Ban on Cryptocurrency Trade From Today: What Indian Bitcoin Holders can Do!

As soon as cryptocurrencies surfaced, they were lapped up by people globally. Here was this unregulated virtual currency, which was helping people cash out in millions.

However, as time went by, stories of cryptocurrency firms evaporating overnight along with their investor’s money started cropping up. Resultantly, public opinion started swaying against this, and banks started issuing directives banning the practice of paying for bitcoins through their portals.

Starting today, the banks won’t allow cryptocurrency payments through their systems thanks to an RBI mandate

Sathvik Vishwanath, co-founder, and CEO of Unocoin, told BloombergQuint that post-July 5, there shall be no fresh deposits or withdrawals on the platform. You can wait for the Supreme Court’s final decision till 20th July before cashing out.

The July 20 court decision will provide clarity, as Ajeet Khurana, CEO of Zebpay predicts. He hopes that the Finance Ministry will provide clarity, as they are the ones who have to take a consolidated view on cryptocurrencies.

The RBI has spoken of launching their version of centralised digital currency, on the same blockchain bitcoin model. The Government had hinted that the sudden cryptocurrency growth unnerved them, as they were unable to regulate the decentralised cryptocurrencies, thus forcing them to take the extreme step of banning banks from transacting cryptocurrencies.