In an email that BTCXIndia sent to its users, BTCXIndia stated they chose not to accept deposits beginning Jan. 1, 2018 and will refund any deposits received after that date to the user’s bank account. BTCXIndia also advises users to withdraw all of their funds on or before March 4th. The email states:
“As we heard in the budget speech, the Indian government is discouraging cryptocurrency trading...Until new rules are in place for tokens on public Blockchains, we are halting our trading (XRP/INR pair) platform and will focus 100 percent on our consultancy working with permissioned Blockchains. All trading activity will be halted as of March 5th, 2018. Please withdraw all assets from your account before then.”
In addition to halting deposits and cryptocurrency trading, BTCXIndia announced plans to launch a Blockchain lab that can hopefully show the government of India the benefits of Blockchain technology.
“We are launching full-fledged Blockchain labs http://schainlabs.com/ on March 9, 2018 for Blockchain based application development and consultancy. We hope that this work will help the government seeing the huge benefits that India can derive from Blockchain technologies, and eventually promote progressive and clear regulation also for the public Blockchain space.”