Today’s deadline to implement the ban means that Indian citizens will no longer be able to buy and sell cryptocurrencies on exchanges, but will instead need to use peer-to-peer networks, The Times of India writes. If an Indian citizen wants to exchange crypto to fiat, then they will need to then use marketplace exchanges.
Additionally, crypto exchanges and companies will not be able to receive loans from banks in India.
One direct result of the ban is that Indian cryptocurrency exchange Zebpay announced on July 4 that it would be freezing Indian rupee deposits and withdrawals before the ban came into effect.