Cryptocurrency Report: Unocoin, India’s Premier Crypto Exchange Shares What to Expect when RBI Ban StartsJuly 4, 2018
The major crypto exchanges in India recently share its expectations with regards to the ban of the country’s central bank. The said RBI ban implementation is set to effect this first week of July. The Reserve Bank of India also mentioned the recent five petitions filed, that the Supreme Court would hear this month.
Unocoin, as one of the largest cryptocurrency exchanges in India, is dealing with all the banking options to cope with the RBI Ban. According to the source, the crypto exchange company is set to uphold its procedures and will avoid future cryptocurrency exchange issues. The said cryptocurrency exchange company is also a member of the IAMAI together with some of the premier exchanges industry.
According to the CEO and founder on the crypto exchange, Sathvik Vishwanath, the value among traders in India is feebler than the previous ones. He also noted that most banks would not support customers to both receive and send INR since this action will only violate the rule which confines not only entities but also Indian individuals.
Vishwanath being the head of the largest cryptocurrency exchange in India also highlighted about their planned exchange alternatives. He also believed that businesses in India would have a hard moment until the right alternative approach has been put to life.
The India-based exchange company has recently launched its trading platform called Unodax. With thousands of patrons, Unodax has been the place for crypto traders in the country. With the launch of the Unodax, other cryptocurrency exchanges in the country also launched crypto platforms to aid crypto traders with their goal and for banking purposes.
Furthermore, Vishwanath also announced their team’s aspiration of upholding preparations when the ban of the Reserve Bank of India takes effect this month. With the said notification issued by the RBI, Unocoin also warned its traders about the disruption in their services. As of today, the team is in action in delivering new approaches for withdrawals and deposits.
Sathvik Vishwanath also explained that the recent notification would take time to return to its normal operation. According to the CEO, this is not a simple task yet clients can still withdraw and deposit. The RBI ban that will soon take effect will not only affect the operations but will also take more time for the exchanges in India to deploy new resolutions.
While the said ban is said to take effect this month, there is some financial institution in the country that is not affected by the ban. These banking institutions happen to be the possible alternatives for Indian cryptocurrency companies.