Reserve Bank of India(RBI) had released a noticed called crypto circular which stated that all the companies, Exchanges or Wallets providing Rupee-to-Cryptocurrenecy transfers and vice versa have to stop dealing, a 3 month window was provided them to end their dealing which is going to end on July 5.
India's leading cryptocurrency exchange and wallet Zebpay has already issued a notice for investors stating "As per a recent RBI action, banks have been told to discontinue banking services to those dealing with virtual currencies. While our industry is challenging this legally, the outcome is beyond our control. Hence, if you are holding any rupees, or depositing any rupee in Zebpay, there could soon come a time When we may not be able to honor withdrawal requests. Please continue only if you understand the risk."
On one side where Indian market has just started to Invest in Cryptos this action has threatened the Investor's resluting in fall of crypto prices on Indian Exchanges.
While for risk takers this could be a golden opportunity to buy at low prices and sell them when prices are high in future or to convert money into another fiat currency.
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