RBI Slams Indian Crypto Dreams: How to still keep your coins
Recently the Reserve Bank of India issued a statement that stirred the emotions of Crypto investors from India. The statement issued by RBI prohibits Indian banks from involving in transactions related to crypto currencies with exchanges and users and have given a 3 months notice period for users to withdraw their funds. The moment this news went public, the weak hearts started selling off all of their coin investments in heavy loss.
The crypto market was already down yet people sold their coins in loss, more than half of them didn't even read the statement properly. The statemnt didn't say crypto currencies are illegal or are banned in India. But the FUD generated in India was as if the government has declared cryptocurrencies to be illegal.
So the govt just gave a 3 months notice, now what?
So you are free to take action now, the best thing to do at the moment will be to transfer your funds to foreign exchanges like binance or bittrex as Indian govt won't be able to go toe to toe with them. Now the obvious question arises "How can I cash out from foreign exchanges?", now even then you can always get the help of your non residential Indian friends or foreign friends and convert coins to usd and once you receive it you can again convert it to INR from India.
Now to show source of USD you can be a freelance(ahem, yeah be a freelancer who worked on a project for your NRI or Foreign friend :D) there are plenty of more options if you could use your brain a bit :P
Crypto is always a volatile market, Invest what you can afford to loose and take action on your own will, don't consider mine to be professional advice these are my opinions :)