Indian Police Find “Crucial Clues” in $300 Million GainBitcoin Scam

Police investigations into the infamous cryptocurrency Ponzi scheme GainBitcoin, estimated at $300 million, are fast making progress as authorities have stated they now possess “crucial clues” on how the fraudulent organization laundered money. “Crucial Clues” As reported by The Indian Express on July 13, 2018, police from the Indian state of Gujarat are actively probing … Continued

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Coinbase Additions, Enterprise Patents, and Massive Hacks: This Week in Crypto

Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The Bitcoin Podcast by CCN on iTunes or wherever you get your podcasts. Price Watch: Bitcoin fell nearly 8% this week after jumping above $6,800 early this week. The market

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Indian Central Bank Justifies Its Crypto Stance – Outlines Key Areas of Concern

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of Concern

The Reserve Bank of India has justified its crypto banking ban to an industry group which has been trying to convince the central bank to ease crypto restrictions. In response, the central bank outlines key areas of concern and upholds its stance on crypto.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

RBI’s Main Concerns

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of ConcernIndia’s central bank, the Reserve Bank of India (RBI), has divulged key areas of concern regarding cryptocurrency. The communication is in response to a representation submitted by the Internet and Mobile Association of India (IAMAI). The document was sent to the central bank during the Supreme Court hearing of IAMAI’s petition against the crypto banking ban.

While RBI’s response cannot be made public, some industry participants have seen it and have discussed its content.

A source who has seen the document told news.Bitcoin.com that RBI told IAMAI it is particularly concerned about investor protection, cryptocurrencies’ lack of intrinsic value, and their anonymity, which could lead to money laundering.

Investor Protection

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of ConcernSohail Merchant, CEO of crypto exchange Pocketbits, commented on RBI’s response, stating that “all the basis of their arguments is ‘Investor Protection’.”

Nischal Shetty, CEO of crypto exchange Wazirx, concurred. “Some of the arguments seem to be around investor protection,” he noted, adding that “but investor protection comes with regulation and not a ban!”

Other crypto exchanges also agree that a ban is not the way to protect investors. Praveen Kumar, CEO of crypto exchange Belfrics, was quoted by Quartz:

By limiting transactions via bank accounts and allowing more cash-related transactions, RBI is allowing more people to get duped…Instead, they need to regulate the exchanges and lay down guidelines that can help prevent these frauds.

In addition, the source shared with news.Bitcoin.com that, “exchanges have been hacked globally and that worries them.”

There has been a rise in crypto-related scams in India. Even BJP party leaders have been accused of being involved in a bitcoin scam. Recently, the Indian state of Maharashtra announced that it is setting up a special investigative unit to investigate all crypto-related cases.

No Intrinsic Value

Indian Central Bank Justifies Its Crypto Stance - Outlines Key Areas of ConcernThe central bank is also concerned that “cryptos have no intrinsic value,” the source added.

RBI’s view reiterates the statement issued by the country’s finance ministry in December last year. Aimed at warning people of the risks of investing in cryptocurrencies, claiming that they are “like Ponzi schemes,” the statement reads:

VCs [virtual currencies] don’t have any intrinsic value and are not backed by any kind of assets. The price of bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in ponzi schemes….

Anonymity of Crypto

The third major factor of concern for RBI is the “anonymity of crypto leading to money laundering,” the source noted.

However, exchanges argue that strict adherence to know-your-customer (KYC) norms would prevent money laundering, Quartz elaborated and quoted them clarifying, “all transactions are usually carried out via bank account transfers to keep a tab on the money trail.”

India is also not the only country concerned about the anonymity of crypto. Japan, where cryptocurrency is a legal means of payment, is another. The country’s top financial regulator has reportedly been pressuring exchanges such as Coincheck, which was hacked in January, to drop privacy coins.

What do you think of RBI’s concerns? Let us know in the comments section below.


