India’s Exchanges to Challenge Central Bank for Cracking down Cryptocurrencies

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Indian Exchanges wants to Challenge Central Bank regarding Crypto Crackdown

Indian Exchanges are deciding to fight back against a new decree from the country’s central bank (Reserve Bank of India), which announced that it is going to stop the companies that offer cryptocurrency service.

Unocoin, Coinsecure, and Zebpay have warned about potential interruptions to their services if their banking providers pull out of the markets as announced in the next three months. Meanwhile, statements say that the firms are ready to fight against the legal challenge.

India’s central bank announced:

“Under the new stipulation, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [cryptocurrencies].”

Coinsecure chief operating officer Jincy Samuel told that industry stakeholders are discussing the issue with teams like Blockchain And Cryptocurrency Committee of India and the Internet and Mobile Association of India.

She said:

“This will impact all crypto exchanges across to the country, as that would leave users with no options to deposit/withdraw fiat from these platforms. The only way forward would mean that users will move to an alt – alt trading or the cash market.”

Unocoin announced:

“As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you or us, we will surely communicate to you.”

Zebpay announced on Twitter:

“A sudden disruption in banking services could affect our ability to service deposits and withdrawals.”

Meanwhile, the firm announced that it would remain committed to keeping customer funds and assets secure and will explore various options.

Zebpay’s chief executive, Ajeet Khurana, Tweeted:

“No way I am stopping. We will continue to do what is best for our customers, and what is best for our country. Am studying the present situation and will react shortly and we will emerge stronger.”

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.