Many Cryptotraders have been reaching out to us in the past few days, filled with queries about future of Crypto trading in India. Though we have been individually taking these queries and comforting our customers, we think it is our responsibility to be transparent and reach out to the overall Crypto-Community explaining our plans for the days to come. By doing so we believe that the community can plan in advance and avoid having last minute surprises.
- July 5 RBI bank support ruling is expected to be enforced.
- July 3 we have a hearing for the extension of July 5 deadline.
- July 20 is the hearing for the constitutional validity of the July 5 ban.
- July 15 Government of India is expected to table regulations for Cryptocurrency.
Each of these news can/will cause volatile situations (can be positive and negative) and might cause panic sale/buy.
If RBI ban is implemented, prices can go either side. People might dump Bitcoins because they may not be able to sell bitcoins later, and some traders might rush to buy. Or when INR withdrawals get blocked, people will buy the cryptocurrencies at whatever be cost to take exit from an exchange.
Well, how to avoid this FUD? What is Giottus going to do about that?
As an responsible entity in the cryptocurrency ecosystem, Giottus is trying to reduce FUD/Panic among customers by following below measure
- Unknown creates fear, leading to favouring more FUD. So, at Giottus we have ensured that we make our current and future plans very clear so that traders can plan their move well in Advance
Our Spot exchange will be supporting INR deposits and Withdrawals at least till July 5th and post that you can still continue trading our Peer to Peer Exchange.
With regards to RBI Ban affecting spot exchanges, we assure you we run full reserves and can make INR transfers in less than 10 minutes during banking hours. For our customers who have traded with us at-least once, we can send through IMPS even after banking hours (even after midnight!). We had opened multiple bank accounts for redundancy and we haven’t used these accounts for cryptocurrency trading activities so far. We will be able to use these back up accounts as and when required. Also our Crypto-deposits require only 1 confirmation for all coin deposits. Quick deposits/withdrawals ensures there are less chances for market manipulation.
- We would like to clarify once again that, there is no need to panic or sell your assets at a heavy loss if RBI ban is enforced. After July 5th we are still providing options to trade cryptocurrencies. We have a P2P system (Peer to Peer solution) where buy and sell can be executed even if all our bank accounts are closed. We are adding more features and payment options to our P2P platform to ensure maximum choice & redundancy. So no need to panic sell on 3rd or 4th.
- We operate 24 x7 — INR deposits / withdraw, KYC verification, customer support. Crypto trading is 24 x7, so are we. Our Telegram community https://t.me/giottus is the best proof for this.
Viva la Revolution!
We believe that in the long term (or looks like in few weeks) Cryptocurrencies will definitely be accepted by the government and regulations will be introduced. We at Giottus will be working hard to ensure Customers always have an option available to execute their trade.