RBI Bans the Fiat Support for Indian Cryptocurrency Exchanges

[rosyantony]

Reserve Bank of India (RBI) has banned fiat currencies support via banks for all the Indian cryptocurrency exchanges with instant notice. After the series of news on the “RBI’s crypto banking ban rule”; Cryptocurrency exchanges in India are in a dilemma to shut down their fiat currency support.

https://coinpedia.org/news/rbi-bans-fiat-support-crypto-exchanges/

[ankurguta87]

The RBI’s decision means that banks will no longer clear transactions to purchase or sell bitcoins through their payment systems. Exchanges that allow users to buy and sell virtual currencies through bank accounts will have to stop doing that.

People who hold bitcoins can choose to retain them but won’t be able to convert it into rupees or trade in the Indian currency.
Domestic exchanges like Koinex and WazirX are banking on peer-to-peer trade without using banking channels.

[suchi2591]

Finally, all the banks and financial entities will stop operating accounts linked to virtual currencies, Reserve Bank of India's (RBI) deadline to banks to stop transactions with cryptocurrency exchanges is expired

[itssawai]

On one hand the world is looking positively into the cryptocurrencies and blockchain, they want to regulate it for the best use. Contrary to that India still wants to left behind, this is a new revolution and India can step up and prove itself to world by accepting blockchain and crypto, they can make a proper framework and regulations but instead decisions like this which are the reason why India is far behind compared to the modern world countries.

[snkiworld]

On one hand the world is looking positively into the cryptocurrencies and blockchain, they want to regulate it for the best use. Contrary to that India still wants to left behind, this is a new revolution and India can step up and prove itself to world by accepting blockchain and crypto, they can make a proper framework and regulations but instead decisions like this which are the reason why India is far behind compared to the modern world countries.

Yes your right,This blanket ban on crypto wont help india in anyway.I think india is too lazy to create regulation or build infrastructure for blockchain technology.