Zebpay announces Indian Rupee Transaction Suspension Due To Ban
Zebpay has released a statement saying that any withdrawal or depositing of Indian rupees has been suspended in anticipation of the court-rulings illegalizing cryptocurrency businesses.
Zebpay had already notified users that rupee transactions could see an end should the RBI proceed with its decision. Users have also been notified that the INR transactions through the exchanges application would not work.
The INR enforced its ruling last Tuesday by refusing to allow cryptocurrency businesses working with banks as an extension for operations.
Since the initial plans were formulated, businesses have been exploring ways of providing legal tender before the ban was enforced. WazirX, another cryptocurrency exchange platform, announced that its framework would be redesigned into a peer-to-peer trading model to avoid currency conversions.
The CEO explained the move, saying that a method which bypasses banking was required due to the ban prohibiting any banking-related transactions.
As concerns regarding the future of cryptocurrencies circulated the industry in India, Zebpay maintained a reassuring stance, with the co-founder expressing his support of governmental interference to eliminate digital crime and secure the crypto economy.
He also urged a partnership between authorities and the company’s employees to work together against any illegal activities discovered.