It would be wise to remember that by the 6th of July it’s very likely that banking services to all cryptocurrency exchanges in India will be stopped. The idea behind this post is the keep you informed and not create any FUD.
There’s no news from any big Indian exchange as to when their respective bankers will stop rendering services. It’s safe to assume that in the last 5 days i.e., the first 5 days of July, 2018 most banks rendering services to these exchanges are likely to stop.
This means that you explicitly cannot deposit or withdraw any INR to/from these exchanges operating out of India.
You can however use any peer to peer service to continue your Bitcoin trading.
I’m certainly going to miss the instant deposits 24/7 to my account from Coinome when the ban goes into effect. It has been a pleasure using this exchange in the past few months over anything else in the Indian market.
Personally I think it would be a good idea to start saving up some cash. I think there could be a slight dip in Bitcoin prices for selling in India as most Bitcoin traders in the P2P channels are likely to lower their purchase prices in order to gain some cheap coins.
Prices in most exchanges are quite decent for selling at the moment. If the market continues to dip in the next 2 weeks it would certainly allow greater accumulation.
Lemme know what your strategy is to go through this phase. Hopefully, on the 20th July the Supreme Court will overturn this ban but if it remains we’ll just need to stick with P2P options until the needful happens.
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