Indian cryptocurrency exchange Unocoin is reportedly setting up with the methods of combating the ban enforced by the Reserve Bank of India. It is already known that all the governmental and financial institutions have been advised to prohibit cryptocurrency transactions. However, the government emphasis on the technological advancement for the new age development. They seem less interested in the know-how of crypto trade.
Unocoin, on the other hand, is trying to deal with all the bank transaction-related processes for avoiding exchange disputes. According to the official press release of RBI it is stated that cryptocurrency raises concerns about security. It is further mentioned that the crypto assets can also give rise to problems like money laundering and market integrity. However, they do not deny their underlying potential to improvise the efficiency of the finance system.
As mentioned by BC Focus, the RBI has over and over again cautioned the customers and traders about the associated risks. So as to avoid any major issues of security and risks the governing body has decided to not to deal with any cryptocurrency exchange and transaction. They also provided time duration for the investors to move out from the crypto trade.
How Is Unocoin Assisting Its Customers In The Hour Of Ban?
Unocoin founder member and CEO, Sathvik Vishwanath stated that the trade prices have steeped low after the ban. But the Indian crypto market will overcome if given an alternate solution. The companies have already notified their clients about the ban and the possible freezing of transaction.
On the contrary, their team is working in order to assist the customers in methods for withdrawals and deposits. Their exchange is still operating within legal policies, but there is panic in the market with no certainty on the ban and its time frame. Indian cryptocurrency exchange company Unocoin is also one of the members of Internet and Mobile Association of India (IMAI).
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