Crypto News Flash #191: Indian Crypto Traders Found A Way To Surpass RBI's Fiat Banking Ban
If you're a resident of India and actively trades in cryptocurrency, then you must be aware of the Fiat Banking Ban recently imposed by India's Central Bank (RBI) in April 2018. Although, RBI had given a 3-month period to all the crypto traders and investors to withdraw or settle their cryptocurrency trades and after 5th July, No Indian commercial banks will support Indian fiat to crypto deposits and withdrawals in cryptocurrency exchanges.
Now, people are panicking in India, which is quite understandable and natural. There's a complete chaos in Indian crypto market since RBI announced Fiat Banking Ban. People are finding some ways (or loopholes) to surpass RBI ban and finally they have found something promising out there.
A rouge bank in the Northeastern state of Sikkim is gaining a lot of attention these days among crypto traders and investors as it doesn't fall under the jurisdiction of Reserve Bank of India. The State Bank of Sikkim (SBS) doesn't come under the regulations of RBI.
As per the Source, the reason being mentioned below:
RBI has no specific information to furnish about the existence of such an entity. However, it noted that the SBS was formed according to the State Bank of Sikkim Proclamation, 1968. It is not licensed under Section 22(1) of the Banking Regulation Act, 1949.
Now, people knows about this Bank and certainly they are seeing it as a ray of hope among despair. But now the problem is to open an account in this Bank.
To open an account with this bank, one has to be resident of the Sikkim state. No other state resident can't open their account with this Bank.
Now, let's see how Indian crypto traders/investors will utilize this option to surpass the Fiat Banking Ban in India.
Thanks for reading ....!!
