If you are a Bitcoin investor or any other cryptocurrency, today is the last day to monetise your investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow. Reserve Bank of India's (RBI) deadline to banks to stop transactions with cryptocurrency exchanges is expiring today. The RBI in April had given a three-month buffer period to entities to end their business relationships with cryptocurrencies.
No money transfer after midnight: Buying and selling in rupee are going to stop from midnight as banks and other financial institutions are not going to facilitate cryptocurrency trade from tomorrow. That means if you are still invested in any cryptocurrency you won't be able to transfer the money in your bank account after midnight. India's biggest digital currency exchange Zebpay recently asked its users to withdraw all their money before the deadline expires ..
Peer-to-peer transactions: Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. One would only be able to transact in the form of exchange with any another cryptocurrency. Some exchanges -- WazirX and Koinex Loop -- are working on peer-to-peer model that will allow transactions between buyer and seller directly with exchange being just a facilitator.
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