Situation in Crypto Currency market after RBI Regulations |
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Situation in Crypto Currency market after RBI Regulations

June 20, 2018

For those who did not know the news about RBI regulation, we would like to inform you that Reserve Bank of India is clamping down on financial institutions not to fund any cryptocurrency trade in India. So basically you cannot buy a BitCoin or sell it through Indian financial system anymore.

The price of cryptocurrencies nosedived after the RBI ban. For example, the price of volatile Bitcoin in India, fail to almost 350,000 rupees after Central bank’s announcement in April. Before the ban Bitcoin used to trade at around 10,000 US dollars or approximately 650,000 rupees. Currently, the same values have rebounded to almost 680,000 for Bitcoin so cryptocurrency market is bouncing back of to almost the same level as it was before the ban.

Situation in Crypto Currency market after RBI RegulationsThe Indian government is taking a strong stand against trading of cryptocurrencies and payment in cryptocurrencies to stop any possible uses of cryptocurrencies in illegal activities like online fraud or terrorism. For example, if you remember the last ransomware attacks that happened throughout the world, the cryptocurrencies were used as a medium of transaction. However, most of the people in India who deal in cryptocurrencies are of the opinion that instead of banning the use of cryptocurrencies totally India Indian financial system should come up with a method to regulate them in a better way.

But most cryptocurrency experts in the country believe that cryptocurrency is here to stay and this ban would do little in terms of affecting the trade of cryptocurrencies. Currently, Indian cryptocurrency traders are using the three month window period allowed by RBI. During this window period, you are allowed the sale and purchase of cryptocurrencies in Indian Rupees through banking systems. Now the common belief is that even if we cannot trade cryptocurrencies using Indian rupees that is if we cannot convert 1 Bitcoin to Indian Rupees or Indian rupees to Bitcoin anymore through our banking systems; we can still trade Bitcoin to Litecoin or Llitecoin to Ethereum and still make profits depending on the market situation.

As long as an investor’s money is invested in cryptocurrencies an investor still stands to gain from any rise in the value of cryptocurrencies globally. This also holds true for any downfall in cryptocurrency rates. But historically there has been a rise in cryptocurrencies values worldwide and investors are looking forward to a steel higher rise in cryptocurrencies values.

Another possibility of continuing trading in Bitcoin and other cryptocurrencies is to infuse money into your crypto vault or exchange through foreign accounts. There are legal methods to open bank accounts in other countries and you can continue investing in cryptocurrency or encash your crypto earnings.

In short, it does not look like there will be any downfall in crypto trading in India anytime soon. Further, there are rumors that some better regulations will be in place soon so that the ban on buying or encashing crypto-coins will be easier. So, we suggest all crypto and blockchain enthusiasts should continue their trading activities and learn crypto trading from professionals for better market knowledge and to minimize risk factors involved.

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