Crypto Exchanges Are Already Adapting to India's Bank Account Ban

[sirexlangnaman]

Crypto Exchanges Are Already Adapting to India's Bank Account Ban


Source: https://www.coindesk.com/crypto-exchanges-are-already-adapting-to-indias-bank-account-ban/
By: Wolfie Zhao
Posted: July 05, 2018


India's cryptocurrency exchanges were dealt a blow this week when the country's Supreme Court upheld restrictions on their ability to access bank accounts – and those trading platforms are taking proactive steps ahead of another court date later this month.

Zebpay, the largest crypto exchange in India by trading volume, said in a tweet on Wednesday it had paused the Indian rupee deposit and withdrawal services following the Supreme Court's decision earlier this week.

As previously reported by CoinDesk, the Supreme Court said Tuesday that the Reserve Bank of India's (RBI) circular issued in April will "remain implemented," which prohibits banks and other regulated financial firms from doing business with crypto exchanges.

However, Zebpay said that its fiat-to-crypto and crypto-to-crypto trading services are still active. According to data from CoinMarketCap, Zebpay has seen over $5 million trading volume in the past 24 hours.

While the company has not issued any further statements on the court's decision, Ajeet Khurana, chief executive of Zebpay, said in a tweet:

"Am very sad! But we will continue our relentless efforts to get things sorted. I am sure crypto is good for India. If we, as a nation, do not make up our mind, we will be caught on the wrong side of history and miss the crypto bus. And that will be a tragedy."

In a similar move, several exchanges in India with relatively smaller volume also announced they would suspend fiat currency deposit and withdrawal services for now, such as Coinome and Pexo.

Meanwhile, other exchanges don't appear to be deterred and have said they will continue to allow deposits and withdrawals of fiat currency even if the RBI's circular indicated that July 5 was the deadline for bank account closures.

For instance, BitBNS, an exchange with over $1.4 million 24-hour trading volume on CoinMarketCap, confirmed on Twitter on Tuesday it will continue the service for depositing and withdrawing Indian rupee after July 5.

The exchange has not responded to CoinDesk's inquiry for further details. Similarly, another smaller exchange named KoinOK also claimed its fiat currency deposit and withdrawal services are still working.

On the other hand, shifting to over-the-counter trading has also become one strategy that several Indian exchanges are taking to circumvent the RBI's bank account curb.

KoinEX, an exchange that has reported $1.5 million in trades over the past day, has collaborated with another platform called WazirX to launch a peer-to-peer trading service dubbed KoinLoop, according to a local news report published Tuesday.

[ICOrealityshow]

It’s not surprising because Crypto industry is pretty much like that only, there is no way few countries are capable of stopping it. There is no doubt India is a major major player, but still the Crypto world will continue. However, I am absolutely certain that we will see positive from India.

We have seen so many negative this week like the Chinese Bitcoin Billionaire, Li Xiaolais lashing out his anger along with other things he mentioned, so all this makes a lot of impact.

[btyco]

India is a big market for crypto, the only problem is that the government changes crypto laws like changing a new pair of jeans. The instability makes it hard for investors to keep trading

[Alcor]

I think that soon India can join us as a country friendly to the crypto currency. Recently, a commission specially established by the Government of India has come to the conclusion that bitcoin and other crypto currency can be recognized in this country as a means of payment. We can only wait for the government's decision on this issue. We hope that it will not differ from the opinion of this commission.

[emma.lee1890]

It’s not surprising because Crypto industry is pretty much like that only, there is no way few countries are capable of stopping it. There is no doubt India is a major major player, but still the Crypto world will continue. However, I am absolutely certain that we will see positive from India.

We have seen so many negative this week like the Chinese Bitcoin Billionaire, Li Xiaolais lashing out his anger along with other things he mentioned, so all this makes a lot of impact.

So crypto isn't outlawed just the banking on ramp?

I'm not sure how OTC could possibly work on a large scale. India is a huge country and these exchanges can't have many offices.

Is it possible to buy crypto with cash in newsagents and similar outlets in India?

[emma.lee1890]

I think that soon India can join us as a country friendly to the crypto currency. Recently, a commission specially established by the Government of India has come to the conclusion that bitcoin and other crypto currency can be recognized in this country as a means of payment. We can only wait for the government's decision on this issue. We hope that it will not differ from the opinion of this commission.

That would be awesome.

Just like 'Cash for Gold' we have here

[Goku01]

I surmise that soon India can go along with us as a nation amicable to the digital currency. As of late, a commission uncommonly settled by the Government of India has arrived at the conclusion that bitcoin and other digital currency can be perceived in this nation as a methods for installment. We can sit tight for the administration's choice on this issue. We trust that it won't contrast from the supposition of this commission.

[moonking]

Too bad, hopefully they change their minds in the near future.  In many countries allowing bitcoin to prosper takes the burden of cash, less counterfeiting, less thefts from cash being stashed in personal residence and so on.