​India: Cryptoexchanges start avoiding the recent BTC ban

​India: Cryptoexchanges start avoiding the recent BTC ban
Jul 9, 2018 by Rico Wise

Coindelta reports that cryptoexchanges do not facilitate fiat-to-cryptocurrency trading anymore, having switched to trading only between digital currencies.

Previously, Indian central bank has prohibited cryptotrading, forbidding any domestic banking institutions to offer their services cryptoexchanges. At the beginning of this month, the Supreme Court made a decision to keep the ban on cryptotrading.

The Supreme Court is anticipated to investigate the cryptoindustry v. Reserve Bank of India case, but until that time, the exchanges are disallowed to engage in any trades related to fiat and digital currencies, and the ban still stands.

Representatives of Indian Coindelta claimed that domestic cryptoexchanges have simply turned to trading only in cryptocurrency, creating a competition for such popular cryptoexchanges as Binance.

As a result, Indian financiers have to rely on p2p networks as the likes of LocalBitcoins to firstly buy BTC, and only then trade in exchange for other currencies.

Cryptoenthusiasts in India disapprove the extent to which people have to depend on p2p marketplaces, as using such networks with unknown financiers and customers is risky.

The most important thing now is that because the Indian rupee does not back domestic cryptoexchanges, there is no reason to opt for them and not for popular exchanges like Binance, Huobi etc.