Domestic Exchanges Flounder
Indian cryptocurrency exchanges are struggling to cope, after several banks cutting ties with them. They are failing to find secure and permanent solutions to hold seamless and effective transactions. All of this is due to the Reserve Bank of India (RBI) not favoring digital currency due to their volatility in the market. The RBI is concerned about financial stability and how such digital currencies might hurt it. Therefore they advised banks to step away from the cryptocurrency market.
Banks Pullback Along With Major Payment Gateways
Due to this, many banks and payment gateways cut their ties with crypto exchanges. This caused an outpour from the customers, as they send an immense amount of complaints. Due to the pullout of major payment gateways, the transaction sector is majorly hit.
Exchanges Still Holding On To Hope
Even at such an arduous time, they are still holding hope. They are looking into alternate solutions, like peer-to-peer transactions. They are also trying to tie up with smaller payment gateways so that they can quickly reinstate transactions.
Slow Yet Steady Progress
The progress has been extremely slow, but it is working. Recently at least two exchanges have already tied up with Airplay, a much smaller processing firm. Exchanges such as Bitbns have established their own payment process. This step allows them to conduct at least some basic and essential transactions.
These all are just temporary solutions, as India is a country of nearly 15 million crypto investors. Therefore handling such load is not possible for smaller, lighter payment gateways or personal payment processes.