No Fiat, New Trading Tools: RBI Ban Almost Ready For Indian Crypto Exchanges
Cryptocurrency exchanges in the country are getting ready to prohibit fiat deposits as well as withdrawals increasing crypto-to-crypto trading, as the start of the crypto banking ban by the Reserve of India approaches. Even after the ban, Zebpay is prepared to continue crypto-INR trading pairs. In order to simplify crypto investing, Unocoin has launched a weighted basket order.
Trading to continue without Fiat Withdrawals
Getting closer is the date designated for India’s crypto banking ban imposed by the Reserve Bank of India (RBI). Starting July 5, all financial institutions and banks must terminate services provided to cryptocurrency exchanges.
Warning its customers this week, Zebpay, a leading cryptocurrency exchange in India elaborated that their “rupee withdrawals could stop” as quoted by the RBI ‘order and reported by news.bitcoin.com. The exchange also detailed that “If Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible…[However] Crypto deposits and withdrawals are continuing as usual. The RBI circular only talks to banks, and other regulated entities about shutting accounts. This doesn’t affect BTC and other cryptos.” As reported by news.bitcoin.com
On Thursday, Zebpay declared that its intention “to continue offering crypto-to-crypto trading,” having launched a crypto-to crypto trading service in April.
The exchange also emphasizes that “Our present intention is to allow crypto-INR pairs to trade even after our bank accounts shut [down],” as reported by news.bitcoin.com. However, it also cautioned that citing RBI “we are unable to fathom all the consequences of the bank account shutting [down] and hence cannot guarantee that we will continue the crypto-INR trade pairs forever,” as reported by news.bitcoin.com
While their prices fell down, the trading volumes of all cryptocurrencies on the exchange boosted, soon after Zebpay’s announcement. Before leveling off around 405,000 rupees, the price of BTC drops drastically by about 20 percent, from 458,879 rupees to 367,733 rupees.
Certain News agencies are of the view that, the announcement was done by Zebpay to manipulate crypto prices. Nevertheless, the exchange stress that it, “does not buy, sell, or trade in crypto. It is just an exchange platform that match-makes buy-and-sell orders of its customers,” according to news.bitcon.com.
Uocoin launch an asset allocation tool
This week, Unocoin, another major Indian exchange reveals the launching of an asset allocation tool. Crypto Basket, is the name given to this weighted basket order tool, which permits investors to purchase “crypto assets based on market cap” and “according to exchange volume” as reported by news.bitcoin.com. Moreover, it permits specific customization by allowing investors “uncheck crypto assets” which they have no desire to purchase, the exchange emphasized.
According to news.bitcoin.com, “This tool is available on Unodax, the multi-crypto exchange platform which Unocoin recently launched.”