Last few month The Indian government and The Reserve Bank of India have issued several notice to Crypto trader and Exchanges like Zebpay, Bitbns against dealing cryptocurrency including Bitcoin. RBI has also in the past clarified that it has not given any license to any company to operate or deal with Bitcoin or any other virtual currency. Recently in view of associate risk it has been decided that with immediate effect RBI will terminate the banking service to Exchanges or crypto traders by last deadline of 10 july 2018 . As per the guideline of RBI International Exchange also takes initiative towards RBI decision and decline to withdraw any fiat currency to Indian VISA / Mastercard . In practical I came to know when I was trying to withdraw my USD to my credit card as usual but this time it has been notified me that your withdrawal has been rejected . So I mailed to support regarding my problem to Exchange , Name is WWW.CEX.IO . I got shocked when I see the reply from Exchange , i am sharing this mail with screenshot to all the crypto fan but it is not my intention to pump and dump , its just a precaution those indian traders who thinks as Even indian Exchange shut down we can withdraw from International Exchange , please check the screenshot
Before this withdrawal I have successfully withdrawn fiat currency many times to my credit card but in light of RBI guidelines this time it has been rejected . We should not worry at all as many governments have taken a stance which has been protectionist. This is a usual stance some governments take when they are not clear on the possible manifestations of a new technology. Ola, Uber have been banned multiple times across countries. At the end of the day Ola/ Uber have weaved it beautifully in the lifeblood of how the city moves. RBI in the same circular has mentioned they are exploring creating their own currency as the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. At last I suggest all the traders to keep patience and invest money for long run and be safe trade