Indian government banning cryptocurrency? What we need to do?

Hello Steemians,

I believe cryptocurrency is the biggest asset for any individual who wants earn good returns on their investments. It's personal choice where to invest their money.

What was the whole matter?

Nearly three months back, RBI (Reserve Bank of India) had instructed the banks to end the relations with cryptocurrency-driven companies such as Zebpay, Koinex etc. It means Indian traders won't be able to deposit or transact to fiat currency (INR) in Indian crypto exchanges legally.

The RBI had released the circular on April 6, 2018 that was challenged in the Delhi High Court, which initially refused to grant an injunction. Supreme Court also declined to issue a stay order on July 3, 2018. The matter is still before the Supreme Court that will hear the matter on July 20, 2018. Ever since the ban was imposed, there was sentiment that the cryptocurrency market will survive the RBI ban.

What Indian traders will do after ban of crypto trading?

There are many options available for Indian traders. I'm discussing 2 most recommended options below:

1. Traders can transfer their funds to any international exchanges such as Binance, Kucoin etc and trade there. As bitcoins is legal in most western countries.

2. Some Indian exchanges like WazirX is planning to implement p2p (peer-to-peer) transfer options which will help you buying/selling of coins without getting warning messages from the local banks.

How P2P model works?

• Exchange connects the person who is looking to buy crypto coins with the person who is looking to sell their coins
• Seller deposits their coins in exchange's escrows (for security purpose)
• Buyer pays cash to seller
• Exchange releases buyer's asset on getting confirmation from seller

Note: However this is not yet publicly launched but they're planning to launch if RBI ban on banking services dealing with crypto. I'm sure some other exchanges also find better solutions.

I really hope RBI & Indian government will take decision on our favor. If they regulate crypto then it'll be beneficial for both individuals who can invest in crypto and earn handsome profit and Indian government will also earn from the tax regulations. Let's hope for the best!

What do you think india should ban crypto or regulate for trading? Please write comments below and share your thoughts and ideas on it.

Regards,
Crypto Meet
@cryptomeet