Hello My Dear Friends, in this post I'm gonna Tell you everything Related to Rbi against Cryptocurrency in India & what process to follow after Ban!
WHAT RBI (RESERVE BANK OF INDIA) HAS SAID ?
If you're from India & involved in cryptocurrencies and it's trading then you must be aware of RBI's warning on April 2018.
As on April 2018, RBI issued a notice regarding cryptocurrency in India.In that notice it stated that they will Halt all activities related to cryptocurrency & also stated that the are giving everyone some time of about 3 months ,so by that time they can gather all their assets and work,before they will ban it . Crypto exchanges are still allowed but the RBI has made it tough for individuals to get their money on and off exchanges.
They know that Cryptocurrencies can not be banned completely and it's not under their control so they targeted the Banks dealing with them.
The date of Ban as per RBI is on 5th of July 2018.
There's hardly a day left.
WHAT CAN WE DO NOW?
Don't Worry or get panic, there are many people out there who have filed a case against this decision of RBI in Indian High court as well as in Supreme court .
The hearing which was scheduled after 5th of july was scheduled to 3rd of July .
Crypto favours demanded a stay on Ban but they got denied and the next hearing is scheduled to 20th of July.
The co-founder of India's one of the most famous Crypto exchange named ZEBPAY has tweeted this:
HOW CAN WE DEPOSIT/WITHDRAW OUR MONEY AFTER THE BAN ,IS THERE ANY WAY ?
YES of course there are many ways by which you can deposit and withdraw your money.
RBI's this decision has put India to shame by many foreign businessmen as they all said that countries are accepting bitcoin and valuing Blockchain technology and India is just doing the opposite ,it seems that india wants to be a country like it was in the 1900s.
You can make an account on Skrill website and make sure you verify yourself there before any transaction and after you can transfer and sell your Bitcoins in INR and then transfer it to your Bank account .
Second way is doing it from another such website called Neteller .Thye process here is same as in Skrill .
My final words to you is that don't panic and sell your Bitcoins or Altcoins due to this decision,who knows that the upcoming hearing is in our favour and India may Regulate Bitcoins.
Thanks ,that's all my friends and do comment below your thoughts on RBI's decision on Crypto.