Koinex Founder's Message on the current state of digital assets in India

[Guvn0r]

Fostering dialogue with industry-regulators on the RBI directive. Regulatory framework is better than a ring-fencing approach

It has been a rather disquiet time since yesterday afternoon, when the sudden news flash across the market shocked the crypto-community. There was a RBI directive issued to the financial institutions, admonishing them to exit their services in the virtual currency space.

The media reports also painted a very grim situation because they chose to highlight only one aspect of the entire narrative. Even the immediate conversations across social media platforms and community forums were rather distressing, because we all just assumed the worst. There was a sudden volatility in the market due to panic trading, in this frenzy, but, we need to hold our nerves and look at the situation more objectively, and in a holistic manner.

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[1714773697]

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[1714773697]

1714773697

[kishanmadhesiya]

PANIC newbies !!!
There are many way to sell and buy BTC and Other cryptos in India.
Most of the users in Indian exchanges are PANIC sellers.

[Clement Kaliyar]

There are many way to sell and buy BTC and Other cryptos in India.
Most of the users in Indian exchanges are PANIC sellers.

If they are investing their hard earned money, they will panic when they hear negative news from the market, the decision from RBI will cost a lot of money for the users from India and hopefully we will see a reversal at a later stage when they understand the real and the fundamental behind the coin rather than pointing out the negatives.

[amishmanish]

the decision from RBI will cost a lot of money for the users from India and hopefully we will see a reversal at a later stage when they understand the real and the fundamental behind the coin rather than pointing out the negatives.

The decision was pretty arbitrary. Typical of the fumbling, floundering dispensation we have at the helm right now. You make a fair point that the people who have been burned will probably take their time to actually know about it before investing again.
They will surely be intrigued that why it's maintaining value despite the ill news. That's when it's border-less and peer-to-peer nature should dawn upon them.

The post from Koinex guys is appreciable but to be honest, they are out of their depth right now. If RBI strictly follows through with the announcement in the official circular, they won't have many options than to close shop. I am not very hopeful that the inept and politically-occupied government we have now, will bother with the nuances to ensure a balanced decision.

A blanket ban, though temporary, is something we should all prepare ourselves for.