The reserve bank of India pass the notice to bank and financial institutions to stop there service to virtual currency invester and crypto-exchangers ends today.What it means is that after July 5, you cannot buy or sell any of the virtual currencies such as Bitcoin, Ethereum or Ripple through normal banking channels using rupee.
All the banks and financial entities will stop today operating accounts that are in any way linked to virtual currency trade. So if you are still invest in bitcoin or any other crypto-currency. It's time to think what option in front of you???
- Sell and exit
If you want to sell your Bitcoin and you can exist here.the RBI given to time 5th july deadline.which is unlikely as the central bank and the government have on multiple occasions termed it illegal with the Finance Ministry even going to the extent of calling it a 'ponzi scheme'.
India's biggest digital currency exchange Zebpay recently asked its users to withdraw all their money before the deadline ends. In a statement issued last month, Zebpay said that it may not be able to honour people's request after the deadline if banks discontinue the services as directed by the Reserve Bank of India.
- Stay invested at your own risk
The investor who can run the risk u can wait for the final decision of the Supreme Court, which is hearing a petition against the RBI circular. You can wait for 20 July Supreme Court decition.Zebpay co-founder Sandeep Goenka on Tuesday said that he will move to the Supreme Court on July 5 to get stay on RBI circular till next hearing on July 20. But till the apex court rules otherwise, the government's stand is very clear - "Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.
- Wait for peer-to-peer model to kick-in
The WazirX and Koinex Loop -- are working on peer-to-peer model to facilitate virtual currency trade without using normal banking channels. They launch after 5th july P2P service after July 5 - the day RBI's deadline ends. In p2p means you can order ti sell btc and who buy btc they trasfor money in bank and you get btc in your account.
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