After a constant drop in prices, Paytm has come as a big shock to investors in cryptocurrency currency. On Friday, PayTM decided to discontinue banking support for companies such as Wazirks, JebPay and CoinSwitch. Indians were able to buy cryptocurrencies such as Bitcoin through Wazirks, JebPay and CoinSwitch. But now with this decision of Paytm, their troubles will only increase.
What matters
The Reserve Bank of India has instructed all banks to refrain from trading in cryptocurrencies. This decision of Paytm is being merged with the RBI directive. Platforms such as Wazirks, JebPay, CoinSwitch are able to trade through PayTM. But not all platforms will be able to do this from now on. Even if someone tries, their money will be refunded within 7 to 10 days.
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– WazirX: Bitcoin and Cryptocurrency Exchange in India (az WazirX India) May 20, 2021
What are the options now
In India, 40 million people are investing in cryptocurrency through WazirX alone. After Paytm, now cryptocurrency investors will be able to trade through peer-to-peer. Simply put, the rupee must first be converted into dollars, then cryptocurrency can be purchased.
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What are the rules in India regarding cryptocurrency?
There is currently no clear law regarding cryptocurrency in India. The Supreme Court of India has not banned the trading of cryptocurrencies. However, from time to time, cryptocurrency has been advised by the RBI. According to media reports, the government may introduce any law regarding cryptocurrency in the coming time.
