Citing a lack of support and regulatory uncertainty to continue its operations in India, another cryptocurrency Cryptokart has closed down.
We’ve decided to shutdown Cryptokart, said the firm’s co-founder Gaurang Poddar said in a LinkedIn post. Poddar, further said that the major reason for shutting down the operation was dwindling general interest in the country.
Since the government is not going to introduce any regulations and leave it grey for a while, planning for the long term is difficult, he added.
Now, Poddar is looking for product management opportunities. Two years old firm was co-founded by Poddar and Mihir Modi.
In April last year, the Reserve Bank of India (RBI) had asked all the regulated entities including banks not to provide services to businesses dealing in virtual currencies (cryptocurrencies) like bitcoins.
Then Finance Minister Arun Jaitley, during last year budget, had said that the government currently does not consider cryptocurrencies as legal tender and said that the government will take all measures to eliminate the use of crypto assets in the payment system.
The ruling led to falling down in prices of Bitcoin, Ethereum, and Litecoin and closure of their exchanges in the country. It also resulted in mass layoff from crypto exchanges such as Unocoin.
Cryptokart is the fifth crypto firm to shut its operations. Earlier, Zebpay, Coinome, Coindelat, and Koinex shut down their operations owing to non-favorable moves by the government.
Indian govt has been countering cryptocurrency existence ever since the crypto bubble surfaced in mainstream media.
Last month, social media giant Facebook had announced the launch of its own cryptocurrency Libra. Among the many international markets, it also eyes to exploit Indian market.