Cryptocurrency exchanges look to leave India as ‘ban’ looms

Last week’s Reserve Bank of India announcement that it will soon ban banks from trading in cryptocurrency, or businesses using them, leaves exchanges wondering whether to pack up and find new homes. 

India’s Economic Times is reporting that, following the Reserve Bank of India (RBI) decision to ban banks from dealing in cryptocurrency, many of the country’s highly active bitcoin exchanges – including, it says, Zebpay, Unocoin, CoinSecure, BuyUcoin and BTCX India – are eyeing up moves to foreign shores.

It also reports investors “flocking” to sell their cryptocurrency holding in the wake of the controversial announcement from India’s central bank. The price of Bitcoin against the Indian Rupee took a heavy hit on Friday, immediately after the RBI’s statement, but has since rallied. Coincompare currently (as of 7am UK, April 9th) shows the price sitting at 423,861 rupees – compared to 502,705 rupee on April 5th, just prior to the news breaking.

The Economic Times article quotes Shivam Thakral, CEO of BuyUCoin – an Indian wallet and exchange concern as saying: “We have to move our company to some foreign country where regulations allow opening of bank accounts plus we won’t be dealing in fiat currency. It will become a global operation rather than an India centric operation.”

Economic Times.