Indian central bank - RBI's ban continues

First thing, DON’T panic!!!

A brief background on ban by RBI - Reserve Bank of India, it is not an umbrella ban on holding cryptocurrencies. Ban mandates commercial banks to restrict the funding channel that facilitates investors to buy cryptocurrencies from Indian crypto exchanges. Investment community tried to challenge this decision in apex court and today apex court has rejected to bring stay on RBI’s decision.

Note: Apex court doesn’t interfere in monetary policy decision taken by central bank – RBI because it is not matter of affair of apex court. Apex court will still listen to investors ongoing basis on this matter. Just stay order on RBI decision is rejected not matter itself.

After July 5 2018, banks would not support cryptocurrency exchanges with respect to payments and withdrawals through bank channel for investors. This regulation would stop fresh inflows of money in the market and to an extent it will reduce the market share of India in crypto space. Government of India and RBI is trying to cut all possible supply of the money flow in cryptocurrency market.

Few days back a caution letter was issued by a top Indian exchange which has created a havoc in market and investors have panicked and started selling their holdings at highly discounted rates which ranged from 5%-20%.

After today’s news incident, we can expect panic selling among the investors again. However, it is totally a bad investment sense to sell cryptos an exit on discounted price. We are here for long term and a very long term.

Final word, “Hodl” please hold currencies in your wallet or on international exchanges. It is time to be here and support cryptos.

“We are about to revolutionize meanings of money”

Cheers!!!