Indian crypto exchanges are responding to the Reserve Bank of India (RBI)’s ban on cryptocurrency by considering relocating out of the country.
Last week, the RBI decided to disallow customers from buying cryptocurrencies through their banks. The RBI stated that any entity regulated by them “shall not deal with or provide services to any individual or business entities dealing with or settling VCs [virtual currencies]. Regulated entities which already provide such services shall exit the relationship within a specified time.”
The immediate response to this was an overall drop in the cryptocurrency market, as panic selling ensued. Soon after, a petition was handed around by the Indian exchange Bitbns to lobby against this decision, which garnered over 20,000 signatures in just four days.
Now, several Indian crypto exchanges may be looking to relocate outside of the country, according to the Economic Times. Those considering moving include the exchanges Unocoin, Zebpay, Coinsecure, Buyucoin and BTCx India.