September 26, 2021

Major Indian Cryptocurrency Exchanges facing bank issues

Crypto India

Crypto India

Major Indian Cryptocurrency Exchanges facing bank issues. There have been no clear guidelines or any framework set by the Indian Govt or RBI yet. It has been almost 3-4 years since Cryptocurrency started picking up pace. Indian Govt. definitely takes time to implement regulations and sometimes making bad decisions. In 2017-2018 the Investors faced huge losses as RBI restricted banks to deal with Cryptocurrency. In 2020 Supreme Court of India uplifted this decision.

Indian Cryptocurrency Current Issues:

Apart from the regulation which will still take time, however, the banks are now clueless and they are limiting their support. In a recent turn of events, Major Cryptocurrency Exchanges in India are facing the burn. WazirX, CoinDCX, and CoinSwitch Kuber are some of the major players in India’s Crypto Market. While WazirX is changing from Bank transfers to using PayTM gateway and stopping UPI. CoinSwitch Kuber and CoinDCX are facing similar issues.

CoinDCX
CoinDCX

There are P2P which is known and trusted but still not easy for all. P2P is kind of a marketplace to buy Currency from a random seller and buyer. When the RBI issues a circular in 2017-2018, P2p was a way to get out of the ecosystem. Some hold for long while some panic selling.

 

The Cryptocurrency Market has shed more than 50-60% on average in the last few days. The major currencies Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC) etc. also rose 10-20% after the fall. The fall came after series of Elon Musk tweets, China crypto announcements, and also a few exchanges going down. What do you feel about the sentiment? Are you buying the Dip? HODL for long.
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