Restraints on Bank Account, Crippled the Ability:
The Indian exchange Zeb pay announced on medium, month before they told customers about halting the fiat transactions .
On September 4th, the exchange blog relayed that the company will return all the user funds they deposited in Zeb pay accounts. The announcements also portrays the idea of the “Reserve Bank” trying to disrupt the Cryptocurrency market of India.
The Exchange had long fought the system for the permission of cryptocurrencies in India, as the company hoped to change the future of cryptocurrency in the second largest country in terms of population in the world.
The Blog notes:
“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.”
Other companies such as Nucleus Vision, which hosted the Largest Blockchain Conference in the country at the beginning of this month.
With 200 Government Officials being present in the conference, It still could not change the perspective over crypto because of the blocked mentality of the Officials.
The Digital Token War:
The Ban initiated by the Reserve Bank of India on July 5th of this year prohibits cryptocurrency companies to have banking services while closing all the related accounts.
As early as April, RBI’sofficial statementdeclared that the financial institutions regulated by RBI should not provide — or cease to provide — their services to entities related to the sale of cryptocurrencies, saying that “virtual currencies… raise concerns of consumer protection, market integrity and money laundering, among others.”
The company later claiming that this Decision of Court is formulated on the basis of the Lack of Understanding of the Technology.
It’s Ironic, the RBI started researching its own ways to implement crypto — or “digital tokens” — into their own system to streamline payments and reduce costs.
The cryptocurrency companies are forced to halt their activities in India, while the “National Banks” finds their ways to monopolise the market with the so called “Their Own Digital Tokens” thats the idea of looking for better solutions.
Zeb pay’s fight might be lost, but there are several different companies like Zeb pay who are not going to lose hope over the system, yet they continue to fight and seek new solutions (eg, p2p trading)
These companies include WazirX, Koinex,LocalBitcoins, Unocoin, Cryptx Financial and many others. Meanwhile, Zebpay adds it will continue to find solutions that work in the best interest of their users.
Image Courtesy: DNAIndia
CryptX.EU.COMmaysourcearticles from multiple sources and reblog it here. Feel free to contact us @email@example.com you have any objections with us directing traffic and back-links to your site. We do not claim any copyright or ownership for sourced content. You are welcome to reblog any article onCryptX.EU.COMwith appropriate source and credits. Let’s build a better community together.