Major Indian Cryptocurrency Exchange ZEBPAY , Disabled Fiat Currency Withdrawals as per the instructions of RBI

ZEBPAY is one of the largest bitcoin and cryptocurrency exchange in India, which has stopped its customer's fiat currency(Rupees) deposits and withdrawals as per the circular which was released by RBI (Reserve Bank of India) three months back, instructing all Indian banks and financial institutions which are coming under it's regulations, not to deal with any transactions either with individuals or with crypto exchanges related to bitcoin and cryptocurrency.

ZEBPAY is mainly working on smartphone application, which hit one (01) million domestic app download last year. ZEBPAY said in its statement:
"from Wednesday (04-07-2018) we are disabling rupees deposit and withdrawal options on the ZEBPAY app. This is being done in light of the bank account closure as per the RBI guidelines"

The 03 month guideline given by Indian Central Bank is going to come into effect from today (05-07-2018). Many cryptocurrency exchanges challenged this RBI blanket ban on crypto currencies to Indian Supreme Court where it was a substantial win for India's Central Bank. The India's Supreme Court refused to delay the banking ban in its decision taken on 3rd July 2018. Again hearing will be there on the same matter in India's Supreme Court on 20th of July 2018.

All Indian crypto enthusiast , exchanges, crypto investors are very much optimistic for next hearing on 20th July and expecting that government will bring certain regulations. For the information of global population I would tell you that as if now no Indian crypto exchanges are buying or selling crypto without prior approval of their customers KYC and banking details.

Dept. Of Economic Affairs Secretary Mr. Subhash Chandra Hath on a television interview last week said that we are fairly close to develop a draft for crypto regulations which we think it is in the best interest of the country.

I appeal all readers to give your comment....

1.what do you think about crypto future in India as well as globally???

2.Whether is it going to put impact on bitcoin and other cryptocurrency prices and development like how it happened during CHINA ban???

Thanks for reading. Have a nice day!