Introduction : –
In a not so striking news, Supreme Court of India, the highest judiciary in the country had announced that there would be many changes on the way cryptocurrencies work in this land; resulting in cutting short rules prior to release of a new set of regulations for cryptocurrency holders by Reserve Bank of India.
Zebpay’s announcement on its services : –
Zebpay has so far been one of the largest cryptocurrency exchanges in India and has pulled back from allowing any sort of deposit or withdrawal carried in Indian Rupee on its platform. This decision came in implementation from 4th of July 2018.
To ensure that none of its users are at the receiving end, Zebpay had sent out a warning statement voicing its concern regarding the incidents that were and still are not under their control, and therefore it would be in the best interests of users that they should stop depositing or withdrawing currencies immediately(read as any kind of transactions being taken place) if the currency is in Indian Rupees.
The statement came in to effect a day before the Supreme Court had announced cryptocurrency ban deadline (5th July 2018). However, there would be another petition heard by the highest court of justice on 20th July 2018 that shall give us an insight on how would further steps would be taken related to cryptocurrencies in India.
Stabilizing things and bringing every aspect of cryptocurrency under law is a necessary step. Hence, many people agree to the fact that Supreme Court along with Reserve Bank of India is looking in every nook and corner before they finally take a decision on it. Their sole focus is on eliminating illegal activities right from the roots in order to maintain the local economy.
Stay tuned for more updates on the fate of cryptocurrency in India.