Cryptocurrency exchange Zebpay to users: ‘Withdraw money before RBI deadline’

As RBI directive to ban cryptocurrency related business by July 5 is going to end soon. One of the best cryptocurrency exchange in India Zebpay released their open letter to the public.

Now your bank will not allow you to buy bitcoins or any cryptocurrency anymore.

Zebpay is asking their users to withdraw rupee balance to their bank account before RBI deadline.

“Please note that you will not be able to withdraw rupees unless Zebpay has banking services that permit such withdrawal.”

If you do that, we will endeavor to return your rupee balance to your bank account as soon as possible.”

A similar situation to this happened in Chile earlier this year.

Arun Jaitley (Indian finance minister) said, “The government does not consider cryptocurrency’s legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system”

The previous economic affairs secretary, Shaktikanta Das, also said that the government needs to “accept that the cryptocurrency industry would not be possible to regulate…effectively. Because people will do transactions from their houses. You cannot enter every home to check what transactions are going on.”

Reserve Bank of India in a circular issued in April 2018. RBI gave three-month’s period to banks for stop doing business with cryptocurrency exchanges in India expires on July 5, 2018.

As we know that the price of bitcoin on Zebpay is Rs 4,01,000, which is well below Rs 6,23,000 than the previous month.

New notice said “As per a recent RBI action, banks have been told to discontinue banking services to those dealing with virtual currencies. While our industry is challenging this legally, the outcome is beyond our control. Hence, if you are holding any rupees, or depositing any rupees in Zebpay, there could soon come a time when we may be not be able to honor withdrawal requests. Please continue only if you understand this risk.”

Almost all Indian digital currency exchanges as well as IAMAI (Internet And Mobile Association Of India) have decide to raise the issue in Supreme Court over it, as they believe that the Reserve Bank of India’s decision was illegal. The Supreme court has also decided next date for hearing on July 20.

According to our opinion

Hello Sir/Madam,

If you have some virtual currency like bitcoin, ripple, ether lite coin and any other within India cryptocurrency exchange wallet like Zebpay and Koinex, and you want to keep safe without withdraw them into your bank account. So you have to transfer your coin to international wallets like Binance and Tradeshatosi, if you are ready to take “risk”.

I researched that in 2014, the graph of bitcoin is same as 2018. So if you take risk now on this business, you can get more profit.