Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban

A growing number of crypto exchanges in India have announced the return of fiat deposit and withdrawal support despite the crypto banking ban imposed by the country’s central bank. Several other exchanges in the country also allow their users to use Indian rupees to buy and cash out cryptocurrencies through their exchange-escrow peer-to-peer (P2P) services.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Exchanges Say INR Support Is Back

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI BanSince the crypto banking ban by the Reserve Bank of India (RBI) went into effect in July, crypto exchanges in the country have been deprived of banking services. Many of them subsequently shut down their INR support, disallowing users to make deposits and withdrawals in Indian rupees. The Supreme Court of India is scheduled to hear petitions against the ban next week.

However, recently at least three crypto exchanges in the country have announced the return of INR deposit and withdrawal support despite the RBI ban.

On Wednesday, September 12, crypto exchange Koinex announced that it has brought back INR deposits and withdrawals through its P2P system, stating:

We are happy to announce the revival of INR in the crypto universe through a new peer-to-peer deposit and withdrawal mechanism for INR transactions…Just like the old times, users will be able to deposit and withdraw funds directly from their INR wallets.

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI BanAnother crypto exchange, Coindelta, announced on August 31 that it had resumed INR support. “We have resumed back the INR deposits and withdrawals on Coindelta. Not only this, your old favourite INR markets are back where you can trade with your INR,” the exchange wrote.

In addition, news.Bitcoin.com recently reported on another exchange, Giottus, offering a creative way of allowing users to deposit and withdraw Indian rupees using its P2P platform.

Other Exchanges With Similar Services

The three aforementioned exchanges are utilizing their exchange-escrowed P2P services to facilitate deposits and withdrawals in Indian rupees. Each has its own set of rules including the number of coins supported, the deposit and withdrawal process, and the time it takes to withdraw INR using their systems.

Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI BanThere are several other exchanges with similar P2P services that allow users to both purchase cryptocurrencies and cash out in Indian rupees.

Crypto exchange Wazirx, for example, recently celebrated its six-month anniversary of launching its P2P service. The exchange claims “We’re seeing our trading volumes increasing every day.” Vouching for the popularity of P2P trading, CEO Nischal Shetty told news.Bitcoin.com “We see more than 1 match per minute on our P2P.”

Another exchange, Instashift, has been offering P2P trading of over 80 coins. “Since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” CEO Rahul Chitale shared with news.Bitcoin.com.

Coindcx also offers P2P trading on its Dcxinsta platform. “We guarantee any 50+ cryptocurrencies purchase directly with INR in less than 60 seconds,” CEO Sumit Gupta claims.

Other fiat-enabling systems outside of the P2P services are also being used in India such as the Dabba trading system which uses the Telegram messaging app to facilitate the trades.

Disclaimer: Bitcoin.com does not endorse or support claims made by any parties in this article. None of the information in this article is intended as investment advice, as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products or companies. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

What do you think of the way Indian crypto exchanges offer fiat support despite the RBI ban? Let us know in the comments section below.


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India’s Biggest Startup Incubator CEO [Falsely] Says Bitcoin Failed Due to $20 Fees

According to Jay Krishnan, the CEO of T-Hub, India’s largest startup incubator & venture advisor to SRI Capital, Bitcoin has failed due to $20 transaction fees. Except that since December, for over nine months, the median transaction fee of Bitcoin has remained below $0.2. In December 2017, the demand for Bitcoin and other major cryptocurrencies … Continued

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RBI Ban Hearing Delayed – Indian Supreme Court Too Busy for Crypto This Week

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This Week

All petitions against the crypto banking ban by the Reserve Bank of India (RBI) are supposed to have been heard by the country’s supreme court on September 11. However, the court has been busy every day this week and has postponed the RBI ban hearing.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

RBI Ban Hearing Postponed

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekThe Supreme Court of India was supposed to hear all petitions regarding the crypto banking ban by the country’s central bank on Tuesday, September 11. The RBI issued a circular banning all regulated financial institutions from providing services to crypto businesses on April 6.

As all eyes in the Indian crypto community were on the court to see if the RBI ban will be stayed, the supreme court adjourned on Tuesday without hearing the crypto case due to other cases running over time. The case was again postponed for the same reason on Wednesday and Thursday.

Furthermore, Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that “It wasn’t scheduled for today [Friday] after yesterday’s delay.” Crypto Kanoon, a news and analysis platform, tweeted on Thursday:

As the arguments will continue for long in another matter, the court has adjourned all other matters including crypto matter. Matter is now likely to be listed on Tuesday [September 18].

