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.
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.