If you are still investing in the bitcoin or any other cryptocurrency exchange, then make sure to save your money as soon as possible as RBI’s deadline to stop trading in the cryptocurrency is expiring today.
On April 6, RBI had release an order according to which three-month advance time is given to the entities to end their business with the cryptocurrencies. So, if you are still investing your money in cryptocurrency account, then follows some of the tips mentioned below in order to be on the profitable end.
According to the Digital currency exchange, it is advised to withdraw all your money from your bank account or transfer it to the other bank account till the midnight as buying and selling the cryptocurrency exchange in rupee will stop from tomorrow.
Try to avoid your hands in black market after the ban as banks have been restricted to deal with cryptocurrency which may push the holders of cryptocurrency to approach buyers in markets to convert it into rupees with a higher price.
The exchange rate will cost higher due to higher premium as any bitcoin buyer will have to buy from the peers. The cryptocurrency companies will not be eligible to apply for the loans or hold account in the banks due to the ban imposed.
As expected, the cryptocurrency experts is not happy with the decision. CEO of crypto currency exchange, Awanish Rajan said, “I think the government should consider that such a move will stifle the spirit of entrepreneurship that has developed in the wake of blockchains and cryptocurrencies. RBI’s move is intended to protect the public but I don’t think treating cryptocurrency as inherently bad is the right step forward”.
Amid of the ban, most exchange companies such as International Digital Asset Platform had planned to shift their business abroad to avoid any regulatory crackdown. All the speculations of the cryptocurrency companies to survive the RBI ban is still in way.