What will happen if Bitcoin gets BANNED in India after 5th July?
Will all our investments be worthless?
Would we end loosing our money and coins?
Will there be any update on crypto currency regulations by the government?
and many such questions are coming to our mind as the date is nearing....
Today we have received an E-mail from Zebpay (crypto currency exchange) regarding the circular by Reserve Bank of India.
Reserve Bank of India had passed a statement on 6th April 2018 to stop trading virtual currencies, and gave us 3 months ultimatum to withdraw our money by selling the virtual currencies. After which the banking sectors would not support the deposit/withdrawal of the same. The ultimatum concludes on 5th of July 2018.
According to the notice made by Zebpay today, if you have any INR in your Zebpay wallet which you use for trading currencies on the exchange can be withdrawn now and Zebpay would not have any responsibility if the banking sector stops the withdrawal on or after 5th July 2018.
So if the exchange have to stop their services there may be chances of huge fluctuation in BITCOIN PRICE as we already observed this on 6th April 2018.
According to me as the Bitcoin is not only used in India but globally and there are various ways in which the withdrawal can be done if the RBI circular gets executed. But what I feel is BLOCK CHAIN TECHNOLOGY IS THE FUTURE and thousands of project comes on daily basis, so there may be some regulations on Crypto Trading but personally I don't think BITCOIN will be BANNED or declared ILLEGAL as the statement by RBI does not state that it will be illegal.
The statement says that the banking sectors won't be providing any service to withdraw/deposit the FIAT CURRENCY.
Unfortunately if the government comes up with the decision to ban Virtual Currencies there are various other methods for withdrawal which can be easily found if googled.
Instead of trading on Indian Exchanges we can transfer our investments on Foreign Exchanges like BINANCE, BITTREX, POLONEIX, CRYPTOPIA, etc. Until the decision is finalized by the Government of India.
Followed and Upvoted, Keep up the good work and looking forward to more from you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Resteem my post sir, it would be great help and even check out my other blog on the benefits of resteeming the posts.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
These people cheat their customers ..because all customeres sell their assets in very low prices..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sir, actually they aren't cheating because they are just the medium to trade the cryptos. whatever circulars they get from the authorities it is their duty and responsibility to share it to their customers.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Upvote and comnent on my blog i will return u same
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Sure sir,
and also Resteem my post, it would be great help and even check out my other blog on the benefits of resteeming the posts.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I am earning bitcoin free and i will continue my earning no matter what the decision come from zebpay because it will not banned worldwide and there were many exchange for bitcoin.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's what i mentioned here in the post, Bitcoin and other virtual currencies are the future of the world so if it gets banned here we will continue trading on foreign exchanges, but that will bring down the indian economy so 99% chances are that bitcoin won't be banned.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @vkkadian14! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit