Indian crypto space was humbled when the Central Bank of India made crypto dealings illegal in the country. It evidently caused heavy losses to the investors crypto exchanges have been trying to dodge the policies since then. Adding to this concept Indian crypto exchange, Unocoin, has a new multi crypto asset exchange in the name UNODAX. Similarly, another crypto exchange named BuyUCoin is gearing to launch its BuyUCoin Token (BUC). After the ban implemented by RBI Zebpay started conducting crypto to crypto trades to skip judiciary.
The company stated that it would release more than 100 million BUC in the market. Users will be able to use the token for any payment on Global exchange, to trade digital currencies and to avail discounts on deals.
Interested people can buy a token from June 1. On the same day, they will host an airdrop event for 25,000 BUC. Afterward, the remaining BUC will be distributed among current holders concerning the amount of the tokens they already hold to the value of booked BUC on the exchange at that time.
Co-founder and CEO of the company, Shivam Thakral, said, “BuyUcoin Token (BUC) is a stepping stone towards building the next level of products for the cryptocurrency industry. With a long-term perspective, we believe decentralized exchanges will take this industry forward. Currently, the intervention of several other governments around the world has created several roadblocks in the growth of this industry, while solutions remain in the basics.”
NEM blockchain is the basis for the development of BuyUcoin Token (BUC), and it is also inspired from the NEM token standards. The company has advised interested investors to book BuyUcoin Token (BUC) before 100 million tokens are launched for trading.
The company has been planning to establish a highly liquid decentralized exchange where BuyUcoin Token (BUC) will be acknowledged as the primary assets; users will be able to spend them against fees availing discounts and for any kind of payments.
Earlier this year, on April 5, RBI issued a circular which barred banks all over the country from providing services to any person dealing digital currencies. It also ordered the existing service providers to settle their businesses within a three months window after which the regulation will be compiled.
Due to the harsh decision was taken by RBI many crypto exchanges including Flintstone Technologies and Kali Digital were forced to approach the Indian judiciary system. The Supreme Court of India, after hearing a similar petition, has asked all subsidiary courts to submit applications regarding the ban on digital currencies. The next hearing will be held on July 20 which is the last hope for crypto supporters.
It is to be noted that government is researching launching a personal digital currency named Laxmi. The country has not been skeptical against the underlying technology behind virtual coins, i.e., blockchain. Crypto enthusiasts only have a month before things go out of control, but they are quite confident for Supreme Court’s pending verdict as an out and out ban must be backed with reliable facts and figures.