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Ripple Wants to Beat Bitcoin in India, Initially Planned to Giveaway Billions

Ripple (XRP), the largest bank-targeted blockchain protocol, is attempting to take over 50 percent of India’s finance sector by processing payments with low fees and efficient systems. At the Scaling and Digital Disruption in Fintech conference, Ripple Vice President Asheesh Birla, said that the company envisions surpassing the adoption rate of bitcoin to ensure XRP

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India May Avoid Cryptocurrency Ban, Classify them as Commodities: Report

Authorities in India are likely to choose against a sweeping cryptocurrency ban and treat them as commodities, a report citing a government official has claimed. Citing a senior government official involved in the ongoing regulatory discussion surrounding cryptocurrencies, Quartz is reporting that India is unlikely to enforce a blanket ban on cryptocurrencies despite the newly-enforced … Continued

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Indian Central Bank Responds About Crypto Restrictions

Indian Central Bank Responds About Crypto Restrictions

India’s central bank has responded to a representation about its crypto banking ban. The Supreme Court gave the central bank seven days to reply following a hearing last week of the petition by the Internet & Mobile Association of India against the ban.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

RBI’s Response

Indian Central Bank Responds About Crypto RestrictionsIndia’s central bank, the Reserve Bank of India (RBI), has responded to a representation submitted by the Internet & Mobile Association of India (IAMAI), as directed by the country’s Supreme Court.

Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that the representation is “a detailed document explaining blockchain, cryptos and how they function,” noting that it was “made with the belief that if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.”

Indian Central Bank Responds About Crypto RestrictionsThis representation was sent to the central bank on July 3 during the IAMAI petition hearing. The Court ordered the central bank to reply within seven days. On July 11, RBI finally sent its response to the association.

According to Sohail Merchant, the CEO of Indian crypto exchange Pocketbits, RBI’s reply is a “2 page generic response.” While stating that “as of now the response cannot be made public” but there is “not much to read though,” he commented:

IAMAI received the response from RBI as directed by SC [Supreme Court], the response is generic with the same language as the public circulars. They have not even given deliberate thought to the points made by us, all the basis of their arguments is ‘Investor Protection.’

Shetty reiterated, “RBI has responded to IAMAI…They aren’t changing their stand.”

Until Next Hearing on July 20

The central bank issued a circular on April 6 banning all financial institutions under its control from providing services to companies dealing in cryptocurrencies, including crypto exchanges.

Indian Central Bank Responds About Crypto RestrictionsRBI gave banks three months to sever their relationships with crypto businesses. As the ban went into effect on July 5, banks began closing accounts of crypto exchanges. One by one, the exchanges stopped supporting fiat deposits and withdrawals.

To bypass banking restrictions, a number of exchanges are launching peer-to-peer (P2P) trading services. Koinex and Coindelta are reportedly launching their P2P services on July 15. Wazirx, on the other hand, already launched its P2P service. The company wrote, “Wazirx P2P goes live today, 10th July at 3PM. With Wazirx P2P, a buyer and seller can buy and sell cryptos for INR directly with each other.”

Meanwhile, industry participants and stakeholders are trying to get the RBI ban lifted by filing petitions with the Supreme Court, which will all be heard on July 20.

Do you think RBI will soon lift the banking ban on crypto? Let us know in the comments section below.


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Special Unit Formed to Investigate Crypto Cases in India

Special Unit Formed to Investigate Crypto Cases in India

A special investigations unit has been set up in the Indian state of Maharashtra where there is a rise in bitcoin-related scams. The unit will take over the investigation of all cases relating to cryptocurrency in the state that are currently handled by various police departments.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Special Unit Formed for Crypto

Minister Deepak Vasant Kesarkar, a member of the 13th Maharashtra Legislative Assembly, made a statement regarding cryptocurrency cases in his state on Tuesday. The Pune Mirror quoted him replying to a Calling Attention motion tabled by the opposition leader in the Legislative Council:

A special investigative team (SIT) will be formed to investigate all cases related to cryptocurrency, including bitcoin, in Maharashtra…The SIT will take over investigations currently being done by various units of the state police.

He explained that the new unit will be headed “by an official of the rank of additional director-general of police,” adding that it has been given three months to research all of the companies “that have cheated investors in the name of cryptocurrency.”

