As RBI (Reserve bank of India) ask banks to end the support to cryptocurrencies exchanges, What is the future of Cryptocurrencies in India?
The central bank has given three months to regulated entities like banks to unwind their positions with the entities related to cryptocurrencies, RBI Deputy Governor BP Kanungo said in a media conference Thursday, April 5.
Let’s look at the bigger picture in India at the moment, according to a study by Thomson Reuters, India is a nation ‘on the fence’ about cryptocurrency, Bitcoin is widely used there but at present there are no direct laws that inhibit cryptocurrencies in any way.
We do know however that the Government are less favourable towards cryptocurrencies than other regions and that one day, India are expected to implement tight regulations on cryptocurrency use in the country.
RBI also has set up a committee to study the feasibility of introducing a ‘central bank digital currency, considering the economic efficiency of digital currencies. The report will be submitted this year by end of June.
With that in mind, it seems unlikely that the Reserve Bank of India would want to introduce a cryptocurrency into their central banking system. Yet according to the Times of India, a report from the RBI about a central digital currency is due to be published by the end of June this year.
For investor seeking to sell now: The short Answer is Hodl
The price will go down due to mass sell off coming very soon in the market but soon crypto investors from other countries will stablise the market.
it is your choice as a crypto investor to Hodl or sell now. you might loose now else may get rewared later.
You have plenty of time to think about it and please do not consider banning banks to provide the services to crypto exchanges as final decision.
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