Cryptocurrency exchange in India is preparing the market and its investors ahead of the impending hearing in Supreme Court. The Reserve Bank of India issues a notice in public interest to prohibit transaction of cryptocurrency through any financial institutions. Indian government does not recognize such digital form of currencies yet. Therefore banks were advised to stay away from any sort of crypto affiliated firms.
Even though the fate of virtual currency remains unclear in Indian scenario, traders and exchanges are finding ways to bypass the ban. Indian market is working in favor of cryptocurrency exchange and there is a high possibility of enormous investments. Hence, in order to keep the trades moving Unocoin, one of the Indian cryptocurrency exchanges is sorting out banking alternatives.
How Will Indian Cryptocurrency Exchange Operate During Ban?
According to Bitcoin News, co-founder and CEO of Unocoin, Sathvik Vishwanath mentioned that the enthusiasm in the trades seems weaker ahead of cryptocurrency ban. He further added that banks will not permit the customers to send and receive currencies. This is because it goes against the policies mandated by the RBI. The investors are looking up to the Indian cryptocurrency exchange for an alternative especially the long-term investors. As of now, they have around 370,000 unique users.
Vishwanath elaborated that, this is a huge transition and undertaking which will require much more time than anticipated. The exchanges need to design new solutions within the guidelines given by RBI. The teams need to resolve third-party dependency mechanisms before implementing new solutions.
The exchange has lately come up with a crypto-to-crypto trading platform known as Unodax. However, this alternative revenue generation does not have a foothold in India currently. Perhaps, they might get popular now when the ban gets effective from July 5th, 2018. Several other crypto exchanges like Zebpay and Koinex have adopted the same method but their execution within traders is yet to be outlined.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]