The Reserve Bank of India has previously refused to work with crypto companies, effectively strangling the crypto sector in India.
The Supreme Court of India had been due to hear evidence on the decision from the Reserve Bank of India to ban cryptocurrency-related business, with a new date set for November 19.
Koinex is bowing out over the regulatory uncertainty around the Reserve Bank of India’s (RBI) policy.
The Reserve Bank of India (RBI) has attempted to thwart the advance of cryptocurrencies. It even lobbied against regulatory procedures and blocked banks from joining a proposed regulatory sandbox.
Lobby groups are urging the Reserve Bank of India to reconsider its ban on cryptocurrency-related products from joining the proposed regulatory sandbox.
While India will accept applications from startups applying blockchain technology, crypto startups will not be allowed to participate in its sandbox.
Half of cryptocurrency startup Unocoin’s remaining staff have been laid off in a desperate bid to conserve cash, down from over 100 staff at its peak in February 2018.
In the past 12 months, global Government attitudes to cryptocurrency have begun to diverge significantly. This was highlighted recently India's Central Bank informing all Indian banks that they are prohibited from providing services to cryptocurrency businesses.
India seems to have a hard time making up its mind on whether or not digital currencies are good or bad.
The Indian government committee studying cryptocurrencies is likely to push for their legalization in its report to the Finance ministry.