Is it possible to convert Bitcoin to INR and deposit in a bank?

Indian cryptocurrency exchanges are bringing back banking support after the Supreme Court of India struck down the banking ban on the crypto industry. NewsBitcoin talked to several crypto exchange executives to find out the effects of the supreme court ruling and what their exchanges plan to offer users now that the banking ban has been removed.

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INR Banking Returns to Crypto Exchanges in India

Following the supreme court order, cryptocurrency exchanges in India rushed to re-integrate banking solutions and bring back INR support through bank accounts. Unocoin’s Vishwanath said “We would spring back to business,” adding that his exchange launched a lending platform on Wednesday. Unocoin announced that INR deposits and withdrawals would resume at 11:30 a.m. (Indian Standard Time) on Thursday.

Wazirx’s Shetty confirmed: “we’re working on the banking integration and plan to get it out soon. Indians will be able to directly deposit and withdraw INR into their Wazirx wallet very soon.” As for his popular peer-to-peer (P2P) platform, he noted, “We’ll continue P2P and gauge the interest of the users.” Wazirx then announced Thursday that INR deposits are now live on its exchange.

Giottus’ Subburaj clarified: “We have already rolled out our solution for processing INR deposit and withdrawals instantly for customers. We are also in talks with an array of banks to ensure back up and ease of transferring INR for customers. Proper regulations from the government of India should be coming soon.” For three days starting March 4, Giottus is offering 0% INR deposit and withdraw fees and 0% trading fees. The exchange claims to process INR withdrawals within 10 mins or the user gets 10 free XRP. “Big win for the crypto community, let us celebrate now,” the exchange declared.

Meanwhile, the U.K.-based banking platform Cashaa has been providing INR services to Indian users since October last year. The platform started offering fee-free deposits and withdrawals at the beginning of March. “In India, huge damage was done due to a lack of crypto awareness and RBI decision which is now reversed by the Supreme Court of India,” CEO Kumar Gaurav described. “But banking crypto companies will also bring similar risks which banks in other developed countries such as Japan, Europe, and the USA are facing. Cashaa’s goal was always to create a hassle-free banking experience for the crypto community.”