Two Indian Crypto Exchanges Begin Fiat Services After RBI Curbs Lifted
Two days after the Supreme Court of India lifted the Reserve Bank of India’s (RBI) curbs on cryptocurrency trading, two of the country’s major cryptocurrency exchanges have begun accepting Indian Rupee (INR) deposits.
Unocoin tweeted, “Unocoin is going live with bank account deposits and withdrawals by 11.30 AM today (March 5th).” Unocoin was the first Indian company to provide a trading platform for bitcoin, started in December 2013.
Meanwhile, Binance-owned WazirX announced that it has begun INR deposits, which will be processed within one hour for now. INR withdrawals will be enabled soon, it added.
On Tuesday, the Supreme Court of India lifted the RBI curbs on cryptocurrency trading in the country. The top court ruled that the curbs were unreasonable and illegal.
The RBI had restricted banks and financial institutions from providing accounts or other banking services to individuals or entities dealing with crypto assets like bitcoin. The RBI had imposed the ban in April, 2018, but it was effective from July 2018. However, RBI never declared crypto assets illegal or restricted its trading activities.
The RBI curbs saw many Indian cryptocurrency exchanges trying to obviate the difficulties by either introducing a peer-to-peer facility or shifting base from India or closing down operations. Some of them have also migrated their operations to crypto-friendly destinations.
WazirX had to close down fiat services in July 2018, just four months after its launch, following its banking partner abruptly stopping support for its bank account.
Unocoin also temporarily stopped deposits and withdrawals in INR through bank accounts from same month. Both the exchanges began providing peer-to-peer facility to facilitate crypto trading.
The ban was eventually challenged at India’s top court through the crypto industry supporting association named the Internet and Mobile Association of India (IMAI) and a group of petitioners.
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