After the Supreme Court’s refusal to put a stay on the RBI ban on cryptocurrency activities in India, several options are being offered by crypto-exchanges and crypto-enthusiasts to stay afloat till the final Supreme Court hearing on July 20th.
In the judgment by the Supreme Court, the RBI was requested to re-consider the arguments made by crypto-exchanges; the Indian crypto-exchanges described how other jurisdictions are accepting cryptocurrencies and also enumerated several routes for handling digital assets.
Indian exchanges either offer a switch to crypto-to-crypto trade or request their customers to withdraw their cash. In the meantime, holders of cryptocurrencies do have several alternatives to deal with the scenario.
P2P Exchanges
In P2P exchanges, buyers and sellers can directly interact. The buyer can openly send INR to the seller’s account and the seller can send cryptocurrencies to the buyer’s crypto-wallet. Cryptocurrency platforms like Feelium will offer escrow services to ensure that both parties are protected in the transaction.
After buying digital currencies in this fashion, traders can conduct crypto-to-crypto trade on exchange platforms.
International Payment Services
Services like Neteller, Paypal, Skrill, Payoneer, etc facilitate the transfer of money from international sources to India. If supported by the crypto-exchange, digital currency can be sold on exchanges for the fiat money transferred to any of the above services. The trader will then receive money directly from the international payment firms.
Operate in a Crypto-Economy
The fastest way to establish cryptocurrencies as digital commodities is to start buying and selling in digital assets. By building a network among crypto-enthusiasts, necessities like raw materials, coffee, food, and other random items can be bought and sold in cryptocurrencies!
Preserve your Cryptocurrencies or HODL
Cryptocurrencies are rising in market value globally. The volatile crypto-market has ups and downs every week, displaying an active crypto-economy worldwide. Quite soon, Indian regulations could embrace cryptocurrencies as a legal tender, though surely with a few restrictions. When the day comes, it will be important to have a reserve of cryptocurrencies for trade.
Engaging in crypto-to-crypto trade seems the easiest alternative during the current obscure period. Surely, crypto-exchanges will discover several more in the coming days!
