- Investors in India had amassed $111 million in Indian ICOs.
- The RBI banned banking support to cryptocurrency exchanges and related businesses in April 2018.
The cryptocurrency community is left in limbo if the current draft bill for banning private cryptocurrencies sails through to become law. The investors in crypto have roughly a total of $611 million invested in Initial Coin Offerings (ICOs) and coins on cryptocurrency exchanges.
A statement in the draft bill says “the form and manner of declaration and disposal of such cryptocurrency” may be advised later has many investors asking questions.
According to the data by InWara, the industry’s intelligence firm, starting 2016 to April 2019 investors in India had amassed $111 million in Indian ICOs. The data adds that the individual holding in digital currencies could not be determined but estimated at $500 million.
The Reserve Bank of India (RBI) already banned transactions with banks in the country a situation that is making investors worried sick.
“We cannot do transfers to others in India, and looks like we can only gift holdings to those in other pro-crypto countries,” lamented an investor.
While a way forward for disposing the holdings is likely to be outlined later, investors worry that prevailing rates might not be favorable and could lead to losses.
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