Bitcoin Forum

Following the Reserve Bank of India (Indian central bank) instructions to the Banks operating in India prohibiting any transaction relating to crypto currency.  The Indian Banks  banned it's customer's accounts for transactions for sale purchase of crypto.
Zebpay is crypto provider exchange in India which was facilitating Indian citizens to sell or buy crypto.  Now it has announced no further transactions in rupee.
Under present circumstances; the future of crypto market in India seems dim. 
But Govt of India is very much supportive to digital transaction market.  What is your opinion; whether you see any chance in near future when Govt will remove such restrictions?

RBI (Indian Central Bank) prohibits crypto transaction then this?


RBI is part of the government agency of India right then how it can be that they are supportive but their Central Bank is halting it?

Yeah, 5th july was the deadline for the banks to stop transacting with entities who are dealing in any sense with crypto. Even though crypto related guys have asked for stay on this order from Supreme Court but till now no stay has been put. Next listening of the case is on 20th july, let's see how it pans out that day.
Also govt. has said that they have made a regulation regarding crypto and blockchain and they might release it on fortnight of july. Hoping for some positive news on that front.

this fucking Indian central bank doesn't understand nothing. ban this, ban that and bla bla bla. They will regret to not have embraced Bitcoin early.

RBI is the Reserve Bank of India and is in some way a part of the Indian Government. The Supreme court recently said the RBI to further process the ban on transactions of crypto and this has lead to popular exchanges to stop transacting on INR - crypto transactions. The government does support the blockchain technology but has some kind of problems with crypto transactions. The only way I find good things happening is when the Indian government releases their own cryptocurrency and process transactions on the blockchain network.

I agree with you man. I am sick of their rules as well. This is the reason why India is still lacking behind other developed countries.

Indian Rupees are available in different denominations of 5 to 10 different denominations, but the Reserve Bank of India has actively intervened in the foreign exchange market so that the exchange rate Exchange performance of rupee less volatile

5th July is a deadline of the bank to stop dealing with cryptocurrency exchange so now Zebpay stop today deposit and withdrawal Indian Rupee as per RBI (Reserve Bank of India) Guideline and also supreme court does not change the decision. I think RBI reverse this restriction in near future its better for Indian people or India future.

Of course, it's not possible but the op is pulling things out of you know what...
There is not a single hint at the government of India being friendly towards crypto and there is no sign it will ever be.
That's it, its done, hopefully, next time when millions flock to vote they will use their brains.

At least the whole nonsense about India becoming a leader in BTC related projects trend will finally die down and reality will take over. Rather than blockchain they should focus on block scythe  ;D

i think soon another solution will come bcz india is a huge crypto user country and india making great profit from it too.
RBI is wrong and soon rbi gonna realize this

In a major fallout of the RBI's April-5 circular, which banned banks from providing financial services to crypto exchanges operating in India, Zebpay, the country's biggest digital exchange for trading in Bitcoin and virtual currencies, on Wednesday said it has disabled the rupee deposit and withdrawal options on its mobile app. The latest announcement comes after the company recently urged its customers to withdraw money, saying that "if Zebpay bank accounts are disrupted (after July-5 deadline), rupee deposits and withdrawals will become impossible." (Source: https://www.businesstoday.in/current/corporate/india-major-bitcoin-exchange-zebpay-stops-trading-in-rupee-amid-banking-freeze/story/279899.html )

This simply means that now the users cannot make any transactions in the Indian currency from their crypto wallet that will make it difficult for them to encash their crypto holdings. But the company further said, ""the crypto-rupee and crypto-crypto pair trading service is also functional". All this has been done in effect to th RBI circular that was passed lately.

The Indian government is supportive to promote digital transactions and that means it wants to reduce payments by using the traditional fiat currency so that every transaction cones under the radar of government.But if it allows crypto transactions,then every thing would go anonymous which no government would be ready to support.Hope you understood the Indian situation.

