July!
I'm sure many of you and your close ones are concerned about the well being of your respective cryptocurrency investments and the legality of being in this space in general. Let me tell you, please don't worry and panic sell to exit this space. Nothing is lost!
Even as the ban goes into effect there are a few things happening in this sector in India over the course of the next 2 weeks.
I will outline them for you:
- Most exchanges will stop deposits and withdrawals by 5th night as they will be cut off by the respective bankers.
- Zebpay is attempting to list their petition for hearing on the 5th of July, 2018.
- RBI has been given 7 days from today to respond to Supreme Court over IAMAI's petition which was listed on 3rd for hearing.
- Some exchanges are starting their P2P mechanism after the 5th and therefore you will be able to withdraw and deposit into exchange accounts.
- P2P trading directly circumvents RBI's decision and there is nothing your banker or RBI can do to stop this.
- RTI filed against RBI was not admitted to Supreme Court along with petition and stay application on 3rd July by IAMAI's lawyers.
- There is no ban on cryptocurrency speculation or hodling from the government.
- Draft for Cryptocurrency regulation in India is being readied by the committee headed by Economic Affairs Secretary and will be ready by 15th of July.
- IAMAI's petition has been tagged along with the rest for hearing on the 20th of July.
- Due too FUD BTC rates are badly hit in India. Expect that to change slowly.
This what we know for the time being. I don't expect much to come out of the Zebpay petition seeking extension until 20th. But I will update everyone here with facts once I know more.
Also trying to find out from my sources on how some of the exchanges are dealing with with respect to paying their employees etc.
Stay tuned!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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wazirx exchange doing very good job and withdrawing is continue
This is not fair, government should consider it again. :(
Thanks for this information. I was wondering what is happening but you gave the complete information. However, it was really nice to withdraw from Zebpay since their transactions are very fast, but no one understands the problem of the middle class people. RBI has it's own story to boast and the current government is upto something which no one can understand. So, keeping mouth shut and just observing things to happen.
Once again we might see fud selling today and tomorrow. In the Indian crypto market prices will fall lower than the rest if the world and this is where I think the intelligent Indian buyers will swoop in.
No matter what the banks and their ilk might do now, this train has already left the station. I'll be waiting for the day when RBI has to one day eat its own words. That day might arrive sooner than we think people.
@hashcash yes that is not matter for INDIAN crypto trader because we have to so many option for buy and sell all coins. If there in INDIAN exchange have low price than it is big oppurtunities to buy coin. What you think?????
now crypto market prices are still not stable and continue to experience turmoil, hopefully one day will be stable and as we expect. thanks @firepower already shared about the development of crypto
@firepower Indian government everytime making people panic with new #FUD also price goes down. #Government unable to understand the future technology. Exchanges are trying to fight but let see what happens.
Every developing countries are afraid to VCs, they have fear to loss their centralised currency that's why no one developing country is taking step up for VCs.
While developed countries are working on Blockchain and VCs.
Developing countries are still surviving for better infrastructure to accept any technology.
I think India China will not take step up at this time and they will take 3-5 years to take step up..
Keeping our finger crossed for better tomorrow. All these speculation has made many to leave crypto world also those who are not into it are hestitate to even talk about. They see them as blavk magic....i talked to a guy about steem blockchain and his first reaction was ......'no no...crypto is illegal' and the conversation ends...all these ups and down has made crypto a dicey in India. Let hope for better tomorrow and thanks @firepower for keep us updated with all the development.......resteemed!
@steemflow we hope that everything goes right and in favour of crypto. This is a new generation currency. If we have to walk with world. INDIA must have to accept this currency.
Even I sold more than 50% of my cryptos.. just to avoid the loss of money I invested from pocket.
Thats verg bad. You have a option to put that in international exchane and there are many option to sold and make money
I am skeptical about govt. especially of Arun Jaitley. I just played safe here, so I took out the amount that will save me from losses, other part is profit, which I keep for future growth.
@sanjay91422 Thats very good. Every one have to play as according this. I think we get more profit in end of 2018. Market is slowely coming out of bloodzone with little correction. That is really good sign. So Best luck
WOw thank you so much for the information man....