Will Zebpay be forced to shut down because of the recent government enquiry? Will Bitcoin be illegal in India ?

Zebpay will now not be allowed to deal in rupees with any bank in India as in keeping with new suggestions of RBI. So clients should withdraw their money earlier than that or maintain in crypto cash. All Fiat pair trading with rupees will forestall. As Zebpay (and different crypto exchanges in India) are legally registered as a employer so their activities are though criminal however to alternate in bitcoin and other cryptocurrencies they have to pair it with usdtether (some other cryptocurrency which immediately is tethered to the fee of USD. They also can make their own coin which can be called ruppeetether. This may provide a stable fee for investors to alternate with. However, no transaction with banks will purpose a lot of hassle for investors and to coins their coin they have to use another platform. Going by means of the govt. Protectionism regarding cryptocurrencies India may additionally soon cross-China manner ; banning all exchanges and ICOs. Going by way of the current massive scam of a ICO Bhardwaj brothers, that is a opportunity. Furthermore Indian exchanges are manner behind through ease of use, interface, trading quantity. Exchange charge is also more. They're additionally greater susceptible to hacking. Trading in crypto is difficult. Nearby exchanges are properly if they offer pair with local foreign money as you could coin for your advantage every time. Currently all are operating as formerly but until how lengthy isn't always sure.