Since last few months, Indian crypto traders were having a hard time to worry about the future of cryptocurrencies in India as Reserve Bank of India warned every commercial bank to stop providing any services to crypto related business including cryptocurrency exchanges. This made a huge problem for crypto traders as they won't be able to withdraw their funds in fiat anymore.
RBI gave a 3 month period to all the banks for the settlement of outstanding transactions and that period is about to end tomorrow.
Today, India's largest crypto exchange 'Zebpay' has announced that it is stopping deposits and withdrawals in INR and from now on it will only support crypto to crypto trading until further notice by banks.
Although, Zebpay already warned its users to be cautious of RBI's announcement and suggested users to withdraw their money from their Zebpay wallet as the banking ban was way out of their control. Majority of people panic sold their BTC a month back when RBI shared their announcement regarding the crypto fiat banking ban.
Zebpay posted this statement earlier today:
“INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads.
Now after this banking ban, people are finding new ways to withdraw their money. Another crypto exchange named 'WazirX' has come up with a solution by allowing P2P transactions on their exchange with a minimal fees.
Now, let's see what Zebpay would do to lure their customers.
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