FUD! - RBI's Decision Sends Worldwide Crypto Markets into a Tizzy - What is the actual scenario like?
India's central bank, the Reserve Bank of India on 5th April, 2018 announced that all regulated entities such as banks will not be allowed to deal with cryptocurrencies (Virtual Currencies as they call them). Banks have been told to wind up all transactions with cryptocurrency exchanges within three months. Within minutes of this announcement, Bitcoin slumped 27%. Global markets attributed the fall in price to RBI's decision as India has a pretty large cryptocurrency investor market. However, RBI's decision is outdated and virtually has no effect on investors and exchanges. Source A few months ago, couple of banks like HDFC bank had voluntarily withdrawn from dealing with cryptocurrency exchanges. I know this as a fact as when I started investing, I initially tried to deposit money on a cryptocurrency exchange using HDFC bank as I generally used their services, but due to them pulling out, I was forced to look at other options. This was around September, 2017. Duri