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Probably the continuous fall in cryptocurrency prices. Now PayTm has also given a big shock to the investors of cryptocurrency investors. PayTm has abruptly decided to discontinue the bank transactions support to all the exchanges such as Wazirx, ZebPay, Coinswitch.
People in India could buy cryptocurrencies like bitcoin only through Wazirx, ZebPay, Coinswitch. I am sure after this decision of PayTm and other similar Apps the difficulties for crypto traders are going to increase.
What’s it all about
Probably the Reserve Bank of India wants all banks to stay away from trading in cryptocurrencies. This decision of PayTm is being linked to the instructions of RBI. Certain popular Apps like Wazirx, ZebPay, Coinswatch could transact through Bank. But they are no more willing to continue since the RBI is against the crypto trade.
Therefore, from today all these platforms will not allow using their platforms for crypto-trading. The problem will increase in case someone wants a refund, they will refund his money within 7 to 10 days.
What are the options?
In India, forty to fifty million people were investing in cryptocurrency through WazirX alone besides other similar platforms like Unocoin (which uses another similar App). After PayTm, now the only option left in cryptocurrency is to trade through Peer-to-Peer, nothing else and that’s not absolutely safe. In simple words, if it is the case then INR has to be converted into dollars first, then one can buy or sell cryptocurrency.
What are the rules in India regarding cryptocurrency?
However, the fact remains that there are no laws or rules by any financial institute for trading in cryptocurrency in India right now. What a joke? Even if the Supreme Court of India has not banned the trading in cryptocurrencies but they are indirectly discouraging the traders.
However, there is no confirmed advisory on cryptocurrency from the Reserve Bank of India, but not a single bank or other financial institutions willing to allow crypto trading. Maybe in the future, the government of India might bring any law regarding cryptocurrency.
I believe in the coming time, the future of cryptocurrency is nil and we might see a total ban on cryptocurrency in India.
Will this further reduce the value of cryptocurrency or people will find out alternatives?
