Supreme Court rejected petitio against RBI for stay on RBI BAN
Supreme Court rejected petition of 3rd July IAMAI against RBI for Stay on RBI BAN. But Indian government also ready with the draft which is expected to be presented within next two two weeks.
Now we have to wait for next hearing in SC for Cryptocurrency on 20th July 2018.
Just stay positive and no need to panic.
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” said Nischal Shetty, chief executive of WazirX, an Indian crypto exchange that is set to introduce P2P trading.
Traditionally, all trade on exchanges happen through online banking channels where users can buy and trade bitcoins. The exchanges charge a transaction fee on every trade. The Reserve Bank of India (RBI) circular on April 6 mandates banks again .
In P2P trade, the buyer and seller can deal with each other directly while WazirX act as an escrow account that holds the cryptos during the transaction to avoid cheating.