Unocoin: No Cryptocurrency Ban in India

April 9, 2018

Major crypto exchange of India Unocoin has published a message on the recent decision adopted by the national regulator to impose ban on cryptocurrency-involving services.

Remember that the document by the Reserve Bank of India (RBI) was made public on April 5. At that moment local crypto community was dismissive of it and assumed it would cause prohibition of all crypto activity in general across the country. The message by Unocoin clarifies why the Bank’s stance does not imply any of suchlike measures:

“Please note the notice issued doesn’t talk about the legality of cryptocurrencies as such and hence the legality status of Bitcoin or other crypto-currencies In India remain unchanged. This decision of RBI’s was more in line with it’s earlier statements on the risk associated with the cryptos.

We just want to assure you that your funds (INR, BTC and other cryptos) are absolutely safe with us as ever and there is no need to worry about their safety. As always, you can still continue to use our platform as before and if need be you can still withdraw your funds.

As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you.”

It is to be noted that soon after RBI’s decision announced Sathvik Vishwanath, co-founder to Unocoin presumed, this attitude may set off a panic among local crypto investors.


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