Are you a Bitcoin investor? Here's what you need to do right away
The Reserve Bank of India's three-month deadline for banks and financial institutions to stop their services to virtual currency investors and crypto-exchanges ends tomorrow. What it means is that after July 5, you cannot buy or sell any of the virtual c
By BusinessToday.In Wednesday, July 4, 2018
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The Reserve Bank of India's three-month deadline for banks and financial institutions to stop their services to virtual currency investors and crypto-exchanges ends tomorrow. What it means is that after July 5, you cannot buy or sell any of the virtual currencies such as Bitcoin, Ethereum or Ripple through normal banking channels using rupee. All the banks and financial entities after tomorrow will stop operating accounts that are in any way linked to virtual currency trade. So, if you are still invested in Bitcoin or any other cryptocurrencies, it's time to think about the options in front of you:
- Sell and exit
Since the banks and all other financial institutions are not going to facilitate cryptocurrency trade after July 5, there isn't any other way -- at least for now -- to buy or sell virtual currencies using rupee. So if you don't sell and exit from the investments, you might never get the return until or unless the RBI decides otherwise - which is unlikely as the central bank and the government have on multiple occasions termed it illegal with the Finance Ministry even going to the extent of calling it a 'ponzi scheme'. India's biggest digital currency exchange Zebpay recently asked its users to withdraw all their money before the deadline ends. In a statement issued last month, Zebpay said that it may not be able to honour people's request after the deadline if banks discontinue the services as directed by the Reserve Bank of India.