Are you a Bitcoin Investor? Today is the last day for… | July 6


ONAD-ONAD- all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow.

? Cool Title, but what’s the news?

 

Today is the last day to monetise your cryptocurrency investment in India as all the banks and financial entities will stop operating accounts linked to virtual currencies from tomorrow.

 

? Okay, but what does it mean?

 

Buying and selling cryptocurrency in rupee is going to stop from midnight as banks and other financial institutions are not going to facilitate cryptocurrency trade from tomorrow.

 

? Why should I care?

 

Investors would only be able to do peer-to-peer (P2P) transactions with a fellow trader. If you are still invested in any cryptocurrency you won’t be able to transfer the money in your bank account after midnight. Besides peer-to-peer exchanges, some exchanges many also provide alternatives solutions like buying bitcoin in other currency like dollar through Paypal.

Any prospective bitcoin buyer in India will now have to buy it from peers, presumably after paying a premium over the current exchange rate.

 

Source:  Economic Times


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Written by

Vedant Kaushik