Since the announcement made by the Reserve Bank of India (RBI) last April banning any support to cryptocurrency businesses by banks all across the country, many exchange ventures have withdrawn themselves from the field altogether. The latest player out of the game is Coindelta, an 18-month old exchange startup, which was suffering losses due to the rough phase that the cryptosphere is going through in the country.
Coindelta Signs Off
No new step can be expected from the Supreme Court towards the ban until this July. Coindelta took to Twitter to announce the closure of their firm, stating that all markets will be suspended at 2:00 pm on 30 March. The wallet services, however, would be provided until 29 April giving its customer 30 days deadline to withdraw their funds.
Coindelta signed off with the statement “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.”
However, the withdrawal fees for various cryptocurrencies has been dramatically increased. For instance, to withdraw stellar lumens a withdrawal fee of 28 XLM, around ten times higher than the average, will be payable.
Response from Competitors and the General Public
Other exchange firms, like WazirX, have made an offer of 100% refund to switching customers as well as a waive off of transfer charges. Many customers and supporters lashed out on the backward economic system of India when it comes to digital currency, grieving the loss of a flourishing startup. Many on the other hand are devastated by the withdrawal fees hike by the firm stating it as a last ‘rip-off.’ Be it the customers, investors or similar startups; all are now waiting for a positive step by the Supreme Court towards the indefinite ban on cryptocurrency in India. Although considering that almost a whole year went by without a concrete decision, the market of cryptocurrency still hangs in an indecisive limbo in the country. The top court is expected to hear the case sometime in July this year.