ZEBPAY TO GET CLOSED ON BITCOIN EXCHANGE AFTER RBI BAN

ZEBPAY IS CLOSING THE EXCHANGE BUT STILL POWER THE DIGITAL BLOCKCHAIN.

Zebpay, the largest cryptoexchange in india announce its shutdown on bitcoin exchange until there is further notice from RBI. This moves comes after the 5 month on the RBI ban on the banking and financial serives and support on cryptocoins.

The finance minister said that the trading on bitcoin and cryptocoins has no protection

"At 4 p.m. today (28 September 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your coins/tokens back to your Zebpay wallet. No new orders will be accepted until further notice, the crypto exchange said in a blog post.

however, said its Zebpay wallet will continue to work even after the exchange stops. "You are free to deposit and withdraw coins/tokens into your wallet,"

"Lakhs of Indians took their first step into the world of Bitcoin using the Zebpay app. Your trust has been the pillar of our strength. Despite regulatory and banking problems along our journey, we continued to look for solutions as we did not want India to miss the bus of digital assets that power the public blockchain," the company said.

After the RBI's April-5 circular, Zebpay had disabled the rupee deposit and withdrawal options on its mobile app.

In a statement issued last year in December, the Finance Ministry said: "Virtual currencies are not backed by government fiat. These are also not legal tender. Hence, VCs are not currencies. These are also being described as 'Coins'. There is however no physical attribute to these coins. Therefore, VC are neither currencies nor coins."