Published
5 years ago on
September 28, 2018
“Zebpay is now stopping all exchange services at 1600 local time on Friday. The move is a direct consequence of a crippling policy introduced by the Reserve Bank of India (RBI), India’s central bank, to force all regulated financial institutions – including banks – from offering services to the domestic cryptocurrency industry.â€Furthermore, an official Zebpay announcement regarding the matter reads as follows:
“We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops. The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.â€A crippling policy This is the direct result of the RBI’s decision to ban cryptocurrency being bought with FIAT currency through traditional bank accounts. Though the ban occured back in April 2018, it’s clear that through Zebpay’s latest decision, this ban is having a huge impact, even on some of the biggest exchanges in the country. A sign of things to come Indeed, with the RBI tied up in legal action, the cryptocurrency community are doing all they can to ensure the RBI’s bans are lifted and that normal service can resume. Even so though, it’s clear the decisions made by the RBI are starting to take casualties. If the RBI’s ban is dissolved, a lot of damage has already been done to cryptocurrency in India and therefore, we have to ask if normal service can ever be resumed after this? References CCN