Indian Association Tries to Get Attention of the Court

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekAmong the petitions against the RBI ban was one submitted by the Internet and Mobile Association of India (IAMAI). The non-profit organization filed its petition in May, which was heard on July 3 and July 20, before it was postponed to September 11.

At both hearings, the court did not grant a stay on the central bank’s ban. The association also tried to educate the RBI by filing a representation explaining how blockchain and cryptocurrency work. However, their effort did not sway the central bank.

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekOn September 12, Crypto Kanoon tweeted, “As per our internal sources, IAMAI is going to mention the crypto matter at 10:30 before Court No. 9 for seeking adjournment for the purpose of filing rejoinder to the counter affidavit recently filed by one of the respondents.” The platform soon tweeted further, “The court has declined to entertain the mentioning done by IAMAI for adjournment.”

Confusion Over the RBI Affidavit

On Tuesday, September 11, CNN News18 reported that the central bank had filed an affidavit with the supreme court. The news outlet wrote:

RBI files affidavit in top court against cryptocurrency and says that it can’t recognize bitcoins under the current legal regime as virtual currencies are neither money nor currency, can’t even be considered as a valid payment system.

RBI Ban Hearing Delayed - Indian Supreme Court Too Busy for Crypto This WeekCiting this report, Indiabits, which represents a community of blockchain enthusiasts, tweeted, “supreme court to hear affidavit filed by RBI on the matter on September 17th.” It also pointed out that, based on publicly available information on the supreme court website, RBI filed a counter affidavit on September 8, with a “computer generated date” for the hearing listed as September 17.

However, disputing the above information, Crypto Kanoon claims that this RBI affidavit was the same one filed in May, which they reported on at the time, adding that the “supreme court nvr [never] posted crypto matter on 17th Sep.”

Nonetheless, the crypto community will be watching the supreme court next week to see if the crypto case will eventually be heard. Shetty shared with news.Bitcoin.com:

The case has been postponed to monday…So let’s see what happens Monday.

What do you think of the supreme court repeatedly delaying the crypto case hearing? Let us know in the comments section below.


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Bitmain’s $50M ‘Permissionless Ventures’ First Project: BCH Dev Con

Bitmain’s $50M 'Permissionless Ventures' First Project: BCH Dev Con

Cryptocurrency mining hardware giant, Bitmain, is sponsoring a Bitcoin Cash (BCH) hackathon in the United States  San Francisco, to be exact. For the China-based company, BCH Dev Con is the first project financed by its $50 million fund, Permissionless Ventures (PV).   

Also read: Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

Bitmain’s Permissionless Ventures Launches First Project

Arguably one of the most successful companies in the ecosystem, the crypto mining giant Bitmain, announced its first project connected with its Permissionless Ventures. Hilton San Francisco Union Square will be the venue to host the first BCH Dev Con, a Bitcoin Cash hackathon series.

Bitmain’s $50M 'Permissionless Ventures' First Project: BCH Dev Con

Over two days, on October 10th and 11th, the series will debut during the San Francisco Blockchain Week among some 5,000 visitors and attendees. BCH Dev Con is a way to encourage innovation and problem solving on the Bitcoin Cash network, including working with tokenization and smart contract platforms such as Wormhole, the company claims.

Epperly Li, Investment Director at Bitmain and Partner in its Permissionless Ventures, insists the $50 million PV fund “will operate more like an incubator, which will provide funding and also incubation for BCH developers. But this fund will be very neutral, open and creative, [and] will invest 60% into BCH projects and the other 40% into different blockchain projects.”

Coinbase, Factom, and Money Button to be Among Hackathon Judges

Ms. Li, during an interview with News.Bitcoin.com, continued, “Our idea is to build an open, innovative and creative ecosystem for BCH developers and communities. [We] want to work together with different blockchain communities to push forward the progress of blockchain technology.”

Bitmain’s $50M 'Permissionless Ventures' First Project: BCH Dev Con
Epperly Li

It appears the BCH Dev Con San Francisco will expand to Amsterdam, Israel, Japan, South Korea, and India, though concrete plans are not readily public at the time of publication. So far, the announced judging panel includes David Johnston of Factom, Shammah Chancellor from Bitcoin-ABC, Ryan X Charles of Moneybutton.com, Jiazhi Jiang from Wormhole, Josh Ellithorpe of Coinbase, and Gabriel Cardona from Bitbox. Evaluation is based upon five criteria: understanding of Blockchain technology, practicability, scalability, creativity, and BCH score (which includes use of Op_Return and Op_Datasigverify).

