Leading bitcoin-exchange of India Zebpay announced the stop of deposits and the possibility of withdrawing funds in Indian rupee (INR) due to the ban of the country's central bank to provide banking services to crypto-cash companies.
On April 5, the Central Bank of India banned all financial institutions of the country, including banks, to provide services to companies whose activities are related to crypto-currencies. RBI has given banks three months to fulfill this order.
Despite several attempts to challenge the innovation in court, the Supreme Court of India left the ban in force.
Last month, Zebpay urged users to actively file requests for withdrawal of funds in fiat money, warning that withdrawing the fiat deposits could become "impossible."
Meanwhile, local crypto-enthusiasts, investors and industry representatives still hope that rules will soon be adopted that will legalize this sector.