There goes India’s cryptocurrency market. The Reserve Bank of India banned banks from allowing people to transfer money from their bank account into Bitcoin wallets.
If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, individuals will not be able to transfer money from any bank account in India into a Bitcoin wallet like Bitpay, nor will they be able to fund purchases of cryptocurrencies on an exchange. They’d have to figure out a way to pay people in cash, meaning if there is a Bitcoin market in India, it is going to move underground.
