It would be wise to remember that by the 6th of July it’s very likely that banking services to all cryptocurrency exchanges in India will be stopped. The idea behind this post is the keep you informed and not create any FUD.
There’s no news from any big Indian exchange as to when their respective bankers will stop rendering services. It’s safe to assume that in the last 5 days i.e., the first 5 days of July, 2018 most banks rendering services to these exchanges are likely to stop.
This means that you explicitly cannot deposit or withdraw any INR to/from these exchanges operating out of India.
You can however use any peer to peer service to continue your Bitcoin trading.
I’m certainly going to miss the instant deposits 24/7 to my account from Coinome when the ban goes into effect. It has been a pleasure using this exchange in the past few months over anything else in the Indian market.
Personally I think it would be a good idea to start saving up some cash. I think there could be a slight dip in Bitcoin prices for selling in India as most Bitcoin traders in the P2P channels are likely to lower their purchase prices in order to gain some cheap coins.
Prices in most exchanges are quite decent for selling at the moment. If the market continues to dip in the next 2 weeks it would certainly allow greater accumulation.
Lemme know what your strategy is to go through this phase. Hopefully, on the 20th July the Supreme Court will overturn this ban but if it remains we’ll just need to stick with P2P options until the needful happens.
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oh yaar ye to dil tootne vaali news aa shit yaar ab kya hoga bc😒😒😒😒
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It is just crazy what length goverment will go to, so they can control people. It is funnt though, what it means is people will come up with another way to close to fiat gateway which may end up been better.
Exchanges and fiat are the weak points for crypto.
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Not using any Indian exchanges at the moment so its not going to affect me personally but I can feel the hurt of the brothers all over.
To me there is only one good service that banks provide that is providing a chnnel to convert fiat to crypto. Fiat gateways are a necessary part of the cryptosphere and I am pretty confident that Indians are going to find a work around this wall
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I have missed this entirely actually.
While bad for most people in India, it is probably also a good opportunity for many in some way or form. I am thrilled to see how this will shape up in the future.
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Didn’t they want to lift the ban?
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It is good time to buy some cryptocurrencies from this Indian exchanges. I am waiting for a good deep to buy some precious coins in chip. I think this is a good opportunity for all of us...... isn't it....... what you say..?
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You can't trade on an Indian exchange without KYC at the moment even if it's crypto-crypto trading afaik.
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yes, only crypto to crypto is beneficial. but if we have good deep on any coin so why not let's invest on it.
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Luckily I was completely done this process in few months ago...With ZAPPAY and KOINEX.....
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better store your bitcoin in hardware wallets
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So if it happens then we cannot sell any crypto and convert it into INR ?
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Really sorry to hear about this in India. The powers to be just want to hold on to that Power anyway possible. A bunch of greedy b@stard, imo.
Thanks for the heads up @firepower
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Hey @firepower, I am holding my coins at least till 20th July. Not going to do any transaction in the current market. After that, if SC doesn't lift the ban, I will use any of the P2P exchanges or maybe get fiat through any offline route. As I am in a metro city, it would be much easier to find someone reliable. And obviously waiting for government of India to get their shit together is also a part of my strategy. :-P
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And that would be unfair if Indian government turn against cryptocurrency because blockchain and crypto owns the future and they save people from poverty
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