July 3rd marks the day when cryptocurrencies’ fate in India shall be decided. Things seem positive at this point with Subash Chandra Garg, Secretary, Department of Economic Affairs stating that they are developing a template which they think might be in the “best interest of our country”.
They have prepared a draft which is to be discussed with the committee members on the said date. This draft seems to be the government’s move in proactively segmenting “what should be banned, what should be preserved, and what not.”
With that said, the final verdict is still extremely unpredictable. However, we can attempt to look at the various possibilities and future options.
If certain regulations are imposed on the exchanges and the ban is lifted, then the banks will start supporting the exchanges. If the verdict directs towards banks not supporting the exchanges, then investors/traders need to start finding different ways to trade and get their currencies exchanged. Some exchange platforms have already commenced various ventures to do so.
Unocoin has launched a new domain UNODAX which would offer multi cryptoasset support. BuyUcoin, another cryptocurrency exchange has announced the launch of BuyUcoin Token [BUC]. Shivam Thakral, co-founder, and CEO, BuyUcoin stated:
“BuyUcoin Token (BUC) is a stepping stone towards building the next level of products for the cryptocurrency industry. With a long-term perspective, we believe decentralised exchanges will take this industry forward. Currently, the intervention of several other governments around the world has created several roadblocks in the growth of this industry, while solutions remain in the basics.”
Giottus another Indian exchange platform has launched a feature which makes it possible to withdraw INR using peer-to-peer exchange. Peer-to-peer exchange is one option that most exchanges are looking at as it facilitates transactions between two traders without routing the money through the exchange.
Crypto King, a trader and Twitter use commented:
“If you have INR in Zebpay then Withdraw it in your Bank Or Buy BTC with that INR and transfer in Blockchain wallet and if you are holding BTC in zebpay then transfer in your personal hardware wallet or Blockchain But don’t sell BTC and Don’t be a part of FUD THANKS”
ojman, another Twitter user commented:
“Guys Bittrex sent mail bout linking bank , even I got that mail from Bittrex , but it said it’s an invitation mail to choose option from Only USD trading or USD trading with withdrawals and deposits !! but I don’t know if they are accepting overseas bank accounts 2”
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