BITCOIN BANNED in INDIA by today, all the exchanges including Zebpay have stopped transaction of any kind.
In India, restrictions on bitcoin transactions that have been imposed on CRYPTOCURRENCY exchanges were effective from Thursday. After the RBI order, all the Bitcoin exchanges, including the Zebpay, have closed the business in rupees.
The RBI issued the circular on 5th April and ordered all the banks to stop the services of the Bitcoin exchanges. Zebpay the largest digital exchange of Bitcoin and other virtual currency, tweeted that he is closing down the transaction in rupees and his mobile app will not be able to pay for Bitcoin transactions. The company had asked its customers to withdraw money a few days ago.
These restrictions mean that no Indian will be able to deposit or withdraw from the crypto wallet from any bitcoin exchange in India. Although it can deposit coin, such a crypto-to-crypto pair trading service will also continue. Zebpay co-founder Sandeep Goenka tweeted that he is preparing to go to the Supreme Court against the RBI circular.
?? Do Indian Government doing right by banning Bitcoin ??
No replies yet?
Governments can ban Bitcoin et al but Bitcoin use depends upon 1.) a computer/smartphone and 2.) Internet access. With the use of anonymizing Virtual Private Networks, private access of Bitcoin wallets becomes possible even with Internet servers being blocked to certain websites.
Since day one people have talked about the inability of overreaching governments to stop Internet use, including Bitcoin. There will be credit card companies in other countries willing to take Bitcoin and issue fiat currency to the service provider of choice, including across borders. It's the digitization of the Muslim practice of Hawala with thousands of "brokers" in every city across the world.
Much like the "great firewall of China" and Soviet-style one-person, one-Internet-link system, there will always be government desire to control every penny of everyone's currency. There will also be those moving around such control. But the real underlying problem, the abuse of the system itself, the ridiculous laws to restrict and drain individual wealth, are still being fought against. Bitcoin is merely a step towards leaving the old system for a new one.
I am agreed with you sir :)
Thanks!