In India, restrictions on bitcoin transactions that have been imposed on the Kryptonian exchange were effective from Thursday. After the RBI order, all the Bitcoin exchanges, including the Jabp, have closed the business in rupees.
The RBI issued the circular on 5th April and ordered all the banks to stop the services of these Bitcoin exchanges. Dieppe, the largest digital exchange of BitQquine 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 BitQVine. 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 the crypto valet from any bitcoin exchange in India. Although it can deposit a coin, such a crypto-to-crypto pair trading service will also continue. Jeppe co-founder Sandeep Goenka tweeted that he is preparing to go to the Supreme Court against the RBI circular.
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Inquiries of the Income Tax Department given as soon as Bitcoin is declared invalid
It is noteworthy that before the RBI, the central government had announced in the budget that it will not allow any virtual currency to be introduced due to suspicious transactions. Through fear of hawala trading, black money flows, and tax evasion, virtual currency is being expressed. At the same time, the RBI has also indicated signs of bringing its virtual currency.
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RBI had already given warning
Regarding the bitcoin and other crypto currency, the Reserve Bank has been keeping investors in the forefront since 2013. The RBI has said that it is not recognized in the country and in this case the investor himself will be responsible for the loss of the money. In December the Income Tax Department in the country had also raided several bitcoin exchanges.
What is bitcoin
This is a crypto currency. It is purchased through the Internet through id-password. It can not be changed in any currency. Id-password or risk of capital drowning even if hacked.
