BTC Wires

India’s Indecision Regarding Crypto Regulations Is Proving To Be Quite Harmful For Some

The lack of regulatory clarity on cryptocurrencies and the ban on cryptocurrency transactions by India’s Reserve Bank of India led to one of the country’s most popular exchanges to shut down. With the country’s current crypto abd blockchain uncertain at best, it is very difficult to function seamlessly.

The news which was announced by the exchange through a statement on Medium said that Coindelta will be suspending their operations on 30 March at 2 pm IST.

“It has been really difficult for us to operate Coindelta exchange for the last 6 months. The curb on the bank accounts by RBI has made us handicapped in order to provide seamless deposit and withdrawal services.”

The Union Government of India had been asked by the country’s Supreme Court to inform them about regulations regarding cryptocurrencies on 29 March. However, the hearing was adjourned within minutes, owing to the government’s request. This has been a source of major disappointment for many crypto enthusiasts in the country, including Coindelta.

“There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation.”

The exchange elaborated on the difficulties faced due to no regulations and how costly operations had become in “such an unfavourable environment.” The exchange was operating with minimal trading fees, bearing all costs to provide smooth services to its users. However, they have realised that this is cannot be sustained for long.

“We have decided to suspend the exchange services. All the markets will be suspended at 2:00 PM on March 30, 2019. We will cancel all open orders at 2:00 PM and funds will be returned to your wallet.”

Coindelta will continue to provide wallet services until the 29 April 2019 and users will have to make sure they withdraw all their funds within that time, with a stipulated fee on withdrawals. The exchange concluded that they looked forward to an improved economic environment in the future to support innovation.