Hello my dear Steemians. After a long time, I am here with a post for you all. I hope you all are doing good here and Crypto market also doing some nice moves.
In this post I am going to discuss the situation on Reserve Bank of India's indirect Ban on Cryptocurrency transactions. Earlier RBI gave the Banks 3 months time period to wind up relations with individuals, firms dealing in Crypto Assets. As per April 5 circular, RBI regulated entities were asked to cut relations with firms and individuals working in Cryptos by July 5, 2018.
In opposition many firms/businesses filed plea requests and petitions to supreme Court too. Today on July 3 there was a hearing also on this matter in SC. But the result was not good news for Indian Crypto Lovers as the Supreme Court refused to stay RBI's circular of ban. But still hopes are living as the SC judges however agreed to hear the petitions moved by Internet and Mobile Association of India (IAMAI) on July 20.
So what will the conclusion will come on july 20, we don't know. However Indian Goverment specially out Respected Prime Minister Shree Narendra Modiji is quite positive towards Blockchain technology. But still anything could happen. We can't guess it.
Now confusion among Indian Crypto space is what will happen what will we do after July 5! Guys remember one thing every problem has solution indeed and so this has also.
No need to worry or panic selling your CRYPTO assets in cheap rates or in loss. We can do all transactions in Crypto and Fiat (INR) normally after July 5 too. Remember Nobody can ban bitcoin or any other Cryptocurrency. They are decentralised and nobody can control them.
Recently some Indian Exchanges made announcements about their stands on this situation. Some with positive and some negative. But I will talk about only positive solutions they announced.
Let's talk about these India Exchanges. First Indian Exchange to announce a solution for this matter is KOINEX. They have introduced LOOP - A Peer to Peer trustful token transaction Network for digital assets using fiat Currency. In their official announcement on their Medium page they said :
" Loop offers a blockchain-based collateralised escrow, peer-network determined trustful reputation, efficient settlements with direct interactions between a buyer and a seller (without ever revealing private and sensitive information, including identity) and a technology-enabled dispute resolution mechanism. Users will find comfort in transacting with other KYC-verified peers on the platform, make and receive payments directly from peers and be able to strategise their trading activity better "
°•°•° Read their full text from HERE
Second exchange to announce the solution is WAZIRX. The solution they will provide is also same at some points as Koinex, a Peer to Peer transaction system. Some of the glimpses of their official declaration from their medium post as below :
" WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR ~ The seller deposits the crypto with WazirX ~ WazirX escrows the crypto for safekeeping during the transaction ~ The buyer pays INR to the seller ~
WazirX releases the crypto to the buyer as soon we get a confirmation from the seller.
In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other "
°•°•° Read their full text from HERE
The third Exchange BITBNS has a very unique solution for this situation. They call it HATKE SOLUTION. They have not revealed it now. They will announce it when time calls. They are very positive and confident to handle the situation. So let's see what they have for us. Here are some lines from their Medium post as below :
" Your INR withdrawals won’t stop. They are not stopping on 5th July. So no need to panic. Even if anything of that sort happens we have mechanisms in place to ensure all the withdrawals would continue happening. We have solid plans in place. We do not believe a direct P2P flow is the right way to go. The same way we thought crypto to crypto won’t be the right way to go and hence did not introduce it. Crypto to crypto even after a couple of months does not even contribute 2% of the total volumes traded. Of course the overall blockchain industry would go benefit from all the innovations that come from the current scenario as necessity is the mother of all inventions ! So the global industry can watch out. We have always been hatke and we expect our users also to be "
°•°•° Read their full text from HERE
Fourth and Last Exchange in my list is KOINOK They are also very positive on this matter. They are too confident that according to them Everything will work smoothly after July 5 as were earlier. In their official email they have stated that even after July 5, INR withdrawals will be available on KOINOK and we will be able to withdraw our fiat money any time without any hassle. I have attached a screenshot of their mail. Now lets see what they serve. Hoping for the good.
In addition to these solutions and positive stands, we have other ways too like Localbitcoins.com, Netteller, Payeer and Skrill too where we can deposit our CRYPTO money and withdraw in USD/INR to our Banks.
So friends no need to worry whatever happen and No panic selling. KEEP HODLING YOUR LOVING CRYPTOS and Keep Trading Keep Mining!
Official Links for above said Exchanges
KOINEX | WAZIRX | BITBNS | KOINOK
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