The hackathon’s principal focus, BCH, was done on purpose, according to the website. “To be honest,” organizers posted, “BCH is one of the most amazing Blockchain technologies we have ever seen in terms of its scalability, security and potentiality with smart contract in the future. There are some outstanding projects operating based on BCH or associated with BCH, for instance: Yours.org, Purse.io, Wormhole project, Simple Ledger Protocol (SLP) and many more.  We intend to attract more developers through these events and eventually build a stronger community with real-world use cases.” More information and registration can be found here.

Are hackathons a good way to encourage innovation? Let us know in the comments section below.

Disclaimer: Bitcoin.com is a sponsor of this event.


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OTC Bitcoin Trading in Russia is Becoming More Active, Like China

Russia, one of the few countries alongside China and India to have restricted crypto trading, is seeing an increase in demand for over-the-counter (OTC) investment in Bitcoin and other cryptocurrency assets. According to local reports, the daily trading volume of major cryptocurrencies like Bitcoin and Ethereum in Moscow alone reach $50 million on peak days, … Continued

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Former RBI Governor Stirs Up PMO India – Time For Better Banks

Former RBI Governor Stirs Up PMO India – Time For Better Banks

Bank frauds in India have opened a can of worms this year, leaving the public questioning concepts such as board, governance, public sector, bankruptcy, and investor transparency with anxiety and anger. As a former RBI Governor raises more questions with the Prime Minister’s Office, it’s time to bring crypto finance to the debate.

Also read: Thai Government Approves Crypto Exchange, Wants Own Wallet

Rajan and RBI – Fraud Concerns Continue

In a note to the Chairman of Estimates Committee, former RBI Governor Raghuram Rajan has put together a list of high profile cases of banking frauds. It has been sent to the Prime Minister’s Office (PMO) for a coordinated action.

Former RBI Governor Stirs Up PMO India – Time For Better Banks
A series of financial fraud cases has been reported in India.

The note to the Parliamentary panel details serious concerns as to the rise in size of frauds in the public sector banking system. Urgency and speed has been expected by ex-RBI Rajan, who mentions use of new tools, stringent penalties for non-compliance, swift enactment of the Bankruptcy Code and an AQR (Asset Quality Review) process.

Fraud cases at a number of public sector banks – as well as private banks – have brought the opacity of the current banking business model into the spotlight along with awareness of the oversight of the Board of Directors.

Stop Spinning the Wheel – Reinvent It

A recent report on Indian digital customers by payments company FIS indicates 18% of them have reported a fraud in the past year. The most affected age group was between 27 to 37 years – also the ones who are more inclined to use digital banking apps.

With recapitalization plans as huge as Rs 1.35 trillion announced last year, and the total capital infusion into banks over the past decade rounding to some Rs 2.65 trillion as per other media reports, this is also a time to bring more transparency and disintermediation into the overall radar of RBI in India. After the 2008 crisis in the US, and bail-outs to many collapsing global economies across the world, the global financial world can use some radical ways to rethink banking and money.

Former RBI Governor Stirs Up PMO India – Time For Better Banks

Something that can complement or fill the gaps that erstwhile banking systems have inflicted upon investors and customers – something like blockchain and cryptocurrency, perhaps. Where trust is not subject to the dangers of being broken via such frauds, and where trust, ironically, exists in the DNA of a trustless system.

A decentralized fabric of transactions may not be a plug-and-play answer to some of the present woes of the BFSI sector, but it could be a parallel or phased answer perhaps. There is no harm in considering more options, including cryptocurrency-based solutions, to inject some much-needed transparency into the industry.

What solutions would you suggest to fight fraud in the banking sector? Let us know in the comments section below.


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Current Legal System Can’t Recognize Bitcoin, India’s Central Bank Tells Supreme Court

The Reserve Bank on India (RBI) on Wednesday filed an affidavit in the Supreme Court to clarify its stand on cryptocurrencies like Bitcoin. The central bank reserved its views on the legality of cryptocurrencies in India, telling the apex court that the constitution has not defined any legal system for virtual currencies. Citing the provisions … Continued

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Is India Ready to Legalize Crypto? Officials Visit Japan & UK to Study Policies

While the Supreme Court of India hears the crypto exchange industry’s case against the central bank following the latter’s banking ban, regulators are exploring regulatory policies for the nascent sector. Businesses and associations in the cryptocurrency and blockchain sector are expected to participate in the hearing alongside the Securities and Exchange Board of India (SEBI), … Continued

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India’s Supreme Court Hears Crypto Exchanges vs. Central Bank Case Today

India’s Supreme Court is today hosting the final hearings of the ongoing case between cryptocurrency exchanges and the central bank concerning the latter’s blanket banking ban introduced in April. The country’s foremost court is hearing petitions and the case against the circular issued by the Reserve Bank of India (RBI) in April 2018. In it, … Continued

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India Cryptocurrency Winter Survivors: We Were Not Sleeping, But Hibernating

We were not sleeping, we were hibernating - Cryptocurrency winter survivors

The RBI Circular was intended to put a pause button on cryptocurrency activity in India, but as the mandate that restrained banks to be involved in this space goes through debate, protests, and court pit-stops, beneath the surface a lot has transpired. It is in the trenches where it can be shown why it is not exactly so easy to curb bitcoin action. People, like stubborn wild flowers growing on a curb, have found ways to stay sunny and continue bitcoin activity.

