RBI's decree will break the business of cryptrocities in India, stakeholders say

New Delhi: The announcement on the RBI's cryptocurrence has not only hit the market, but has left traders and investors in the worst case, because many of them are thinking of wrapping up their operations.

"This unprecedented move has raised the market and has affected the industry at various levels, the exchanges have seen a decline in the daily trade volume and the decline in prices for all the tokens, besides traders through long-term investments. Koinex co-founder and CEO, Koinex told IANS, would be a huge loss to crypto assets, in particular, who Those who have invested heavily to save their livelihood, "

Praveen Kumar Vijaykumar, founder and CEO of Braillefics Global, said that this announcement is the end of the road for many Indian exchanges and there is a clear explanation for new investors, but it is not going to affect its cryptrogressive transactions in the long run.
"And as global prices rise, Indians will get a way to get these properties through P2P (peer-to-peer) markets."

"Nowhere has been said that cryptoos are illegal. Banking service is the only thing that has been discontinued. If a cash amount of which they buy or sell cryptoasats, the business continues," India Verma, CEO and co - Founder, Pluto Exchange told IANS.
Last week, RBI, in the meeting of the first bi-monthly monetary policy committee of this financial year, announced that regulated institutions are already providing services to the services that are traded in any individual or digital currencies, to exit the relationship. Three months have been given for

The Reserve Bank of India has warned about at least three seasonal members and the users of virtual currency, which is about the risks exposed by these risks to the RBI Deputy Governor BP. Kanoono said.

"We have decided to foil the RBI-regulated institutions with the risk of dealing with virtual currency related institutions. They will soon have to stop business relations with institutions dealing with virtual currencies and open existing relationships within three months. . " He added.

"This move of RBI can have an irreversible negative impact on the entire ecosystem, so overall, the mood in the market is depressing," said Rahul Raj.

Industry stakeholders also incited the fact that the RBI did not advise them before taking their decision.

"Before taking this decision, the industry participants were not consulted, public debate did not begin, and no opinion polls were conducted, even the conclusions of the committee were not published, the world was more skilled and the technology Vijayakumar said that compared to any central bank in the world, the dollar transactions in the form of a cryptokutor more efficiently and faster. can go.

When the bank closed its accounts, then Buffy had stopped its crypto and currency exchange operations in India. He said, "The Department of Block Technology is very active in India because we serve government and private enterprises for consultation and product development related to Blockchain."

Headquartered in Malaysia, the Baltifex Exchange is currently active in Kenya, Dubai, Malaysia, Singapore, Bahrain, Hong Kong, China and Indonesia.

"RBI has adversely affected the industry due to this knee jerk, but the directive has given financial institutions a deadline to organize all pending transactions with exchanges. Therefore, effectively, by this time allotted traders It can be used wisely to run on your crypto-assets. This is business normally, currently, "said Rahul Raj.

It is also feared that the RBI may have given this opportunity to traders to make direct transactions or perform small business through direct cash transactions, which can not be accounted or regulated.

"Therefore, it can do more harm to the current market and to extend illegal practices and black markets. We hope that the government will allow a dialogue to resolve this situation," he said.

But Verma is hopeful that RBI will provide detailed information and guidelines by the end of June. "It appears as a positive decision in the crypto's market."

When asked if he is planning to wrap up his business, Verma said: "I am waiting for the right time and the right time. There is an option going out, but it is too early to make any decision Will be. "