“Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies,
What does it mean for banks
Banks like Yes Bank and Kotak Mahindra are advancing their technology to meet global competition in blockchain. For other public sector banks (regulated by RBI) they have been given 3 months to settle the accounts but stop Cryptocurrency Purchases soon.
What does it mean for people
Just because online transfer has been disabled, it is not the end of cryptocurrency trade. You still have approximately 3 months to settle the accounts. Moreover, you can resort to un-conventional means of cryptocurrency purchases like cash, or crypto-to-crypto transactions.
Or the well known hawala scheme. This means you pay the person in ‘kind’ or non-fiat payments. This means you purchase crypto-currency from someone but instead of online transfer via banks, you can pay something else, land, gold, silver, stocks etc. You can also use State bank of Sikkim which is NOT regulated by RBI.
- Will the government pay for the losses to the business because of this regulation?
- Isn’t it the fault of government that there was no clear law. Shouldn’t government pay for it’s mistakes?
- How can government/RBI control the money that belong to a private citizen, isn’t this unlawful?
- Given that we live in this country with limited vision: What are the alternatives for us cryptocurrency enthusiasts who still believe in this technology?