Is this the end of Bitcoin in India or not.
The leading cryptocurrency exchange of India Zebpay send notifications to all the customers that "your rupee withdrawls could stop" on the basis of recent Reserve bank of India circular:- DBR.No.BP.BC.104 /08.13.102/2017-18 dated April 6, 2018.
RBI statement of 6 April is "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 (virtual currencies),” the RBI said in a statement on Thursday. “Regulated entities which already provide such services shall exit the relationship within a specified time.”
After that RBI gives the time of 3 months to all the users and exchange to settle their assets.
The deadline of given time of RBI is ended on 5th July 2018 that's why Zebpay issue such kind of notification to the customers.
THE ACTIONS TAKING BY DIFFERENT EXCHANGE AGAINST RBI DECISION
• All the leading exchanges of India file a legal case against RBI in the Supreme Court of India.
• All exchanges write a letter to the RBI to extend the date till the Supreme Court take any decision on this matter.
• The hearing of this case is held on 20th July 2018
• Exchanges file the case beacause this decision is counterproductive, and against the interest of citizens
SOME POSITIVE SIGNS :-
• Some days before Reserve bank of India also admits that issuing Crypto ban without research.
• The indian Finance Ministry implies taxes on Bitcoin sell and purchase which is applicable after 1 July 2018
OTHER WAYS TO CASH OUT BITCOIN
If you want to cash out your Bitcoin there are many other ways available like
• With the help of Neteller
• With the help of Skrill website
• With the help your relative. If any of your relative live in other country where Bitcoin is legal you can send the Bitcoin to them and they sell the Bitcoin and give you cash out
So the finger is crossed✌may be the Supreme Court gives the decision in the favour of exchanges. Because a large community of India strongly wants to trade in Bitcoin and other cryptocurrencies. Court take fare decision in this case. According to me Indian government have also to support the Bitcoin beacause a large no. People of India loves Bitcoin and crypto currency