Author: Jagdish Kumar, India
As the Supreme Court hearing near, India’s leading crypto exchange, Zebpay has announced that it is ceasing Indian rupee (INR) trading.
The exchange in an announcements to users said, “It is temporarily closing INR related trading pairs at 5 pm on Wednesday 5 Sep 2018. At that time, all pending orders involving INR pairs will be cancelled.
However the exchange said that announcement relates to Fiat (INR) related activity. Crypto-to-Crypto trading will continue.
The exchange also said that though we could hide behind the stalemate that has been imposed upon our industry owing to the RBI action, but we choose not to do so and return all the money (Indian Rupee) that you have sent us for purposes of trading.
After the deadline, all your outstanding INR-related orders will be cancelled, and your rupees returned to your bank account, the exchange note to users said.
On the future of cryptocurrencies, Zebpay said, ” The public Blockchain architecture is great for India and will help India maintain its leadership position in the Information Technology world. We will also continue to work on coming up with a solution and mechanism that works in your best interest, and doesn’t expose you to avoidable risks.
And for the functioning of the public Blockchain, a coin/token, such as Bitcoin, is essential. The exchange will continue to untiringly engage the government, regulators, and other institutions to explain this, so that India doesn’t miss the Blockchain bus, the note adds.
On the question on what will happen to the customer’s crypto in Zebpay Wallets, the exchange said that Zebpay crypto wallets will continue to work, and users can hold coins and tokens with us. Of course, if you want to withdraw (or deposit) crypto, you can always do it as you choose.
Image credit: Zebpay