[2018/07/10]Indian Crypto Exchanges Forge Ahead With Solutions to RBI Ban

[janvic31]

Indian Crypto Exchanges Forge Ahead With Solutions to RBI Ban

Source: https://news.bitcoin.com/indian-crypto-exchanges-solutions-rbi-ban/
By: Kevin Helms

The crypto banking ban by the Reserve Bank of India (RBI) went into effect at the end of last week. The central bank issued a circular three months ago, banning all financial institutions under its control from providing services to companies dealing in cryptocurrencies. The industry was hopeful that the Supreme Court would grant a stay on the ban on July 3 but the court did not and the RBI ban subsequently went into effect.

Wazirx announced on July 4, “We’ve discontinued INR deposits with immediate effect,” adding:

Our banking partner has abruptly stopped supporting our bank account. This is due to the recent RBI circular banning banks from providing support to cryptocurrency exchanges.

Indian Crypto Exchanges Forge Ahead With Solutions to RBI BanKoinex announced on July 7 that users can “submit INR withdrawal requests till 02.00 PM on July 9, 2018 (Monday) after which no further INR withdrawal requests will be accepted.”

Buyucoin announced last week that “Deposit and Withdrawal will be halted until further notice due to RBI circular by midnight 5th of July’18.”

Three of the first crypto exchanges to announce a suspension of fiat deposits and withdrawals were Zebpay, Pexo, and Coinome, as news.Bitcoin.com previously reported. Another major exchange, Unocoin, has yet to announce that it has stopped fiat support at press time.


What do you think of RBI’s ban and crypto exchanges’ solutions? Let us know in the comments section below.

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[jjacob]

The ‘solutions’ which are being talked about are not solutions at all. They are in effect crippling changes to their business model. For all practical purposes, first time buyers of Bitcoin cannot use these exchanges. They have to depend on peer to peer sellers.

[Kemarit]

The ‘solutions’ which are being talked about are not solutions at all. They are in effect crippling changes to their business model. For all practical purposes, first time buyers of Bitcoin cannot use these exchanges. They have to depend on peer to peer sellers.

And we all know that if business model has changes, it has a bad effect. I think similar to China, they can declare that they won over bitcoin or crypto, but unknowingly to them, their citizens continue to trade underground user localbitcoins or peer to peer sellers. Its reported that there will be a second hearing on similar petitions on July 20. But I doubt that we will get a different results. It looks like they already chooses their side here, but its not a good decision by them, IMHO. Crypto's will still flourish in India no matter what the RBI supposed "solutions".

[stompix]

The ‘solutions’ which are being talked about are not solutions at all. They are in effect crippling changes to their business model. For all practical purposes, first time buyers of Bitcoin cannot use these exchanges. They have to depend on peer to peer sellers.

And we all know that if business model has changes, it has a bad effect. I think similar to China, they can declare that they won over bitcoin or crypto, but unknowingly to them, their citizens continue to trade underground user localbitcoins or peer to peer sellers.

https://coin.dance/volume/localbitcoins/CNY/BTC
710 BTC in 7 days, a volume of 100BTC a day from 100 000 or god know what Huobi and Ok claimed ....
Common, trading in China has been crippled.

The ‘solutions’ which are being talked about are not solutions at all. They are in effect crippling changes to their business model. For all practical purposes, first time buyers of Bitcoin cannot use these exchanges. They have to depend on peer to peer sellers.

Their solution is to turn into locabitcoins....

Worse prices than exchanges (best deal right now is 6,545.43), less security, and just as traceable if somebody really wants to do it. A police agent will just buy a few USD from the top traders on local bitcoins, get their bank accounts and then they will have the info about everybody who has dealt with those guys before.