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Indians will not be able to buy cryptocurrency via banks or e-wallets etc. in India anymore as Reserve Bank of India (RBI) has banned them with immediate effect from "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".
RBI it its first bi-monthly monetary policy has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as bitcoins. If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, obviously individuals will not be able to transfer money from their bank accounts to their crypto-trading wallets. ..
As a result of the ban, traders will no longer be able to deposit or withdraw fiat currency at cryptocurrency exchanges, forcing them to use peer-to-peer (P2P) trading platforms such as LocalBitcoins. According to data from CoinDance, LocalBitcoins transactions denominated in INR currently account for roughly $1 million in volume on a weekly basis.
nice post. Well that's a major big news coming in lets see how market reacts to that if goes below $6K then its a street full of red blood.Very much possible it .thanks d
Well that's a major big news coming in lets see how market reacts to that if goes below $6K then its a street full of red blood
Very much possible....
PEOPLE SHOULD think of new ways to work with the crypto currency.
Agreed!
Purchasing crypto peer to peer is great for transactions and adoption of cryptocurrency! Banks are slowly losing power and de-centralisation is winning.
very true...we can clearly see the fears in Banking sector.
this is very good news and lucky for all friends
I dont think so...no good news!
Purchasing crypto peer to peer is great for transactions and adoption of cryptocurrency! Banks are slowly losing power and de-centralisation is winning.
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