For Quick Alerts
For Daily Alerts

    Cryptocurrency Investors Note the Deadline of July 5


    If you are a Bitcoin or cryptocurrency investor, you should be aware that the banks and other entities regulated by the Reserve Bank of India (RBI) will terminate their services to cryptocurrency related firms from 5 July 2018.

    Cryptocurrency Investors Note the Deadline of July 5

    In April, the RBI had issued an order giving the banking entities three months time to end business with related parties. The three months period ends on Thursday, 5 July. After the deadline, crypto-exchanges will not be able to liquidate cryptocurrency investments for their investors or traders.

    The Supreme Court has refused to grant a stay on restriction imposed by the RBI. A writ petition was filed by the Internet and Mobile Association of India (IAMAI) and no interim relief was granted by the court, as per a Bloomberg report.

    This will not bring an end to cryptocurrency trade in India but one will not be able to withdraw or buy cryptocurrency investments in cash (rupees) via banking mediums like net banking that was earlier possible. Indian crypto-exchanges will continue to function but will only work in crypto-to-crypto pairs, which means that one will be able to buy or sell cryptocurrency in exchange for the cryptocurrency.

    Read more about: cryptocurrency
    Story first published: Wednesday, July 4, 2018, 10:17 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more