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Bitcoin Won't Increase Bank Balance Anymore
By: Tupaki Desk | 5 July 2018 2:06 PM GMT
Reserve Bank of India (RBI) set July 5th as the deadline for banks to end any connection what-so-ever with bitcoin. From Today, Not even a single rupee will be added to your bank balance through Bitcoin.
Until now, Individuals can buy or sell crypto currency on exchanges. Which means, You can transfer money to a bank account linked to the exchange for obtaining equivalent number of bitcoins. From Today, Such things can't be done!
Only Peer-To-Peer (P2P) exchanges are possible. It means exchange of one kind of crypto currency (ex: Bitcoin) with another crypto currency (ex: Litecoin) but not fiat.
Bitcoin Holders will have to approach Marketplace exchanges or Black Market to convert crypto currency to rupee or any other fiat. Individuals wishing to be bitcoin investor in India will have to buy from peers instead of relying on exchanges upon paying a premium above the current exchange rate (1 bitcoin equals Rs 4.30 lakh).
No Loans would be offered by banks to crypto currency companies. Even their corporate accounts will be scrapped.
Bitcoin Companies like Zebpay permits Investors to store rupee value in their wallets. Such money will get struck if they weren't withdrawn already.
Of course, This move isn't the end of Bitcoin or crypto currency in India. RBI has only prevented banks from associating with crypto currency but yet to ban crypto currency. Individuals can still buy bitcoin for Dollars through Paypal.
Until now, Individuals can buy or sell crypto currency on exchanges. Which means, You can transfer money to a bank account linked to the exchange for obtaining equivalent number of bitcoins. From Today, Such things can't be done!
Only Peer-To-Peer (P2P) exchanges are possible. It means exchange of one kind of crypto currency (ex: Bitcoin) with another crypto currency (ex: Litecoin) but not fiat.
Bitcoin Holders will have to approach Marketplace exchanges or Black Market to convert crypto currency to rupee or any other fiat. Individuals wishing to be bitcoin investor in India will have to buy from peers instead of relying on exchanges upon paying a premium above the current exchange rate (1 bitcoin equals Rs 4.30 lakh).
No Loans would be offered by banks to crypto currency companies. Even their corporate accounts will be scrapped.
Bitcoin Companies like Zebpay permits Investors to store rupee value in their wallets. Such money will get struck if they weren't withdrawn already.
Of course, This move isn't the end of Bitcoin or crypto currency in India. RBI has only prevented banks from associating with crypto currency but yet to ban crypto currency. Individuals can still buy bitcoin for Dollars through Paypal.
