INDIA BITCOIN BANK BAN IN EFFECT JULY 5 AFTER SUPREME COURT DECISION
India’s Supreme Court has refused to extend a grace period allowing cryptocurrency entities to keep banking services beyond this week’s deadline set by the central bank.
EXCHANGES GO P2P
According to various media outlets, the Reserve Bank of India (RBI) will now succeed in implementing its ban on cryptocurrency business support on July 5.
Exchanges and any other business dealing in cryptocurrency will no longer have access to banking services under the ban, meaning traders will be barred from withdrawing rupees via those businesses.
Local industry players had widely anticipated the deadline coming into effect,
Now, talk is turning to P2P as an interim solution, Indian exchange WazirX telling Tuesday it would transform its platform to do away with reliance on banking partners.
P2P facilitates direct crypto-to-fiat trading between individual users, with any bank transfers occurring from one private account to another without any formal links to cryptocurrency.
“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” CEO Nischal Shetty said.
Decentralized exchanges such as Bisq and HodlHodl could also reap the benefits of the ban alongside P2P trading platforms like LocalBitcoins whose volume could see a spike in the coming weeks.
SUPREME COURT TO HEAR PETITION JULY 20
The RBI had caused significant outrage when it first announced its plans for a ban April 6. Today, the Supreme Court confirmed its willingness to hear a petition against the move on July 20, Bitcoinist on the concerted effort to demonstrate the RBI was acting on insufficient understanding of the market.
“The grounds on which our writ petition has been filed is that the RBI has not done enough research to ban a business completely,” a lawyer associated with the petition said last month.
The interim period is nonetheless likely to witness upheaval, as it remains unclear if other major Indian exchanges have succeeded in making alternative arrangements.
I hope the grace period for BTC in India should be extended. many have predicted the rise of Bitcoin and for a country to ban its use may have adverse effect on its value globally.
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Whether or more this will turn into a mere FUD depends on how resilient the blockchain revolution is.
The article amazing
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nice article
In a few years banks won't be able anymore to forbid and ignore crypto!
Totally agree brother
¡Excelente información! Gracias por compartir @saarinout
thank you for sharing this information but the final hearing is pending on 17th of July we have some other alternatives hope ban on crypto will not affect steemit .
@saarinout i think the ban of bitcoin in india not only affect the steemit but also all other cryptos .
What's your opinion on this ?
Thank you
Yes all the cryptos , based on the bit coin .
This will only affect India. China and the US already done this and no one remembers of the bans today.
India is a country and not the world and their laws only affect India not anywhere else.