“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. Yadav, and others like him, are now planning ahead.
“We plan to move our office outside of India and from there we will operate in the country.