How to convert BTC into FIAT after exchanges end relationship with the banks?

[AK47-]

I read online that there are companies like Payza which help you convert your BTC into FIAT, but I heard that there has been a crackdown on them by US government because of money laundering cases on them. My question is what is next after the exchanges stop functioning in India. Is there any case going on against RBI? How will we able to convert our Cryptos to Rupees? I am not in favor of localbitcoin because of trust issues. What other options do we have? Can we open a foreign bank account?

[1714288403]

1714288403

[botany]

I read online that there are companies like Payza which help you convert your BTC into FIAT, but I heard that there has been a crackdown on them by US government because of money laundering cases on them. My question is what is next after the exchanges stop functioning in India. Is there any case going on against RBI? How will we able to convert our Cryptos to Rupees? I am not in favor of localbitcoin because of trust issues. What other options do we have? Can we open a foreign bank account?

It is not easy to open a foreign bank account. The best bet that you have is asking your friends / relatives abroad to help you out.
For small amounts, you can consider trading with somebody on this forum as well.

[edgycorner]

Localbitcoins is a very safe option, what trust issue can there be?Look for a trusted trader and trade with him.I met a trader at localbitcoins and have been selling/buying bitcoins from him ever since.

Make sure the trader is verified, has an old account with good trust.P2P is the best way of trading bitcoins, you just have to be careful.There is risk in everything, you have to be smart enough to assess and eliminate those risks.

[0RajA0]

I read online that there are companies like Payza which help you convert your BTC into FIAT, but I heard that there has been a crackdown on them by US government because of money laundering cases on them. My question is what is next after the exchanges stop functioning in India. Is there any case going on against RBI? How will we able to convert our Cryptos to Rupees? I am not in favor of localbitcoin because of trust issues. What other options do we have? Can we open a foreign bank account?

Only possible think is peer to peer trading. i think localbitcoin is not bad at all. Find a good trader and a verified trader. Still if you feel not good then the option is face to face dealing. Find nearest peoples who are dealing with crypto and make trade with them. but can't get timely buyers and sellers.

[redpillorblue]

Option1: LocalBitcoins and similar P2P services
Option2: Have a bank account in foreign land (there are many options if you know where to look). These options are definitely costly but can give you a substantial leverage in many aspects.

[lordquanta]

Localbitcoins is a very safe option, what trust issue can there be?Look for a trusted trader and trade with him.I met a trader at localbitcoins and have been selling/buying bitcoins from him ever since.

Make sure the trader is verified, has an old account with good trust.P2P is the best way of trading bitcoins, you just have to be careful.There is risk in everything, you have to be smart enough to assess and eliminate those risks.

Localbitcoin is not very safe at all. There are lot of impostors who may block your own bitcoin. Generally buyers backs out from the deal in the very end (after your bitcoins are shifted to the escrow account), causing escrowed bitcoins remain there for considerable amount of time.
I'm not saying localbitcoin is a den of fraudsters. One just need to be very careful while cashing out the coins. If possible get face to face trade.

[redpillorblue]

Localbitcoins is a very safe option, what trust issue can there be?Look for a trusted trader and trade with him.I met a trader at localbitcoins and have been selling/buying bitcoins from him ever since.

Make sure the trader is verified, has an old account with good trust.P2P is the best way of trading bitcoins, you just have to be careful.There is risk in everything, you have to be smart enough to assess and eliminate those risks.

Localbitcoin is not very safe at all. There are lot of impostors who may block your own bitcoin. Generally buyers backs out from the deal in the very end (after your bitcoins are shifted to the escrow account), causing escrowed bitcoins remain there for considerable amount of time.
I'm not saying localbitcoin is a den of fraudsters. One just need to be very careful while cashing out the coins. If possible get face to face trade.

Well, I never had such problems from LBTC. I think if you play by the rules (connecting only with people who have enough trust points and a record of successful transactions) and are cautious enough, it works out pretty well.

[legendster]

I am not in favor of localbitcoin because of trust issues...

LBC is a VERY safe option.
So is Localethereum (yeah its a thing)

It is not easy to open a foreign bank account...

On the contrary, getting a foreign bank account is very easy, if you're willing to travel.
You cannot open a proper bank account offshore by sitting at home. (unless the trick mentioned in the article below actually works)
You can open a regular foreign bank account in Georgia very easily, the time taken to process your application can range from half a day (or less) to 2 days at max and you also get an international visa / mastercard debit card.

And there's this trick you can try out; that I read about couple of days ago - I mean after all the RBI fiasco started happening : https://www.sovereignman.com/finance/a-simple-shortcut-for-a-foreign-bank-account-1384

I haven't tried it out yet but I'll give it a shot.

[newIndia]

It is not easy to open a foreign bank account...

On the contrary, getting a foreign bank account is very easy, if you're willing to travel.
You cannot open a proper bank account offshore by sitting at home. (unless the trick mentioned in the article below actually works)
You can open a regular foreign bank account in Georgia very easily, the time taken to process your application can range from half a day (or less) to 2 days at max and you also get an international visa / mastercard debit card.

And there's this trick you can try out; that I read about couple of days ago - I mean after all the RBI fiasco started happening : https://www.sovereignman.com/finance/a-simple-shortcut-for-a-foreign-bank-account-1384

I haven't tried it out yet but I'll give it a shot.

What about MoneyPolo?

[AK47-]

~

That's an interesting find, I would definitely go through the link. Given the current turbulent market, I'm fearing the banks would not entertain any kind of withdrawals after 8 weeks. Localnitcoins is my best bet it seems after going through all the responses.
Once you'd be done with the bank account, please update here. Would love to hear your experience.

[botany]

It is not easy to open a foreign bank account...

On the contrary, getting a foreign bank account is very easy, if you're willing to travel.
You cannot open a proper bank account offshore by sitting at home. (unless the trick mentioned in the article below actually works)
You can open a regular foreign bank account in Georgia very easily, the time taken to process your application can range from half a day (or less) to 2 days at max and you also get an international visa / mastercard debit card.

And there's this trick you can try out; that I read about couple of days ago - I mean after all the RBI fiasco started happening : https://www.sovereignman.com/finance/a-simple-shortcut-for-a-foreign-bank-account-1384

I haven't tried it out yet but I'll give it a shot.

Traveling abroad is not everybody's cup of tea.
Plus the time when an offshore bank account was away from the prying eyes of governments is history.
http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/

[reddyians]

its too early to worry about rbi, they are thieves themselves just hodl