Zebpay Disables Rupee transactions

[samiraetn]

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.

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[rileyhill]

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.

[jhon_21]

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.

[5ensei]

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

[rajkr]

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

[JeffreyKen]

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.

[patron bounty]

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.

[carlisle1]

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?

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

[Dudeperfect]

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.

[previouslyabused]

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