Crypto currencies can be traded on the face value of the exchange. Zebpay, along with Coinsecure, and Unocoin, is one of the leading Bitcoin exchanges in India. Founded in 2015, Mumbai-based Zebpay enables users to buy and sell Bitcoins via Android and iPhone applications. The app has been downloaded more than 2,000,000 times across Google Play and Apple App store.
According to Zebpay’s official website, the exchange aims to build a safe and easy digital asset experience for Indians with a conviction that crypto currencies will take over the remittance market in the near future. Zebpay claims that security is their first priority and they adopt the best industry standards to secure cryptos.
According to the popular YouTube channel Ur IndianConsumer, Zebpay is not just safer but better than most of the other Bitcoin exchange apps. Many others have also professed that Zebpay is a convenient and safe enough platform for trading Bitcoins. However, there are others who think otherwise.
Time and again, the Reserve Bank of India (RBI) has issued public warnings on the use of crypto currencies, warning users of the “potential economic, legal, financial, operational, customer protection and security related risks.” The Finance Minister of India, Arun jaitley, made announcement deeming crypto currencies illegal. In his statement, the minister said, “India does not recognise crypto currency as a legal tender”.
A lot has been said about the ambiguity of the legal status of crypto currencies. At the moment, there is no formal regulation for virtual currencies (VCs). So, VCs are neither legal nor illegal in India. For that matter, exchanges dealing with cryptos have been saying that they are not illegal.
Sure, Zebpay, Unocoin and Coinsecure are some of the popular and well-established exchanges. However, the central bank has the authority. In case, the apex bank deems virtual currencies illegal, these exchanges will have to shut down. Also, in case of fraud, you lose your money and there will be no legal recourse for the absence of a regulator.