RBI released a circular mentioning that Indian banks cannot halt banking services for people working or transacting in crypto. This circular was passed out by RBI due the recent uncertainty caused by banks for people who are working in the crypto sector. Many issues arising for people in India that were doing anything related to crypto. From credit cards being blocked to bank account closure mails. These kind of of stuff led people into a void of confusion, Crypto traders and investors were not clear what to do as banks were not supporting crypto transactions despite the fact that honourable “Supreme Court” verdict was in favour of Crypto.
All or most of the Crypto exchanges were facing big time issues in terms of banking services as they had to shift banking partners every week, In the end Crypto exchanges were left with no other options but to go for the old system which was 1st created by WazirX in India. An amazing and 1st of a kind peer-peer stable coin matching engine.
This shift from providing banking services to peer-peer protocol created a lot of fud in the Indian Crypto ecosystem, but the community was stronger than before and many big influencers are there now like “Kashif Raza” founder “Crypto Kanoon” who took stand and helped to clear out the random fud created regarding the ban of cryptocurrencies in India, this really helped the community to stay together and stronger than before.
The final game changer was HDFC mail arriving in some crypto trader’s and investor’s mail box, which was saying that crypto currencies are just a passing fad and nothing more. This led to a lot of panic in the ecosystem and made people angry. This time it was big and caught upto a lot of media attention due to which “Reserve bank of India” ( RBI ) has to step up officially and declare with a official circular that banks cannot stop cryptocurrency traders and investors from banking services and that RBI lost the case in the court to prove that cryptocurrencies are illegal.
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