The crypto space situation in India is getting worse day by day as a leading crypto trading company called Unocoin is in the news. Recently Unocoin came out saying that it has fired almost half of its staff and the company now has only fourteen staff members.
The hearing in the supreme court for crypto space regulations have had been postponed and Unocoin made this decision before the hearing in the court happened. The official hearing in the court is set to occur in July 2019, after the elections.
Many crypto exchanges have been shutting down in India since the recent ban on crypto dealings and businesses last year was introduced by the reserve bank of India. The crypto industry is resisting the ban as of now and the matter was taken into court. The Supreme Court of India had to postpone the hearing because of the elections and the problem has become this lengthy process.
Unocoin has fired about eighty percent of its staff and as of now if waiting for the results from the Supreme Court hearing. The CEO of Unocoin said that although we have let go of more than half of our staff we still are going to continue providing our services until the official results from the Supreme Court are out. He said that this is because they still have to deal with some assets for a few months and are waiting for the final answer from the court.
At the beginning of this month Coindelta, a leading cryptocurrency exchange, also announced that it will be shutting down because of the current environment in the crypto space India.
However whilst this is happening in India the chaos bitcoin caused back in November 2018 created a domino effect that caused many crypto giants to make decisions that were to cut the cost for various activities.