Its a big blow to Indian crypto community as everyone was waiting for this interim relief day hearing on 3rd July 2018, The Supreme Court (SC) of India has refused to grant a temporary stay on the RBI’s banking restriction on cryptocurrencies.
Supreme Court had earlier ordered that all cryptocurrency-related cases be clubbed together and fixed July 20th as the date for the next hearing, the Internet and Mobile Association of India (IAMAI) had requested that the hearing be preponed as the RBI’s circular dated 6th Apr is set to come into effect from 5th July
SC had fixed the hearing for today 3rd July accepting the request. The Supreme Court has refused to grant any relief to cryptocurrency entities. Banks will now have to stop their services for all cryptocurrency-related entities.
I believe there will be a few months now where you cannot encash your crypto currencies to INR, so if you plan to HODL be aware that you might have to wait for quite some time before this gets resolved.
This might also be a good opportunity for risk takers, as there might be panic sell in the next two days so risk takers can buy low and keep for long term.
The reason why I say it will take some time, minimum a few months is because Indian bureaucracy works like that, things progress slowly so even though a body is formed to take the decision they surely will take their own time, in this time there can be FUD which you can take advantage of if you can hold that long.
In the long term its all good as blockchain is the future and will take over and disrupt many industries and the early investors and adapters will benefit.
So what are you gonna do now, HODL or SELL.
Lets talk in the comments section.
Added on 9th July,
So finally exchanges have stopped withdrawals to INR ( Indian rupee) and yesterday and today cryptocurrencies were available at a steep discount on one of the Indian crypto exchange koinex as they had issued a notice that today 2:00 pm IST they will stop taking requests for widrawals to INR accounts.
Some exchanges are still keeping the widrawals on, lets see till when.
Were u able to take advantage of the Discounted crypto currencies on Koinex ?