Bitbns confirms continuation of INR transactions after 5th July
On April 6th, RBI issued a circular, restraining all banks and financial institutions from dealing in transactions involving Cryptocurrency like Bitcoin. The RBI has time and again warned public and other traders about the risk of the usage of Cryptocurrencies.
Following the circular, Internet and Mobile Association of India filed a plea in the Supreme Court; stating that the circular issued by the RBI is ‘unethical’ and ‘unconstitutional’. After a great deal of hearing, on July 3rd, the Supreme Court refused to remove the ban put on cryptocurrencies.
Bitbns has confirmed the exchange will continue both INR deposits and withdrawals after July 5, 2018.
P.S. It was confirmed by a co-founder to coin crunch India.
— Coin Crunch India (@coincrunchin) July 3, 2018
RBI gave 3 months due time during which all the financial institutions were required to cease their services involving cryptocurrencies. But according to a twitter feed by Coin Crunch India, Bitbns has confirmed that they will continue to do transactions involving INR debit and withdrawals even after 5th July 2018. This news was confirmed by a co-founder of Bitbns to Coin Crunch India.
While other exchanges have come up with the idea of peer-to-peer networks; Bitbns have sent their customers a confirmatory email declaring that INR transactions will be continued. However, they haven’t disclosed how they will be doing it yet.
Since the ban was declared, there was a 40% drop in cryptocurrency prices in India. While everyone was afraid of losing their assets to RBI, the announcement by Bitbns has given a ray of hope to all the investors, where they are expecting to continue their transactions in the Bitcoins.
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