Source: Ambcrypto, originally published on .
As the crypto-ban laid on India’s cryptocurrency model stays, Zebpay, the Indian Cryptocurrency exchange stands strong amongst the ones against.
On 3rd July, Supreme Court of India [SC] held the hearing of Internet and Mobile Association of India [IAMAI] v/s Reserve Bank of India [RBI]. As per the reports, SC did not grant a temporary stay, due to which, the next hearing has been scheduled for the 20th of July 2018.
In an exclusive with AMBCrypto, Ajeet Khurana, the CEO of Zebpay gave an insight about the current scenario of Indian exchanges and what can be expected in the coming days.
When asked about boycotting financial institutions that do business with RBI, Zebpay’s CEO said that they believe that a robust “crypto assets market is good for India”. Their objective and approach are not confrontational considering they do not think they are in an “either-or situation”. Zebpay confirms to work with Indian regulators to come up with an inclusive framework which addresses their concerns. Simultaneously it also encourages innovation in financial technology.
Cryptocurrency influencers like John Mcafee and Charles Hoskinson recently passed negative comments regarding the recent events in the Indian crypto market.
While John McAfee spread the idea of boycotting RBI, Charles Hoskinson asked India to throw their leaders out “unless you want to endure another century of poverty.”
The Indian exchanges do not feel the same and seem to be in a calmer state than the others.
To get an idea about what can happen to the Indian crypto-market, if the ban is not lifted, the CEO of Zebpay said:
“To ensure that India gains from the crypto paradigm, we need to have market-integrity and consumer-protection. For that purpose, I would have liked it if RBI had actually insisted that all crypto-related transactions should go through banking channels.”
He further added saying “I worry that the banking ban will encourage peer-to-peer, offline, cash-based transactions. And that cannot be good for India.”
Despite crypto-influencers and online readers criticising SC and RBI for the implementation of bans on cryptocurrency, the hearing did not lift the ban.
When asked whether as a cryptocurrency community, one can voice opinions and change the current ban into a more crypto-acceptable environment, the views of Zebpay matched. They said:
“On a regular basis, Zebpay is engaging with key people in government departments, regulators, and institutions. While it is a time-consuming process, we are convinced that the benefits of crypto will soon become evident, and we will encourage a vibrant and inclusive market for financial innovation.”
While the Indian exchanges are positive and not let down by the ban, an anonymous source provided an insight of the crypto-ban ‘talks’ amongst the Indian government. A senior government official privy to the panel’s discussions, requesting anonymity, told Quartz:
“I don’t think anyone is really thinking of banning it [cryptocurrencies] altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as [a] commodity may let us better regulate trade and so that is being looked at,”
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