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.

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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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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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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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Major Indian Bitcoin Exchange Discusses the Aftermath of RBI Ban

Major Indian Bitcoin Exchange Discusses the Aftermath of RBI Ban

It has been about two months since the crypto banking ban by the Reserve Bank of India (RBI) went into effect. News.Bitcoin.com talked to Sathvik Vishwanath, CEO and co-founder of Indian exchange Unocoin, to discuss the aftermath of the central bank’s ban.

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

All Eyes on Supreme Court

Major Indian Bitcoin Exchange Discusses the Aftermath of RBI BanThe RBI issued a circular on April 6 banning all financial institutions under its control from providing services to crypto businesses. The central bank gave banks three months to exit any existing relationships with companies dealing with cryptocurrencies. A number of industry participants have filed petitions with the country’s supreme court against the ban. The court is set to hear them all on September 11.

Sathvik Vishwanath, CEO and co-founder of Unocoin, one of India’s largest cryptocurrency exchanges, told news.Bitcoin.com that after the RBI ban:

The volumes have significantly come down as this is not only restricting the new users joining the platform but it is also hurting the sentiments of the present users. Now everyone in this space is waiting for the apex court comments on Sept 11th.

His Bangalore-based exchange is still growing, albeit at a slower rate than previously. Currently, “We have about 20,000 users coming in on a monthly basis. In the good months, we have seen this kind of number every 3 days,” he shared.

Regulation is the Biggest Challenge

Major Indian Bitcoin Exchange Discusses the Aftermath of RBI BanThe Indian government has been drafting crypto regulation. According to Subhash Chandra Garg, Secretary in the Department of Economic Affairs, the draft was supposed to be ready in July. However, it has reportedly been delayed until the year’s end.

The central bank has also reportedly set up a new unit for cryptocurrencies, blockchains and artificial intelligence.

Meanwhile, the Securities and Exchange Board of India (SEBI) sent officials to Japan, the UK, and Switzerland last fiscal year to study cryptocurrency and initial coin offerings from each of the three countries’ financial regulators.

Vishwanath commented:

Regulation has been the biggest challenge followed by sentiments of users. However, the price surge may positively influence the sentiments but the regulation can continue to be a challenge for the time being.

The Popularity of P2P and Crypto-to-Crypto Trading

Since the ban, some local crypto exchanges have come up with their solutions for INR withdrawals. The most popular method to bypass the central bank’s ban is by exchange-escrowed P2P services. News.Bitcoin.com has reported on the rise in popularity of P2P trading in India several times.

Major Indian Bitcoin Exchange Discusses the Aftermath of RBI BanEven the RBI anticipates the shift from trading on regular exchanges to P2P trading. “Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash,” the central bank wrote.

As for Unocoin’s likelihood of adding their own P2P solution, Vishwanath revealed that “presently, we do not plan to but we are evaluating.” In May, the exchange launched a crypto-to-crypto platform called Unodax, which now offers 41 trading pairs in multiple base coins. However, he described:

India’s biggest crypto population is not ready for the crypto-to-crypto trading. There is a bigger percentage of users who just buy bitcoin as an investment than trying to earn money through short-term trading.

Meanwhile, another major Indian exchange, Zebpay, announced on September 4 that it will return all users’ Indian rupees on deposit at the exchange. Citing the RBI ban, the exchange wrote, “We have been distressed at the raw deal crypto-traders are getting in India as a result of the banking problems.” Zebpay will begin the refund process on September 5. “While it is not possible for us to speak on behalf of our banks, we intend to return your money to you as soon as possible,” the exchange reiterated.

What do you think of how the RBI’s banking ban affects the crypto industry? Let us know in the comments section below.


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India is Exploring a Central Bank Digital Currency for Payments

The Reserve Bank of India (RBI) joins a growing list of global counterparts in exploring a central bank digital currency (CBDC) that would constitute the digital equivalent of the Indian rupee. The RBI has established an inter-departmental group to explore the demand and plausibility of a blockchain-based digital currency to be used in domestic payments, … Continued

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Reserve Bank of India Anticipates Shift to P2P Crypto Trading

Reserve Bank of India Anticipates Shift to P2P Crypto Trading

India’s central bank has released its latest annual report which includes a section dedicated to cryptocurrency. The Reserve Bank of India outlines the risks posed by crypto and emphasizes the need to monitor crypto development in anticipation that some trading may shift from exchanges to peer-to-peer (P2P) mode.

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

Risks to Monetary Policy

Reserve Bank of India Anticipates Shift to P2P Crypto TradingThe Reserve Bank of India, the country’s central bank, published on Wednesday its 268-page annual report for 2017-18.

