RBI crackdown on cryptocurrencies: Exchanges, investors take a hard knock

In India, there are over five million investors who have bought or trade in bitcoins and other major cryptocurrencies

Ashrith Govind, a 23 Bengaluru-based software professional and a regular investor incryptocurrenciess, is devastated with the Reserve Bank of India’s instruction to financial institutions to sever business ties with entities dealing in crypto currencies in the next three months. The move will cover all banks, non-banking finance companies, payment wallets, etc. 

“As an investor, I either have to exit my investments in the next three months or use dark pools or cash to transact. For a normal investor, it will be almost impossible to transact in bitcoin and other digital currencies,” Govind said. Dark pools are private securities exchanges where