Despite the Supreme Court Judgment in March quashing the RBI restrictions on banks to serve Crypto firms, some banks have refused to provide services to exchanges and traders. Harish BV, co-founder on one of India’s oldest cryptocurrency exchange Unocoin, filed an RTI request with the Reserve Bank of India asking if RBI prohibits banks from dealing with businesses and individuals who trade/offer cryptocurrencies. RBI replied, “As on date (May 22,…
Posts tagged as “cryptocurency”
“Crypto-currencies created have fallen by the side as currencies. Most guys who launched crypto-currencies have shuttered their businesses. Bitcoin is the only real survivor.” – Former Finance Secretary Subhash Chandra Garg In his latest blog, former Finance secretary Subhash Chandra Garg writes about the need for Digital Rupee as the new generation of Money. He explains the history of Indian Rupee, how digital currencies came into existence, why (private) crypto-currencies…
Today was indeed a monumental day for the crypto community in India as Supreme Court squashed the 2018 RBI circular as it fails the Test of Proportionality. This circular had prevented crypto exchanges from opening bank accounts to accept or make customer deposits. Reeling under this pressure a number of exchanges had shut their shop as they couldn’t accept deposits from their customers who wanted to buy/sell cryptocurrency. Now, following the SC order, we should witness a sea of new crypto exchanges come up in India that would allow direct…
Be Quick Without Hurrying – John Wooden Update: Koinex has enabled Withdrawals for 48 hours starting 5:00 PM on Jan 8th This, is exactly what the Indian Cryptocurrency Exchanges are doing right now. Koinex, India’s leading cryptocurrency exchange started something that put them light years ahead of the incumbents. That was the lightning fast INR deposits and withdrawals at the time when players like Zebpay, Coinsecure and Unocoin were taking…