On 21st June, India’s largest crypto exchange Zebpay sent out an announcement to customers warning banks could stop withdrawals and deposits anytime soon. On April 5th the Reserve Bank of India had declared that banks enrolled together shouldn’t cope with cryptocurrencies or even businesses which handle cryptocurrencies. This cuts exchanges from accessing banking solutions. The RBI had awarded three weeks time for those banks, which is set to finish soon. Yesterday’s Zebpay announcement came as no real surprise. However, it had a massive influence on the current prices, causing panic and widespread sell-offs.
Investors that are concerned about the ban have been cashing out and leaving the scene. After this ends, the market will once more stabilize. Our recommendation for our readers would be to accept risks you can afford to take. In the event you’re feeling the probability of a ban is very real, don’t hesitate to cash out and also don’t believe in the Fear of Missing Out syndrome. For people that have a massive appetite for danger, it can be well worth staying in the scene. Most developed countries have adopted cryptocurrencies and therefore so are regulating them. We are trusting the RBI will understand from different nations and form reasonable regulations and legalise cryptocurrencies.
There is a massive gap between Bitcoin’s global prices compared to India. The typical global cost of Bitcoin is 6,657 (₹ 4.5 Lakhs) that can be almost ₹ 60,000 higher than the purchase cost of Bitcoin in USD for different countries. Dealers using global exchanges are using the particular price point to put arbitrage trades throughout exchanges. But, it’s not simple for every person to implement these transactions since most exchanges that provide fiat services don’t do so without rigorous verification process for global clients.