RBI (Indian Central Bank) prohibits crypto transaction then this?


RBI is part of the government agency of India right then how it can be that they are supportive but their Central Bank is halting it?

this fucking Indian central bank doesn't understand nothing. ban this, ban that and bla bla bla. They will regret to not have embraced Bitcoin early.

Indian Rupees are available in different denominations of 5 to 10 different denominations, but the Reserve Bank of India has actively intervened in the foreign exchange market so that the exchange rate Exchange performance of rupee less volatile

Of course, it's not possible but the op is pulling things out of you know what...
There is not a single hint at the government of India being friendly towards crypto and there is no sign it will ever be.
That's it, its done, hopefully, next time when millions flock to vote they will use their brains.

At least the whole nonsense about India becoming a leader in BTC related projects trend will finally die down and reality will take over. Rather than blockchain they should focus on block scythe 

In a major fallout of the RBI's April-5 circular, which banned banks from providing financial services to crypto exchanges operating in India, Zebpay, the country's biggest digital exchange for trading in Bitcoin and virtual currencies, on Wednesday said it has disabled the rupee deposit and withdrawal options on its mobile app. The latest announcement comes after the company recently urged its customers to withdraw money, saying that "if Zebpay bank accounts are disrupted (after July-5 deadline), rupee deposits and withdrawals will become impossible." (Source: https://www.businesstoday.in/current/corporate/india-major-bitcoin-exchange-zebpay-stops-trading-in-rupee-amid-banking-freeze/story/279899.html )

This simply means that now the users cannot make any transactions in the Indian currency from their crypto wallet that will make it difficult for them to encash their crypto holdings. But the company further said, ""the crypto-rupee and crypto-crypto pair trading service is also functional". All this has been done in effect to th RBI circular that was passed lately.

I think it takes a lot of places in India to receive real bitcoin payouts. If the central bank is unwilling to cooperate with the exchangers but the Indian government still gives permission to use digital money then there is still a chance for people to be able to use their bitcoin significantly.

Are they taking revenge that RBI banned crypto currency?

it is funny how everyone is talking about India right now, a country that nobody even cared about until these days. you never saw anything about it last year, barely even 1 topic talking about how bitcoin price used to be up to 40% higher than the price in USD markets because of the massive demand that exists over there.
and the funnier part is that nobody seems to be talking about how that price is starting to pick up and go higher and the volume on localbitcoins is rising up to the moon.

I think they have announced this way ahead and given enough time to users to withdraw any rupees they have in platform before they will stop supporting it also they can still withdraw cryptocurrencies from the platform because only trading crypto for fiat is illegal in India right now.

Government sucks and this is one example of what government can do when they start to have fear of bitcoin replacing financial system and banking channels.

I really wish if I could say something positive but unfortunately this news is true, India Central Bank ban any kinds of transaction with cryptocurrency so it's not possible to deal with rupees but good news is many people are speaking against it so we have still hope that situations will be changed.