No! BitCoin and other cryptocurrencies are not banned in India.
However, the RBI (Reserve Bank of India) has barred all the banks and financial institutes from offering services to Individuals and Crypto exchanges. This development will have a long-lasting effect on the Indian crypto scene unless the government decides to intervene and recall the circular released by RBI.
The biggest challenge is for crypto investors who won’t be able to convert their crypto holding into INR using Indian Crypto exchanges. The solution is P2P exchanges like LocalBitcoins or by using a DEX like BiSq. That is alright for small transactions but if you wish to legally trade crypto and want to pay taxes on your earnings, it might not be the same with existing circumstances.
A lot of users are not aware but a lot of banks have already stopped offering their services to India crypto exchanges a couple of months ago and that’s why we have seen exchanges changing their banking partner or started using UPI and payment gateway to deposit and withdraw payments.
Well, for now, the situation is uncertain but it’s important to keep an eye on the important news which may be a deciding factor for the future of cryptocurrency in India.
A lot of crypto exchanges have already released an official statement regarding the same and a few of them are yet to release an update. I have curated this list of official statement from Indian exchanges so that you stay aware of what Indian crypto exchanges are doing to tackle the situation.
Only time will tell what the future holds. But for now, let’s look at how Indian exchanges are reacting to the RBI cold shoulder towards Indian cryptocurrency industry.
Official statements from RBI Banning Banking for Crypto in India
Coinome has just released a statement
Also, according to their activity on Twitter, it seems they might remove INR completely in the future and let users trade using crypto-crypto pairs.
We are now live with four more crypto-crypto markets! Coinome releases BCH/BTC, ZEC/BTC, DASH/BTC and BTG/BTC markets. Happy trading 🙂#BCH #ZEC #DASH #BTG #BTC #bitcoin #BitcoinIndia #coinome #cryptocurrency #CryptocurrencyNews #cryptocurrencies #Crypto #Blockchain https://t.co/SlHaMnpKM7
— Coinome (@CoinomeOfficial) April 6, 2018
We are still waiting to hear from CoinDelta, Koinex and a few others. Once I have more to share, this list will be updated.
For now, do share your feelings and opinions on RBI barring Indian financial institutes to serve Crypto related Individuals and businesses. Also, how are you dealing with your existing crypto assets?
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