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Reserve Bank of India choking crypto growth, Koinex most recent casualty

Cryptocurrency.Max Pixel/Max Pixel

Fri, 28 Jun 2019, 05:09 am UTC

The war that the Reserve Bank of India (RBI) is waging on cryptocurrency has resulted in yet another crypto exchange in the country closing down. Koinex recently announced that it can no longer sustain its business due to the supposed many points of interference by the central bank. While this particular blockade is currently being challenged in the nation’s supreme court, its resolution is nowhere in sight.

Following months of aimless discussions and legal battles, the ban that the RBI has instituted on cryptocurrency with regards to bank interactions has claimed another exchange. Koinex’s Rahul Raj posted an article on Medium to explain what happened and why. It is clear from the content that Raj is putting the blame of the exchange’s closure squarely on the RBI.

“We have consistently been facing denials in payment services from payment gateways, bank account closures and blocking of transactions for trading of digital assets. Even for non-crypto transactions like payment of salary, rent and purchase of equipment, our team members, service providers and vendors have had to answer questions from their respective banks — just because of an association with a digital assets exchange operator,” the post reads.

As of now, the ban is still being challenged in the supreme court, Coindesk reports, but it does not appear as if it is going to be resolved any time soon.

There have supposedly been discussions with regards to this matter by members of a panel that was formed to look into the matter of cryptocurrency and how to regulate the industry.

Recent reports suggest that the inter-ministerial committee led by the Indian Department of Economic Affairs secretary Subhash Chandra Garg has proposed a draft bill that seeks to make it illegal to hold, sell or deal in cryptocurrencies in the country. The draft law has reportedly proposed 10-year prison sentence for persons who "mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies.”

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