As RBI’s deadline to bar banks from catering to cryptocurrency trading firms or individuals ended on Thursday, there are several who have expressed dissatisfaction against the move. However, those who are still trading in Bitcoins and other cryptocurrencies may face major problems. New Delhi: RBI’s deadline given to banks to sever ties with entities dealing or trading in cryptocurrencies came to an end on Thursday midnight.
The central bank had instructed all the banks to end their relation (if any) with companies that deal with cryptocurrencies three months ago – something that was strongly opposed by certain cryptocurrency companies and traders. Some of the crypto-tech companies have already shifted base from India due to the recent diktat.
It is worth mentioning here that the government has not yet given any clear guidelines on cryptocurrency but has asked banks to sever ties with crypto-trading firms and individuals. The move, however, will significantly hurt cryptocurrency tech companies and even traders who will not be able to approach banks for any such transaction.
If you are still invested in any cryptocurrency, then here are a few things you should know No money transfer Thursday night onwards: Buying and selling of bitcoins in rupee will stop from midnight as none of the banks will facilitate cryptocurrency trade. This means that if you are still invested in any cryptocurrency, you will not be able to transfer the money in your bank account from tomorrow.
Cryptocurrency wallet and exchange platform Zebpay said in a statement to CCN, “Today we are disabling the rupee deposit and withdrawal options on the Zebpay app. This is being done in light of the bank account closures as per the RBI guideline.” Billionaire investor Warren Buffett says no to Bitcoin. Read more from timesnownews.com…
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