As the RBI hardens its stance and bans banks from dealing with cryptocurrency entities, many Bitcoin investors and exchanges have preferred to HODL (Hold Your Cryptocurrency) until more clarity comes from the government end.
An online petition has also been started at Change.org, asking the RBI to take back its circular. Addressing the RBI and the Prime Minister of India, the petition ‘Make India at the forefront of Blockchain Applications revolution’ has been filed under the name ‘Digital Asset Exchanges of India’.
The petition, which has already been signed by almost 7.7K people, read, “Crypto and blockchain as a concept can’t be stopped.
While Sathvik Vishwanath, co-founder and CEO of Unocoin told Inc42, “We are looking at the issue and studying how to deal with this,” Ajeet Khurana, CEO of Zebpay tweeted, “No way I am stopping. We will continue to do what is best for our customers, and what is best for our country. Am studying the present situation and will react shortly and we will emerge stronger.”
Nischal Shetty, co-founder and CEO of WazirX Bitcoin Exchange tweeted, “US, Japan, South Korea go towards regulating Cryptos so that their country progresses while RBI decides to block Indians from getting involved in the crypto revolution. We need to think progressively, @RBI please reconsider this and let’s take a positive step forward.”
WazirX was the first exchange which posted an immediate reaction on its Medium blog after the RBI press conference yesterday.
The post further stated, “The very ethos of democracy is to involve the common people in critical decisions like these. Unfortunately, no one has bothered to involve any of us while deciding the fate of cryptos. There are many Indians who are not part of the government but who understand the underlying technology and its use cases very well. We could all have helped formulate a plan that would have avoided this harsh decision.”
As it seems, the banks were apparently aware of the announcement.
Many banks had already started freezing accounts of cryptocurrency exchanges. While ICICI bank abruptly closed the Belfrics India exchange account, Oriental Bank of Commerce too recently released a circular instructing all its branches to freeze all the accounts pertaining to cryptocurrency entities.