On 4th of April the Reserve Bank of India decided to stop the services of banks for crypto deposits and withdrawals giving 3 months to the crypto traders and investors to withdraw their money.
Source
As soon as that announcement was made the prices went down quickly on local Indian exchanges and took some time to match the real prices.
A lot of people panic sold fearing that they might get into trouble if they didn't.
RBI ban is effective from 5th of July and many Indian cryptocurrency exchanges have stopped the INR deposits as well as withdrawals.
There was a hearing in supreme court about the ban of RBI but the outcome was negative.
There will however be another hearing on 20th of July and who knows if supreme court asks RBI to reverse their decision or it can be the same old negative news again but we can't really rely on the ignorant government such as ours.
They can't stop people from investing and trading in crypto, all they can possibly do is put hurdles in the way but I am sure crypto enthusiasts will overcome them one way or the other.
Source
I personally conducted a research among my friends and acquaintances and told my friends to contact their friends who hold cryptocurrencies to know if anyone sold their assets out of the fear and I was amazed to know none of them did. (The research was conducted on around 35 people).
This shows they all believe in cryto assets and are aware of the huge potential.
Many Indian users have started to use peer to peer exchanges to buy and seel their crypto and they haven't faced any problems since the withdrawals and deposits were closed by the local exchanges.
One of India's best exchanges koinex has started p2p cryto trading and that seems one of the best options for every exchange to implement at the moment.
I believe that the other exchanges are waiting for the next hearing on this case and probably will decide after 20th of July whether they should follow the foot steps of koinex or not.
Let me know your thoughts as well and feel free to share if have sold your crypto assets or are still holding them!
Use smartsteem to sell and buy upvotes.
Do you use eSteem?
eSteem is a Mobile📱& PC💻 application for steemit with cool features. You get incentives for posting through eSteem apps.
eSteem Spotlight; eSteem rewards its users with most Posts and Comments.
Download eSteem for your Mobile📱
Android devices Google Play Store
IOS devices Apple Store
Download eSteem Surfer for your PC💻
Available for all OS Github