The Supreme Court of India refused to grant the temporary stay on the crypto ban imposed by the country’s central bank, RBI. However, crypto exchanges like WazirX, PocketBits, Coindelta, and Bitbns are undeterred.
Crypto exchanges to continue the withdrawal or not
In today’s court hearing where the Supreme court heard one petition against the crypto ban imposed by the central bank of the country Reserve Bank of India (RBI), the court refused to grant a temporary stay.
The petition has been filed by the Internet and Mobile Association of India (IAMAI) which involves a number of crypto exchanges of the country as well. The court has now decided to hear the petition of IAMAI among other ones on July 20. Before today’s hearing, crypto users have been hopeful that the court might grant a stay. However, looks like crypto exchanges are undeterred by this and have found alternate ways.
One of the cryptocurrency exchanges, PocketBits have this pinned Tweet on its official Twitter handle.
INR Deposits might not be available after 5th of July, but INR withdrawals will be available even after that. Users can Withdraw their INR anytime. Crypto Withdrawals and Deposits are always available without any restrictions.
— PocketBits (@PocketBitsIndia) July 3, 2018
However, later on, PocketBits shared another Tweet stating,
“Reiterating the INR withdrawals point, our current banks have given us an extension to disburse all the funds, this does not mean we will have functioning bank accounts indefinitely. We will notify our users days in advance before the withdrawals are completely stopped.”
Well, that’s surely a shift to their Pinned Tweet but the exchange will keep its users notified. However, another exchange Bitbns seems to be more daring.
Bitbns has confirmed the exchange will continue both INR deposits and withdrawals after July 5, 2018.
P.S. It was confirmed by a co-founder to coin crunch India.
— Coin Crunch India (@coincrunchin) July 3, 2018
This certainly brings the hope back for people but like many other users, we are also wondering how will this exchange make it so. One user CRYPTO BAT, ventured a cheeky guess as he/she commented,
“Possible only if the entire employees and their relatives, family members put all their bank account in this.”
After confirming to a user that what they have tweeted is true, their explanation to the why was
“For now users can continue trading. We would ensure the users communicated on the latest happenings be it INR withdrawal or deposits.”
We’ll surely have our eyes and ears out for how this exchange plans to achieve this.
Suggested article: Why July 5th is Important for Crypto Businesses and Investors in India
Meanwhile, despite the unfavorable result from the court, for now, Coindelta launched its mobile application for the android users.
— Coindelta (@coindelta_) July 2, 2018
The timing of the launch surely says something, smack dab in the middle of the RBI ban. But the optimism of the exchange is commendable, albeit a too much. In the midst of it all, WazirX, a known crypto exchange has come up with the “most legal way to buy/sell cryptos in India after the RBI Ban”.
A lot of you have been anxiously asking, “What happens after 5th July?” We’ve been working on a solution and are ready to reveal it to you! 🙌
We present to you the safest and most legal way to cash in/cash out of cryptos in India – P2P transfer! ⚡️https://t.co/NLhygPWhOd
— WazirX (@WazirXIndia) June 27, 2018
A few days back, the exchange shared this blog where they talk about the alternate solution they have been working on to ensure that user can continue to buy/sell cryptos even after the RBI ban on July 5.
In their P2P crypto exchange solution, they mention,
“In Peer-to-Peer transfer, you can buy and sell crypto for INR directly with each other without any hassle. It’s a glimpse into the decentralized future!”
Everyone is hopeful despite the court’s decision today as petitions will be combined for July 20, RBI has to respond in 7 days and chances are as much of a favorable decision as much of an unfavorable one. Moreover, reportedly regulations are being drafted by the authorities and can be expected to be presented in the coming months. However, on a pessimistic note, if court orders don’t work in crypto’s favor, crypto exchanges in India seems to have found their way to ensure the crypto market keeps on working in the country.
What are your views on the alternatives the exchanges are coming up with? Let us know your thoughts in the comment section below!
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com