• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
India Reserve Bank
Nexo

India Bitcoin Bank Ban in Effect July 5 After Supreme Court Decision

Wilma Woo by Wilma Woo
4 years ago
in News, Bitcoin, Bitcoin Businesses, News teaser
0

India’s Supreme Court has refused to extend a grace period allowing cryptocurrency entities to keep banking services beyond this week’s deadline set by the central bank.


Exchanges Go P2P

According to various media outlets, the Reserve Bank of India (RBI) will now succeed in implementing its ban on cryptocurrency business support on July 5.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Exchanges and any other business dealing in cryptocurrency will no longer have access to banking services under the ban, meaning traders will be barred from withdrawing rupees via those businesses.

Local industry players had widely anticipated the deadline coming into effect, warning customers in advance of the potential for funds to remain in cryptocurrency.

Reserve Bank of India Bans Cryptocurrency, With Ulterior Motive

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Now, talk is turning to P2P as an interim solution, Indian exchange WazirX telling Economic Times Tuesday it would transform its platform to do away with reliance on banking partners.

P2P facilitates direct crypto-to-fiat trading between individual users, with any bank transfers occurring from one private account to another without any formal links to cryptocurrency.

“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” CEO Nischal Shetty said.

Decentralized exchanges such as Bisq and HodlHodl could also reap the benefits of the ban alongside P2P trading platforms like LocalBitcoins whose volume could see a spike in the coming weeks.

Supreme Court To Hear Petition July 20

The RBI had caused significant outrage when it first announced its plans for a ban April 6. Today, the Supreme Court confirmed its willingness to hear a petition against the move on July 20, Bitcoinist previously reporting on the concerted effort to demonstrate the RBI was acting on insufficient understanding of the market.

“The grounds on which our writ petition has been filed is that the RBI has not done enough research to ban a business completely,” a lawyer associated with the petition said last month.

The interim period is nonetheless likely to witness upheaval, as it remains unclear if other major Indian exchanges have succeeded in making alternative arrangements.

What do you think about India’s banking ban on cryptocurrency businesses? Let us know in the comments section below!


Images courtesy of Shutterstock, coin.dance

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Wilma Woo

Wilma Woo

Related Posts

bitcoin BTC Stellar XLM

Why Mercado Bitcoin and Stellar Will Explore A Brazilian CBDC

3 hours ago
NFT

NFT Project Milady’s Charlotte Fang Accused Of Racism And Homophobia

12 hours ago
Follow The Money screenshot

Let’s Dissect The “Follow The Money #1” Documentary, Pt. 1- Salvadoran Confusion

14 hours ago
Magic Johnson

Magic Johnson Unveils NFTs Showcasing The Basketball Legend’s Iconic Moments

14 hours ago
Peter McCormack screenshot

Wright Vs. McCormack, The Bitcoin Trial Of The Year Began In London

18 hours ago
Bitcoin BTC BTCUSD

Rich Dad Author Recommends Bunkering Down With Food, Guns, And Bitcoin

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.