In a major crackdown on crypto currencies, the Reserve Bank of India has barred all entities that it regulates from dealing with virtual currency companies. In its latest circular RBI said, “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs”

What this means is that going forward no bank or exchange in India can provide a way to covert your bitcoins into fiat (INR) or vice-versa. Still, holding your bitcoins or trading them isn’t illegal in any way whatsoever.

We, at Nuo, believe that this is a huge misstep which needs serious reconsideration. But this wouldn’t stop crypto believers from hodling their crypto currencies since going forward it would enable access to global services and resources irrespective of whether you can liquidate them into fiat.

In the near future, we expect many exchanges in India to discontinue their services due to lack of any banking facilities available to them after this circular. Does this affect Nuo in any way? The answer is, NO.

It’s business as usual for us. In fact, if you are a hodler in India, Nuo Wallet might be the best place for you to hold your crypto currencies for the following reasons:

We are building Nuo as a global company

At the very inception, we took a conscious call to create a global company across all markets. This also reflects in our product choices and company setup. Nuo is based in Estonia which is currently the #1 place for setting up a business dealing with crypto currencies with favourable laws and regulations supporting crypto products and token sales. This makes us the safest place to hold your crypto currencies if you choose to do so.

2. We don’t deal with any RBI Regulated entity

Since we have never supported fiat in our product, this RBI circular doesn’t affect us in any way. We don’t deal with any RBI Regulated entity currently and due to our product choices, don’t plan to do so in the future either. Our products have always been decentralized and global and they would continue to be.

3. You can store your crypto currencies with us safely

Nuo provides a secure multi-sig wallet which will allow you to store your crypto currencies (BTC, LTC, BCH) and transfer them to anyone using an address, QR code or NFC. We have created a super fast signup and login process to help you get started.

4. Put crypto currencies to good use and make them grow

We have also announced that we are building a global decentralized exchange based on 0x protocol and a decentralized lending platform to grow your cryptocurrencies by investing in various assets. This would ensure that your crypto currencies are never sitting idle with us and are put to good use.

Install Nuo app and signup now and continue holding your bitcoins and other crypto currencies by transferring them to our secure multi-sig wallet.

For a step-by-step guide to transfer your BTC from your exchange wallet(eg. ZebPay, Koinex, etc) to your Nuo wallet, do follow the instructions here.