Regarding the press release by RBI on 05 April 2018

Dear Customers,

This is w.r.t. the press release issued by RBI on 5th April 2018. As per the notice, RBI has decided to axe the relationship between it’s regulated bodies (Banks) and any individual or business entities dealing with cryptocurrencies. The Banks that are already working with cryptocurrency companies are given a timeline of 3 months to cease the support.

As a company, we want to clarify and assure you few things. Please note the notice issued doesn’t talk about the legality of cryptocurrencies as such and hence the legality status of Bitcoin or other crypto-currencies In India remain unchanged. This decision of RBI’s was more in line with it’s earlier statements on the risk associated with the cryptos.

We just want to assure you that your funds (INR, BTC and other cryptos) are absolutely safe with us as ever and there is no need to worry about their safety. As always, you can still continue to use our platform as before and if need be you can still withdraw your funds.

As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you.

 

Sathvik V

CEO, Co-founder

Unocoin