Indian Cryptocurrency Exchanges Prepare for Ban

Written by:
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Published on:
Jun/23/2018

The Reserve Bank of India will no longer permit financial institutions to do business directly with that country's cryptocurrency exchanges

The ban goes into effect July 5.

"In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies]," India's central bank said.

Zebpay, a leading cryptocurrency exchange in India, warned its customers this week that their “rupee withdrawals could stop,” citing RBI’s order. The exchange wrote:

"If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However] Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks, and other regulated entities about shutting accounts. This doesn’t affect BTC and other cryptos."

The ban will make it more difficult for those in India to gamble online.  This is perhaps the most busiest wagering period of the year with betting on the FIFA World Cup popular from India.

- Mary Montgomery, Gambling911.com

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