As we have seen with multiple examples in the past, there is nothing wrong with a little regulation when it comes to countries that have yet to fully understand the implications and possibilities of cryptocurrencies since there is a serious lack of technical expertise across the board. Similarly, India’s relationship with cryptocurrencies has been rocky from the start, to say the least.
Now, due to a serious lack of regulation and legal understanding on the cryptoverse coupled with the country’s major bank outright banning the technology in India, bad news has struck. It seems that the country’s most popular exchange, Coindelta has been forced to shut down due to a lack of support from the reserve bank of India and legislation.
The exchange is reportedly closing it’s operations on the 30th of March as per it’s official statement via it’s Medium page.
The statement added that;
“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.”
Things were looking up for crypto investors and exchanges around the country as there was a chance that the Union government of India would finally announce the much awaited crypto regulations yesterday, however since the hearing ended upon the government’s request, the future looks bleak.
“There has not been any significant progress in the Supreme Court case which makes it difficult to predict when we will see the regulation.”
They added that even though they had been cutting costs in anticipation of good news, this was no longer wise or favourable for the company,
“Running the exchange is very expensive in such unfavourable environment. We have been operating at a minimal trade fee, bearing all the costs ourselves ensuring that your trading experience remains unaffected in the current unregulated environment. Economically, it’s no longer viable to continue with the exchange. It brings us no joy in ceasing operations.”
They then announced the exact date and time they will cease their operations,
“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.”
However, it wasn’t all gloom and doom as the ending note was hopeful of better times ahead,
“We hope that the economic environment in the future will be conducive enough to support innovation and we will have the opportunity to serve you better.”