Unocoin is the oldest bitcoin exchange in India and earlier today has sent an update on the impending ban from RBI via email and statment on its blog.
Unocoin as per it's statement:
We are all aware of the RBI’s recent stance issued about the discontinuation of services by RBI regulated entities (banks/ payment gateways) for the purchase and selling of cryptoassets.
Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships are likely to be disrupted on or before July 5th, 2018.
Luckily these new announcements from exchanges in India are not causing new panic sells in the market. But, the price for Bitcoin is still lower which will hurt anyone's chances of selling it at global price for an early exit.
But this is what interests me:
We are in the process of deploying new mechanisms for INR deposits and withdrawals. This is not a small undertaking and it will take us some time to deploy new solutions, please do not panic.
According to what I know so far, it may not be a true peer to peer system but could be a different kind of alternative that allows one to enter and exit the market. I'm not sure how that is possible but we'll just have to wait and watch.
However, it's unclear at this stage if Unocoin will move in the direction taken by other exchanges in country. Other exchanges mostly utilising an P2P system with an escrow for crypto and direct INR bank transfer from buyer to seller without escrow or 3rd party.
Unocoin started it's operation towards the end of 2013. It also happens to be the first Indian exchange I used to purchase BTC.
For the most part they have done a wonderful job promoting cryptocurrency in the Indian ecosystem and onboarding new users onto their platform.
Unocoin was also the first exchange from India to register themselves overseas in Singapore. They are headquartered in Singapore.
Let's wait and watch as on 3rd July we'll know more.
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It’s serious issue in India
People are ready to get involved with crypto currency but confusion of regulation creating mess
Let’s see when everything will be cleared
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I can't understand what the hell happened in India, Bitcoin has been such a big currency still Indian govt is not giving it legality.
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Thanks for providing us
good news
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That is some exciting news. If they have solution then this could possibly mean that other might have them.
I knew the Indian brothers were resilient and this could turn out be the place where they make there mark. If this alternative plan goes through it could be a potential victory for all of us
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You are right. In india people are panic due to RBI Circulator.
people are selling there bitcoins in lower price.
In RBI Circulator they have given notice to all banks to stop there transactions with exchanges.
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obviously unocoin is trying to find out the amicable solution otherwise they don't advise not to panic.
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this new technologies P2P system with an escrow will help indian Tao buy sell crytocurrency against fiat
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This post made me realize I need to work a little more on my own posts. Good Job!
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Let's see what will be the result .Hope for the best and thanks for updates.Good luck.
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i got the same mail to from unocoin
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India is a big market.
Cryptocurrency is really important to the country. Since some time ago, cash overnight was abolished.
Bitcoin is a real chance for everyone!!!
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Anything possible in India.
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Gave you my upvote , it's a little but I hope one day will give you bigger ones
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This is good news. Let us see how it evolves.
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Waao iam really excited to see that what is the backup plan of unocoin to allow Indiam users buy and sell in their exchange, let's hope for good, fingers crossed.
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Couple of months ago they were planning to shift operations completely to new markets but I'm happy they are finding alternatives and continuing efforts in the Indian market.
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Ya it's a good move and i am happy that these companies are trying their best to find a solution of this problem.
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It was really great news man love it
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