Indian crypto exchange Unocoin halves workforce as it awaits Supreme Court hearing on legal status of cryptocurrency.

More bleak news for the embattled Indian crypto sector, as Unocoin exchange lets half its workforce go.

According to 16^th April report from local media outlet The Economic Times, the crypto exchange now has just 14 staff, with the company blaming regulatory uncertainty for the action.

India’s Supreme Court is set to rule on the legal status of cryptocurrency in the country in July – as the cumulation of a legal challenge by the country’s once optimistic crypto industry.

Last year the Reserve Bank of India (RBI) announced a complete ban on transactions with cryptocurrency businesses, leaving firms unable to access vital banking services, and effectively running off of capital.

The Economic Times quoted Unocoin CEO, Sathvik Vishwanath, as saying:

“We did ask people to leave last week, but our operations will continue for the foreseeable future,”

“We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict.”

Unocoin, which was founded in 2013, isn’t the only Indian crypto business feeling the pain. Earlier this month another exchange based in the country, Coindelta, ceased trading, blaming the same regulatory issues. In September last year, major exchange Zebpay announced it was shutting down its Indian operations too – having already moved its headquarters to Singapore and opened an office in Malta (see CRYPTO EXCHANGE ZEBPAY DITCHES INDIA FOR MALTA).

AYO.NEWS says:

India has become the textbook example of how to destroy a promising industry and lock yourself out of the future global economy – standing at the opposite end of the spectrum to blockchain and crypto-friendly nations like Malta, Singapore and Switzerland. Its governments sheer ineptitude and ignorance of the cryptocurrency and blockchain spheres really does beggar belief.

While many other nations have had issues grappling with how to successfully regulate and integrate cryptocurrency businesses, few have taken such short-sighted and damaging action as India, with its ill-conceived knee jerk banking services ban.

Things become even more pitiful when you consider that blockchain and crypto technologies and innovations hold such hope for populations in countries like India, where many millions still have no access to the traditional banking system.