Indian Crypto Exchange Unocoin Suspend Withdrawals

July 25, 2018

Reserve Bank of India (RBI) ordered Unocoin, a local cryptocurrency exchange, to suspend withdrawals and deposits of any digital assets.

Earlier in April RBI issued a document, that ordered banks and financial companies of India not to interact with cryptocurrency exchanges. The exchanges tried to sue the RBI, but the Supreme Court of India chose a side of the RBI and kept their decision in force, saying that the legislation on cryptocurrency will be introduced later this year.

Cryptocurrency exchanges were forced to comply with the decision of the central bank. They decided not to tease the RBI and closed all fiat-to-crypto pairs and suspended withdrawals and deposits. Now they offer only crypto-to-crypto trading pairs. For example, one Indian cryptocurrency exchange, Unodax, offers only following pairs: Bitcoin Cash / Bitcoin, Ethereum / Bitcoin, Litecoin / Bitcoin, Ripple / Bitcoin, Bitcoin Gold / Bitcoin, EOS / Bitcoin , Ethereum Classic / Bitcoin, Golem / Bitcoin, Civic / Bitcoin, 0x / Bitcoin, Omise GO / Bitcoin and Speed ​​Mining Services / Bitcoin.

It is worthy to note, that anonymous official of the Indian Ministry of Finance told that other official are in talks with banks and companies, that want to cooperate with cryptocurrency exchanges. They are also in talks with cryptocurrency exchanges. It was reported, that the new cryptocurrency regulation can be expected in September this year.

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