A few new users have been sending me queries every single day on various channels of communication and I felt I will address here once and for all. Here's what RBI's April 6th mandate which went into effect from 5th July does to your cryptocurrency holdings including STEEM if you're from India:
- It does absolutely nothing. Your tokens are your own as always. They have no control over it.
- No need to panic sell/exit.
- Regulations are being drafted. Final draft expected to be ready by 15th July.
- Peer to peer mechanisms already available for smooth entry and exit from this space.
- RBI ban is limited to banking services rendered by RBI regulated banks to crypto-exchanges only.
- Peer to peer mechanisms with escrow in place ensures safety of funds during an exchange.
- Instashift.io, Koinex, WazirX, Giottus, CoinDelta, Localbitcoins etc offer easy p2p. In some cases kyc is mandatory for both parties. But it's not needed in case of Instashift as it's registered in Estonia and doesn't hold your INR.
- Prices are down on account of FUD, misinformation and panic sell. Wait a few weeks and it'll settle to match global rates.
- There was never any ban on cryptocurrency trading or speculation from government. There is no way but to move forward with regulation.
- File your tax returns on time for your trades and avoid any issues on your income. Any deposits to your account even if it's from a P2P trade is taxable.
Don't let misinformation in this space and misleading opinions of people fool you.
Cryptocurrency is not a ponzi scheme!
Run away if someone offers you any kind of "investment opportunity". There is no dearth of scammers in India.
Don't be an ignorant investor and trade wisely! Good luck!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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