RBI on cryptocurrency: Banks banned from dealing with cryptos. What should investors do? (In Hindi) |
|
The Reserve Bank of India (RBI) today banned regulated entities such as banks and financial institutions from providing services to any business dealing with cryptocurrencies. Obviously, the Indian cryptocurrency exchanges will be greatly impacted by this move since they depend on banks and wallets for fiat money deposits and withdrawals. Banks have been given three months to wind up operations with cryptocurrency-based businesses. Surprisingly, RBI is thinking about a plan to launch their own fiat digital currency. We want to clarify that this ban does not mean a Bitcoin ban in India. This regulation only covers financial institutions like banks which are under the purview of the RBI.
The Indian cryptocurrency investor community is shocked by this move. While this is not a direct ban, it does stop them from participating in the cryptocurrency market. As part of the cryptocurrency investor community, we are also extremely disappointed by this move. This move will seriously derail India from its vision of a Digital India and allow other countries to move ahead of India in this revolution. This also stops investor wealth creation in India, at a time when the cryptocurrency markets are in the early adoption stage. Let's come out as a single, unified voice and speak up against this move. We recommend that at this uncertain time, cryptocurrency investors keep their crypto assets on their own wallets. We will keep you posted on further developments from RBI, banks and cryptocurrency exchanges. References: RBI Bans Regulated Entities From Dealing In Virtual Currencies: https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies Bitcoin Ban: Banks Given 3 Months To Stop Dealing In Digital Tokens: https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294 WazirX official statement - About today’s RBI circular: https://medium.com/@wazirx/about-todays-rbi-circular-1829e21cf8e0 Bitbns has launched a petition: https://twitter.com/bitbns/status/981893082101694469 Follow Crypto Dost on Twitter: https://twitter.com/TheCryptoDost For enquiries, write to thecryptodost@gmail.com Disclaimer: Please keep in mind that I have made this channel to share my experiences in the cryptocurrency market. I am not a professional financial advisor and the information provided is solely for educational purposes. Consult your own financial advisors and do your own research before investing in cryptocurrencies. Investing in cryptocurrencies is inherently risky and you can also lose all the amount you invested. Only invest the amount you can afford to lose. The channel shall not be liable to the viewer for any damages, claims, expenses or losses of any kind (whether direct or indirect) suffered by the viewer from or in connection with the information obtained on this channel. |