Another crypto exchange is closing down its business in India. It is unclear, however, if the company plans to exit the Indian market permanently, or if it’s just temporary. Coinme shuts down its operation from May 15th in India.
The reason behind Coinme’s move is due to the Reserve Bank of India’s (RBI) lack of policy clarity.
However, Coinme informed its customers via email that as “India is currently going through uncertainty on crypto guidelines and regulations. The government of India has not yet taken a decision on the regulatory framework for crypto exchanges or wallets. Further, the supreme court is yet to act upon the public interest litigation (PIL) on (the) regulation of digital assets.”
Coinme shuts down its operation from May 15th in India. It is not only Coinme that decided to close down its operations in India. Zebpay, India’s largest crypto exchange, announced its shut down in September 2018. Also, Coindelta announced its plan to close its business in March, as the company believes it’s no longer viable.
Crypto survivors are finding it difficult to sustain themselves in the Indian market.
Back in April 2018, RBI, however, issued a ban on virtual currency traders which slammed the flourishing of the virtual currency ecosystem in India.
“A lot of people expecting that the hearing in March will provide some clarity as the government had been asked to bring about a regulation in four weeks but nothing happened,” said the owner of a struggling virtual currency exchange, who wished to remain anonymous. “A lot of players are beginning to lose hope.”
A recent report suggests that the investigation committee plans to completely ban cryptocurrency. Subash Chandra Garg, the top bureaucrat, and representatives of RBI and SEBI leads the committee.
This can only confirmed after the results of India’s ongoing general elections, which announced on May 23.