Also read: What happened in Iran when regulator allowed mining?

Will finds a Way

It was not the tourniquet it was intended to be. At least, not without some spills and spillovers. The RBI circular that prohibited banks and financial institutions from providing services in context of cryptocurrencies has created some confusion and hesitance, but no outright suspension of market activity in the last few months. Enthusiasts and panicked people alike have found ways to take a detour.

Having accounts in the US is one such option. Optimists like Vikash P, a practitioner of cryptocurrency who uses such means, say they will keep investing in it because they see intrinsic value and feel that’s why bitcoin has climbed so much since its inception. People are also considering Moneygram, local websites that supposedly allow local currency conversion against bitcoins, and face-to-face cash deals, as ways to trade bitcoins while the ban continues.

We were not sleeping, we were hibernating - Cryptocurrency winter survivors

Then, there is a much more pervasive alternative in the form of P2P trade where the buyer and seller deal via escrow accounts held by an exchange.

Wazirx shares that it had announced P2P as a solution before the RBI ban came into effect. “So our users knew they had a way of cashing in and out of crypto post 6th July. The demand for P2P crypto trading has turned out to be way more than anyone in the industry expected it to be. We’re overwhelmed by the massive response from all our users for Wazirx P2P.” its CEO explains.

The exchange sees more than 1 trade per minute on Wazirx P2P and calls it the highest P2P trading velocity in India. To add to that, now there is Coin Recoil that has launched in India claiming zero withdrawal fees and trading pairs with TrueUSD (which it calls a price-stable cryptocurrency backed by US Dollars). It aims to offer a fiat-to-crypto platform once necessary regulatory approvals come by.

Cathy Z from Digi Finex (that has a lot of Indian citizens in its platform’s community) feels that as long as citizens are not banned from dealing with cryptocurrencies, one can always use foreign exchanges or local exchanges that pack their bags for countries like Singapore. “Making a law is one thing and executing is a different thing altogether. Exchanges can move overseas, open services to Indian citizens and foreign players can provide services to Indian citizens. For sure, the intention of government is to protect people and not to put everyone behind bars. It is hard to trace individuals anyway. People will find ways to trade in this currency. They can try different exchanges, different VPNs and different identities too.” Staying invested is not a problem if the ban continues as Ajeeth K from Zebpay has also opined.

Bulls and Blinkers

That does not mean that the ban on INR deposits and withdrawals did not hamper trade in India. An investment player in Ahmedabad tells of how the hype has come down, and the fear of income tax department notices to some bitcoin players has also created a ‘pause’ mode in the market. People who do not understand the technology underpinnings well are the ones who easily get disoriented with its vague nature and initial media notoriety. Mohit G, a finance professional from New Delhi, also observes that volumes have been affected in India.

Fresh investments have definitely gone southwards as Sidharth S, founder of CREBACO, seconds. “Activity has dropped significantly but P2P and cash transactions are supporting people who want to cash out.” He, however, cautions that this is not what the government would have aimed at, as now it would be difficult for tax authorities to figure out a lot of movements in people’s accounts given the difficulty of grabbing the exact value of bitcoin on a particular time and day.

Hold Their Hands

“I started very late in this space anyways. I will keep investing in it,” says a confident Vikash who notes that finance sector in India is still trying to define it. Since there is no way to track the money and it is an instant transfer, it is understandable that regulators would be wary of the flight of money abroad. But with strong KYC elements in place at many exchanges, that should not be a worry anymore, he contends.

We were not sleeping, we were hibernating - Cryptocurrency winter survivors

Crypto markets are reaching around US$250 billion in Sep 2018, and could touch US$1 trillion by 2020, as per some estimates. With trading volumes as huge as US$12-14 billion worth of trades per day, there is need for guidance and balance for investors interested in a virtual currency. Ponder over these worries from Mukesh C, a cyber forensics expert, “An investor in this space has to be ‘always’ alert about regulatory swings. If tomorrow, a foreign country where s/he has an account, changes its stance on cryptocurrency; and the account and money is frozen out of the blue, what respite or recourse does an investor have?”

