India’s Crypto Exchange Unocoin Suspends INR Deposits and Withdrawals

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In front of a foreseen regulatory move and potential elucidation by the government of India regarding the matter of cryptocurrencies, one of the biggest Indian crypto exchange , Unocoin, has briefly disabled its Indian rupee (INR) deposits and withdrawals options after the strict instructions from RBI (Reserve Bank Of India) on Monday.

In April, the Reserve Bank of India (RBI) issued a circular to every single financial related foundations including banks, forbidding them from giving services to everyone in the cryptocurrency division. The decision came into force on 5th of July.

On Monday, Unocoin said, “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 suspension of RBI does not affect Unocoin crypto deposits and withdrawals. Unocoin customers can also use their remaining INR balance to purchase ethereum and bitcoin on Unocoin. 

Earlier this month, the another Indian cryptocurrency exchange, Zebpay, stoped their INR deposits and withdrawals.

One positive aspect it is known that there will be no GST applicable on crypto-to-crypto trading on exchanges.

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