With the expiry of deadline by the central bank of India, RBI, expired dreams of enormous number of people. But this is not the end of the story, despite of the fact that the Supreme Court of India refused to provide an interim relief from the cryptocurrency ban, the court have ordered the RBI and the committee to present a report justifying the cryptocurrency ban.
According to the RBI circular, no financial body authorised by RBI can deal with companies that are related to cryptocurrencies. Also, with the expiry of deadline cryptocurrency exchanges are also not eligible to get loans form any Indian financial institution.
One of India’s largest cryptocurrency exchange Zebpay declared this Thursday , 5th July, that they will not support deposit and withdrawal of rupees.
Cryptocurrency exchanges handling RBI ban
Meanwhile the exchanges are also in active mode to find a solution to this issue. Major Indian cryptocurrency exchanges Zebpay, Koinex, Coindelta have started crypto-to-crypto trading with a boom. A considerable number of them are also looking forward to moving there bases to supporting such a business.
Many exchanges like BitBNS, an exchange with over $1.4 million 24-hour trading value have announced that they will continue deposit and withdrawal of INR despite the ban by RBI.
On the other hand, one of the options adopted by crypto exchanges is over-the-counter trading circumventing RBI’s bank account curb.
Exchanges are also partnering with other service providers to enable peer-to-peer trading. Just like one of India’s esteemed cryptocurrency exchange, Koinex collaborated with WazirX.
The results are still pending. The Supreme Court of India will listen to the plea of companies, exchanges and enormous other individuals supporting cryptocurrencies on 20th July.