Almost a week ago, on the 4th of April, the Reserve Bank of India released an announcement telling all banks, companies and businesses registered with them to cease all crypto related dealings, including facilitating accounts with crypto ties, sending the Indian crypto community into a whirlwind.
The initial speculation thanks to a lot of false media coverage, was that India had finally announced their stance on cryptocurrencies and in that had decided to ban it completely. However, almost a good twenty-four hours of constant speculation later, the dust has somewhat settled.
As banks in the country were anyway lending no sort of outward support to cryptocurrencies and crypto service providers, the announcement was just a written version of the what was already being enacted on the ground. The announcement also said that all banks dealing with them must suspend crypto operations indefinitely within three months. This part of the announcement affect some Indian wallet providers like Zebpay, Unocoin, etc, because they have dealings with banks through which a customer can convert and transfer into their respective accounts. The main thing here, however, was that the fact that these wallets use third-party gateways to convert and transfer crypto assets as INR to bank accounts, so essentially they too were unaffected.
The crypto community in India since has signed petition after petition in the hope of the RBI changing its stance and has put the average investor in a tight spot. People in India believe that the RBI’s announcement is just the first stone on the road towards a complete ban and are running helter-skelter looking for alternative ways of converting and transferring assets into banks.
The dust from the whirlwind has since settled and people are reading the announcement with a quieter mind and are coming up with innovative ways to work around the bank’s crypto ban. One of the many ways is the use of Neteller, an online wallet and payment gateway for both fiat and crypto owned by the British group Paysafe.
Neteller is an international online wallet that has business ties with leading financial service providers like Visa and MasterCard. The online service provider has money in and money out provisions using which a user can convert their digital assets.
The online wallet provider requires every user to go through a simple and conventional sign-up routine. In which the user will have to provide their email id, home currency and other personal details following which there will be a verification of the account to check its authenticity.
Using the money in the provision, users can add their bitcoin assets into the wallet after paying a 1% transaction fee. Users can choose the amount of money they want to add to their wallet in INR and instruct the wallet to remove the amount from their bitcoin wallet.
After the user has specified the amount they want to be deposited, using a QR code that will be generated by the wallet, they can transfer this money into their wallets.
Once the money is in the user’s wallet on Neteller, using the money out option, the same amount or more or less can be transferred into the bank account that they used during the verification.
Things to Keep in Mind
- To use Neteller, the user may need to own an international debit card. One which can easily be issued from their banks within a matter of hours.
- To use the money out option on Neteller, a minimum balance of 5000 INR is required.
- For some bank users, it is important for the user to be a holder of an international debit card.
There may be a large exodus of Zebpay and Unocoin users to Neteller and other such wallet providers over the next two months as RBI’s deadline draws closer and closer. It is important for the Indian crypto community to know that where there is a will there’s a way and making Indian banks cease operations is not going to cripple its use. Neteller is one of the many workarounds India will have to start using in order to liquidate their crypto investments and the wallet is highly intuitive, making it easy to use. And goes a long way in terms of adoption.
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