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Fight for survival

The second coming: RBI’s move on crypto assets dubbed ‘demonetisation-2’

In one fell swoop, the RBI has cut the oxygen supply of cryptocurrency exchanges in India. While most exchanges struggle to breathe, some see a business opportunity

10/04/18

Sidhartha Shukla

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

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“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…

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