Indian crypto exchange and wallet provider, Zebpay has announced that it is disabling the rupee (fiat) deposit and withdrawal options on its app in response to the RBI’s crypto ban that goes into effect tomorrow.
No Rupee deposits and withdrawals
Zebpay, the popular Indian cryptocurrency exchange and wallet provider has announced through a Tweet that it is disabling the Rupee deposits and withdrawals option from its app.
Today we are disabling the rupee deposit and withdrawal options on the Zebpay app. This is being done in light of the bank account closures as per the RBI guideline.
More details here: https://t.co/bptLZXFL7R pic.twitter.com/NEvVNHgJiP
— zebpay (@zebpay) July 4, 2018
The decision has been taken by the exchange in the wake of the crypto ban imposed by Reserve Bank of India, the central bank of the country. Just yesterday, there was a hearing in the court regarding the petition filed against the RBI’s ban. The Supreme court refused to grant a temporary stay on the ban and have compiled all the petitions for July 20.
The RBI ban will come into force tomorrow i.e. July 5 when all the registered entities and banks will discontinue providing their services to any business dealing with cryptocurrencies.
One of the popular exchanges in India, Zebpay took a preemptive step here and has already disabled the option to deposit and withdrawal the fiat (Rupee) on their app. This certainly has the Indian crypto traders in the frenzy as they try to get their funds out. Updating its previous announcement that the Ruppe withdrawals could stop, Zebpay had mentioned that without banking services, users won’t be able to withdraw their funds.
Right now, the cryptocurrency market is running in red with the majority of the cryptocurrencies experiencing a slight dip.
What are your views on Zebpay deactivating the rupee deposit and withdrawal option right from today? Share your thoughts with us!
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]