I'm sure many of you and your close ones are concerned about the well being of your respective cryptocurrency investments and the legality of being in this space in general. Let me tell you, please don't worry and panic sell to exit this space. Nothing is lost!
Even as the ban goes into effect there are a few things happening in this sector in India over the course of the next 2 weeks.
I will outline them for you:
- Most exchanges will stop deposits and withdrawals by 5th night as they will be cut off by the respective bankers.
- Zebpay is attempting to list their petition for hearing on the 5th of July, 2018.
- RBI has been given 7 days from today to respond to Supreme Court over IAMAI's petition which was listed on 3rd for hearing.
- Some exchanges are starting their P2P mechanism after the 5th and therefore you will be able to withdraw and deposit into exchange accounts.
- P2P trading directly circumvents RBI's decision and there is nothing your banker or RBI can do to stop this.
- RTI filed against RBI was not admitted to Supreme Court along with petition and stay application on 3rd July by IAMAI's lawyers.
- There is no ban on cryptocurrency speculation or hodling from the government.
- Draft for Cryptocurrency regulation in India is being readied by the committee headed by Economic Affairs Secretary and will be ready by 15th of July.
- IAMAI's petition has been tagged along with the rest for hearing on the 20th of July.
- Due too FUD BTC rates are badly hit in India. Expect that to change slowly.
This what we know for the time being. I don't expect much to come out of the Zebpay petition seeking extension until 20th. But I will update everyone here with facts once I know more.
Also trying to find out from my sources on how some of the exchanges are dealing with with respect to paying their employees etc.
Stay tuned!
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