Bad news for Indian Crypto lovers!
The Supreme Court (SC) on Tuesday refused to grant a stay on the restriction imposed by the Reserve Bank of India (RBI) in April on banks extending services to cryptocurrency-related entities. IAMAI, which represents internet firms had filed a writ petition against the RBI move that has set a July 5 deadline for banks and payment gateways to stop working with cryptocurrency, affecting exchanges and traders.
"Once the deadline is over, exchanges will only be able to support crypto-to-crypto pairs. Thus, individuals who wish to buy cryptos with other cryptos would still be able to do that and be part of this global phenomenon," Ashish Singhal, the Co-founder, and CEO of CoinSwitch.co told the site.
Now what is the solutions??
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” said Nischal Shetty, chief executive of WazirX, an Indian crypto exchange that is set to introduce P2P trading.
Besides WazirX, another exchange Koinex has introduced its escrow solution called Koinex Loop. Both WazirX and Koinex escrow solution will go live as soon as the RBI ban on banking services comes into effect.
There is lots of other options like Skrill, Paypal, Payza, Localbitcoin etc. But we need a good solution where we can easily deposit and withdraw our funds. I hope very soon RBI will come up with regulation so Indians can buy crypto from banks.
Do you have any solution??
Comment your thinking.