As Banking Blockade Nears, Zebpay Adds 10 New Crypto-to-Crypto Pairs
India’s leading cryptocurrency exchange Zebpay has launched 10 new crypto-to-crypto trading pairs on its platform. As the banking freeze on the Indian cryptocurrency space is about to actualize in the coming days, Zebpay is going all-in on crypto while warning warning rupee withdrawals may soon not be possible.
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Crypto Trading Pairs Come to the Rescue
Not long ago, Zebpay introduced crypto-to-crypto trading to its platform, starting with the BTC/ETH pairing. Now, per its latest crypto additions, Zebpay has added 10 new bitcoin trading pairs, which include the projects Nucleus Vision (NCASH), Augur (REP), Basic Attention Token (BAT), 0x (ZRX), Zilliqa (ZIL), Golem (GNT), VeChain (VET), Kyber Network (KNC), CyberMiles (CMT), and Aeternity (AE). With the latest inclusions, the crypto exchange now boasts 19 cryptocurrencies and more than 35 trading pairs, offering Indian users the ability to widen their portfolios.
The business expansion comes at an interesting regulatory window in India, to say the least.
Back in April, another Indian exchange, Koinex, launched crypto-to-crypto trading with 23 of its own trading pairs. As such, Zebpay and Koinex have forayed deeper into the digital trading domain on the heels of the Reserve Bank of India’s move to crackdown on banks facilitating domestic crypto businesses.
As a result of the materializing ban, rupee deposits and withdrawals will soon presumably stop on all Indian exchanges. One can assume that reality is an impetus in exchanges like Zebpay and Koinex bracing themselves by expanding into crypto-to-crypto trading.
Fighting for a Different Crypto Regulatory Picture
A number of crypto businesses have appealed the Supreme Court of India, the highest judiciary forum in the country, to reverse the unresearched banking blockade on the local crypto space. Initially, the hearing was slated for July 20th, fifteen days after the crypto ban officially comes into effect. Yet, with continuous uproar from the nation’s crypto community, the hearing has been preponed to July 3rd — two days before the ban kicks in.
At the same time, the dedicated Indian government panel who were tasked with proposing a regulatory framework for the crypto space is admittedly almost ready with a template and is expected to present their framework in mid-July.
The new regulation will decide the fate of cryptocurrencies in the country, at least for the foreseeable future. The same government panel was also against the sweeping banking ban on the Indian crypto space, so a draconian response doesn’t seem at hand.
Alas, it all seems hot and cold. The Indian government’s various bodies have sent mixed signals on cryptocurrencies for months. Indian crypto enthusiasts are patiently awaiting the first time they will have a clear, settled picture of cryptocurrencies’ legal position in the country.
What is your expectation from India’s impending crypto regulations? Share your views in the comments section below.
Images via Zebpay, Pixabay