The Supreme Court of India decided to maintain the ruling of the Indian central bank to ban virtual currency
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The Supreme Court of India has now decided to maintain the ban on virtual currency ruling by the Bank of India, which means that Indian traders cannot use the rupee to recharge.
The Bank of India requires all commercial banks or financial institutions regulated by the institution to engage in or provide any services for virtual currency transactions.
The most direct impact is that Indian users can no longer use the rupee to recharge, and India’s virtual currency exchanges no longer accept the transfer of rupees.
ZENPAY, India’s largest exchange, has already begun to inform users to transfer funds, because users may lose their money because of the overdue transfer.
At present, ZENPAY has suspended the replenishment of legal tenders. The current users can only refill virtual currency transactions through the virtual currency address provided by the exchange.
The news published by ZENPAY is unlikely to be recharged in the future based on compliance issues, but the company will still be committed to virtual currency trading.
Perhaps in the future, ZENPAY will follow the example of many exchanges moving their operating addresses overseas. Some countries have already welcomed the virtual currency exchanges.
Source: Quartz India
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