The Reserve Bank of India (RBI) decided, in a circular issued on April 6, that banks in the country will no longer be allowed to do business with crypto exchanges. The deadline, which expires on July 5, is forcing companies to prepare for the worst. Zebpay, one of the largest digital currency operators in India, has even asked its customers to withdraw their funds before the deadline ends.
Cryptocurrency Exchange Asks Users to Withdraw Funds as RBI Deadline Looms
As the RBI deadline looms, industry players within the crypto-space are drawing up contingency plans including moving overseas.
Others may soon be switching to over-the-counter (OTC) trading in order to bypass the ban over centralized cryptocurrency exchanges and potentially resulting in more Bitcoin trading in the country. In the future, we will see decentralized protocols take over and put the issue to rest.
As digital currency operators like Zebpay ask users to withdraw their funds, many traders on these exchanges are unwilling to liquidate their holdings just yet as they wait for the market to move up again. With the deadline set for July 5, there are not many alternatives. Zebpay has stated that, while the matter is being challenged in …
Read more –> click here all content is copyright Inside Bitcoins.
Need Bitcoin marketing and PR? Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin or cryptocurrency press release CLICK HERE.
Powered by ABITCO.IN
from ABITCO.IN https://ift.tt/2MzafYW
No comments:
Post a Comment
We have received your message and would like to thank you for writing to us, we will reply by email as soon as possible.
Talk to you soon,
[Pakcoin Worker]
[Pakcoin Global]