Cryptocurrency exchanges in India have sent an application requesting extension of the blanket ban deadline from 5th July to 31st August 2018. The application has been sent requesting the central bank to reconsider the blanket ban on banking services to exchanges in the country.
The ban on banking services to cryptocurrency exchanges ensures we are unable to deposit/withdraw via legal exchanges. It forces everyone to move to p2p trading in order to enter and exit the crypto-market.
The application also states that the exchanges are willing to implement international best practices and integration of other financial products into their existing trading interface. Business Insider has learnt that the exchanges are requesting an extension on the deadline so that their case can be heard in the Supreme Court on the 20th of July before the ban goes it effect.
However, that's not the case currently. All exchanges are looking to resolve the current issues. Although some are said to be requesting for a deadline extension while others are asking for the ban to be removed altogether.
Exchanges are willing to implement any suggestion from RBI. KYC and Anti-money laundering guidelines
has been outlined in the application sent to RBI and now we wait once again for RBI to make a decision on this matter.
Petitioning exchanges are also comfortable with bringing in guidelines allowing them to function smoothly as per the rules set by RBI.
We have a month to go before the blanket ban goes into effect. Let's hope RBI either lifts the ban or at the very least extends the deadline to August 31st so that the Supreme Court has time to consider the case and provide a ruling on it.
Stay tuned to further update on this evolving matter surrounding Indian cryptocurrency exchanges.
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That's good, something is better than nothing.
If RBI agree than we have some relief. Hope for the best.
After Russian and Zimbabwe Court Lifts Central Bank's Banking Ban on Bitcoin Exchanges, we can expect similar result from supreme court of India.
I hope better sense prevails and RBI at least extends the ban.
Our Indian government putting the Indian investor in dilemma. Even I invested in crypto. If government ban this then how can cover my losses. Even lot of steemit users from India quit steemit. This news really affecting Indian users and even this is hard for old users to stay on steemit if the government will ban crypto because we left with zero sources to withdrawal our money. We can't trust someone who is from another country to withdrawal our hard earn money. Let see what will happens. For now, we have to stay positive. Keep Blogging and Earning.
let's fight the forces of evil, in cryptocurrency we trust
But why doe
They should be working towards embracing the technology instead of banning.
Doing this they will fall behind
Interesting move...hope for the best...resteemed👍
Banking system sucks!
That being said .............. the exchanges are willing to comply with any and all regulations. At this point denial of banking services to them would be nothing more than petty hooliganism.
The banking cabals all over the world have gotten their act together. Hopefully India will too.
Something revolutionary is gonna happen in India regarding virtual currencies. We hope all will be benefitted by it.
No se puede permitir que se prohíban estas herramientas al desarrollo
Hmm this situation is not looking good bro,
Indian government trying to decide itself that what is best for his people and that's the biggest mistake because as long as we Indians not involved into any illegal activities using Cryptocurrencies government should give us the chance to make it legal,but no it's bad and you know what i recieved this mail from my bank few days ago.
And it's really not a positive sign.
Similar emails have been sent by other banks quite early on. However, P2P trading isn't an issue after the ban but liquidity and trading volumes might be an issue. Let's see.
Hope everything goes well. Fingers crossed...
It would be great and seems the best option. The guidelines could be hard but at-least we will be able to trade freely.
I hope if any way come out for all of us Indian traders. Lets hope and wish for the best.
I just hope the Supreme Court doesn't simply rule in favour of the central bank for the heck of it.
More than an extension, what is srequired is a properwork framework for legalising cryptocurrency and that would be the more mature approach. Extending deadlines, though better than nothing is not a long term solution.
Safeguarding cows is more important for our government than technological advancement. I don't think RBI will agree to extend the deadline mainly because the government takes a retarded approach when it comes to crypto currencies.
True that. I doubt it'll go through. We'll know soon enough!
Hpoe for the best,the system may realise the benefit of crypto for indian economy.Lets see what will be the result, good luck friends.
come one man lift the ban !
embrace the crypto revolution like Japan.
Hoping for the best..
We are curiously waiting for the good news
I really do hope that they consider it.