Last April, The Reserve Bank of India came with the proposal of Bitcoin Banking Ban Where it was mentioned that all the exchanges connected with Bitcoin and individuals, those trading in Bitcoin they should convert their investment in Rupees within the next 3 months whose last date is on July 5th.
The Supreme Court dismisses the petition given and it is said to continue the Bitcoin Banking Ban. What is the point of view now? Is Bitcoin Banking Bans can be completely successful by the Reserve Bank of India?
Major Exchange Zebpay’s Notice on 4th July --
India's Major Exchange Zebpay gave a notice to its consumers on July 4th. According to the notice, the exchange will be closed trading pairs against INR till further notice is not received from the Central banking sector.
Wazirx Goes For P2P
On the other hand, media reports that the Wazirx Exchange is going to start a new system. This system will be able to purchase full peer-to-peer and non-banking, where customers and dealers directly can buy/sell.
The exchange will provide an escrow service that will keep an eye on money transfers from the buyer’s side, and after confirmation from seller’s side.
After the seller receives the money in their bank account, they will transfer of amounted coins to the exchange, later the coins will be transfer to the Buyer’s Electronic wallet addresses by Wazirx.
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” Wazirx – CEO, Nischal Shetty said.
I have some Quetions for Steemit Bloggers --
- What do you think?
- Effects of banking ban in cryptocurrency businesses?
- Do we need to be worried?
- RBI opening a Black-Market for crypto Buy/Sell?
Let me know in the comments section below
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