India based cryptocurrency exchange has announced that it will stop all INR based transactions from September 5th. The company has also decided to return all the INR to the users’ bank accounts.
Zebpay is planning to reach out to the banks to help them process refund to users’ linked accounts. The announcement to cancel all the INR based transactions came as a result of RBI’s circular to stop all INR based cryptocurrency transactions from July.
Following the announcement, several users started raising questions about the future of the exchange. Zebpay confirmed that all non-INR based cryptocurrency to cryptocurrency will continue to function as usual. The company also insisted that government bodies, regulators, and other key institutions should try to adopt blockchain system as it’s the only way forward.