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Posts tagged as “banks”

RBI must Respond in One Week Under Supreme Court’s Order

Update 2: Sohail Merchant, founder of Pocketbits exchange have shared a response from RBI they received.  RBI Update: IAMAI received the response from RBI as directed by SC, the response is generic with the same language as the public circulars. They have not even given deliberate thoughts to the points made by us, all the basis of their arguments is “Investor Protection”.   Update: Today, July 10 is the deadline for…

India is not Chile, our ‘WAR’ with Banks is Different

In the last two days I received many articles on how Chile’s exchanges ‘won’ a fight with banks. The report says, Chile’s banks were ordered to re-open the bank accounts of cryptocurrency exchanges while the case goes into hearing. Technically the exchanges haven’t won the dispute yet, but its a small victory nonetheless. Most Indian traders are comparing the case with the current situation in India. There are many similarities…

INR Deposits and Withdrawals on Indian Exchange Becomes Difficult, Expensive

Cryptocurrency Exchanges are already working hard on ensuring their business stays afloat in India despite the RBI Prohibition on Banks. But, the negative effects of RBI’s decision has begun to show. Expensive Instant Withdrawals Between day before yesterday and today, two exchanges namely Coindelta and WazirX increased their Instant withdrawal fees from 0-30 INR to a whopping 1.18%. It means the withdrawal fee is 1% while the GST on it…

Stop Settling Payments for Those Who Deal in Crypto: RBI

India’s Central Banking Authority the Reserve Bank of India has thrown a final blow at those who deal in cryptocurrencies. In the Press release for First bi-monthly Monetary Policy Statement, RBI has clarified that any entity regulated by RBI shall not provide services to any individual or business that deals with virtual currencies such as Bitcoin. Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins,…

Why did the Indian Crypto Exchanges Stop Instant Deposits and Withdrawals of INR?

Update1: Some Exchanges have re-enabled the deposits and withdrawals, however there is a fee of 2.36% levied for withdrawal on Exchanges like Koinex and Coindelta. It is actually a good thing in my opinion.  Update2: Coindelta has begun NEFT based withdrawal from Jan 2nd, 11:00 AM.  Update3: Coindelta has begun NEFT/IMPS based Deposits from Jan 5th 12:00 AM. Almost all Indian Exchanges have temporarily halted INR deposits or withdrawals or both. We…