Zebpay Calls it Quits. Earlier this month, CCN reported that the Securities and Exchange Board of India (sebi) sent government officials to Japan and Switzerland to better understand Bitcoin and crypto-related regulations prior to a supreme court hearing on a crypto trading ban imposed by the countrys central bank. This would have been Indias first such kiosk where customers would have been able to deposit money for buying or withdraw money from selling cryptocurrencies through Unocoins mobile application or website. Yet, Zebpay, which has been supportive towards the agenda of the government, was forced to shut down its business as banks rejected exchanges and denied any service to crypto-related businesses. Perform your own due diligence and choose a wallet where you will keep your bitcoin before selecting an exchange. As a result, the Indian cryptocurrency industry is not in the best of health, as evident from the declining trading volumes.
Such a move dented the confidence of cryptocurrency exchanges in India, who began to fear that they might be pulled up on some pretext or the other. Throughout the past few years, Zebpay, as a leading Bitcoin exchange in India, has proactively established industry standards including Know Your Customer (KYC) and Anti-Money Laundering (AML) systems to ensure that exchanges are able to provide relevant information to governments despite the lack of regulations. The curb on bank accounts has crippled our, and our customers, ability to transact business meaningfully. The monthly trading volumes at that time were around.5 billion. Such a move goes on to reinforce the Indian regulatory authorities hostile approach toward cryptocurrencies. We may receive advertising compensation when you click certain products. On September 28, Zebpay officially shut down its popular cryptocurrency exchange in India, unable to obtain any banking service from commercial banks and financial institutions in the country following the blanket ban imposed by the central bank.
Zebpay was hit hard as banks decided to cut themselves off from any crypto-related transactions. Join CCN for.99 per month and get an ad-free version of CCN including discounts for future events and services. The committee is considering setting up a legal framework that forbids the private use of cryptocurrencies in India, but encourages the growth of distributed ledger technology at the same time. A hostile regulatory environment, the latest series of events paint a bleak picture of Bitcoin in the Indian scenario. See our list of major crypto exchanges It is worth noting that the authorities in China the largest cryptocurrency market in the world have taken similar measures and have ordered the local exchanges to cease their activities and banned trading between altcoins and the CNY. Additionally, the Indian tax authorities have served notices to thousands of cryptocurrency investors believing that they have skipped paying taxes. The Bitcoin industry in India was once growing at a terrific rate as users were flocking to this digital currency to take what is forex broker bonus 2019 advantage of its rapid price appreciation. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business, the Zebpay team said. According to reports of South China Morning Post, however, following the ban, the local operators have already shifted their attention abroad and are offering their services in the other countries. This move can reduce illegalities in the country, says Hesham Rehman, CEO Co-founder, Bitxoxo, one of the bitcoin exchanges operating in India. Meanwhile, the demonetization of the Indian rupee by the countrys government a couple of years ago had led to an increase in demand for Bitcoin, but the sad news is that everything seems to be going downhill ever since.
11 Exchanges to Buy Bitcoin in India (2019 Updated)
3 ways to Buy Bitcoin in India after RBI ban ItsBlockchain
Indian Government Raids Local Bitcoin Exchange