Today when Zebpay released an official statement regarding the future of INR based trades on its platform and the chances that INR deposits & withdrawls can be halted anytime by their Bank due to the Regulatory notice that RBI had issued on April 6th 2018, the slightly immature Indian Crypto market did what it always does — Panic Sell!! The BTC price has fallen around 12% from the time of the said announcement from 4,72,000 INR to 4,12,000 INR (Average of all Indian Exchanges) (Data from coinhero) while the price on Zebpay has reached Rs 3,60,000 (at the time of writing this).
The statement was a warning to people of the matter and asked them to withdraw INR if they wanted before the banking services get disrupted after which Zebpay will not be liable to return the INR. However crypto to crypto trading will continue as normal on Zebpay & all other exchanges even after 5th July.
So we arrive at the question of what will happen after 5th July & what are the possible direction for all the Indian crypto traders to go towards, now.
There was an RTI filed by Mr Varun Sethi, which was answered by RBI recently and shockingly it revealed that there was no committee set, no research done to understand cryptocurrencies, their use case, benefits, disadvantages and a lot of other things that should have been done before coming out with such a harsh decision, not considering the huge amount of money that has been invested by Indians in the said market. Sad part is that while they did not ban crypto outright, trading, holding, etc they tried to suck the blood out of the body by banning Banks to provide their service to any party that deals in crypto. To quote — “We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months,” BP Kanungo, Deputy Governor, RBI.
However there is a hearing in Supreme Court on 3rd July & 20th July which might give us an indication of the future of INR trading pairs in India. We hope that as before in the case of Aadhar Card mandatory for SIM & other similar cases, the Supreme Court does what it always does i.e. support what is right.
In the worst case scenario, if INR pairs stop and crypto traders dont get positive news from the Supreme Court of India, there is still hope and ways we can use to continue to trade.
- Convert all INR to BTC & trade Crypto to Crypto
- Use P2P Exchanges like Instashift, Giottus, etc
- Cash or OTC Trades through LocalBitcoins, etc
- Store in a Cold wallet i.e. paper wallet or hardware wallet & forget
- Transfer crypto to friends/relatives outside India & ask them to liquidate and send you the money
- Hodl till India Government realises the potential & takes a U-turn to regulate Crypto
To sum it up the crypto market is just getting started, especially in India & has a lot of potential in the coming years, as always India’s stand doesn’t and won’t affect the international prices & market will continue to grow multi-fold, year by year!
We all believe in crypto, blockchain & the king — Bitcoin!
Stay calm, don’t panic, Just HODL.
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