Don't sell cryptocurrencies in panic even as banking services are stopped

Even though exchanges may not be able to do banking transactions, there are alternative ways to buy and sell

From July 6, investors will not be able to transfer funds from their bank accounts to cryptocurrency exchanges. Transfers in the reverse direction will also not be possible. The deadline that the Reserve Bank of India (RBI) had set for banks to discontinue banking services is up.  

The exchanges had filed a case against the banking regulator’s circular. “We had hoped that the Supreme Court would grant a stay on the RBI circular till the time the matter is finally disposed of. The apex court, however, refused to grant any interim relief,” says Rashmi Deshpande, associate partner, Khaitan & Co. While