Following the recent notice from the Reserve Bank of India (RBI) in which the central bank banned banks from engaging with crypto companies, industry stakeholders are discussing the issue to find a solution, according to CoinDesk.

In line with the RBI’s notice, Indian banks have issued notices stating that the use of their credit/debit cards and cross-border remittances for purchase/trade of cryptocurrencies such as bitcoin is not permitted.

Coinsecure chief operating officer Jincy Samuel told CoinDesk that industry stakeholders are holding talks with groups such as the Blockchain And Cryptocurrency Committee of India (BACC) and the Internet and Mobile Association of India (IAMAI) on the matter.

"We, along with the other industry players are in talks with IAMAI and BACC to see if they could help us in getting a hearing at the Supreme Court to see if stay orders are possible on the current decision of the RBI," she said. “This [RBI’s order] will impact all crypto exchanges across to the country, as that would leave users with no options to deposit/withdraw fiat from these platforms. The only way forward would mean that users will move to an alt - alt trading or the cash market.”

In its official statement, Unocoin said:

“The Banks that are already working with cryptocurrency companies are given a timeline of 3 months to cease the support.”

“Please note the [RBI’s] notice issued doesn’t talk about the legality of cryptocurrencies as such and hence the legality status of Bitcoin or other crypto-currencies In India remain unchanged. This decision of RBI’s was more in line with it’s earlier statements on the risk associated with the cryptos.”