Supreme Court, the highest judicial authority in India has already announced that they would be imposing a ban on the digital cryptocurrency and the news has been doing rounds for quite some time now. However, the final call shall be known only after a hearing on 20 July 2018, as the Supreme Court agreed to hear another petition in support.
Thoughts of Local Crypto Exchanges
Post-listening to the news of cryptocurrency and specifically Bitcoin ban in India, some of the local crypto exchanges have expressed their views on it and how could this ban effect ‘crypto trades’ aka ‘crypto trading’.
Therefore, as per some cryptocurrency exchanges, (cryptocurrency ban in India besides RBI circular on Bitcoins), it is the business model, which shall go in for a change. It is so because currently there is a process called ‘fiat to crypto trades’ that cryptocurrency exchanges utilize but with time it shall shift towards ‘crypto to crypto trading’ business model. Such is a view of Shubham Yadav, the co-founder of Coindelta on crypto exchanges.
What is a solution to Bitcoin Ban in India?
As of now, there is still confusion on whether Bitcoin in India is legal or illegal; still answers to this and similar other questions would come up only after the next petition is heard. Until then, a few aspects listed here can be of your help.
Facts to know about cryptocurrency ban in India and what is the solution now?:
Investors who are into trading digital assets have LocalBitcoins as the solution because, it is through this only that they get Bitcoins and later on use up ‘crypto only exchanges’ wherein trading cryptocurrencies shall become an easier process. Shubham Yadav went on to add that there is also a downside to such a set up mainly due to the fact there is involvement of complete strangers apart from unidentified investors.
Fourth Industrial Revolution Surfaced
Hence, as of now, there does not seem to be any sort of perfect platform to get hold of cryptocurrencies or exchange these cryptocurrencies. While on the other hand, some of the countries across the world have adopted measures in order to keep track of things involving cryptocurrencies. It is yet to see what the state of India decides.
Be warned: Until then it is always beneficial for an investor or an individual to do their homework well besides looking properly into details related to this digital currency before stepping as an investor or being ready to exchange cryptocurrencies on unknown platforms.
We would also be bringing in some more updates on cryptocurrency ban in India, so look out for this space, for the latest news on cryptocurrency status in India.