Doesn’t this seem like choking? Of course, it is! The Supreme court of India is delaying the final decision month by month and the Government is just not at all interested in speaking about it.
After Zebpay & Coindelta, now Unocoin Joins the Supreme Court’s Choking List
While the world’s rapidly adopting blockchain for effective management of almost every process, India is still figuring out how this thing works. A committee assigned for this has been delaying the regulations and passing off the date. And when Supreme court interfered, the local community hoped for quick and favorable policies, but that turned out be postponed as well.
This kind of uncertainties has first killed Zebpay last year, forcing it to move its operations elsewhere. Following that, Coindelta has winded up its operations last month and left its traders in shock.
And now, the time comes for Unocoin – another India exchange which is about to turn as a victim for Supreme Court’s irresponsibility.
Started in 2013, the crypto exchange has more than 100 employees till last year.
But now, after failed investment talks for further capital with its investors, the company has no choice but to lay off some and save cash.
So it did. It has just fired nearly 90% of its workforce and stood with just 14 now!
And when asked by Economic Times, CEO Sathvik Vishwanadh said: “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.”
Supreme court of India has postponed the final decision on regulations to July after the assigned committee failed to submit their resolutions in time last month.