RBI is NOT Banning Cryptocurrencies !

It was only yesterday that Reserve Bank of India (RBI) banned with immediate effect from “dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies” 

However, it should not be misinterpreted as a ban on Bitcoins or any other cryptocurrency. The announcement simply means that banks, in this country, are no longer authorized to deal and facilitate dealings in and with cryptocurrencies.

No banks in the country are providing cryptocurrencies and there are no exchanges in the country that have official tie-ups with banks.

At the same time, it is believed that a digital token introduced by the Central Bank. An inter-departmental group within the RBI will provide a report on the desirability and feasibility of a Central Bank Digital token. The report will be submitted by the end of June, 2018.

However, users who are in the exchange business, specially the ones that involve bank don’t have to worry much as they have an alternative. These user can use third-party gateways for payments, like, cryptocurrencies on Peer-to-peer exchanges like Local Bitcoins, Instashift and so on. Here, the banks and the RBI have no said control over. Although using third-party gateways for payments may not be a permanent solution, it will, however, work for now.

The global market is rising for cryptocurrencies. The banks that currently provide services to Indian exchanges are also still operational and will be given time to stop working with exchanges. The RBI is only bringing to light what’s already mentioned in the policies. The media should stop with this FUD and cryptocurrency enthusiasts in India shouldn’t be discouraged.

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