Panel to Probe Scams

Special Unit Formed to Investigate Crypto Cases in IndiaThe Maharashtra government has also decided to conduct an inquiry using “a panel headed by additional director general of Economic Offence (EO) Prabhat Kumar,” DNA publication detailed.

“The panel will be entitled to coordinate with central agencies including Enforcement Directorate (ED) for probe in such scams.”

Kesarkar told the news outlet:

Already such cases were reported in Thane, Pune, Nanded and Kolhapur where members of public have been allegedly cheated through cryptocurrency.

The Pune Mirror elaborated, “It is estimated that investors from the state were cheated to the tune of around Rs. 2,000 crore [~US$2,906,400] in cryptocurrency trade,” adding that “the most common method of cheating was offering high returns under the multi-level marketing (MLM) scheme.”

Other Recent Crypto Fraud Cases

Special Unit Formed to Investigate Crypto Cases in IndiaLast week, the Indian Congress party alleged that some of the top BJP party leaders are involved in a bitcoin scam in Gujarat. The Financial Express quoted a Congress spokesperson saying there were “reports of the state police blackmailing some businessmen in Surat for extortion and named a former BJP legislator as one of the kingpins.”

On Monday, a city sessions court refused bail to seven police officers who were arrested in connection with a bitcoin extortion case in June, according to the Times of India. They were accused of being part of the police team that allegedly abducted and detained Surat-based builder Shailesh Bhatt and forced him and his business partner Kirit Paladiya to transfer 200 BTC.

The move by the Maharashtra government came just four days after the crypto banking ban by the Reserve Bank of India (RBI) went into effect.

What do you think of the special unit set up to investigate crypto cases? Let us know in the comments section below.


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A Case of Brain-Drain? Indian Investors Set Up Multi-Million Dollar Cryptocurrency Fund in USA

Despite India’s strict stand on cryptocurrencies, native entrepreneurs and blockchain enthusiasts are stopping at nothing to play their part in the burgeoning sector. [Editor’s note (10:45 AM): The headline has been updated to remove an erroneous previous estimate of the fund.  ] India’s Loss is USA’s Gain While some cryptocurrency businesses are shifting base or launching … Continued

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A Case of Brain-Drain? Indian Investors Set Up $20 Million Cryptocurrency Fund in USA

Despite India’s strict stand on cryptocurrencies, native entrepreneurs and blockchain enthusiasts are stopping at nothing to play their part in the burgeoning sector. India’s Loss is USA’s Gain While some cryptocurrency businesses are shifting base or launching litigations against the government, a small group of influential investors from the country have launched B1T Capital –

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Indian Crypto Exchanges Forge Ahead With Solutions to RBI Ban

Indian Crypto Exchanges Forge Ahead With Solutions to RBI Ban

Indian cryptocurrency exchanges are forging ahead with their solutions to the crypto banking ban imposed by the country’s central bank. A growing number of exchanges have stopped fiat support as they ramp up peer-to-peer and crypto-to-crypto trading.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

RBI Ban in Effect

Indian Crypto Exchanges Forge Ahead With Solutions to RBI BanThe crypto banking ban by the Reserve Bank of India (RBI) went into effect at the end of last week. The central bank issued a circular three months ago, banning all financial institutions under its control from providing services to companies dealing in cryptocurrencies. The industry was hopeful that the Supreme Court would grant a stay on the ban on July 3 but the court did not and the RBI ban subsequently went into effect.

Wazirx announced on July 4, “We’ve discontinued INR deposits with immediate effect,” adding:

Our banking partner has abruptly stopped supporting our bank account. This is due to the recent RBI circular banning banks from providing support to cryptocurrency exchanges.

Indian Crypto Exchanges Forge Ahead With Solutions to RBI BanKoinex announced on July 7 that users can “submit INR withdrawal requests till 02.00 PM on July 9, 2018 (Monday) after which no further INR withdrawal requests will be accepted.”

