The crypto banking ban mandated by the Reserve Bank of India (RBI) is set to take effect on July 5, according to the central bank's circular issued on April 6. There are five known petitions against the ban that the Supreme Court will hear on July 20, with one exception. The petition by the Internet & Mobile Association of India (IAMAI) will be heard on July 3.
One of India's largest cryptocurrency exchanges, Unocoin, is a member of IAMAI, as are some other major crypto exchanges including Zebpay and Coinsecure.
Speaking with news.Bitcoin.com on Saturday, Unocoin's CEO and co-founder, Sathvik Vishwanath, explained that the sentiment among Indian traders "is quite weaker than before." He elaborated that banks would not support crypto exchanges' customers "to send and receive INR as it would still violate the RBI policy which not only restricts entities but also individuals." The CEO added:
The Bangalore-based crypto exchange, with about 370,000 unique users, recently launched a crypto-to-crypto trading platform called Unodax.
Several other crypto exchanges in India have similarly launched all-crypto platforms, including Zebpay and Koinex, with the hopes that investors will continue to trade cryptos even without banking support. However, Vishwanath revealed to news.Bitcoin.com:
Unocoin announced this week that it is working on banking alternatives for when the RBI ban takes effect. "Due to the RBI's recent notification on 'Prohibition on Dealing in Virtual Currencies'," the exchange warned:
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