I know how you feel, you want to withdraw but the prices are 5%-10% lower than global prices and it doesn’t help the fact that you may already be taking losses with the considerable drop in the market.
But I’ve no choice but to reiterate the fact that banks rendering services to cryptocurrency exchanges in India are yet to issue a deadline to these exchanges. It's also unclear which banks are rendering services to which crypto-exchange in India and what they plan to do individually.
So far it has been ascertained that Indian banks will suspend accounts of exchanges by end of day on the 5th. However, it's uncertain if banking services will remain intact for all exchanges until the 5th.
Many felt that Zebpay’s news was unnecessary FUD by the company but in fact it was right in informing all parties involved about the current situation.
A source at one of the biggest Bitcoin exchanges in India informed me that they have no idea when their account will be suspended. It’s better to exit when they are still working if you have no choice but to leave this space.
Plan your exit trades in advance whenever market moves closer to globally traded prices of BTC and then sit tight and watch how things from 3rd July. At the moment we're likely to exit at a loss either via exchanges or P2P. You have to keep a watch on the trades closely to get the best price possible on your BTC/INR trades.
If there is no verdict favouring crypto-trading on 3rd July and the ban comes into effect from the 5th-6th onwards you can still use Localbitcoins or similar services to exchange your funds.
However, please note that the prices here historically have been on the lower side and might take sometime to stabilize.
Haste makes waste, so don’t simply run for the heck of it. Stick with a reliable cryptocurrency exchange in the country and see how things play out if you decide to hold onto your funds for a few more days.
Hopefully by the end of day on 3rd July we'll have something to cheer for!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #31
At the end in India or in other country it will be fully legal, like in Bermudas and the new Arbitrade exchange: https://steemit.com/cryptocurrency/@crypto.dtube/arbitrade-exchange-in-bermudas
Nice news
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Yes! That's what we're looking forward to!
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Or maybe don't sell and just HODL , governments change and policies change all the time , elections are up in 2019 !!
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Nicky idia to react
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what???
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zebpay always dumps bitcoin price when there is bad news and high price when there is good news. on 3rd july, if good news comes then bitcoin price of zebpay may higher than market value and if bad news comes then bitcoin price falls lower than market value. Dont know what to do :(
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Always hope for positive results, may some cheerful results come at the end of the 3rd July. Thanks for updating us time to time.
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Good luck to all crypto traders from India.
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My feeling is that it is never a good idea to have non-trade obligated crypto left sitting on an exchange. In the case of India at the moment that is even more the case.
My strategy would be to have all my crypto in wallets in my posession. Indians would do well to use crypto payments between each other as much as possible to show central authority that they can either embrace crypto or be, truly, left behind.
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Amazing post sharing bro...
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The game is not over yet. Still there is a ray of hope of lifting ban. Be optimist, remain positive.
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if we indians exit from all these crypto exchanges then how are we going to exchange our cryptos into fiat?
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@firepower you are right ... lets hope for the best. we all have invested our money...and we should get returns for our money and on our time for holding the cryptocurrency as well....
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Hi man! How are you, any way i have something for you and i hope you like it :)
https://steemit.com/artzone/@soufiani/firepower-portrait-fire-work-full-of-power
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From 5th or 6th july onwards if we can use local bitcoin or similar service to exchange our fund ,its ok.Thanks for the updates,may be we will cheer in future,good luck friends.
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