Today was big day for indian.As we all cross fingers and setback for the positive side.But here I found that those who dealing with cryptocurrency have suffered a lot as supreme court declined to offer interim relief on the RBI restrictions to this effect.
As we all know RBI clamped down on cryptocurrencies on 6th april.And has given the window of 3 months to 50 lakhs indians who invested in crypto market.Under the circular, entities regulated by RBI have been barred from providing service in virtual currencies.Earlier cryptocurrency-related cases be clubbed together and fixed july 20, 2018 for hearing.But case was brought forward as RBI ban is set to come into effect this week.And SC had set hearing for july 3.Now RBI restriction will come into action from july 6,2018.This is big blow to not only cryptocurrency trading platforms but also individuals holding cryptocurrency.The blocking service of banking channels means that virtual currencies transactions will have to be done in cash or not at all.
If you are one who invested in cyptocurrencies.You may soon have to exit from your position as zebpay one of most used exchange in india,they already asked their clients to withdraw assets before deadline expires,As per recent RBI action,banks have been told to discontinue their service to those dealing with cryptocurrencies..If you are holding assets or any rupees in zebpay,there will time when we can't able to make withdrawal request.Or else "continue if you understand risk".
Or you can hold asset on international exchange such as bitterex,Binance,Poloniex etc,When its come to me.I am not going to sell my asset just keep my holding on exchanges and sell it on international platforms when I need.
I would ending this blog by saying,
BE SMART>>>>>DONT PANIC