Exchange BTCXIndia, which specialize in trading operations with XRP, sent its customers a notice stating that it would no longer accept deposits, and all sent starting from 1 January 2018, the funds will automatically be returned to the Bank account of the customers. In addition, those who signed up for BTCXIndia, it was recommended to withdraw their assets until March 4.
“Making conclusions from the budget speech of the Indian government, we understand that it does not approve of the cryptocurrency trading. It was clear by the actions of the government in the past year, which put the existence of our business at risk. We were in the position in which you feel that can’t continue our business on the professional level. […] Until then, until you have entered new rules regarding cryptocurrencies and their turnover, we discontinued operation of our trading platform (XRP/INR) and 100% focus on the work of our consulting company in the field of technology of the blockchain. All trading activity will be suspended from March 5, 2018. Please print all funds from their accounts to the specified term” — said in an email BTCXIndia.
Confirming the above, BTCXIndia has announced plans to launch 9 Mar the blockchain laboratory at schainlabs.com. Representatives hope that this work will help the government to see the enormous benefits India can derive from blockchain technology and it will ultimately contribute to the introduction of a progressive and precise regulation of the public blockchain space.
Another Indian exchange, ETHEXIndia, which specialize in trading operations with ETH, sent its customers a letter with a similar content:
“Please do not make any contributions in INR or ETH. Received 1 January deposits, if any, will be automatically refunded to the respective Bank accounts. Customers are advised to withdraw their funds (ETH and INR) not later than 28 February 2018, unless they provide for the accrual of annual interest rates for the service wallets. Trade ETH will be discontinued from March 1, 2018”.
Suspension of trading these cryptocurrency exchanges took place after several months of strained relations between state regulators, banks and bitcoin exchanges. However, despite this, banks in India are still interested in blockchain technology. So Induslnd Bank have entered into a partnership with Ripple to make a transfer currency in the country and abroad easier.
Recall that in September 2017 blockchain startup Ripple opened an office in Mumbai. Then CEO of Ripple brad Garlinghouse noted that India is becoming a country in the digital economy and becomes a leader in the field of payment systems.