3rd July Update on India’s Ban on Providing service to Crypto Services
Finally, the day arrived which the whole Indian Crypto Community was waiting for to hear that a stay would be made on the RBI’s stance on the ban to banking sectors from providing any service to Crypto related business.
Before starting my article, I would like to invite you to join my channel Texploxe (In Telegram). I share my ICO Analysis, News, Blockchain Tech, etc.
While that was hoped for, what happened actually is the opposite. The Supreme Court of India refused to allow banking sectors from giving services to the Crypto Business.
While this may come to a shock for some, the crypto community in India looks well prepared for the worse looking at the market condition. Or is it the calm before the storm, time will tell that.
The screenshot is taken from a leading crypto exchange of India (Unodax) and looks like the Indian market is currently following the international market.
IAMAI (Internet & Mobile Association of India) is trying to get another petition to be heard on 5th of July, 2018 before the final date of RBI’s ban, i.e. on 6th of July, 2018
Indian Exchanges are still allowing deposit as well as withdrawals of fiat (Rupee) for now, but have already announced their concern regarding the unavailability of deposit or withdrawal in the coming time.
While many are thinking about how to deal with it, WazirX has brought up their own idea to tackle this problem in the shape of a P2P exchange for the Indian market.
With another hearing on July 20th where multiple petitions would be heard about the same cause, July is going to be a month of patience for Crypto related people in India.