In April Banking regulator of India (RBI) issued a ban on dealing with entities engaged(directly or indirectly) in cryptocurrency sector .RBI prohibits banks from working with crypto traders and exchanges, and came into force on July 6th.Ban was designed to shut down crypto use in India by making conversions in Indian rupee impossible.
But, alternate methods to convert crypto have begun to surge.
For example, people started using peer-to-peer facilitators like Loacalbitcoins.com.
The ban hasn’t had any effect on crypto’s popularity in India. It just added inconvenience for those wishing to make trades. Its primary effect has, The anger towards the government has increased.
Cryptocurrency offers solutions to many of India’s economic challenges, but we can’t see any positive signs from the side of Indian government.
Hope for the best.
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