Zebpay warns: Fiat Withdrawals could become ‘Impossible’

With coming date for India’s banking ban on the cryptocurrency sector, Zebpay - India’s large exchange - is warning that users` fiat deposits could be affected
25 June 2018   1554

One of India’s biggest crypto firms, Bitcoin wallet and exchange platform Zebpay,  has alerted its clients that their fiat rupee withdrawals could cease altogether in the near future, in accordance with the Reserve Bank of India’s (RBI) recent ban. On April 5th, the central bank issued a circular mandating regulated financial establishments including domestic banks to forbid services to crypto businesses like exchanges. The central bank mandated a three-month deadline and it’s plausible that cryptocurrency exchanges could see their bank accounts closed by July 5.

In this case, the users will no longer be able to withdraw their deposited rupees, India’s fiat currency, from crypto exchanges. In a statement on Saturday (first published on Thursday), Zebpay claimed:

In light of that [RBI circular], please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements.
Zebpay
Cryptocurrency Exchange, India

Definotely, the exchange pointed out that the clients will only be able to resume withdrawing their fiat deposits if “Zebpay has banking services that permit such withdrawal” after the July 5th deadline has passed.

Zebpay warning on Twitter
Zebpay warning on Twitter

In a related-FAQ, the company claimed its ‘present intention is to let crypto-INR pairs” after their bank accounts are shut to allow users acquire crypto with their frozen fiat deposits. Nevertheless, Zebpay alerted it “cannot guarantee that we will continue the crypto-INR trade pairs forever”, stating it’s unable to currently “fathom all the consequences” of the looming banking blackout. 

The central bank revealed earlier this month that it had processed no research nor consulted any opinions from experts or the government prior to enforcing the arbitrary banking prohibition on the crypto sector.

BNC to Monitor BTC Community's Mood

The system called Twitter Sentiment analyzes over 34M BTC-related Twitter posts each week, using AI to track the mood of the community
22 January 2020   121

Blockchain-based New Zealand-based research firm Brave New Coin (BNC) has unveiled a new system for measuring the mood of the Bitcoin community based on Twitter messages.

According to BNC, the new Twitter Sentiment rating system analyzes over 34 million BTC-related Twitter posts each week. The company uses artificial intelligence (AI) algorithms that look for records containing the words bitcoin, $ BTC and BTC and others.

BNC notes that user sentiment continues to be a “significant” factor in the price and dynamics of digital assets, and a new technique has been developed to track these sentiments. According to the BNC, it took 18 months to launch the Bitcoin Twitter Sentiment. The data obtained is divided into seven categories - Opinion, Technical Information, Inside the Network, Advertising, Bots, Macros and Hacking.

For the week ending January 17, the most common entries were in the Opinion category - their number was 30.42% of all data received. In second place was the category Technical Information, and in third inside the network (includes information on mining and hashrate).

BNC spokeswoman Pierre Ansaldi said that during the first quarter of this year, the company will also launch community sentiment analysis tools for other crypto assets.