Bitcoin Usage Unabated In India​, Abroad Despite RBI Ban

Anvesh Reddy

In what seemed like a serious cause of concern for Bitcoin traders and enthusiasts in India, the Reserve Bank of India (RBI) issued a notice on April 05 this year to all regulated financial institutions to discontinue all types of services to businesses dealing in cryptocurrencies such as bitcoin within three months.

Certainly, the RBI's position puts several banks in a fix, whether to allow their customers to transact with cryptocurrency exchanges based in India or not. While most banks opted out of the Bitcoin mania immediately after the RBI direction, a few continued to remain in the party until last week, i.e, July 05.

The RBI deadline, however, saw undeterred Indian exchanges bringing in new methods for continuing Bitcoin trading through peer-to-peer model to facilitate virtual currency trade without using the regular banking channels. Koinex Loop and WazirX are two of the most popular peer-to-peer cryptocurrency trading services, that allow direct transactions between buyer and seller without any interference of the exchange.

Amid queries and doubts in the minds of Indian crypto traders, the Government of India is working towards the feasible usage of cryptocurrencies while tackling challenges of money-laundering.

However, the progress of cryptocurrencies in the global landscape is in a steadfast mode, as numerous partnerships and innovative collaborations continue in the direction of bringing the usage of virtual currencies and the Blockchain as whole, into mainstream.

Hyperinflated countries like Venezuela, where a political and economic crisis is prevalent, are banking on Bitcoin for the sheer trust in its value as against the currency issued by Venezulean central bank.

Recently, Former Brazilian footballer Ronaldinho announced the launch of his own cryptocurrency, Ronaldinho Soccer Coin, shortly called RSC.

In favour of the TRON cryptocurrency, Prime Minister of Malta publicly acknowledged its potential and held discussions with its founder, Justin Sun.

Also, Thailand’s Central Bank recently floated its plan to review a handful of blockchain applications in a bid to standardise the country's cross-border payments.

Also Read: South Korea Officially Legalizes Bitcoin, Price Races Towards $4000 Mark