PSA—This Is What RBI's Ban Does To Your Cryptocurrency If You Are From India!
A few new users have been sending me queries every single day on various channels of communication and I felt I will address here once and for all. Here's what RBI's April 6th mandate which went into effect from 5th July does to your cryptocurrency holdings including STEEM if you're from India:
- It does absolutely nothing. Your tokens are your own as always. They have no control over it.
- No need to panic sell/exit.
- Regulations are being drafted. Final draft expected to be ready by 15th July.
- Peer to peer mechanisms already available for smooth entry and exit from this space.
- RBI ban is limited to banking services rendered by RBI regulated banks to crypto-exchanges only.
- Peer to peer mechanisms with escrow in place ensures safety of funds during an exchange.
- Instashift.io, Koinex, WazirX, Giottus, CoinDelta, Localbitcoins etc offer easy p2p. In some cases kyc is mandatory for both parties. But it's not needed in case of Instashift as it's registered in Estonia and doesn't hold your INR.
- Prices are down on account of FUD, misinformation and panic sell. Wait a few weeks and it'll settle to match global rates.
- There was never any ban on cryptocurrency trading or speculation from government. There is no way but to move forward with regulation.
- File your tax returns on time for your trades and avoid any issues on your income. Any deposits to your account even if it's from a P2P trade is taxable.
Don't let misinformation in this space and misleading opinions of people fool you.
Cryptocurrency is not a ponzi scheme!
Run away if someone offers you any kind of "investment opportunity". There is no dearth of scammers in India.
Don't be an ignorant investor and trade wisely! Good luck!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #33
@firepower how to buy from india now ?
point 10: that means that steemit user that earned steem by posting content have tp pay taxes ? hmm now that I think about it I think yes...yup!
This is the hot topic of discussion in the Indiaunited discord server too. I read a lot of opinions. Good to see the things are still in our favour!
Thanks for always giving the update...Thats the reason you are the best blogger india sir ...Your updates are 1000times better than any newspaper or journals
Thanks again
I am aware of these all things and @vishalhkothari sir is my beat peer to peer exchange as he wanna get steem power at maximum
Thanks! Resteemed.
I now prefer to visit your blog for indian crypto updates than indian newspapers.
@firepower rocks.
Being an indian , investing in bitcoins was the biggest mistake that i had made.
It is not a crime to rob banks but it has become a crime to trade in cryptocurrencies! What a shameful system we have.
Don't lose hope and sell your hard earn crypto in this level,good days are coming soon friends.