Indian Crypto Exchanges Blueprint to Challenge RBI Crackdown

In a move now, Indian cryptocurrency exchanges planning to challenge and respond to the Reserve Bank of India’s decision to prohibit banks to facilitate the transactions related to the cryptocurrency. As other nations showing a good move towards the cryptocurrency by putting regulations or by giving good ambiance to start exchanges and initial coin offerings(ICO) reserve bank of India had not shown that interest to cryptocurrencies in India.

Following the announcement by Reserve bank of India last week top cryptocurrency exchanges are to “move their head offices to jurisdictions outside India. Exchanges which are expecting to move overseas are Unocoin, Zebpay, Coinsecure, Buyucoin and Btcx India.

The central bank had mandated to banks to stop business related to cryptocurrencies and backed this statement by saying that cryptocurrencies are not legal tender and even top officials of government also commented that cryptocurrencies are nothing but Ponzi schemes.

An estimated 5 million Indians who invested in cryptocurrencies and top cryptocurrencies exchanges were affected by this move of the central bank. The central bank and Income tax department also sent notices to persons who invested in cryptocurrencies and to the exchanges earlier.

Exchanges are looking for the nation which provides good ambiance for the growth of the exchange Shivam Thakral CEO of Buyucoin exchange said “We have to move our company to some foreign country where regulations allow opening of bank accounts plus we won’t be dealing with fiat currency. It will become a global operation rather than an India centric operation.”

While Zebpay told that “sudden disruption in banking services could affect our ability to service deposits and withdrawals,” CEO Ajeet Khurana tweeted, “No way I am stopping. We will continue to do what is best for our customers, and what is best for our country. I am studying the present situation and will react shortly, and we will emerge stronger.”

Some of the exchanges are also on consensus to challenge the order of reserve bank of India in apex court Startup like Unocoin and Zebpay already shown their interest in the legal battle.

Even Coinsecure revealed that they are continuously in touch with industry stakeholders such as the Blockchain and Cryptocurrency Committee of India and the Internet and Mobile Association of India to make a consensus on how to proceed for legal battle or to opt out of the nation to operate.