The ban enforced by the Reserve Bank of India did make an impact on the operating crypto exchanges at first when it was announced earlier this year. However, with time the exchanges continued their operations and trade which resulted in the overall growth of the business in the Indian market. The cryptocurrency operators have recently announced the comeback of fiat deposit and withdrawal support facility despite the current ban. In fact, some other agencies are operating through escrow peer-to-peer (P2P) service for their regular trade.
According to Bitcoin News, it is stated that the crypto exchanges have been deprived of banking services since July this year when the ban came into effect. Most of them consequently shut their INR support and also disallowing INR deposits and withdrawals to their clients as well. The final hearing of this matter will be done in the Supreme Court this week which will finally decide the fate of crypto trade in India.
Methods For Operating Crytpo Trade
Perhaps, this has not made much impact on the actual trade figure as crypto exchanges in India continue to operate through unique methods without hindering laws and the ban. Until now, at least three different cryptocurrency exchanges have made a comeback of their INR deposit and withdrawal facility. In a recent update crypto operator, Koinex announced that there is the revival in the crypto universe with new peer-to-peer deposit and withdrawal mechanism for INR. In addition to this, it is also stated that this will operate like the old times and the users will be able to make INR transactions from their digital wallet.
In another update, it is revealed that there has been confusion over the stand of RBI on the crypto ban. It stated that according to the current legal regime there is no recognition of virtual currency in the payment system also they cannot be considered as a valid payment system. It appears as if the court argument will continue for long until then crypto exchanges have found out a way to keep their boats sailing. (Via News Bitcoin)[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]