On April 5, 2018, the Reserve Bank of India (RBI) stopped banking and financial institutions by dealing with virtual currencies. The three months notice was given to banks to stop working with institutions and individuals in banks and other cryptocurencys. Trading in the infrastructure was not considered as a reliable source of investment by RBI, but the latest guidelines have now brought a full restriction on all banking services, which supported the first crypto exchanges. Financial Capital Chief Executive Officer Rakit Chawla said, "The Critocoquency business is mainly titled in the large amount of the region of July and the effect of this regulation from the RBI, and an early date of Runi. And will not be revived anywhere." Ashish Singhal, co founder and ceo of an exchange aggregator platform coinswitch.co. said "The execution of RBI guidelines is one of the leading factors that lead to short-term investors to end their cryptocurrencys before July 6, while long-term investors are still their virtual currencies."
Alternatives available to trade and invest in cryptocurrency
If you want to do business in Crypto, you can contact P2P exchanges because they provide all kinds of buying and selling in crypto currencies. Wazrix founder and CEO said to Nischal Shetty, "With the RBI restriction on banks who deal with the crypto exchanges, one of the biggest fear is one of the people, how they will change their crypto and these contrasts." To serve such customers, wazirex and koinex , etc. has recently launched the P2P trading platform. These platform allow to capture a person and get out of crypto. Indian users can also reach an Exchange Aggratator platform and can continue to do business in the Cryptocurrency independently. Singhal said, "An aggregator platform, usually provides the same access access to partners and users with global exchanges. And since the Exchange provided on an aggregator platform is located outside India, such business platforms are not affected by the laws of our country." R2 and the drawbacks of business in Cryptos on P2P Platform P2P Model are commercially viable options after the Indian reservation. However, after the rbi regulations, this option is not completely immune or innocent. Singhal said, "For example, even if the seller receives a fund from the buyer in his bank accounts, then he will still have to be correct or understood these funds during the audits or tax returns. Since Crypto has been attached to the same, the same complexities can give birth. In addition, the P2P mode will also be lower in liquidity and will not be easily visited." Apart from this, potential RBI and ruling government discourages the alternative options of business which virtual currencies, which is dangerous and is considered to be taken.
But now these days p2 p is only the way to trading or for withdraw /deposit of money.
