Closing of accounts for the financial year

Buying and Selling of bitcoins will be disabled between 29th March 2014 to 1st April 2014 to finalize accounting for the financial year 2013-14. If you have any pending orders for which you need to pay, please pay with in 29th March or else they will be cancelled. Invoices for bitcoin purchases and acknowledgements for bitcoin sales along with total net-profit/net-loss, holdings and total service tax paid will be printed and posted/couriered to individual customers to help customers with their accounting needs. If your address on your profile has been changed or inadequate, please contact us using the Contact Us link above and let us know. We will be calling every customer on their registered mobile number and will be confirming that they wish to receive these accounting sheets before we print and courier them.

CoinMonk Ventures and Unocoin wishes all its customers a very happy Ugadi and a very happy New year (or what ever equivalents you celebrate in your community).

Many Indian Banks will be closing books and finalizing accounts on April 1st and do not process any deposits or withdrawals and on the other hand it is declared as holiday for other banks. So Unocoin buying and selling of bitcoins will be back on April 2nd 2014.

Thank you

Delay in recognition and confirmation of deposits

Since 3 days we have seen delays in recognition and confirmation of deposits to your Unocoin wallet especially if your address has got affected with dust transactions (intruder trying to send 0.00000001 btc which would take a long time to confirm). However be sure that all of your deposits eventually show up and your bitcoins are safe. The dust transaction attack and DDoS attack do not affect the security of bitcoin transactions or bitcoin itself and all it can do is delay the confirmation of transactions. With what we have seen, the delayed transactions has got itself sorted out in about 12 to 24 hours. If your transaction takes more than this time, please contact us so that we can investigate your case. However we wont be manually able to tweek your Unocoin wallet balance to reflect your affected deposit. The entire issue is expected to sort out itself with in next few days after which you can expect to see your deposits in your Unocoin transactions with in 30 seconds since deposit and it should get 6 confirmations in about 1 hour as it used to be. After those 6 confirmation you can send the bitcoins to other users/bitcoin-addresses or sell your bitcoins.

Temporary buy and sell suspension

Post notice from RBI http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247 Unocoin has decided to temporarily pause its buy and sell operations. All the pending orders today gets fulfilled and no more orders will be accepted till further notice. This is done to protect our valuable customers from getting into unintended legal risks.

Logins from the users is suspended as well for time being.

You can contact us on [email protected] if you need any further clarification.

– CoinMonk Ventures – Unocoin Team

Reserve Bank warns against Bitcoin use

From THE HINDU dated Dec 24th 2013

The Reserve Bank of India, on Tuesday, warned the public against the use of virtual currencies such as Bitcoin, pointing out that users expose themselves to potential financial, legal and security related risks.

The public advisory comes after the borderless digital currency has begun to gain widespread acceptance in India, despite poor Internet penetration and a natural scepticism to assets not backed by tangible entities such as land.

The central bank also said that it had been “examining the issues associated with the usage of virtual currencies” under the legal and regulatory framework of the country.

In its list of potential risks, the apex bank highlights problems such as losses arising out of hacking, no sources of customer recourse and the general financial volatility surrounding Bitcoins.

“The creation, trading or usage of virtual currencies including Bitcoins are not authorised by any central bank or monetary authority. As such, there is no established framework for recourse to customer problems,” the RBI said in a statement.

“It has also been reported that Bitcoins are being traded on exchange platforms, whose legal status is also unclear. Hence, the traders of virtual currencies are exposed to legal as well as financial risks,” it added.

Gaining currency

Bitcoins, and other virtual currencies, have been gaining currency quickly in India. According to SourceForge, an online platform that connects consumers to open-source projects such as Bitcoin and facilitates client downloads, there have been 35,648 downloads in India since the launch of Bitcoin on November 9, 2008.

A number of India-based trading platforms and exchanges have sprung up over the last six months, catering to Indian users by allowing them to purchase Bitcoin in rupees. The RBI, however, has pointed out that no regulatory approval has been obtained by any entities that carry out such activities.

“There have been several media reports on the usage of Bitcoins for illicit and illegal activities. The absence of information of counterparties could subject users to unintentional breaches of anti-money laundering,” the central bank said.

The mainstream Bitcoin community in India has welcomed the RBI’s shift from its earlier ‘wait-and-watch’ policy, and believes that specific regulation may be in the offing.

“Of course, it is good that the RBI has shifted from not saying anything to warning people of the risks involved. Yes, trading platforms in India do not have approval, as there is no regulation in the first place! We believe this advisory notice may be a precursor to some regulation,” said Satvik V, Founder, CoinMonk Ventures, who organised India’s first Bitcoin conference earlier this month.