Sidharth S does not mince any words here. “The government has to act really fast. We cannot afford to make policies at the pace we did for software industry. The cryptoworld is too quick for bureaucracy. Government should regulate it at the right time. They cannot stop it for sure. They also cannot afford to lose revenue because the industry is moving out to other crypto-friendly regions.”

There are good and bad people in any space, Cathy Z reminds. “The good ones want to play by rules. Eventually, governments won’t be able to kill crytocurrencies. So banning something will not give regulators the results they want to achieve. Guidance and deadlines to comply will.”

 How have you dealt with the Crypto Winter? Let us know your experience and opinion in the comments section below.


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RBI Ban Hearing in Two Days – What Indian Crypto Exchanges Are Expecting

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are Expecting

The Indian supreme court will hear all petitions against the crypto banking ban by the Reserve Bank of India on Tuesday. News.Bitcoin.com talked to the CEOs of several Indian exchanges to find out what they are expecting from the hearing, trader sentiment, their exchanges’ current trading volumes, and how they see the court’s ruling affecting the crypto community.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

The Beginning of the Journey

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingAll eyes in the Indian crypto community are on the supreme court (SC) hearing on Tuesday, September 11, when all petitions related to the crypto banking ban by the Reserve Bank of India (RBI) will be heard. The country’s central bank issued a circular on April 6, banning banks from providing services to crypto businesses.

In response to the ban, a number of crypto exchanges operating in India have come up with methods to allow users to continue to deposit and withdraw Indian rupees. Among them are Wazirx, Instashift, and Coindcx exchanges which offer services based on the exchange-escrowed peer-to-peer (P2P) model.

Wazirx’s CEO, Nischal Shetty, shared with news.Bitcoin.com:

The SC hearing is not the end of the road but the beginning of the crypto journey in India…If the outcome is positive then it will definitely boost trading volumes. If the outcome is negative then I don’t think there would be much impact on the existing trading volumes.

Rahul Chitale, CEO of Instashift, told news.Bitcoin.com that “The ruling will surely have some bearing and the SC’s views will shape a lot of the regulatory thinking, but it’s unlikely to have an immediate tactical impact.” Citing that similar regulatory hurdles are seen globally, he described:

Crypto will continue to thrive regardless of the government view, like we have seen worldwide. Any ruling which forces the government to precipitate taking a view on this will only benefit crypto in India in the long run.

Sumit Gupta, CEO of Coindcx, explained to news.Bitcoin.com that “All Indian exchanges and crypto traders are eyeing the SC ruling.” In the long run, however, he believes that “Indian traders will eventually find ways to invest in cryptocurrencies via some innovative channels.” Emphasizing that “a negative ruling will just shift users to P2P trading platforms,” he asserted:

A positive ruling will boost crypto trade in the Indian market like we have seen in Q3 of 2017 and we will see lakhs of new users joining exchange platforms and volumes can shoot up even higher than it was before in the next bullish run.

Trading Volumes Rise Amid RBI Ban

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingDespite the banking ban, Shetty revealed that trading has been increasing on Wazirx, largely due to the increase in popularity of the exchange-escrowed P2P service. “Our trading volumes have been growing every week,” he said. “We were pleasantly surprised and overwhelmed by the way users have acclimatised themselves to P2P.”

For Instashift, Chitale described that “since the last set of RBI related developments in the past couple of months, we have continued to see strong 20-25% growth in trading volumes month on month over the last 2 quarters of our operation,” adding:

There is a lot of trader money still parked on the sidelines, and we continue to see a lot of it return back to the market, even in spite of the current downturn in nearly all major coins.

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingGupta is also seeing a rise in trading volumes on Coindcx “due to its crypto-crypto nature.” However, he clarified that in general “that’s not the case,” elaborating that “Most of the Indian crypto investors are either hodling or trading rarely and hence the decline in overall volumes across exchanges. We observed that many people are also waiting to hear the SC verdict before they invest as this is also going to move crypto prices in India.”

Sathvik Vishwanath, CEO of one of India’s largest crypto exchanges, Unocoin, recently shared a similar sentiment with news.Bitcoin.com. He revealed that on his exchange, “The volumes have significantly come down as this [RBI’s ban] is not only restricting the new users joining the platform but it is also hurting the sentiments of the present users.” Unocoin currently does not offer P2P trading.

What Exchanges Are Expecting from the Ruling

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingRegardless of the outcome of the supreme court’s hearing, “It’s business as usual for us at Instashift,” according to Chitale. He added that “Our users are mostly retail investors who are into it for the long run, and while trading volumes may fluctuate up or down…we don’t see investor demand diminishing in the shorter timeframe.”

