The Reserve Bank of India (RBI) has issued a statement today ordering all companies and businesses that are registered with them, to stop dealing with entities that deal with cryptocurrencies. The announcement comes with a warning that all dealings with the cryptocurrency market and entities that represent them must be terminated within a stipulated period of three months.
This does not mean that bitcoin is banned in India. This does not mean that cryptocurrencies are banned in India. The announcement simply means that banks, in the country, are no longer authorized to deal and facilitate dealings in and with cryptocurrencies.
The announcement as such has no effect nor does it enforce any change on the ground as no banks in the country are providing cryptocurrencies and there are no exchanges in the country that have official tie-ups with banks, as banks have withdrawn or have given no said support to cryptocurrencies anyway.
For users that use exchanges that work closely with banks, there is no need to worry because they all use third-party gateways for payments, that banks and the RBI have no said control or sway over. Though using third-party gateways for payments is not a permanent solution, it will, however, work for now.
There is no need to panic and there is no justifiable reason for the massive amount of FUD that is doing the rounds in social media circles and the internet in general because the RBI announcement is just iterating what it has already implemented in the country. The announcement makes no changes that the Indian cryptocurrency community needs to worry about and adapt to.
STOP THIS FUD.
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