Crypto Industry Struggles To Recover From Debacle


The cryptocurrency story in India was surging on a tide of excitement and curiosity even at the start of this year.

Due to the fact that nearly $20 lakh of his money is locked in cryptocurrencies, a top executive from an Indian fintech company is in a difficult situation. The executive, who wished to remain anonymous, lamented that “several exchanges are not enabling users to withdraw crypto from their wallets for the previous month.”

The CEO, an Indian national living in Dubai, claimed that even exchanges that are not under the scrutiny of agencies like the Enforcement Directorate (ED) have either barred consumers from withdrawing crypto or at the very least notified them about long delays in performing the trades.

A 22-year-old Bengaluru-based engineering student who also owns a small digital marketing business is having a similar problem. A student has so far contributed money from several pals and invested about 6 lakh rupees in cryptocurrency.

To avoid paying the tax deducted at the source, he has gradually started shifting his holdings from Indian cryptocurrency exchanges to overseas ones (TDS).

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He also transfers cryptocurrencies (mostly bitcoin and ether) from foreign exchanges to a peer-to-peer (P2P) platform, where he trades them for e-commerce gift cards in order to save even more money.

After receiving over 99% of the votes from holders of UNI tokens, the $74 million project by two former Uniswap Lab executives for a new Uniswap Foundation has now become a reality.

The foundation’s initial plan calls for streamlining the Uniswap Grant Program (UPG) and lowering friction in the protocol’s governance structure.

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