Wazirx is also prepared for whichever direction the ruling may take. If a stay order is granted on the RBI ban, “we’ll immediately resume bank deposits and withdrawals for all our users,” Shetty confirmed, emphasizing that, otherwise, Wazirx’s P2P solution “is already working great for all the users in India.” He further detailed:

Crypto has now reached a stage where everyone has started taking it seriously in India and the majority of the young generation sees crypto as a way to invest their money…I’m banking on the SC releasing a directive asking the government to lay out regulations for crypto in India as that would enable every Indian to trade safely in crypto in the future.

RBI Ban Hearing in 2 Days - What Indian Crypto Exchanges Are ExpectingSharing the sentiment, Chitale explained, “We are hopeful that the ruling will cause the government to prioritize its stand and clarity on a number of aspects of crypto,” such as regarding “taxation, classification, resolve any duality in state/center views, and so on.” He reiterated that “In short, this can only lead to clarity. Any clarity will lead to trader and investor confidence thus boosting the overall market.”

Citing that “as an asset class, ‘new money’ into crypto will come on the merit of crypto and other macro factors (like capital controls, taxation etc),” he concluded that “Broadly, we don’t expect trader and retail investor sentiment to diminish in that regard.”

Similarly, Gupta confirmed that Coindcx is “already prepared for the worst and have backup plans no matter which way the ruling swings.” Nonetheless, he said:

We are hopeful and believe that the government’s careful evaluation of the blockchain and cryptocurrency space will bring out a positive ruling that protects the interests of Indian crypto traders and investors. However I strongly feel that this space will eventually get regulated in India and we will see India as one of the global leaders in the blockchain space in the next 3-4 years.

What do you think the supreme court will do and how will the ruling affect the crypto community? Let us know in the comments section below.


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India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

While expectations and fears are mounting on an imminent Supreme Court decision about the regulator’s ban concerning cryptocurrency trade in India, the big day may not exactly be a defining one for the future of bitcoin in the country. Other questions and bypass-routes will snowball (or hairball) no matter which way the ruling swings. Crypto exchanges have smelt a lot in this run-up to the hearing.

Also Read: Indian regulators curious to study experiences of other regions

Tick Tock, Tick Tock – Crypto Exchanges Jittery?

Next week is supposed to be a major one for the ongoing debate on the circular that Indian regulator RBI issued in April banning all financial institutions from providing services in trade of virtual currencies.

This move has drawn a big yellow line for banks and payment gateways, and has halted their work with cryptocurrency. This should make affected crypto exchanges and traders worried, but if you ask Ajeet K, CEO, Zebpay (presumably India’s first bitcoin exchange), he is chewing some cud instead of nails right now.

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

“We feel that our case is very strong and we are also aware that RBI has its own considerations and compulsions. But this decision is not going to significantly define the future of bitcoins here.” He opines that regardless of the outcome, the space will find its way to blossom. If favorable, there would be other issues and nuances of regulation to be addressed as we move forth. If it pans out unfavorable? Well, then too, the plug would not be just yanked away.

Cobra Effect

In his observation, staying invested in bitcoin is not a problem for users even now. Buying and selling old ones is an issue but even that is being circumvented as we speak. There are some ways, in his reckoning, that are neither sustainable nor durable. “Why not let people have systematic and official means? By cutting the bank part in this process, authorities are only going to make room for new challenges.”

India Crypto Exchanges: Supreme Court Hearing to be Inconsequential

Looks like he has a point, as half crore users in the country are not going to stop participating in this space because of a ban. Notably, exchange-escrowed P2P trading on some crypto exchanges in India such as Wazirx and Koinex have hinted that a lot of other solutions can be offered for enabling deposit and withdrawal services for customers.

As Barry Silbert, founder of the Bitcoin Investment Trust, remarked in an interview, bitcoin adoption would progress from experimentation to a global consumer adoption phase that will arrive when companies persist in innovating and making it easier for consumers to buy, hold, and spend bitcoin.

Interestingly, an inter-departmental group was also constituted by the RBI to study and provide guidance on the desirability and feasibility of a central bank digital currency. What’s remarkable is that crypto exchanges such as Zebpay lean strongly towards KYC. Ajeet is clear on that in the face of any argument for privacy too. “Some questions have no easy answer. Look at this way. Do you want to make it easy for bad guys or help the good ones and be a good one?”

As long as users, exchanges and traders are on the side of good guys, authorities can look beyond the pixels. The next few days are gonna tell.

