The unstable situation with the regulation of the blockchain in India forced Zebpay is the main leading cryptocurrency exchange in the country — to appeal to users with a request to withdraw funds in Indian rupees (INR).
To prevent and to take responsibility
In April 2018, the Central banking institution — Reserve Bank of India (RBI) has issued a Directive for all banks in the country, which was asked to withdraw support for cryptocurrency businesses in the country. Without the support of the banks, cryptocurrency exchanges will no longer be able to trade crypto-currencies paired with the Fiat currencies.
Zebpay said that its platform for trade in the framework of the cryptocurrency cryptocurrency will continue, but it is not possible to guarantee trades involving the rupee.
“Please note that if your Bank account Zebpay will be compromised, and the allocation and withdrawals from the accounts will be impossible. This is something worth remembering if you decide to keep the rupees in my account at Zebpay,” — said in the message exchange.
The exchange also said that if users continue to keep their money in rupees, despite repeated warnings, it will not be held responsible in case the loss of customers savings.
On which side the court
Zebpay — India’s largest cryptocurrency exchange, where trading volume for the last day amounted to more than $8.4 million Is the only Indian stock exchange listed on CoinMarketCap.
The RBI Directive has a negative impact not only on Zebpay, but every cryptocurrency in the country. However, at the moment this is the only exchange, which warned clients about possible losses.
The RBI Directive has caused turmoil in the cryptocurrency market, its legality was challenged in the Supreme court of India. The case is still under hearing, but the court did not suspend the effect of the Directive — this means that banks still have to observe it.