Cryptocurrency market has got a dramatical user base. Millions of users are investing their money in this market. India alone is the huge market for cryptos. There are 5 million of Crypto Investors in India according to Zebpay CEO. But, Indian Government has not made any mood to regulate the market in India. So, it doesn't mean that Indian Government has banned the cryptos entirely. You may not know the entire scene behind this story. So, read this full article to check all the details what is happening in India on the Crypto debate.
Reserve Bank Of India(RBI) has issued a circular dated 6th April says that all the banks and payment companies in india should withdraw all the transactions with cryptocurrency exchanges and all the dealings should come to an end in the 3 months. Thus, banks have deadline date of 5th July. So, after 5th July, you may experience troubles while depositing or withdrawing your money in bank account from cryptocurrency exchanges.
A Cryptocurrency fanatic has filed a petition against this RBI Circular, but Supreme Court of India is not ready yet to issue a stay against this circular. However, Indian Supreme Court has decided the next hearing will be on July 20.
India's leading Cryptocurrency exchange, Zebpay has released a notification regarding this. It said, "As per a recent RBI action, banks have been told to discontinue banking services to those dealing with virtual currencies. While our industry is challenging this legally, the outcome is beyond our control. Hence, if you are holding any rupees, or depositing any rupees in Zebpay, there could soon come a time when we may not be able to honour withdrawal requests. Please continue only if you understand this risk."
Finance Ministry of India has told bitcoin a Ponzi Scheme, which has no solid base. It also warns the investors out there, that you can lose your hard earned money.
However, No circular is issued which states that Cryptocurrency exchange is banned in India. Thus, you can happily trade. But, as I earlier said that you may find lot of troubles after 5th July.
So, what are your views regarding this whole drama?