What do you think about the current stance of regulators and the future of bitcoin? Let us know in the comments section below.


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The post India Crypto Exchanges: Supreme Court Hearing to be Inconsequential appeared first on Bitcoin News.

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

A Brussels-based think tank has urged the European Union to adopt common crypto regulations. Its report will be reviewed during this week’s meeting of the EU finance ministers in Vienna. Also in The Daily, the Eurasian Economic Union may adopt a single settlement currency, possibly a crypto, Samsung Pay offers a tokenized money transfer service in Russia, and Transfergo launches remittance payments to India using DLT technology.

Also read: Luxury Car Dealership Accepts Bitcoin, Basketballers to Earn Crypto

Think Tank Calls for Universal EU Crypto Regulations

The European Union, a politico-economic behemoth that often finds it hard to agree on common policies on anything, from immigration to taxation, has been called upon to adopt universal regulations for crypto exchanges and clear rules for crowdfunding through initial coin offerings (ICOs). In a report, the Brussels-based think tank Bruegel argues such an approach would put risks under control while creating conditions to exploit the industry’s potential.

Worried about some innate peculiarities of the space and the technology, including the volatility of young crypto markets and the associated risks of fraud and money laundering, EU leaders and institutions have nevertheless refrained so far from discussing and developing a comprehensive pan-European regulation, citing the relatively small size of the sector and the crypto-euro trade. There are indications this attitude could change as the report in question has been prepared for the Union’s finance ministers’ meeting this Friday and Saturday in Vienna, as reported by Reuters.

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto

Despite the bearish market trends this year, crypto trading and investing has increased in the EU, so has the interest in ICOs – member-states account for 30 percent of the projects funded through digital token sales. This will surely press Brussels to take a closer look at the regulatory challenges. Austria, the current EU president, is now asking its partners whether the applicable EU regulations need to be updated.

Bruegel suggests that entities dealing with cryptocurrency and related instruments, such as crypto exchanges, should be subject to stricter disclosure rules. However, the think tank notes that crypto companies seeking favorable business climates in jurisdictions like the EU-member Malta might need to be tolerated for some time in order to “experiment and learn about the best approaches to this fast-developing technology.”

EEU May Adopt Single Currency, Ruble or Crypto

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common CryptoThe Eurasian Economic Union (EEU) is in a position now to create a common settlement currency for the region, according to the Eurasian Development Bank (EDB) board chairman Andrei Belyaninov. During a Eurasian Media Congress in Almaty, Kazakhstan this week, he said the situation across the union today is extremely advantageous, for which he expressed gratitude to US President Donald Trump’s administration, Arka news agency reported. He elaborated:

The sanctions appeared to be instrumental in our efforts to consolidate internal resources, create a single economic space, form infrastructures within this space and develop them… We are in a position to create a regional settlement currency. I believe that it should be the ruble, although there are other points of view, for example, a blockchain-based currency.

Belyaninov admitted the EDB is currently a “bit aggressive” with its plans across the EEU and complained the bank’s initiatives are hampered by what he called “incompetent and illiterate judgments” about the current situation in the economic markets. EDB has an authorized capital of $7 billion USD and is supported by Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

Revamped Russian Crypto Law Ready for Discussions in October

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common CryptoThe draft law “On Digital Financial Assets” will be submitted for public discussions in early October, Alexei Guznov, Director of the Legal Department of the Central Bank of Russia, told journalists on the sidelines of the Forum of the Association of Russian Banks. The version that will be presented is going to be the one that deputies will accept for a second reading in the lower house of Russia’s parliament. Three bills aimed at regulating different aspects of the crypto space were voted on first reading this spring, with their final adoption scheduled for the fall session of the State Duma. Russian lawmakers have been trying to synchronize the drafts to produce a comprehensive regulatory framework.

Samsung Pay Offers Tokenized Money Transfer Service in Russia

Mobile payment service Samsung Pay is now offering a tokenized cashless transfer service in the Russian Federation, local media reported. Samsung Pay is partnering on the project with Visa, Mastercard, and Multikarta, and the Russian Vneshtorgbank (VTB) will be the acquiring bank. When making a transfer, a randomly generated token will replace the card number thereby protecting the clients’ personal information, mitigating the risks of the data being intercepted by third parties.

Transfergo Launches Remittance Payments to India

The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common CryptoPayments provider Transfergo has announced the launch of an instant payments service to India using technology provided by Ripple. The company notes that Transfergo Now is available for users in Europe who will be able to order real-time money transfers to India, considered the world’s biggest receiver of remittances. The issued press release does not specify the technology underpinning the system but a number of financial institutions, including leading Indian commercial banks such as Kotak Mahindra and Axis bank, are among the users of Ripplenet. The blockchain-based Xcurrent software which enables the transfers on the platform does not use XRP, Ripple’s centralized altcoin.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


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The post The Daily: EU Urged for Common Crypto Rules, EEU Ready for Common Crypto appeared first on Bitcoin News.

