India: Cryptocurrency Exchanges Request RBI To Extend Blanket Ban Deadline!

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Cryptocurrency exchanges in India have sent an application requesting extension of the blanket ban deadline from 5th July to 31st August 2018. The application has been sent requesting the central bank to reconsider the blanket ban on banking services to exchanges in the country.

^Source

The ban on banking services to cryptocurrency exchanges ensures we are unable to deposit/withdraw via legal exchanges. It forces everyone to move to p2p trading in order to enter and exit the crypto-market.

The application also states that the exchanges are willing to implement international best practices and integration of other financial products into their existing trading interface. Business Insider has learnt that the exchanges are requesting an extension on the deadline so that their case can be heard in the Supreme Court on the 20th of July before the ban goes it effect.

However, that's not the case currently. All exchanges are looking to resolve the current issues. Although some are said to be requesting for a deadline extension while others are asking for the ban to be removed altogether.

Exchanges are willing to implement any suggestion from RBI. KYC and Anti-money laundering guidelines
has been outlined in the application sent to RBI and now we wait once again for RBI to make a decision on this matter.

Petitioning exchanges are also comfortable with bringing in guidelines allowing them to function smoothly as per the rules set by RBI.

We have a month to go before the blanket ban goes into effect. Let's hope RBI either lifts the ban or at the very least extends the deadline to August 31st so that the Supreme Court has time to consider the case and provide a ruling on it.

Stay tuned to further update on this evolving matter surrounding Indian cryptocurrency exchanges.

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