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RBI says: within three months, Indian Banks will ban the buy and sell of cryptocurrency

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai July 30, 2013. India’s central bank left interest rates unchanged on Tuesday as it supports a battered rupee but said it will roll back recent liquidity tightening measures when stability returns to the currency market, enabling it to resume supporting growth. REUTERS/Vivek Prakash (INDIA – Tags: BUSINESS LOGO) – RTX124GY

After RBI on Thursday evening announced ban, the value of cryptocurrencies on Indian Exchange has fallen down, due to its failure in demand all the banks are ordered to cover all dealing with cryptocurrency within 3 months as in previous days the price of cryptocurrency on Indian Exchange platform was at 10% premium as compared to worldwide Exchange. Nowadays, the value has fallen 10% below price compared to other foreign exchange. As, per the announcement, by RBI most of the people have averted trading in cryptocurrencies.

Before the announcement of RBI the price of Bitcoin on Indian Exchange was Rs.4.8 lakh comparing with American exchange at $6,880 (Rs 4.47 lakh) and now according to the new value, the rates that are displayed is Rs 4.04 lakh and $6,993 (Rs 4,54,545) on Koinex and Coinbase, respectively.

Crypto trader Aakash said that RBI will not ban investing in cryptos it will just not allow investing in cryptocurrency with the help of commercial Banks as they don’t want people to deal with crypto’s as it is unconditional for them.

As daily the trading volume of cryptocurrency is falling down and the daily fall of a token is making risky the business as no more trader want to invest in it. People who can take risk will invest in it or else who was looking for long-term investment in  said Koinex co-founder Rahul Raj. According to RBI Cryptocurrency is the virtual, digital currency with blockchain technology, which deals with online buy and sells. As the value of every commodity is based on its total demand and supply and there is very less demand for cryptocurrency nowadays.

Hence the demand of cryptocurrency has stopped in India. The RBI has announced that the banks have given three months time to compile with Indian Exchanges and traders have only three months time to change they cryptos into because after that RBI will not allow converting crypto into cash.­­

“Then traders won’t be able to convert their crypto trading into cash through Indian banks.

Rahul Raj said those people who have opted for alternative routes will first convert it into US dollars then into Indian Rupees. Those people who want to continue in it can continue investing in it at price and can sell it worldwide.

On Thursday, RBI deputy director BP Kanungo announced, “We have decided to ring-fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies.”

 The RBI is looking forward to bring its own digital currency within the blockchain technology with the government so, that people may feel secure while investing in it with its own digital currency.

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