The saga surrounding The Reserve Bank of India (RBI) and their attempt at banning cryptocurrencies continues. We have recently seen confirmation from the RBI that they failed to do any prior research before making a move to ban cryptocurrencies, and of course a team of legal officials are working on determining how much say the RBI have in this matter, but regardless, the RBI deadline of the 5th of July now nears. As a result of this, many investors and traders in India may no longer be able to exchange their crypto-assets for Rupees, the FIAT currency of India.
This is especially concerning, given that the current state of the markets may be encouraging some investors to buy out.
Zebpay, one of India’s largest cryptocurrency exchanges have tweeted an open letter which discusses some issues that customers may face after the 5th of July, as a result of the action taken by the RBI.
