CCBeast Special


Zebpay’s notice to Indian Users Sank Most of the Coins within few hours
Editorial Team

Zebpay’s recent notice to Indian users, titled “Prohibition on dealing in Virtual Currencies” warned that the exchange will not be able to process the INR withdrawals or deposits if it does not have a supporting bank, according to a report by AMBcrypto.com. Within hours after this announcement, almost all cryptocurrencies crashed by more than 10%.

Regarding the notice by RBI, the financial banking sectors under the purview of the RBI are not in compliance with the directive by July 5. The next hearing for the same is said to be scheduled on July 20, according to the report. However, the recent “panic-selling” is called temporary by the Indian community and it is expected a pull-back pretty soon.

AMBcrypto.com spoke to Vishwanath Shastry, Unocoin’s VP. He was optimistic and said that the current reality is that banks will have to comply with the RBI order by July 5. He said:

“The panic selling right now is because of such notifications. They are just forewarning users to withdraw the current INR. The RBI directive had given 90 days time to pull out support. This 90 days will end after 2 weeks. All exchanges will get affected. But it’s horrible that certain users are selling at a heavy loss. India will be tamed by cryptocurrency soon. This is a fact. It’s just a matter of when.”

Rahul Diwedi, a cryptocurrency investor from Bangalore says,

“Banks like Kotak, Axis have already sent out emails saying they withdraw support from any cryptocurrency related transactions. I’m ashamed to live in such a country which are not open to development and progress. They are in turn going to increase under the table transactions.”

Timothy Gilbert, a crypto investor from Michigan says,

“If anyone knows anyone in India please go and buy, it’s dirt cheap there. Buy BTC, sell somewhere else. Instant 20% profit boom.”

There is a committee which has appealed against the RBI order in the Supreme Court and the next hearing is scheduled for the 20th of July. According to AMBcrypto.com, there are three possible scenarios expected in this hearing:

Ban Lifted – This scenario is highly likely especially after the RTI that was filed revealed that the RBI’s decision was immature and hasty.

The date being postponed – This is the second most likely scenario given the Indian court proceedings

Ban not lifted – This is the least likely scenario but cannot rule out this possibility.