The Reserve Bank of India (RBI) announced in its April 6 announcement that the country’s banks will no longer be allowed to conduct business with cryptocurrency exchanges. The deadline is July 5, which forces the company to be most prepared for bad situations. Zebpay is one of the largest digital currency operators in India and even requires its customers to withdraw funds before the deadline. With the advent of the RBI deadline, industry players in the encryption field are developing contingency plans, including transfer overseas. Others may soon switch to off-market (OTC) trading to bypass the ban on central cryptocurrency exchanges and may lead to more Bitcoin transactions in the country.
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