Author: Jagdish Kumar, India
In the wake of Reserve Bank of India (RBI) order coming into force this month, India’s crypto currency exchange, Unocoin has announced the suspension of Indian rupee (INR) deposits and withdrawals.
The company in a statement said, “As per orders from RBI, bank INR withdrawals and INR Deposits have temporarily been disabled. Once an alternative method of funding is identified and deployed, we will resume the deposit and withdrawal services.”
However, the company said that cryptocurrency deposits and withdrawals are active on Unocoin & Unodax.
Unocoin users can use INR balance to buy and sell of BTC/ETH on the platform, whereas, the crypto-rupee and crypto-crypto pair trading are also active on Unodax, the statement added.
It can be noted that many crypto exchanges in India including Zebpay, BuyUcoin, WazirX, Bitbns have already stopped INR deposits and withdrawals. Some of the exchanges have moved to peer-to-peer (P2P) trading for crypto assets.
Unodax is a multi vertical crypto exchange platform of Unocoin that was launched in May 2018 and supports many more cryptos, including Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin Gold (BTG) and Basic Attention Coin (BAT) packed in pairs with INR, BTC, ETH and XRP.
A day before RBI came into force from 5 July 2018, Zebpay announced freezing of fiat deposits and withdrawals and its competitor, WazirX announced that it would transform into a P2P platform so as to avoid in-house crypto-fiat conversion.
The central bank’s crypto dealings ban that was announced in 6 April 2018 has prompted many petitions filed in the High Courts across the country and even in Supreme Court on the grounds that the decision of RBI is not as per the constitution.
However, till today, not petitioner has got any relief against the ban and the petition is still pending in the Supreme Court. It has also directed all the High Court’s not to entertain any petition on crypto assets and transfer all the cases to the apex court.
The next and final hearing on this matter is scheduled on 11 September 2018, which was decided on the 20 July 2018 hearing.