Prices of All Cryptocurrencies started dropping drastically in India from January 4th, 2018 and also yesterday, RBI prohibited financial institutions in India from buying and selling Crypto with Cryptocurrency exchanges, such as Zebpay, Koinex, and Unocoin. This rule is sanctioned for all the banks and for all the financial institutions in India, definitely banning a Bitcoin and all other cryptocurrencies in India, through affecting nearly 10 million Indians who have invested around $2 billion in all cryptocurrencies.
As you all Indians Know About Zebpay, It is one of the leading Cryptocurrency Exchanges in India. Zebpay has started issuing its own warnings to its crypto customers about the risks involved in investing in Cryptocurrency in India. As Zebpay says that its expertise in deposits and withdrawals will be critically affected unless the rule by RBI is changed.
Whereas Buying of Cryptocurrency through Banks accounts, Mobile wallets, UPI, in India is inaccessible once the RBI Rule is fully implemented. The RBI has set a three-month window for all regulated financial institutions in India to wrap-up their dealings with Cryptocurrency Exchanges in India. So there is still a hope for customers to recover their Cryptocurrency investments. But still, there is much more time as everyone figures out how to evade the laws going forward.
But Customers who have foreign bank accounts shouldn’t have a problem transferring funds. But most of the Indian Customers do not have such accounts but they are possible to face the impact of this diktat ( RBI Rule ) until the Cryptocurrency market finds a way out to deal with it.
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