One of biggest crypto-currency exchanges in India, Zebpay, this week declared closing of its business. The crypto market in India encountered trouble after the RBI (Reserve Bank of India) banned financial institutions and banks from dealing with virtual currencies, comprising Bitcoins.
“In spite of banking and regulatory issues along our journey, we carried on to seek for solutions as we did not need India to miss the digital assets’ bus that powers the public blockchain. On the other hand, the latest past has been very hard. The limitations on bank accounts have crippled us and our clients’ capability of transacting business meaningfully,” Zebpay claimed.
It further claimed that the exchange was not able to find a sensible way to perform the crypto-currency exchange business. “Consequently, we are halting our exchange processes. We have credited your coins/tokens back to your Zebpay wallet and canceled all unexecuted crypto-to-crypto orders. No new orders will be taken till further notice,” Zebpay claimed.
Speaking of cryptocurrency, Coinbase, the crypto currency startup, earlier rolled out a fresh gain/loss calculating device as fraction of its initiative to assist its consumers keep up the pace with tax needs of the U.S. In a blog post issued this week, the company clarified that the calculator can be employed to create a report that summarizes their capital losses (or gains) on its website, employing a FIFO (first in first out) accounting technique.
The calculator comes with a small number of caveats. It is mainly designed for users who have sold and bought exclusively on Coinbase. It is not suggested for those who have brought digital assets somewhere else or taken part in an early coin offering, according to the blog.
“This tool offers an introductory gain/loss calculation to help our users, but must not be employed as official tax records without authenticating the outcomes with your tax expert,” the startup claimed to the users.