Official Responses from Indian Crypto Exchanges After RBI Ban

Official Responses from Indian Crypto Exchanges After RBI Ban
Harsh Agrawal

No! BitCoin or cryptocurrency is not banned in India.

However, RBI (Reserve bank of India) has barred all the banks and financial institutes from offering services to Individuals and Crypto exchanges. This development will have a long-lasting effect on Indian crypto scene unless the government decides to intervene and call back the circular released by RBI.

The biggest challenge is for crypto investors who won't be able to convert their crypto holding into INR using Indian Crypto exchanges. The solution are P2P exchanges like LocalBitcoins or by using a DEX like BiSq. That is ok for small transactions but if you wish to legally trade crypto and want to pay taxes on your earnings, it might not be the same with existing circumstances.

A lot of users are not aware but a lot of banks has already stopped offering their services to India Crypto exchanges couple of months back and that's why we have seen exchanges changing their banking partner or started using UPI and payment gateway to deposit and withdraw payments.

Well, for now, the situation is uncertain but it's important to keep an eye on the important news which may be a deciding factor for the future of cryptocurrency in India.

A lot of Crypto exchanges have already released an official statement regarding the same and a few of them are yet to release an update. I have curated this list of official statement from Indian exchanges so that you stay aware of what Indian crypto exchanges are doing to tackle the situation.

It's only with time we will get to know what future holds. For now, let's look at how Indian exchanges are reacting to the RBI cold shoulder towards Indian cryptocurrency industry.

Alright, so let's get to it:

Official statements from RBI Banning Banking for Crypto in India

1. WazirX:

Official statement link

2. PocketBits

3. Bitbns

4. Coinome

Coinome has not released any statement yet but according to their activity on Twitter, it seems they might remove INR completely in future and let users trade using crypto-crypto pairs.

We are now live with four more crypto-crypto markets! Coinome releases BCH/BTC, ZEC/BTC, DASH/BTC and BTG/BTC markets. Happy trading 🙂#BCH #ZEC #DASH #BTG #BTC #bitcoin #BitcoinIndia #coinome #cryptocurrency #CryptocurrencyNews #cryptocurrencies #Crypto #Blockchain https://t.co/SlHaMnpKM7

— Coinome (@CoinomeOfficial) April 6, 2018

We are still waiting to hear from ZebPay, CoinDelta, CoinSecure, Koinex, Unocoin and a few others. Once I have more to share, I will update this curated list.

For now, do share your feeling and opinion about RBI barring Indian financial institutes to serve Crypto related Individuals and businesses. Also, How are you dealing with your existing crypto assets?

Also, here are a few hand-picked guides for you to read next:

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