In the past month, Zebpay has announced that crypto to crypto transaction will continue to function along with INR to crypto transactions. These transactions are however only possible if their customers already have deposited INR to the exchange.
Any more deposits or withdrawal from Zebpay are currently inactivated on the exchange in light of the RBI circular coming in to effect on the 5th of July. While the circular has crypto traders and the Indian market a little spooked, it is important to remember that not only are there alternate ways of depositing and withdrawing money that could be implemented, but also that that the secretary of economic affairs has already stated that a special committee is formulating a basic regulatory framework for cryptocurrencies.
Alternate payments that Indian crypto exchanges could look into include popular mobile wallets or gateways such as PayTM and Mobikwik among others.
There is still another hearing in the cryptocurrency matter that is slated to be held on the 20th of July in the Supreme Court in India. The original circular by the Reserve Bank of India mandated that all banks and other financial institutions under the regulation of the RBI must exit all relationships with individuals or business entities that deal with cryptocurrencies. The circular gave these financial institution until the 5th of July to comply.
Although a writ petition was filed to the SC to grant a temporary stay until the next hearing, the Supreme Court did not grant the stay on the circular.
Indian investors remain positive, though, with rumors afloat that major players will soon enter the blockchain and cryptocurrency space soon such as Reliance Jio, IBM and others.
Meanwhile, Zebpay continues to support its customers as much as possible and made announcements well before the July 5th deadline so its customers could make informed decisions about their crypto investments and portfolio.