Buyucoin announced last week that “Deposit and Withdrawal will be halted until further notice due to RBI circular by midnight 5th of July’18.”

Three of the first crypto exchanges to announce a suspension of fiat deposits and withdrawals were Zebpay, Pexo, and Coinome, as news.Bitcoin.com previously reported. Another major exchange, Unocoin, has yet to announce that it has stopped fiat support at press time.

P2P Trading

Amid RBI’s ban, Indian crypto exchanges have been ramping up their solutions to continue business after the ban. Among them is P2P trading, where the exchange acts as an escrow service between two customers for each fiat to crypto trade.

Indian Crypto Exchanges Forge Ahead With Solutions to RBI BanWazirx has been preparing to launch a P2P trading service. The exchange announced on July 8, “WazirX P2P is launching in a few days.”

Koinex is also gearing up to launch its P2P service called Loop. Citing that “the INR/crypto trading corridor may be discontinued over the next few days with prior notice,” the exchange revealed on July 7, “after that, users will be able to trade via Koinex Loop and True USD corridors for fiat stability.” The exchange elaborated:

Loop is a peer-to-peer transaction network for digital assets using fiat currency. Koinex users will automatically find their KYC-verified Loop accounts ready upon release. Loop is in the final stages of development and will be released before July 15, 2018.

Crypto-to-Crypto Trading

Indian Crypto Exchanges Forge Ahead With Solutions to RBI BanMeanwhile, a number of exchanges have ramped up crypto-to-crypto trading services, similar to Binance and Poloniex.

Unocoin recently launched its crypto-to-crypto platform, Unodax. On July 4, the exchange announced more trading pairs for the platform. It now offers 9 BTC trading pairs, 4 ETH trading pairs, and 4 XRP trading pairs. Unocoin emphasized:

Unodax, India’s leading blockchain and cryptoasset company is introducing 17 crypto-to-crypto trading pairs.

Indian Crypto Exchanges Forge Ahead With Solutions to RBI Ban

Zebpay also offers 19 cryptocurrencies and over 35 trading pairs on its platform now that it has dropped fiat support.

What do you think of RBI’s ban and crypto exchanges’ solutions? Let us know in the comments section below.


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Local Crypto Exchanges are Circumventing India’s New Bitcoin Ban: Here’s How

According to Coindelta co-founder Shubham Yadav, cryptocurrency exchanges in India can no longer process fiat-to-crypto trades and have shifted their business model to crypto-to-crypto trading. Central Bank’s Ban on Crypto Stands In April, CCN reported that the Reserve Bank of India, the country’s central bank, first imposed its ban on cryptocurrency trading, effectively disallowing local … Continued

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The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows

The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows

On the backdrop of recent developments concerning the status and the future of cryptocurrencies in India, Bitcoin has been dragged into a political scandal between the country’s two major parties. We’ve covered the story in today’s Bitcoin in Brief. Also in the daily, check the details around some BCH-related projects and services, as well as the latest incarnations of the blockchain technology.

 Also read: Bittrex Invades Europe and Blockchain Gets Raunchy

Bitcoin in a Blame Game

With all the emotion surrounding the fate and future of cryptocurrency in India, it was just a matter of time before Bitcoin entered big politics and big scandals in Delhi. This week, the Indian National Congress (INC), one of the two leading parties in the country, accused its major political opponent, the ruling Bharatiya Janata Party (BJP), of being complicit in a “bitcoin scam”. On Thursday, INC spokesman Shaktisinh Gohil demanded a judicial probe into an alleged money-laundering scheme using the cryptocurrency.


During a press conference, the Congress representative claimed BJP leadership participated in a scam in the state of Gujarat involving the conversion of “black money” through hawala and bitcoin transactions. According to Gohil, the “massive multi-layer extortion and hawala scam” was carried out by some top BJP leaders to the tune of at least 5,000 crore rupees, almost $730 million, Crypto News reported. However, he also quoted local press mentioning figures of up to 88,000 crore rupees, close to 13 billion USD.

