Cryptocurrency Ban claims yet Another

The Indian Supreme court has yet again postponed the ‘Crypto vs RBI case’ to July of this year. The uncertainty of the crypto situation in the country has led to many firms to shut down. The latest addition to the roster is Coinome, a crypto trading platform.

Coinome, recognised as “India’s Safest Digital & Crypto Assets Exchange”, is backed by a billion dollar Mumbai-based payment gateway, BillDesk. Coinome has asked all its users to withdraw from the platform as soon as possible. Effective from May 15, 2019, Coinome will suspend the exchange and all pending orders will be cancelled.

Coinome sent out a mail to all their users stating, “India is currently going through uncertainty on crypto guidelines and regulations. The Government of India has not yet decided on the regulatory framework for crypto exchanges or wallets. Further, the supreme court is yet to act upon the public interest litigation (PIL) on (the) regulation of crypto assets.”

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Coinome will join a long list of firms that have ceased operation due to the harsh stance the RBI has taken on cryptocurrencies. Last September, Zebpay, the biggest exchange in India, moved their operation to Malta where the legislation is more inclusive of cryptocurrencies.

In a public service announcement, the Indian police of J&K stated that – “The general public is informed not to make any investments in cryptocurrencies and virtual currencies (VCS) such as Bitcoin because there is a real and heightened risk associated with them. This can result in a sudden and prolonged crash and exposing investors, especially retail consumers who stand to lose their hard-earned money.”

Last month, the Indian Government pushed out a circular named “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019”. This bill is another step towards the outlawing crypto-transactions.