Bitcoin is banned in India. Will Zebpay, Unocoin, and all others shutdown?

Bitcoin is banned in India. Will Zebpay, Unocoin, and all others shutdown?

Well, Bitcoin or any other crypto asset isn’t banned in India,

The Reserve Bank of India (RBI) has put out a notice saying that all the regulated entities under the RBI should withdraw their services from the businesses or companies related to Virtual Currencies, effective immediately. The RBI has given a time frame of 3 months to do so.

This statement means that after 3 months, you won’t be able to buy any crypto asset with fiat currency of India i.e. INR, but there isn’t any ban on bitcoin.

You can always trade the virtual currency pairs on all the exchanges based outside India.

Indirectly, this statement means that after 3 months, your money in bitcoins or any other crypto assets is virtually of no value because nobody would buy that because banks won’t provide their services to Indian exchanges.

All the Indian exchanges have made a council names BACC which will fight collectively against this and one of the confounders of PocketsBits released a circular explicitly mentioning about some PIL and said that all services are working fine and Bitcoin is not banned.