Indian police are reportedly facing a challenge of how to liquidate cryptocurrencies they seized since the country’s central bank, the Reserve Bank of India (RBI), has banned banks from providing services to crypto exchanges. The RBI ban is now in effect and a growing number of crypto exchanges have already announced they will no longer allow withdrawals from cryptocurrencies into rupees.
the cops also brought to the notice of the court that Zeb IT Services Pvt Ltd [Zebpay] and other cryptocurrency exchanges in India had issued notices to their account holders that they will be unable to liquidate cryptocurrencies held by them and withdraw balance in rupees since the banks will stop providing settlement services from July 6.”
##The sessions court has allowed [the police] to sell off cryptocurrencies worth Rs 11 crore [~US$1.6 million].##
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