Zebpay, Unocoin, and Other Cryptocurrency Exchanges In India To Close?

The cryptocurrency ban in India has triggered panic among the investors. Further, Bitcoin exchanges such as Zebpay, Unocoin, CoinSecure, BuyUcoin and BTCX India are also getting panicked of sudden disruption in banking services. This would affect the bank’s services of deposits and withdrawals with the exchanges.

The exchanges are exploring different ways to deal with this situation, so that they continue to provide services to the investors. Many investors think that the Cryptocurrency Exchanges In India could even shut down and close operations soon.  As a result of the panic, the sell pressure has triggered with of about 90 per cent of the volume. The volumes have risen to around 40 percent on Bitcoin exchanges.

However, the Crypto traders believe that this will only lead to temporary discouragement for investors. 

Zebpay, Unocoin, Cryptocurrency Exchanges In India Exploring Ways

Currently, all Indian exchanges are drawing alternative plans. The exchanges are taking legal advises and are working on various tax structures to overcome this situation. Most of these exchanges are looking for ways the shift their base to other countries, that have supportive environment to their businesses. The investors are planning to shift their bases to countries like Singapore, US, Delaware, Dubai, and Belarus.

As per Shivam Thakral, CEO, BuyUcoin, which is a cryptocurrency wallet, he is planning to move his financial institution to a foreign country where the regulatiors allow opening of bank accounts plus and are not dealing in fiat currency. Earlier RBI had said that they are planning to introduce a fiat digital currency.

On the other hand, Bitbns, which is another exchange at present have started online petition campaign against the decision of RBI.

Meanwhile, the Indian cryptocurrency exchanges have formed a foundation called Digital Asset and Blockchain Foundation of India (DABFI), that decides the exchanges’ strategies or stand on various issues like the current issue of ban by RBI.

Hasssels from the Income Tax department to Bitcoin Holders

Meanwhile, the crypto exchanges are also facing hassles from the income-tax department and the indirect tax authorities. Previously in December, the investigations had commenced to ascertain the GST rate applied to them. The income tax department had also issued about 500,000 notices to Bitcoin and other cryptocurrency investors related with capital gains made by cryptocurrency or bitcoin traders on a yearly basis and with the detail statement.