An Indian Kid and the Pastry Window of Cryptocurrency

An Indian Kid and the Pastry Window of Cryptocurrency

The average young Indian is curious and confused about cryptocurrency. They think it is cool, but right now, thanks to an interim regulatory ban, it’s a world that’s out of their reach, leaving them anxious and hungry to learn more. Do regulators and users know where to go from here?

Also read: Major Indian Bitcoin Exchange Discusses the Aftermath of RBI Ban

Cryptocurrency: Neither Here Nor ‘Their’

An Indian Kid and the Pastry Window of CryptocurrencyEver heard of the “monster behind the door” theory? It holds that what you conjure in your mind is always scaier than whatever is, or is not, actually out there.

That notion is working its spell quite well in some regions of the world and India is fighting that beast as we speak. The horror, this time, concerns various what-ifs of allowing cryptocurrency.

But there are people, specially young and curious (and not necessarily whimsical) Indians, who have seen the figure behind the door already – and if it is not a fairy that they’ve encountered, it is not a monster either.

Shripad S, 32, from Mumbai, who invested a couple of thousand rupees in bitcoin in May 2017 and exited in February 2018, says he was in love with the cryptocurrency.

“The RBI stance shifted the situation a lot, of course. But the beauty of this crypto-asset is its unprecedented ease, technology and speed. Lack of awareness and proper knowledge, however, are gaps that need to be addressed,” he explained.

His remarks hint also at how many people perceive they cannot afford bitcoin because it is expensive. They seem unaware that you can invest in fractions of a bitcoin too.

Don’t Get Scared – Get to Know It

Having certain fears or reservations about cryptocurrency is natural. Overcoming them calls for arming one’s doubts with knowledge and accurate answers.

Consider Abhishek G, 30, from New Delhi who put in a few thousand rupees for buying ethereum last year and loved the easy and smooth experience of the crypto world. “It was like buying groceries online. I had my eye on bitcoin but could not afford it that time. The crypto market was in a boom then. The government policy was not discouraging when I had invested in cryptocurrency. In fact, when I exited I made a neat profit of Rs. 60,000 on each unit.” He is wary of market volatility, but if the RBI stance changes he  states would be excited to try bitcoin now.

Volatility and the risk factor deterred the likes of another young economics graduate from Kanpur who, however, feels that if one has enough risk appetite then high volatility means high profits too. “The idea of cryptocurrency is really cool though,” he notes.

An Indian Kid and the Pastry Window of Cryptocurrency

Chet J, founder and CEO of a crowdfunding platform, sees a lot of Indians sitting with bitcoins but they seem unsure of what to do with them. He is also upbeat about the promise of cryptocurrency. “I see its long-term value. Of course, we will see corrections and the speculation part will get reduced with time.”

He is more confident of bitcoin adoption growing faster in the US and Singapore than in India, feeling that the average person here still needs a certain level of understanding of cryptocurrencies. That should explain the interim stance of the regulatory framework here. “It is a little complicated. Government is, perhaps, just trying to save people from speculation and ignorance.”

Invest, Don’t Just Fiddle

As long as one invests an amount one is comfortable putting into the market and is patient, crypto assets such as bitcoin remain attractive, Shripad stresses. Educating people about its oft-debated volatility will help them make a more informed decision.

Abhishek also opines that people need to have a long-term view of cryptocurrencies such as bitcoin. “They need to hold it and not just use it as a trading option with a short-term window.”

“Can we afford to lose an important business opportunity while examples like Japan and other important global economies are moving forward and showing [India] how a mix of right stakeholders and understanding can leverage this new phenomenon to one’s advantage?” Shripad finishes.

Privacy, self-determination, and the “cool-quotient” – there is a lot that is keeping Indians curious and excited about cryptocurrency, even as they wonder and debate about the many what-ifs lurking behind the door.

What do you think of the regulatory posture for cryptocurrencies in India? Let us know in the comments section below.


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Disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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 TransferGo Launches Instant Payments to India with Ripple Blockchain Tech

Payments platform TransferGo has launched a real-time payments corridor to India, the world’s biggest remittance receiver, using Ripple’s blockchain technology. In a press release, the payments provider announced the launch of ‘TransferGo NOW’, a service which it says is available for customers “from anywhere in Europe” to “make instant money transfers to India” using San … Continued

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