India’s Crypto Exchange Zebpay Suspends Fiat Operations
July 5, 2018
One of the India’s largest crypto exchanges Zebpay has announced at its official website it would temporarily suspend operations with Indian rupees. The statement was voiced on the day before ban by the country’s central bank on crypto operations entered into force.
The statement of the exchange says, these actions are out of its control and it had to take these measures. Not once Zebpay warned users that operations with Indian rupees may be suspended by the order of the Reserve Bank of India. The exchange assures, the operations will be resumed as soon as it receives official permission from the central bank.
On Tuesday, July 3, India’s Supreme Court supported the bank and refused to extend the grace period for Indian crypto companies that use services of local banks to execute operations. The ban is to enter into force of July 5, but the Supreme Court is going to consider a petition against it on July 20.
Remember that the ban on conducting and processing crypto operations by local banks has triggered negative backlash. The decision is rather controversial and the Reserve Bank has turned to have adopted it without any preliminary study done.