“When you're in a position to have gotten so much, the gift at this point is giving back.”
– Paul Stanley
Fight for survival
In an arbitrary decision, RBI has excluded cryptocurrency exchanges from India’s payments network
The move has impacted over two dozen exchanges and about 5 million Indians who have investments in cryptocurrencies
Exchanges are not willing to go down without a fight and are clutching at as many straws as they can
New business models and ways to circumvent the RBI’s directive are now being explored
“We haven’t received a notice from our banks; we don’t know whether we have one week or three months.”
Shubham Yadav, co-founder of cryptocurrency exchange Coindelta, is talking about the grave uncertainty that is his future. On Friday, the Reserve Bank of India (RBI) released a circular which notes the provisions of law under which it can prohibit banks and financial institutions from dealing with cryptocurrency businesses.
Sign up to our India edition to read this story instantly
To sign up, you’ll create an account that will give you access to a new free story published once a week and archive of 214+ previously published free stories from our India edition. You’ll also receive one email every morning from us introducing the day’s story.
If you’ve already signed up, just enter your email below or login using Facebook or Google.
One free story every week. Access to 214+ older free stories from India edition
One email every morning from us, and The Nutgraf - our cracking Saturday newsletter
200 word summaries for all paid, subscriber-only stories
The Ken has invited you to sign up for The Nutgraf by The Ken.
The Ken has invited you to sign up for The Nutgraf by The Ken.
Having your name allows us to address you personally in emails and on our website. That’s all, nothing else.
The Ken has added you as a partner. Read The Ken as a couple. Sign in to get started.
The Ken has added you as a partner. Read The Ken as a couple. Sign up to get started.
Having your name allows us to address you personally in emails and on our website. That’s all, nothing else.
