Regulatory issues in India


Himanshu Chaudhary asked 12 months ago

Hi 
I’m from India and purchased ripple and eth from Koinex.com . I have ripple in koinex but transferred my ETH to Binance and purchased TRX, ADA & XVG – Now INDIAN govt is thinking of blocking the trading in India and the govt might block the access of money.. if they do so — is there a way in the futur that I can sell my alt coin in Binance and put money into my INDIAN account
regards

1 Answers
Steven Hay answered 12 months ago

Hello Himanshu,

If the govt. bans crypto then you will indeed struggle to withdraw fiat from Binance to your Indian bank account. It’s likely that the bank will be instructed to block such transactions. However, you will still be able to withdraw crypto from Binance into your cryptocurrency wallets. You may then sell the crypto privately, for cash or other payment methods. LocalBitcoins.com would be a good website to facilitate this. Note that I’m not suggesting that you break the law if the govt. bans crypto entirely, just stating how you could get around a ban on Indian banks handling crypto-related transactions.

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.