How are bitcoin exchanges/wallets surviving without banking support?

[lordquanta]

Few weeks ago, many financial banks have imposed ban on transfer/retrieval to/from crypto-exchanges and crypto-service provider? Majority of these exchanges or crypto-service provider wallets dont support cash. So how are they surviving?

[1715609380]

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[1715609380]

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[1715609380]

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[superstarbtc]

it is in the month of July we will come to know whether banks will allow cryptocurrency as per court order or else it is a complete closure of cryptocurrency trading in India

[Marma Kalari]

Few weeks ago, many financial banks have imposed ban on transfer/retrieval to/from crypto-exchanges and crypto-service provider? Majority of these exchanges or crypto-service provider wallets dont support cash. So how are they surviving?

Hope you forgot about transaction charges and you can still trade in crypto currencies and convert them to INR and purchase the coins back when there is a correction, if you look at the major exchanges, majority of them does not accept fiat currency, you can just trade crypto to crypto and unocoin is still accepting INR for withdrawal and deposit but the other sites i am using has put an halt.

[botany]

Few weeks ago, many financial banks have imposed ban on transfer/retrieval to/from crypto-exchanges and crypto-service provider? Majority of these exchanges or crypto-service provider wallets dont support cash. So how are they surviving?

The RBI has asked banks not to establish new relationships with cryptocurrency companies. As far as banks with existing relationships with cryptocurrency companies are concerned, the RBI has given them 3 months time to exit the relationship.

[luckyindia]

it is in the month of July we will come to know whether banks will allow cryptocurrency as per court order or else it is a complete closure of cryptocurrency trading in India

   Total closure of cryptocurrency trading can never happen in India. Any product/service in any country has 3 phases:
1) Boom or growth
2) Restriction and
3) Resurgence
   Here in India after the phase of growth we are in the phase of Restriction which may be a few months or years.But we will surely be moving to the RESURGANCE Phase shortly.

[amishmanish]

They are not only surviving but continue to thrive. Zebpay has been adding cryptocurrency pairs continuously for the last few days. They have also enabled BTC trading so that is keeping the boat afloat for now. Apart from the exchanges, the blockchain startups are migrating to favorable shores.

This is a technology that India could really take advantage of with its vast population with software literacy but the government is showing a lack of foresight. Now the SC hearing has been postponed which means there may come a situation when the deadline is over and all kind of INR transactions will be blocked. It'll be interesting to see if the big players may use this opportunity to consolidate.

[dimelight2]

bitcoin is a accepted and most exciting new form of technology. And though banks are regulated to ban the transections, it does not mean it will stop the crypto market in india. their are many other ways one can invest in such a trending asset. And these Exchanges and wallets are surviving because there are still many possible ways to fill your crypto wallets. some of the important aspects are:-

• - you can trade crypto-to-crypto  means if you already entered in crypto world you can trade between different coins
• - you can still buy new coins through cash or various other payment methods via popular website localbitcoins.com

There are also chances that government may implement some favorable regulation introducing new policies as per news about crypto & blockchain researches done by government authorities.

[ankurguta87]

The bottom-line is that local exchanges are trying to take a stance against government’s decision, but they are helpless at this moment.
I hope that the exchange services and Indian government can figure out a way to legally adapt cryptocurrencies in future.

Otherwise, our country will lose billions of funds that Indian crypto startups, investors and traders would
 have made. So much loss, just because our government is not able to fully understand/ regulate a new technology!

[botany]

• - you can still buy new coins through cash or various other payment methods via popular website localbitcoins.com

It may be possible to buy / sell bitcoins using cash, but I don't think other methods would be possible. If you buy/ sell bitcoins using your bank account, the bank might still block your account. The RBI's directive applies to all accounts which are used in cryptocurrency transactions, including those of individuals.

[@prashant]

Many blockchain related company have filled a petition regarding it and it had been delayed to July,let see how sc react to but I don't think there will be ban on crypto or if rbi continue to ban the bank transaction then maybe other digital payment option will be taken such as paytm to do the transaction.

[botany]

Many blockchain related company have filled a petition regarding it and it had been delayed to July,let see how sc react to but I don't think there will be ban on crypto or if rbi continue to ban the bank transaction then maybe other digital payment option will be taken such as paytm to do the transaction.

The decision to postpone the hearing to July effectively kills any hope that the exchanges have to continue operations. You are dreaming if you think exchanges will be able to operate through PayTM. The RBI is the mother of all regulators. PayTM comes under its ambit as well, with the RBI granting the Company a licence to operate as a payments bank.