Crypto Exchanges in India are withdrawing due to lack of Coordination. The Indian market for crypto exchanges is becoming worse by the day. This is due to a lack of coordination and support from governing authorities. Unpredictable rules and improper guidance regarding Crypto-exchanges are forcing the institutions to wind up their businesses in India. It is certainly very frustrating in the minds of interested investors.
RBI (Reserve Bank of India) gave strict orders to Indian banks to not accept any crypto related transaction. This led to pulling out of crypto exchanges from India. According to a blog post by Zebpay, its business has been damaged due to these imposed restrictions. While also impairing its customer’s ability to make any business transaction worthwhile.
There seems to be no viable solution available for Crypto exchanges in India. As the situation becomes increasingly dire with no proper rules. Nor guidance from central agencies, which has led them to no choice but to reluctantly shut down their operations in India. The Reserve Bank of India has shown no mercy for crypto exchanges which has left a negative impact on this issue and the companies. The Reserve Bank issued a complete ban on lenders in April 2018. Thus directing them to stop all types of business dealings of cryptocurrencies immediately.
To contest the severe decision, RBI was taken to court, but as of yet, India’s Apex Court yet give its judgment on this matter. Crypto exchanges such as the already mentioned Zebpay, as well as many others, cannot afford the legal expenses, as inevitably the judicial process will cost more and most likely take a long time.
Support for Blockchain in India
Crypto Exchanges in India are withdrawing due to lack of Coordination. Despite the afflictive situation for crypto exchanges in India, there is still support in the country for Blockchain technology. India’s National Stock Exchange(NSE) has announced a new way of case testing this technology. In order to do so, they are planning to introduce a new method of listing various companies on their platform called ‘E-voting’ with the help of Blockchain technology. The process of Vote counting is possible in real time with the help of a smart contract framework.
The Pilot experiment will include integrating the regulator with companies, including the RTA, with the help of Blockchain technology. The soundness of diverse on-chain actions and the difficulty of conducting the entire process will be its evaluation criteria with ‘Right to vote’ being tokenized.
Raunaq Vaisoha, the CEO of Elemential Lab, expressed his views on the pilot testing, saying Blockchain will enable an immutable trail of all activities in real time. This is a move towards transparent corporate governance. It will even set a benchmark for other companies interested in accomplishing this.