Zebpay, India's biggest crypto exchange has created chaos for Indian crypto community. Today Zebpay has sent a caution/warning to all its users that soon they could stop all the withdrawal processes of cryptocurrency to Fiat conversion due to the circular issued by RBI in April. This news has created a fud in the cryptocurrency community and most of the people who own cryptocurrency in India. All cryptocurrency holders are fearful for the future of crypto in India or will they lose all their money.
There are many efforts made by different exchanges and people by signing a petition for reversing the decision by RBI and now the case has been moved to the Supreme Court which is having its next hearing on 18th July. But according to the RBI circular, all the banks and financial institutions have to stop all their dealings with crypto exchanges and business. Now everybody is looking forward to the Supreme Court's verdict on the subject. Despite all these tough regulations, the government has not yet banned cryptocurrency in India. In fact, the government has appreciated blockchain as a technology and has even shown signs of introducing a centralized cryptocurrency in near future.
This news has affected market very badly as the market has seen another pull back and there is a sharp drop in the prices. all the recovery that market has done in last few days have vanished after this news and all the cryptocurrency investors are feeling sad since this bearish market has not recovered since February after Bitcoin hit an all-time high of $20000. since then the prices of all cryptocurrencies has fallen significantly.