, a major crypto wallet provider and exchange, has suspended rupee (INR) deposits and withdrawals “as per orders” from the country’s central bank, according to Unocoin’s July 23.
Unocoin notified its customers that fiat deposits and withdrawals are “temporarily disabled” until “an alternative method of funding is identified and deployed.”
Meanwhile, crypto asset deposits continue to be active on both Unocoin’s crypto-rupee trading platform and partner crypto-crypto exchange Unodax.
Unocoin users can also continue to use their existing rupee balance to buy and sell (BTC) and (ETH), and crypto-rupee and crypto-crypto pairs remain live on Unodax.
Unocoin is the latest domestic crypto industry player to feel the impact of the (RBI) ban on with crypto-related businesses and persons, after the deadline for its implementation earlier this month, July 5.
On July 4, another major domestic exchange, Zebpay, the deadline by freezing fiat deposits and withdrawals. That same day, fellow exchange WazirX it would transform into a platform so as to avoid in-house crypto-fiat conversion.
The central bank’s crypto dealings ban — first in April 2018 — has prompted both and petitions, with some appealing to the courts on the grounds that the decision is .
Ongoing hearings on the ban at the Supreme Court have seen the judiciary to grant interim relief to those that purport to be affected. Last week, the court the on the ban, for July 20, until September 2018.
Published at Tue, 24 Jul 2018 11:55:00 +0000
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