Zebpay Cryptocurrency Exchange CEO Comments on What to Expect In Upcoming Days
India-based cryptocurrency exchange Zebpay CEO, Ajeet Khurana, has given his comment not only about the current situation but also on what to expect in upcoming days. As the Reserve Bank of India (RBI) has slapped a ban on trading of digital coins, he pointed out how this deflects to another kind of activities to do the same thing by circumventing the diktat. His comments assumed significance since the Supreme Court, which failed to provide any temporary relief to exchange, will hear again next week.
Crypto Is Good
Like any other supporter of cryptocurrency, Khurana believes that a strong market for digital currency is a good thing for India, ambcrypto.com reported. He was responding to a question on the boycott of financial institutions that are engaged in doing business with the central bank. He pointed out that the objective and approach of the RBI is not a confrontational one. That is because the CEO thinks that the RBI does not have any specific thinking, i.e., either or situation. Its principal aim is to protect investors and their hard-earned money.
The Indian cryptocurrency exchange confirmed that it is working closely with the regulators of the country. The objective is to come up with proper regulations or structure so that they could address the concerns raised by several quarters. The CEO also indicated that the central bank is keen to encourage innovation as far as financial technology is concerned. This could be interpreted as a climb down from its earlier position of banning anything relating to virtual assets.
Zebpay CEO was asked to react as to what would be the situation if the RBI lifts the ban on digital currency trading. He 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.”
Khurana also pointed out how the bank will encourage other means of transactions and termed them as not good for the country. This included offline, peer-to-peer, and cash-based transactions of virtual currencies. He also indicated that the exchange is involved with those who matter on a regular basis, be it regulators or institutions or key persons from a government department. At the same time, he admitted that it is a time-consuming process though he is confident of crypto gains becoming evident soon.
Both the Indian government and the RBI have been encouraging digital transactions. Therefore, they don’t want to be seen as those engaged in playing a spoilsport. That is because there are already people like John McAfee and Charles Hoskinson expressing negative reactions to the recent events witnessed in the subcontinent’s digital coin market. It is a different matter that both are an influencer of the virtual assets.
John McAfee has gone to the extent of promoting ‘boycott RBI’ idea to express his displeasure. Similarly, Hoskinson wanted leaders to be thrown out “Unless you want to endure another century of poverty.” As far as the government is concerned, a committee has been established to look into the cryptocurrency suggesting that it is keen to lift the ban. At the same time, the country wants a strong regulation.