Earlier today top Indian bitcoin exchange "Zebpay" sent out an email informing users of the possibility of termination of banking services rendered to them by their banker anytime in the near future. They have warned users to withdraw any INR held in their account with Zebpay.
At press time all well known exchanges in the country have their banking services intact. But rest assured RBI's ban will be implemented by banks to avoid risk of being penalised for ignoring RBI's April 6 anti-cryptocurrency mandate.
I would caution my readers to prepare for the eventuality where you wake up and find your INR amounts locked in your favourite Indian cryptocurrency exchange account. They will be unable to process any deposit/withdrawal post 6th of July but the ban might go into effect sooner if their respective banks decide not to wait until the end of day on the 5th July, 2018.
Please don't panic as this might just be a temporary issue. But as investors in this space and customers to these exchanges it is upon us to protect our funds. It's better to be safe than sorry. So try not to hold any INR on any exchange moving forward.
It's best to use an exchange like Coinome where withdrawal is processed instantly. I will be reaching out to them today to find out when they plan to stop withdrawals. Hopefully there will be an update from other exchanges soon enough.
Stay tuned to my blogs for further updates on this matter than concerns all Steemit users from India.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Bitcoin price is around 5850$ on zebpay.
Expecting BTC price to slide further in India as we move forward with the Ban! Sad state of affairs in this country as usual!
This is the time to act proactively and talk about this because I can assure you that even after so many talks warning their will be several million rupees left lying wasted in the fiat gateways of theses exchange.
People sometimes forget and each reminder can be of help. Thanks for sharing this man!
Well said. I plan on writing about it as I keep a close watch on the Indian market and all the issues surrounding it. As long as I live and pay taxes in India I have no choice but to stay fully informed as the situation unfolds.
Man I have seen your posts about the upcoming issues in the Indian crypto market.
Right now the international blockchain community is not taking the issue of unjustified and harsh laws against the cryptos in India very seriously. This could be our fatal mistake. They don't understand the fact that what China will never be able to do for the crypto, India will do it in half the time.
Once the ban goes in place it would set a precedence for at least 10 other neighboring countries and perhaps barring millions of dollars this year alone.
Hope people and country's will accept blockchain technology. This is the future of all humans in this world. Technology all rising
Good.. thanks for sharing
Signs of good days eh 😜
Sucks for us as prices have started tanking already but good time to buy and hodl BTC.
Oh god when will the central banks give it a rest and let crypto thrive.
Banksters will never allow something so powerful as cryptocurrencies to exist in parallel so easily.
Oh god when will the
Central banks give it a rest
And let crypto thrive.
- banglasteve
I'm a bot. I detect haiku.
thanks for sdharing a good informative post it weill be heliping us a lot regarding crypto
Bad News!!!
What the hell RBI is doing???
because of it the price of btc on ZEBPAY is undervalued
Ohh thanks , i missed the notification.
thats the most sad part of india that degital india is in progress and digital currency is down ward ... india applying tax on btc and now there exchanges has problem how come it matches !
I registered in localbitcoins.com Quickly.
There is nothing to worry about, even if Indian exchanges stop working there are sites like NETELLER, from where we can withdraw directly to our bank account
Guys I have a question. In countries where exchange of Bitcoin and other crypto is banned, will it be a crime to use steemit?