As previously reported by CoinDesk, the Supreme Court held a hearing on Tuesday and said the Reserve Bank of India’s (RBI) circular issued in April will “remain implemented,” which prohibits banks from facilitating fiat transactions on Indian crypto exchanges.
However, Zebpay said the fiat-to-crypto and crypto-to-crypto trading services are still on.
According to data from CoinMarketCap, Zebpay is seeing over $5 million trading volume in the past 24 hours.
Meanwhile, other exchanges appear to be not deterred and said they will continue allowing investors to deposit and withdraw fiat currency even if the RBI’s circular indicated July 5 as the deadline for bank account closure.
On the other hand, shifting to over-the-counter trading has also become one strategy that several Indian exchanges are taking to circumvent the RBI’s bank account curb.
Ten crypto exchanges, including Binance and KuCoin, have been blocked from Apple’s app store in India. India’s Ministry of Finance ordered their removal over non-compliance. The removal occurs weeks after the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) accused the exchanges of operating illegally in the country.
A few warning signals and conflicted statements later, the RBI finally pulled the plug on cryptocurrency exchanges. On July 06, a near-complete crackdown—at least temporarily—on cryptocurrencies will take hold in India.
Cryptocurrency exchanges in India have one by one announced the shut down of their fiat deposits and withdrawals as banks start closing their accounts per RBI’s crypto banking ban. Meanwhile, they are trying to educate the central bank in hopes of easing the ban.
One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect. “INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads. On Tuesday,
Today, on July 3rd, Supreme Court of India [SC] held the awaited hearing of Internet and Mobile Association of India v/s Reserve Bank of India [RBI]. As per the recent reports, SC has not granted a temporary stay and the effective date for banks to stop supporting cryptocurrency exchanges still stands the same, that is, July […]
India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related
India’s Supreme Court has refused to extend a grace period allowing cryptocurrency entities to keep banking services beyond this week’s deadline set by the central bank. Exchanges Go P2P According to various media outlets, the Reserve Bank of India (RBI) will now succeed in implementing its ban on cryptocurrency business support on July 5.
With the impending banking ban by the Reserve Bank of India, cryptocurrency exchanges in the country are scrambling to find banking alternatives. Two Indian exchanges have announced that they are launching P2P crypto trading services which will allow traders to buy and sell crypto legally even after the central bank’s ban.
The banking ban by India’s central bank is set to begin on July 5. One of the largest crypto exchanges in the country, Unocoin, is working on banking alternatives. News. Bitcoin. com spoke with the exchange’s CEO about what to expect when the ban begins, trader sentiment, and possible ways to bypass the ban.
The Reserve Bank of India (RBI) decided, in a circular issued on April 6, that banks in the country will no longer be allowed to do business with crypto exchanges. The deadline, which expires on July 5, is forcing companies to prepare for the worst.
Exchanges Cryptocurrency exchange Belfrics has resumed trading operations in India after halting earlier this year due to banks refusing to provide payments solutions to the exchange. Japan Confirms Entrance Into the Crypto Space Belfrics Resumes Trading Operations in India Belfrics, which claims to be “India’s fastest growing cryptocurrency exchange and blockchain development platforms,” announced on
As regulatory uncertainty in the Indian cryptosphere continues, exchanges and crypto-related businesses in the country are putting measures in place to cushion the effect the Reserve Bank of India’s ban may have on their businesses.
Regulation As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading.
As the start of the crypto banking ban by the Reserve Bank of India approaches, cryptocurrency exchanges in the country are preparing to stop fiat deposits and withdrawals while boosting crypto-to-crypto trading.
One of the largest crypto exchanges in India, ZebPay, announced that as of June 22, it could be stopping all withdrawals to fiat in Indian Rupee from its platform. This comes on the back of an April 5 declaration by the Indian government that all banks must stop acting as intermediaries between exchanges and their […]
Indian Exchange ZebPay Stops Allowing Rupee Withdrawals; Broader Indian Crypto Ecosystem Under Pressure was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
One of India’s leading cryptocurrency exchanges, Zebpay have announced that they may soon have to make some changes. In light of the decree that was released and distributed by the Reserve Bank of India, the exchange, that previously has and still does provide the service of converting crypto assets into fiat currency and subsequently depositing
The post Indian exchange Zebpay might stop crypto-to-fiat conversions appeared first on ItsBlockchain.
]In a fresh new twist, the Reserve Bank of India (RBI) has admitted to issuing its ban on cryptocurrency-related accounts spontaneously, without taking time to study and understand how cryptocurrencies work.
Согласно сообщению ресурса Apptopia, торговля криптовалютой на мобильных устройствах становится всё более популярной — каждый следующий месяц превосходит предыдущий по количеству активных пользователей и новых регистраций за день.
Discussions over whether to ban cryptos in India might be on the agenda again. The country’s Finance Ministry is calling for a broad-based consultation on the matter. While India’s Supreme Court struck out on a previous crypto trading ban, the subject of a blanket cryptocurrency ban is once again making headlines in the country.
India’s cryptocurrency sector is booming during the extended nationwide lockdown. Several Indian cryptocurrency exchange executives have shared with news. Bitcoin. com their record-breaking stats, bullish trends, and positive sentiment despite the coronavirus-driven lockdown.
The government of India has informed Lok Sabha, the lower house of parliament, about the Ministry of Corporate Affairs’ inspection of cryptocurrency businesses. Minister of State for Finance and Corporate Affairs Anurag Singh Thakur provided details of two companies in particular.
A historic day for the Indian crypto community, the supreme court has finally ruled on the case against the banking ban by the central bank, the Reserve Bank of India (RBI). The court held that the RBI circular which places a banking ban on the crypto industry is unconstitutional.
Zebpay is returning to India more than a year after closing down local crypto exchange operations due to the banking ban imposed by the central bank, the Reserve Bank of India (RBI). Under a new leadership team, the exchange has also revealed a number of upcoming new services, including a crypto-to-crypto exchange and a way […]
The post Crypto Exchange Zebpay Announces Relaunch in India Ahead of Supreme Court Decision on RBI Ban appeared first on Bitcoin News.
Coinspeaker Government of India Is Reportedly Working on a National Blockchain StrategyIndia's government agencies are drafting a suitable framework dubbed as the "National Level Blockchain Framework".
