As we all know since RBI directed all indian banks to stop facilitating any crypto exchanges within the boundary of India and gave time to all exchanges, investors and banks a three month time (which will be ending on 6th of july 2018) to settle down their transactions and other requisites, all the crypto lover, crypto exchanges and investors who believes in this revolutionary technology are in a big dilemma, they are so confused what to do now whether to hold or sell. Now the indian Exchanges have prepared for the upcoming Banks-crypto exchanges INR transaction ban which will be effective on 6th of july 2018.
RBI's stance over crypto currency in India is still not clear, government of india and RBI have given multiple warning of potential loss time to time to investors since 2013, but still hard core believer of virtual currencies still trading and investing in cryptos for future gains. RBI has also introduced a committee or team of experts to study the matter and are required to submit a compile detailed report for the same. According to the Secretary of economics affair Mr. Subhash chandra garg in an interview given to ET Now news channel said "We are working on the template and are very close to wrap this subject most probably first or second week of july 2018". But still the picture is still not clear with respect to the future of Bitcoin and other Alt. currencies in India.
There are also some contradictory statements given by RBI which is confusing Indian crypto community and industry dealing in this sector as in the response given by the RBI after being asked in a RTI ( Right to Information) by a cypto lawyer that If there has been any committee made to study and understand the matter. The response was shocking to all the crypto community in India as well as abroad, Also some crypto experts trolled The central bank of india as the response given by was "NO" which means there were no committee or team of experts made to study the matter. So Now here some questions arises again that are Below:
Why RBI had warned for potential loss to the investor of crypto currency since 2013 while they haven't had studied the subject till date ?
What the authorities are doing since the formation of virtual currencies ?
On what basis RBI and other authorities considering virtual currencies as threat to the Indian economy?
If their were no committee formed as per the RTI's response by the RBI then which committee Mr. Subhash chandra heading?
So those were questions which should be answered by the Indian government and RBI. so that Indian crypto lover would have some clear idea about this topic.
Despite these challenges facing by Indian crypto community and indian exchanges. Now some Indian exchanges have come up with some solution which many crypto experts believe could be a big relief to Indian crypto community. However the idea is not new there are still some sites which are based on the same idea. So now let's talk about the proposed idea that some exchanges are preparing for indian crypto lovers i.e. Escrow service platform. Yes, you heard it right according to new article by WazirX exchange, which is based in india is all set for providing Escrow service platform to the indian community.
So what does this Escrow platfom do? Basically an escrow service is a platform where buyer and seller meet up and communicate with each other, after reaching out to the final conclusion both the parties would agree to go ahead and would likely ready to initiate the transaction in exchange for goods or services, Here the service Platform provider works as a mediator or intermediary that is also responsible for safe and secure transaction of funds. So that's all about Escrow service platform.
Now how effective this step would be for Indian crypto community that future will decide but we don't hesitate to appreciate the indian crypto exchanges to keep hope alive for a better and smoother transaction in future.
For more information regarding this step taken by Indian exchanges you can also check out the video which I am attaching with this article that could give you more insight information about this proposed solution after bank INR transaction ban.
Thanks for Watching and Reading the article
Article written by vikkyg