One of the main allegations is that BJP politicians have used bitcoin to convert illicit money and transfer them to businessmen in Gujarat during the demonetization, which was used as a cover. “We demand an impartial Supreme Court-monitored judicial investigation in this maze of ‘mega bitcoin scam’ so that the truth comes out,” Shaktisinh Gohil insisted, quoted by Indian media. BJP spokesperson Anil Baluni has since rejected the allegations calling them laughable. “The dirty tricks department of the Congress is at work to spread confusion and lies,” he said.

Blockchain Craze Goes On

While the Indian political class is exploiting bitcoin as a modern weapon in its never-ending wars, the government administration in Delhi has expressed willingness to explore the technology underpinning the cryptocurrency. The latest idea is to use blockchain in the management of fertilizer subsidies. The National Institution for Transforming India has recently signed a statement of intent to collaborate with Gujarat Narmada Valley Fertilizers & Chemicals on a solution to achieve that. The two organizations hope to create a proof of concept for an application that would improve the efficiency of the fertilizer distribution chain and increase the transparency of the subsidy system.

The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows

That’s not the only new blockchain-related development in the Agribusiness sector. It was reported this week that the UK’s Food Standards Agency (FSA) has completed a pilot program employing the technology at a cattle slaughterhouse. The FSA has experimented using blockchain technology as a regulatory tool in order to ensure compliance in the food sector.

“This is a really exciting development. We thought that blockchain technology might add real value to a part of the food industry such as a slaughterhouse, whose work requires a lot of inspection and collation of results,” said FSA information management head Sian Thomas, quoted by the specialized outlet Foodprocessing Technology. The news comes after reports of another crypto project in the food industry – an Israeli startup is working on creating a global vegan-friendly decentralized platform fueled by its own token, Vegancoin.

Some representatives of the higher education system are also fascinated by blockchain. The state-funded Financial University, an institution under the Russian government, has announced plans to store diploma records on a distributed ledger, RTT News reported. Starting this September, employers will be able to verify the authenticity of any digital diplomas issued by the university on its official website, which provides a convenient and fast verification service. The idea for the project came from students of the International Finance Faculty.

BCH Universe Expands

Cointext, a blockchain startup that has developed a service allowing offline bitcoin cash (BCH) transactions, announced it had closed a round of $600,000 in BCH seed funding led by the Texas-based venture capital firm Yeoman’s Capital. The platform allows users to transact cryptocurrency with any type of mobile phone over text messages, without the need for Internet. They can send BCH to phone numbers or BCH addresses communicating with the blockchain through an SMS gateway.

The beta release of the service was launched in March, as news.Bitcoin.com reported. The English language version is currently available in eight countries – US, Canada, UK, Australia, South Africa, Netherlands, Sweden, and Switzerland. No accounts, passwords, apps, or complicated cryptocurrency addresses are needed to use Cointext. Anyone can get a Cointext wallet by texting the word RECEIVE to the access number for their region, or when another user texts funds to their phone.

The Daily: Bitcoin Enters Indian Politics, Blockchain Obsession Grows

Another positive development involving Bitcoin Cash this week was the announcement that Japanese exchange and wallet provider Bitpoint had started accepting BCH through its Bitpointpay service. The application has been upgraded to add support for BCH payments as part of efforts to expand payment options. Its users can now initiate payments in three cryptocurrencies, including bitcoin core (BTC) and ethereum (ETH). Currently, the Bitpoint merchant app accepts payments only from Bitpay accounts but the team plans to allow transfers from any wallet in the future.

What are your thoughts about today’s news tidbits? Tell us in the comments section below. 


