Zebpay, largest cryptocurrency exchange in India is an app-enabled virtual asset wallet provider. There are around 3 million users right now has warned its investors about the INR withdrawal blockage. The regulator may stop the facility with immediate effect which completely depends on the impending hearing next month. There is a hullabaloo in the crypto domain which led to the downfall of Bitcoin by 9% in last few hours.
According to Cryptovest, it is stated that earlier in April this year Reserve Bank of India banned the use of cryptocurrency. RBI issued the notice to all financial institutions citing that the consumers are prohibited to make any kind of transaction of digital currency. However, cryptocurrency exchange in India has been prevailing in the market but there has been quite a lot of uncertainty right now. The future of blockchain and cryptocurrency remains unclear.
The order has been already challenged in court by some crypto operators and individual investors. In the last hearing, RBI was unable to present an argument on their decision on banning cryptocurrency. The next hearing of the impending petition is scheduled for July 20, 2018, in Supreme Court. However, ahead of the hearing, cryptocurrency exchange in India Zebpay has prepared its investors for the worst.
The regulator issued an official notice about their inability to release INR withdrawal request. It is further stated that their industry is challenging the ban but the outcome is still uncertain. The holders of INR or the ones who are making the deposit in INR through Zebpay might get blocked in future. The crypto market has come down crashing in India with this update.
What Is Zebpay?
Zebpay is a cryptocurrency exchange in India which is headquartered at Singapore. It regulates buying, selling and storing of Bitcoins through a quite user-friendly platform. In addition to Bitcoin, the system also supports virtual coins like Litecoin (LTC) and Ripple (XRP).[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]