Earlier today top Indian bitcoin exchange "Zebpay" sent out an email informing users of the possibility of termination of banking services rendered to them by their banker anytime in the near future. They have warned users to withdraw any INR held in their account with Zebpay.
At press time all well known exchanges in the country have their banking services intact. But rest assured RBI's ban will be implemented by banks to avoid risk of being penalised for ignoring RBI's April 6 anti-cryptocurrency mandate.
I would caution my readers to prepare for the eventuality where you wake up and find your INR amounts locked in your favourite Indian cryptocurrency exchange account. They will be unable to process any deposit/withdrawal post 6th of July but the ban might go into effect sooner if their respective banks decide not to wait until the end of day on the 5th July, 2018.
Please don't panic as this might just be a temporary issue. But as investors in this space and customers to these exchanges it is upon us to protect our funds. It's better to be safe than sorry. So try not to hold any INR on any exchange moving forward.
It's best to use an exchange like Coinome where withdrawal is processed instantly. I will be reaching out to them today to find out when they plan to stop withdrawals. Hopefully there will be an update from other exchanges soon enough.
Stay tuned to my blogs for further updates on this matter than concerns all Steemit users from India.
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