Author: Jagdish Kumar, India
With Reserve Bank of India (RBI) putting a brake on crypto currency trading in India, though time lay ahead for the people of the industry in India
speaking on this, Multi trade coin exchange (MTCX) official, Dr Amit Lakhanpal said that thing were going good, when the boom of January 2018 took down or business down, after the RBI came with a notice telling Indians not to invest in virtual currencies.
RBI also said that these coins/tokens are not legitimate and the central bank doesn’t support such activities. After this, the negative publicity also took our business down.
From day one, our company, Flinstone Technologies Pvt. Ltd that we will be listed in an exchange public or private on 17 September 2018, and second, when it is listed, it will be listed at base rate of USD $3.Thereafter, its price will be determined on the basis market demand and supply.
The company has also taken SBLC (Standby Letter of Credit, which is an irrevocable documentary commitment, separate from a sales contract, issued by a bank to a third-party beneficiary) on lease.
Accroding to Dr Lakhanpal, the company has distributed 65% of coins free of cost as promotional tokens and another 15% is the additional bonus that people have got in bounty program and only 20% of total coins are purchased coins.
However, after the government red line, we are settling all claims of MTC on CryptoZania by 15th June 2018 by disbursing the promised money trade coins.
But, we are also looking to listing our coin on more than three exchanges in due course, he underlined.
In its 6 April 2018 notification, the RBI said, Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.
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