Unocoin is the oldest bitcoin exchange in India and earlier today has sent an update on the impending ban from RBI via email and statment on its blog.
Unocoin as per it's statement:
We are all aware of the RBI’s recent stance issued about the discontinuation of services by RBI regulated entities (banks/ payment gateways) for the purchase and selling of cryptoassets.
Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships are likely to be disrupted on or before July 5th, 2018.
Luckily these new announcements from exchanges in India are not causing new panic sells in the market. But, the price for Bitcoin is still lower which will hurt anyone's chances of selling it at global price for an early exit.
But this is what interests me:
We are in the process of deploying new mechanisms for INR deposits and withdrawals. This is not a small undertaking and it will take us some time to deploy new solutions, please do not panic.
According to what I know so far, it may not be a true peer to peer system but could be a different kind of alternative that allows one to enter and exit the market. I'm not sure how that is possible but we'll just have to wait and watch.
However, it's unclear at this stage if Unocoin will move in the direction taken by other exchanges in country. Other exchanges mostly utilising an P2P system with an escrow for crypto and direct INR bank transfer from buyer to seller without escrow or 3rd party.
Unocoin started it's operation towards the end of 2013. It also happens to be the first Indian exchange I used to purchase BTC.
For the most part they have done a wonderful job promoting cryptocurrency in the Indian ecosystem and onboarding new users onto their platform.
Unocoin was also the first exchange from India to register themselves overseas in Singapore. They are headquartered in Singapore.
Let's wait and watch as on 3rd July we'll know more.
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