Zebpay, India’s popular Bitcoin wallet provider, has announced the closure of all its rupee withdrawal and deposit options on July 4th, 2018.
On July 3rd, the Supreme Court of India [SC] held the awaited hearing of Internet and Mobile Association of India [IAMAI] v/s Reserve Bank of India [RBI]. The crypto community in India was left disappointed as the SC upheld Reserve Bank of India’s directive on banks terminating their working relationships with cryptocurrency exchanges all over the country.
As per the recent reports, the court has not granted a temporary stay and the effective date for banks to stop supporting concurrency exchanges still stands the same, i.e., July 5th, 2018.
In anticipation of this order, Zebpay had announced that they could be stopping rupee withdrawals completely. The company had said:
“Please note that you will not be able to withdraw rupees unless Zebpay has banking services that permit such withdrawal. Also, in case of disruption of banking services to Zebpay, you hereby indemnify Zebpay, and agree to hold Zebpay free and harmless at all times, against all claims, proceedings, expenses, costs, actions in the event of any prejudice and/or loss being caused to you by any act or omission by Zebpay or any other party, in regard to your rupee balance, transactions, trading, deposit, or withdrawal.”
Keeping in line with that, the exchange had also sent out a notification saying:
“Please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements. This is something you should keep in mind if you choose to hold rupees in your Zebpay account.”
The SC had earlier sought to club all the cases related to cryptocurrencies and had stated that an order would be passed on July 20th. The date, however, was rescheduled on the Internet and Mobile Association of India [IAMAI]’s request citing the RBI order was to be effective from July 5th.
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