Already stopped !!!! yes Crypto to INR withdrawals and deposits have been suspended by Reserve Bank of India as per the circular released on 6 th of April 2018. They informed all the concerned banks to stop all kind of crypto to INR transactions with commercial cum individuals. All crypto investors have been in confusion for last three months . Most of us have been hoping for a stay by The honorable Supreme Court of India on RBI that had to be announced on 3rd July. But that could not work as Supreme Court has rejected it. And finally from 6th of July bank service has been withdrawn from the exchanges.
This is a very serious concern. Although there are alternate ways to cash out your cryptos most of us are unknown to this fact. Payment gateways are not subjects to be understood easily for all those new investors. Most interestingly almost 70-80% of new investors have invested in the crypto field in their ATH ( all time high) value time. This is natural. In India the ATH of BTC was almost 15,00,000 INR in Zebpay or other exchanges. People having their portfolio are getting panic already and out of them almost 80% investors dumped their valuable assets during February FUD news and in the last month during Zebpay remainder announcement. In spite of all blanket ban and news few are holding our assets in the hope that we will get out of all problems and will be able to get some profits. That is obvious. But how??? is it really possible??
Let me clear the confusions here. As the Indian govt has not yet declred cryptocurrencies are as illegal, still there is chance of partial regulation by applying taxation on trade vale or by applying capital gain tax. As already two more media here in India published news on it. So if it happens it will be good for all of us. we are already doing our trades against KYC.So there should not be any kind of hidden facts. There may be some exceptions .If suppose govt does not allow so what will be our probable ways???
Exchanges like Wazirx , koinex, bitbns etc have already declred that they will bring positive solutions to the customers in the form of P2P trading . People can buy or sell their cryptos through them by allowing users to transact in INR by direct transfer of money and then transfer of cryptos from their locked wallet. This will be a nice way although we cant say an exact policy.
Now if you want to deal with foreign currency you can do it. But for thet you will have to enroll yourself in different payment gate ways. like as screen shots,
Here you will be allowed to exchange your virtual currencies to fiats which will be then converted to INR and will be sent to your personal bank account.
another three gate ways are,
In payza and paypal there will be some restrictions.
Keep one thing in your mind you will have to pay a sound volume of transaction fee in these gateways.
This blog is dedicated to all those newbies and ofcourse expert comments are most welcome here.
Thank you
Pankaj Mahanta