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Cryptokart Gaurang Poddar, founder of the Indian Cryptocurrency Exchange, announced the closure of his company in a LinkedIn article published last week.
In his message, Poddar described the closing of the exchange as "difficult, given the hard work we have accomplished", but concluded that the experience was overall positive and that he was proud of from the platform and seemed to want to stay on the ground, asking "If you know someone interested in launching his own exchange, please inform me."
Poddar announced that he was looking for opportunities in product management and asked anyone who knew of these opportunities to contact him. Poddar launched Cryptokart in 2017, about a year and nine months ago.
The news comes after the closure of the Koinex Indian cryptography plant in June, and in May, Coinome – another cryptographic center operating in the country – announced the end of its services. Both stock exchanges have cited the hostile regulatory environment as the cause of their shutdowns.
As Cointelegraph reported last month, Indian lawmakers proposed to impose a 10-year prison sentence on citizens who handle cryptocurrencies. The new strict regulation on cryptography is part of a recently proposed bill entitled "Prohibit Cryptocurrencies and Regulate the 2019 Bill on the Official Digital Currency."
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