INTERNATIONAL EXCHANGE BAN WITHDRAW TO INDIAN MASTER/VISA CARD
Last few month The Indian government and The Reserve Bank of India have issued several notice to Crypto trader and Exchanges like Zebpay, Bitbns against dealing cryptocurrency including Bitcoin. RBI has also in the past clarified that it has not given any license to any company to operate or deal with Bitcoin or any other virtual currency. Recently in view of associate risk it has been decided that with immediate effect RBI will terminate the banking service to Exchanges or crypto traders by last deadline of 10 july 2018 . As per the guideline of RBI International Exchange also takes initiative towards RBI decision and decline to withdraw any fiat currency to Indian VISA / Mastercard . In practical I came to know when I was trying to withdraw my USD to my credit card as usual but this time it has been notified me that your withdrawal has been rejected . So I mailed to support regarding my problem to Exchange , Name is WWW.CEX.IO . I got shocked when I see the reply from Exchange , i am sharing this mail with screenshot to all the crypto fan but it is not my intention to pump and dump , its just a precaution those indian traders who thinks as Even indian Exchange shut down we can withdraw from International Exchange , please check the screenshot
Before this withdrawal I have successfully withdrawn fiat currency many times to my credit card but in light of RBI guidelines this time it has been rejected . We should not worry at all as many governments have taken a stance which has been protectionist. This is a usual stance some governments take when they are not clear on the possible manifestations of a new technology. Ola, Uber have been banned multiple times across countries. At the end of the day Ola/ Uber have weaved it beautifully in the lifeblood of how the city moves. RBI in the same circular has mentioned they are exploring creating their own currency as the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. At last I suggest all the traders to keep patience and invest money for long run and be safe trade
This might have happen because there is no clear law passed by indian government and adding over that 5th july is approaching so such decision is enforced on these exchanges . So i will suggest give it one more try if not accepted again no other option then wait for now ..
I think RBI already instructed to international exchanged to barred the withdrawal facility to Indian credit card /debit card , even credit card is not directly issued by bank, it is outsourcing to others party , so Result may be negative for short time being
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I think you should try wire transfer option rather than card withdrawal. As I am also registered in that exchange but visa/mastercard withdrawal restriction is not exactly a part of RBI guidelines. From 2010 onward I am in the field of online work. Then also tried withdraw to my credit card but they replied me that in INDIA card withdrawals are not permitted.So , you cant say that it is due to RBI latest guidelines. Credit card and debit card guidelines, terms and conditions do change time to time.
Like I said in one of my posts, India takes time to 'digest' a new technology, which other countries adopt easily. I think bitcoin will be regulated in India for sure, just that it may take some more time.
bitcoin really need regulation to safe the small and middle traders as whale manipulating whole market.
from Assam?