Indian central bank orders Unocoin to suspend fiat deposits and withdrawals

24 Jul, 2018
by Richard Allen
News
Indian central bank orders Unocoin to suspend fiat deposits and withdrawals

In an official release from popular Indian cryptocurrency exchange Unocoin, the Indian Central Bank has ordered the exchange to disable deposits and withdrawals, the exchange stated, “As per orders from RBI, bank INR withdrawals and INR Deposits have temporarily been disabled. Once an alternative method of funding is identified and deployed, we will resume the deposit and withdrawal services.”

The RBI is the Reserve Bank of India, while INR refers to India’s fiat currency, the rupee. Not too long ago, Chepicap reported that the RBI ordered banks in the country to stop dealing in cryptocurrencies altogether.

The Indian government is expected to release a statement soon regarding their views on cryptocurrency. Depending on what they decide will impact how they regulate the industry. Ahead of this decision, Unocoin was told to suspend fiat deposits and withdrawals, however, the release states that:

1.       Cryptoasset (coin) deposits and withdrawals at Unocoin and Unodax are still on

2.       Using INR Balance Buy and Sell of BTC/ETH is on at Unocoin

3.       Crypto-rupee and crypto-crypto pair trading are on at Unodax

News.bitcoin.com reports that, to find some middle-ground, exchanges like Unocoin have been searching for alternatives. Crypto-crypto trades is one possibility, and it seems that peer-to-peer arrangements will actually benefit from the crackdown.

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