I think it takes a lot of places in India to receive real bitcoin payouts. If the central bank is unwilling to cooperate with the exchangers but the Indian government still gives permission to use digital money then there is still a chance for people to be able to use their bitcoin significantly.

I see so that's how the RBI is connected to the Indian government.

Early days of ICO's I thought that Humaniq is the cryptocurrency for Indians or it is just a crypto made by an Indian team?

Are they taking revenge that RBI banned crypto currency?

Recently the zebpay has stopped transactions in India. People got stuck who invested on zebpay and having troubles to exchange the currency on indian fiat rupees.

it is funny how everyone is talking about India right now, a country that nobody even cared about until these days. you never saw anything about it last year, barely even 1 topic talking about how bitcoin price used to be up to 40% higher than the price in USD markets because of the massive demand that exists over there.
and the funnier part is that nobody seems to be talking about how that price is starting to pick up and go higher and the volume on localbitcoins is rising up to the moon.

Agreed that Indian govt. is so much techno supportive but can't understand the decision taken bby RBI. However, I guess time will change and Indian Govt. will allow Zebpay to buy and sell crypto again in India.

I think they have announced this way ahead and given enough time to users to withdraw any rupees they have in platform before they will stop supporting it also they can still withdraw cryptocurrencies from the platform because only trading crypto for fiat is illegal in India right now.

Government sucks and this is one example of what government can do when they start to have fear of bitcoin replacing financial system and banking channels.

that happened a while ago (if i am not mistaken it was either 2 weeks or 3 weeks ago). they gave the warning and let everyone withdraw their fiat if they wanted.

do you have any prove for this or are you making a random guess based on FUD topics you read in here?

I really wish if I could say something positive but unfortunately this news is true, India Central Bank ban any kinds of transaction with cryptocurrency so it's not possible to deal with rupees but good news is many people are speaking against it so we have still hope that situations will be changed.

It is very bad news for the Indian crypto investors that the country has banned cryptocurrency transactions. RBI has recently announced it but I think as the Indian government is very supportive to digital transactions in the future their might be a chance for accepting cryptocurrency again.

This is really sad news for us also this is really disappointing for users based on this topic. Zebpay is really interesting you can exchange this from another country but there is trouble so it’s hard to exchange though India banned this system so we can’t do any transactions.

That was relay a very sad news. I didn't expect such restriction from India. But I think soon they will take over the restriction when they will find the usefulness of cryptocurrency.

It's just a strategy for the Indian government to start stocking up on some cheap crypto. China done the same trick last year causing a dump in the markets, then they made it legal again. India will do the same, just be patient and keep trading on the exchanges

iIndian exchanges has stared new way of trading
https ://m.businesstoday.in/lite/story/bitcoin-ban-how-cryptocurrency-exchanges-are-circumventing-rbi-circular/1/280005.html :) :)

That's very sad to know. It would've been better if the authority actually knew the importance of it before actually banning them. Fortunately India didn't have a large Zebpay base but nevertheless Cryptocurrencies keep getting banned and coming back in countries so it is hoped that the ban will be removed in future.

I think there is still a positive side to this news, even though banks prohibit the exchange of transactions using rupees but the government still gives freedom to holders and users of crypto money. And this means people can still use their bitcoin and crypto money for peer-to-peer trading.

As long as the government is in cryptocurrency side,this will be settled,maybe this conflict is happening because of some issues that has been not clarified and as we know,banks are against crypto but they cant stand this for long ,if they dont adapt our technology then they must accept the end of their business in short time as our technology is starting to rule the world

It is true that Reserve Bank of India has instructed banks to stop giving services to the companies involved in cryptocurrency exchange services. However, as an individual user, we are always free to use banking channels for crypto trading. There is no law prohibiting us from exchanging cryptocurrencies with Fiat currency at least at this stage. On the other hand, I am expecting any decision from the government in the next year because we will see a new government within a year.

Let's see how it is that day. The government does not support blockchain technology but has some problems with cryptographic transactions.