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India’s Ruling Political Party Allegedly Involved in $763 Million Bitcoin Scam: Report

India’s ruling government, the Bharatiya Janata Party (BJP), was accused by former rulers Congress after a bitcoin scam amounting to Rs. 5,000 crore ($763 million) surfaced in the state of Gujarat. Estimated to Cross $12 Billion As reported by local news NDTV on July 6, a few Congress leaders from Gujarat demanded a Supreme Court

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Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI Ban

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI Ban

Cryptocurrency exchanges in India have one by one announced the shut down of their fiat deposits and withdrawals as banks start closing their accounts per RBI’s crypto banking ban. Meanwhile, they are trying to educate the central bank in hopes of easing the ban.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

RBI Ban Going Ahead

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI BanThe Supreme Court of India heard a petition against the crypto banking ban by the Reserve Bank of India (RBI) on Tuesday, July 3. However, it did not grant a stay on the ban. Instead, this petition, which was filed by the Internet and Mobile Association of India (IAMAI), will be heard along with four other petitions on July 20.

RBI issued a circular on April 6 banning all financial institutions under its control from providing services to cryptocurrency exchanges, starting on July 5. Without the stay by the Supreme Court, banks are likely to stop providing their services on July 5 per RBI’s order.

Shutting Down Fiat Support

One of India’s largest crypto exchanges, Zebpay, announced Wednesday:

Today we are disabling the rupee deposit and withdrawal options on the Zebpay app. This is being done in light of the bank account closures as per the RBI guideline…INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again.

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI BanThe exchange recently warned its customers that rupee deposits and withdrawals may become impossible if its bank accounts are disrupted. In the meantime, Zebpay noted that crypto deposits and withdrawals as well as “crypto-rupee and crypto-crypto pair trading” continue to be supported.

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI BanAnother major Indian crypto exchange, Unocoin, issued a statement after the Supreme Court hearing on Tuesday. Reiterating that the court “has refused to hear the plea for interim relief” and that “The [next] hearing is set for the 20th of July,” the exchange wrote:

Banking services are expected to be revoked this week…if you are withdrawing or depositing any rupees in Unocoin, there could be a time when we may not honour such requests.

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI BanA smaller exchange, Coinome, stopped INR deposits at 11:59 PM on July 3. INR withdrawals will be discontinued on July 4 at 11:59 PM, the exchange advised its customers and requested them “not to Panic Sell. Your crypto assets will continue to retain value as per global markets.”

Pexo exchange also announced Wednesday that “We are closing the INR deposit and withdrawal request after 6 p.m. today as per the RBI guidelines. Requesting you all to withdraw your funds before the deadline.”

Banking Alternative/Extension

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI BanWazirx announced at the time of this writing that its “INR deposits & withdrawals are [still] working normally,” adding that “You don’t need to worry about cashing in/out of crypto as Wazirx P2P will help you cash in/out of crypto even after RBI ban.” The exchange recently announced the launch of its P2P trading service which will be live once banks stop providing services to the exchange.

Meanwhile, Pocketbits announced that its “INR deposits might not be available after 5th of July, but INR withdrawals will be available even after that. Users can Withdraw their INR anytime. Crypto Withdrawals and Deposits are always available without any restrictions.” The exchange clarified:

Our current banks have given us an extension to disburse all the funds, this does not mean we will have functioning bank accounts indefinitely. We will notify our users days in advance before the withdrawals are completely stopped.

Koinok, on the other hand, claimed at the time of this writing that “even after July 5, INR withdrawals will be available on Koinok and you will be able to withdraw your INR funds anytime.”

Exchanges Trying to Educate RBI

Indian Crypto Exchanges Drop Fiat Support as Banks Close Their Accounts per RBI BanAt the IAMAI petition hearing on Tuesday, the association submitted “a representation to the RBI which was a detailed document explaining blockchain, cryptos and how they function,” Wazirx’s founder and CEO, Nischal Shetty, told news.Bitcoin.com.

According to CNBC-Awaaz, the Supreme Court sent a notice to RBI during the hearing, asking the central bank to respond within 7 days. Shetty elaborated, “if the RBI gets a deep understanding of blockchain and crypto then they may go easy on the ban and think about regulations.”

Unocoin emphasized on Wednesday:

We would like to let you know that this [RBI’s banking ban] is not a ban on cryptoassets and a policy in this regard is expected in the near future.

Disclaimer: Bitcoin.com does not endorse or support claims made by exchanges in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of RBI’s action and how crypto exchanges are responding? Let us know in the comments section below.


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