I believe the RBI didn't allow fiat(rupee only?)-to-cryptocurrencies trading.
One of the solution was to move to crypto-crypto trading which was done by few exchanges however other solutions could be trading crypto with other fiat ($,€,¥...) if it is allowed or trading it with gold, silver or even with goods (creating online shopping that accepts crypto payments +++), i find the last one as a good alternative and very profitable if it works as intended.
Topic: [2018-06-07] Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Altern (Read 119 times)
June 08, 2018, 04:44:57 AM
June 07, 2018, 09:52:32 AM
Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives
Indian cryptocurrency exchanges have followed the Supreme Court’s suggestion for them to present their cases to the Reserve Bank of India. They have sent letters to the central bank, offering alternatives to the RBI’s banking ban.
Cryptocurrency exchanges in India have reportedly sent their pleas to the Reserve Bank of India (RBI) as directed by the Supreme Court’s ruling last month.
Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives
Indian Supreme Court.
The central bank mandated in April that all financial institutions under its control must stop servicing cryptocurrency exchanges and other crypto-related businesses within three months. Some crypto exchanges subsequently took the RBI to court; their writ petitions were passed to the Supreme Court.
The country’s top court decided to hear all the petitions against the RBI ban on July 20 and ordered concerned parties to engage with the central bank to consider their requests. The Supreme Court “allowed cryptocurrency exchanges, their shareholders, traders and other individuals to present their cases within two weeks to the RBI, which will look into the issue in accordance with the law,” as news.Bitcoin.com previously reported. Quartz elaborated:
https://news.bitcoin.com/indian-crypto-exchanges-rbi-banking-ban/
Will this turn positive towards Indian crypto exchanges?
Indian cryptocurrency exchanges have followed the Supreme Court’s suggestion for them to present their cases to the Reserve Bank of India. They have sent letters to the central bank, offering alternatives to the RBI’s banking ban.
Cryptocurrency exchanges in India have reportedly sent their pleas to the Reserve Bank of India (RBI) as directed by the Supreme Court’s ruling last month.
Indian Crypto Exchanges Engage with RBI to Offer Banking Ban Alternatives
Indian Supreme Court.
The central bank mandated in April that all financial institutions under its control must stop servicing cryptocurrency exchanges and other crypto-related businesses within three months. Some crypto exchanges subsequently took the RBI to court; their writ petitions were passed to the Supreme Court.
The country’s top court decided to hear all the petitions against the RBI ban on July 20 and ordered concerned parties to engage with the central bank to consider their requests. The Supreme Court “allowed cryptocurrency exchanges, their shareholders, traders and other individuals to present their cases within two weeks to the RBI, which will look into the issue in accordance with the law,” as news.Bitcoin.com previously reported. Quartz elaborated:
https://news.bitcoin.com/indian-crypto-exchanges-rbi-banking-ban/
Will this turn positive towards Indian crypto exchanges?
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