Not long ago, the Reserve Bank Of India instructed every Bank to sever ties with any Crypto related business including Crypto exchange and in this way, Government of India indirectly banned cryptocurrencies. Well, it was not a 'Ban' but disabling the crypto to fiat conversion can technically be called as a 'Ban'
Officially, crypto trading is not banned in India right now and people are trading as usually before the instructions by the Reserve Bank of India. Although, Reserve Bank gave 3 month window to all the banks to sever their ties with any crypto related business and hence people are taking benefit of this 3-month window.
These days, crypto volume has been increased a lot in Indian crypto exchanges. People are converting their fiat into crypto while they still can and transferring them onto some foreign crypto exchange like Binance or Bittrex.
As per the source, Shivam Thakral, the CEO of BuyUCoin said the following statement regarding the crypto ban in India :
“There is a positive sentiment in the industry that the government will not ban trading in cryptocurrencies, and even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms".
Price of BTC had dropped to 3,05,000 INR following the announcement by Reserve Bank of India but now the BTC price is trading over 6,15,ooo INR. It got doubled in almost 1 month.
So, people are taking huge benefit of this extreme volatility in the market. At the same time, all the investors are also expecting that Government will not ban crypto in any manner. The recent crypto-bank ban was only a warning to investors to keep them away from crypto trading as it might lead to the loss of money.
People believe that those who're trading crypto will continue to do so in the near future and no ban can stop them, especially when the foreign exchanges are working just fine.
So, we might expect a Ban lifting in near future. Until then, always be cautious before investing in cryptocurrencies.
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