Bitcoin exchange Zebpay, popular in India, announced the suspension of deposits and withdrawals of rupees on July 4.
Indian exchange Zebpay stopped processing deposits and withdrawals of rupees
On July 3, the Supreme Court of India held a highly anticipated hearing, during which it refused to impose a limit on the decision of the Reserve Bank of India, which imposed sanctions on the cryptocurrency activities of local financial institutions, which take effect on July 5.
Pending the Supreme Court ruling, Zebpay warned its users that they could soon lose job opportunities with fiat currency.
“Please note that you will not be able to withdraw rupees unless Zebpay is authorized to provide this service from the bank. If Zebpay’s banking services are suspended, you agree to waive any complaints or harassment from Zebpay or any other person regarding your rupee account balance, transactions, transactions, deposits or withdrawals“, – the exchange warned its users earlier. “Please note that if Zebpay’s banking service is discontinued, the company will not be able to process Rupee deposits and withdrawals. With this may be the suspension of trading in pairs with the rupee is associated, or at least sharp price fluctuations. Remember this if you decide to keep your rupees in a Zebpay account. “.
The next hearing, during which the cryptocurrency community of India will try to challenge the central bank’s decision, is scheduled for July 20.
In the near future, the country’s authorities intend to present a legal basis for regulating the cryptocurrency sector, which is also high hopes for the local community..
“We are already close to promulgating cryptocurrency regulation that we believe will be in the best interests of the country. We have developed a bill that we intend to discuss with the council members during the first week of July, ”said the head of the Interdepartmental Council for Cryptocurrency Regulation.
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