Bitcoin Forum

Over the weekend, an India-based crypto exchange shut down its services, suspended trades and cancelled all open orders on March 30. Coindelta alludes to its financial issues and the Reserve Bank of India’s (RBI) stringent cryptocurrency regulations as one of the main reasons forcing the exchange to lay down tools.

The claim booms that of Zebpay, an Indian leading cryptoasset exchange which ceased operations in September last year because the RBI's ban had lessened the exchange's potential to carry out business in any significant way.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-exchange-halts

https://coinidol.com/upload/resize_cache/iblock/572/900_900_1/572943364af17c473b4939afdfaab739.png

Another one bite the dust. Not really unexpected since India is not really friendly to crypto. But if they have enough funds, they can simply move out to other countries like what Binance did and continue their 'freedom' of operation here. Sadly not everyone think and has power like Binance.

The only way is to get out of India and established themselves in Malta, similar to what Binance did. However, I don't know if they have the money to make that bold move. Pressures coming from the government is hard to take face-to-face, its either you gave up with their demands or just shut down your services. In this case though, India's RBI is really a pain, but I don't know if they can really put a stop though, maybe trading is still on-going underground or thru OTC.

Now the Indian Supreme Court has been considering the introduction of restrictions by the central bank of this country - the reserve bank of India, which more than a year ago obliged the banks controlled by it not to carry out any transactions with the country's cryptocurrency exchanges, because of this there were numerous Problems. Recently, the Supreme Court has set a time limit for the government of India to adopt rules for the regulation of cryptocurrency, but so far this has not been done. It should be said that in India only the reserve bank of India is negatively disposed towards cryptocurrency. The government and legislative bodies of this country are cryptocurrency either neutral or positive. However, until today there are no clear rules for the regulation of cryptocurrency in India. Of course, it can still change and India can easily become a friendly cryptocurrency.

The situation is truly not unexpected but I won't say India is not crypto friendly buddy because there are some part of the India that are crypto friendly and the reason why some people seems to believed India is not crypto friendly was the Bankers and some religion limitation which are strongly against crypto.
Mind you, the project named Papusha was from India but the crypto indoor problem in India will be the reason why the project was pause at the moment.

I wouldn't say that "stringent" is the best word to use in this instance, but rather, restrictive.

The RBI is really not trying to regulate bitcoin at all, or to ensure that the risks of dealing with bitcoin businesses is lowered from the consumer's standpoint. Rather, they are trying to devise something in which they can push out all the bitcoin businesses from India, with what seems to be regulations on the surface.

That doesn't make much sense to me in my opinion because if they actually decided to regulate things properly they could be looking at extra tax revenue right now. It could have something to with trying to protect their domestic banking industry, but apart from that, imo it was a rash decision.

There has not been any positive progress in the Supreme Court case which makes it hard to anticipate ???