In this video blog, we will look at how are Indian exchanges are preparing for the upcoming RBI ban on July 5th. The Indian banks will stop giving services to cryptocurrency exchanges after the RBI cryptocurrency ban circular which was released on April 6th. Indian exchange Zebpay has paused INR deposits and withdrawals till they get further clarity from banks. However, users can continue to deposit and withdraw coins and tokens from the platform. In addition, Zebpay users can also sell cryptocurrencies and convert them into INR and keep it on their Zebpay wallets. In addition, they can also continue crypto-to-crypto trading. Coinome exchange has already stopped INR deposits and will stop INR withdrawals tonight i.e July 4th, 11:59:59 pm onwards.
Also, WazirX, Koinex and Coindelta have launched peer-to-peer trading platforms so users can continue trading in INR among themselves. Koinex peer-to-peer trading platform is called Loop whereas the Coindelta peer to peer exchange platform is called Flux. Interestingly, Bitbns has said that users can continue INR deposits and withdrawals even after July 5th, but it has not specified how it is managing it. We will bring you more details when Bitbns informs the users about its plans. Finally, we are still awaiting direction from Unocoin.