RBI Bans Regulated Entities to deal with crypto

[itssawai]

I've read several articles saying you can't legally withdraw your cryptocurrencies to your banks or into INR, this is like a virtual ban on cryptos. I think this is really bad move if it's true, and it would promote illegal trading. This news is creating FUD into Indian market and cryptocurrencies are already down by 20-30%.

Here are several article links: https://www.bloombergquint.com/business/2018/04/05/rbi-bans-regulated-entities-from-dealing-with-virtual-currencies
https://www.ndtv.com/business/bitcoin-ban-banks-given-3-months-to-stop-dealing-in-bitcoin-like-digital-tokens-latest-on-bitcoin-1833294

[legendster]

I've read several articles saying you can't legally withdraw your cryptocurrencies to your banks or into INR, this is like a virtual ban on cryptos. I think this is really bad move if it's true, and it would promote illegal trading. This news is creating FUD into Indian market and cryptocurrencies are already down by 20-30%.

You know what I think? You're just spewing a shitpost to meet your minimum post count.
There are other posts already discussing the same thing, what purpose does your half assed post really serve? Since you are just parroting a common rhetoric.

And

withdraw your cryptocurrencies to your banks

Let me know when you find out which country on this planet does that.

[shekhar0005]

RBI announced that regulated entities already providing services to any individual or business dealing in digital currencies have been given three months to exit the relationship.


Read more at:
https://economictimes.indiatimes.com/industry/banking/finance/banking/rbis-decree-will-shatter-cryptocurrency-business-in-india-say-stakeholders/articleshow/63769567.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[Dpat]

This banning is for the regulated body that not to deal with institution who are business of crypto investment and trading. But, people can deal with their own risk for the crypto trading and the concern dealer will only be the responsible for the any dealing. This way Govt. indirectly induce the crypto dealing otherwise nothing and only the trust will remain in any dealing.