Indian Cryptocurrency Exchanges Prepare for Ban

Written by:
Guest
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

Gambling News

Bitcoin Catapults Above $4K Mark

Bitcoin Catapults Above $4K Mark

The cryptocurrency Bitcoin had risen above the $4000 mark Saturday afternoon, trading at $4111 at 2:38 pm EST.

Connecticut to Hold Sports Betting Hearing Tuesday

Connecticut to Hold Sports Betting Hearing Tuesday

There was lots of interest in betting sports at Connecticut's famed Mohegan Sun and Foxwoods casinos following news that a hearing on the topic is set to take place at 10 am this coming Tuesday. 

Caesars Offers Few Clues on State of Talks With Carl Icahn

Caesars Entertainment Corp. gave few clues Thursday as to the status of its talks with billionaire Carl Icahn, who has taken a large stake in the casino giant and says he wants fundamental changes in the company.

Where Can I Bet the Oscars Online From Georgia?

Where Can I Bet the Oscars Online From Georgia?

You can bet the Oscars online from Georgia using any number of internationally-based websites.  Georgia itself does not host online sports betting sites that would offer Oscar betting.

Other Football Lagues Seek Boost From Legal Sports Betting

Other Football Lagues Seek Boost From Legal Sports Betting

The National Football League is king when it comes to legal sports bets, but other professional gridiron leagues are also looking to embrace and profit from it.

Syndicate