Unocoin’s official statement days before court hearing – India at the verge of make it or break it?

India’s leading exchange platform, Unocoin has released an official statement on its ‘Stance on RBI notice’. The exchange platform says that their banking relationships might be distorted on or before 5th July 2018 due to Reserve Bank of India [RBI]’s notification related to virtual currencies.

On its official statement, Unocoin says:

“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.”

In addition, the team states that its customers can withdraw and deposit with their normal banking channels as long as the platform’s bank accounts are functional after which both the services would be closed until RBI’s verdict says otherwise.

Reserve Bank of India [RBI], the Central Bank Institution in India, on 5th April 2018, released an official notification which states that all the banks regulated by RBI would no longer deal with or provide services to individuals or businesses dealing with Virtual currencies including Bitcoin [BTC] because of the risk it possesses.

The notice led to a massive uproar in the Indian crypto-community. With the mass majority claiming that RBI issued the notice without any prior research on the crypto-market, it resulted with the Central Bank being dragged to the Supreme Court.

The Supreme court will be hearing the Internal and Mobile Association of India [IAMAI] appeal against RBI on 3rd July 2018, two days prior to the effective implementation of the RBI’s notice. The day is marked as India’s fate on Bitcoin and cryptocurrencies, make it or break it scenario.

PunkTrader, a Twitterati says:

“No balls still. You still don’t have any solution”

Pradeep Sinha, a crypto-enthusiast says:

“July will be marked as the most important month in the crypto-community of India. This month will define whether India will take a step ahead and be a part of a revolution or take a step back and realise the mistake they’ve made when it’s too late.”

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