Cryptocurrency exchange of India adapted to the ban on banking services

This week the Supreme court of India was unpleasantly surprised by the crypto community of the country, leaving the decision on banning the Central Bank for banking service for cryptocurrency companies in force for a preliminary hearing. This forced the trading platform to start to take active steps in anticipation of the main hearing, which will take place at the end of the month.

Zebpay, the largest cryptocurrency exchange in India the trading volume, on Wednesday said
on his Twitter on the suspension of the input and output of funds in Indian rupees by the Supreme court decision.

As previously reported, the country’s Supreme court said Tuesday that the circular of the Reserve Bank of India (RBI) issued
in April «remains in force». This means that banks are still not allowed to serve cryptocurrency exchanges.

However, the exchange Zebpay stated that the services for the exchange of Fiat currency to crypto currencies, like exchange one digital currency for another, operate in the same mode. According to CoinMarketCap, over the last 24 hours Zebpay trading volume reached $5 million. While the company never made any statements against the decisions of the court, Executive Director of the Zebpay Agut Khurana (Ajeet Khurana) said on Twitter:

«I am very sad! But we will continue to make efforts to deal with this story. I’m sure that cryptocurrencies need India. If we, as a state, do not take the mind, «cryptogamous» will pass by us. And it will be a tragedy.»

Similarly, several stock exchanges in India, with a relatively small trading volume, such as Coinome
and Pexo, also announced that they preostanovlena deposits and withdrawals in Fiat currency.

Meanwhile, other exchanges don’t seem to scare that easily. Some sites have stated that they will continue to work with the input and output of funds in Fiat currency, despite the fact that the RBI circular of July 5 was identified as the deadline for closure of Bank accounts of exchanges.

For example, the exchange BitBNS with 24-hour trading volume of $1.4 million, according to CoinMarketCap, has confirmed on his Twitter account Tuesday that it will continue accepting deposits and withdrawal in Indian rupee after July 5. Another small exchange KoinOK also said that it will continue to operate as usual.

On the other hand, the transition to OTC trading has become one of the strategies which you plan to adhere to Indian stock exchanges to circumvent the ban RBI. According to local media reports, the exchange KoinEX teamed up with another platform called WazirX to start P2P service KoinLoop.

The actions of the exchanges is just another milestone in the protracted history with a ban on banking cryptocurrency business in the country. The ambiguous position of the Supreme court, which first issued a notice in which he alleged that the decision of the RBI banning the cryptocurrency business violates the Constitution of India. However, three weeks after this court denied the request for a temporary ban on the introduction of restrictions on banks in relation to cryptocurrency companies by the Central Bank of India.

The RBI’s position also raises questions. Despite the fact that such a move by the main financial regulator in the country is to be expected, the Central Bank has failed to substantiate the reasons for the ban after lawyers cryptocurrency companies appealed to the organization for clarification.

A similar struggle began
in Poland this week. Public organization of Polish Bitcoin Association (PSB), representing the interests of the cryptocurrency community in the country, filed a petition against the authorities of Polish banks in an attempt to get them to lift the ban on the service of cryptocurrency companies.

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