While asserting that “the cryptocurrency eco-system may affect the existing payment and settlement system which could, in turn, influence the transmission of monetary policy,” the central bank wrote:

Though cryptocurrency may not currently pose systemic risks, its increasing popularity leading to price bubbles raises serious concerns for consumer and investor protection, and market integrity.

A Shift to Peer-to-Peer

Reserve Bank of India Anticipates Shift to P2P Crypto TradingThe annual report also confirms that the government and the central bank “are keeping a close watch on cryptocurrency.”

Referring to the circular it issued in April banning all financial institutions from providing services to “any individual or business entities dealing with or settling in virtual currencies,” RBI reiterated:

Developments on this front need to be monitored as some trading may shift from exchanges to peer-to-peer mode, which may also involve increased usage of cash. Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations…require close watch.

Since the RBI ban, crypto exchanges in India have come up with solutions to continue providing Indian rupee deposit and withdrawal services to their customers. One solution that is growing in popularity is through exchange-escrowed P2P trading.

RBI Sees Additional Risks

Reserve Bank of India Anticipates Shift to P2P Crypto TradingRBI claims that cryptocurrencies are “prone to hacking and operational risk” because they are stored in electronic wallets. In addition, the central bank sees “a high possibility of its usage for illicit activities, including tax avoidance.”

Emphasizing that crypto lacks an “established framework for recourse to customer problems/ dispute resolution as payments by cryptocurrencies take place on a peer-to-peer basis without an authorised central agency which regulates such payments,” RBI detailed:

The absence of information on counterparties in such peer-to-peer anonymous/pseudonymous systems could subject users to unintentional breaches of anti-money laundering laws (AML) as well as laws for combating the financing of terrorism (CFT).

Furthermore, the report mentions that a number of central banks around the world are exploring central bank digital currencies. “In India, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency,” the report reads.

What do you think of RBI’s opinions? Let us know in the comments section below.


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Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method

Indian Exchange Resumes Fiat Deposits and Withdrawals Using New Method

An Indian cryptocurrency exchange has come up with a new method to allow its users to deposit and withdraw rupees despite the crypto banking ban by the country’s central bank. The exchange also guarantees that rupee requests will be processed within 30 minutes or the user will receive ten free XRP credited to their account.

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

Creative Ways Around RBI Ban

Indian Exchange Resumes Fiat Deposits and Withdrawals Using New MethodThe Reserve Bank of India (RBI), the country’s central bank, issued a circular in April banning all financial institutions under its control from providing services to crypto exchanges. The ban went into effect in July and banks began closing accounts of crypto exchanges, prompting a number of them to come up with creative solutions for INR deposits and withdrawals. Some launched exchange-escrowed peer-to-peer (P2P) services; some crypto-to-crypto trading.

One crypto exchange in particular claims to have found a way around the ban. Giottus, which also offers exchange-escrowed P2P trading service, reopened its fiat support despite the RBI ban. The platform offers BTC, ETH, BCH, XRP, and LTC trading pairs.

Giottus wrote on its website:

Get your INR processed within 30 mins of placing your request, else get 10 XRP credited to your Giottus account.

The exchange explained that INR withdrawals are only processed during banking hours, adding that “withdrawal requests received after 5 p.m. will take a maximum of 10 hrs or will be credited [the] next day (whichever is earliest).”

Giottus’ Method

Indian Exchange Resumes Fiat Deposits and Withdrawals Using New MethodGiottus co-founder and COO, Arjun Vijay, recently explained to Ambcrypto publication that his exchange is able to offer INR deposit and withdrawal services “by identifying specific traders who can process deposits and withdrawals quickly. This is still done through P2P, allowing the traders to still function normally,” the news outlet conveyed and quoted Vijay saying:

We have now started processing INR deposits and withdrawals through these selected P2P partners and they currently on average process requests within 15 minutes. As a safety measure, we take collateral from these P2P partners, and these partners, as service fee charge 0.2% for the deposits and 0.2% for the withdrawals.

Vijay further noted that traders can process volumes of up to approximately 60-70 percent of their collateral deposited with the exchange before additional collateral is required.

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 Giottus’ method to let customers deposit and withdraw rupees amid RBI’s ban? Let us know in the comments section below.


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India’s Central Bank Quietly Forms New Cryptocurrency, Blockchain Research Unit

The Reserve Bank of India (RBI) has reportedly established a new internal unit dedicated to researching and regulating new emerging technologies, specifically cryptocurrency, blockchain and artificial intelligence (AI). Holding back on a formal announcement, the RBI has discreetly formed a new unit to research and possibly supervise disruptive technologies through draft rules in the future,

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P2P Exchange Options Increasing for Crypto Traders in India

P2P Exchange Options Increasing for Crypto Traders in India

Since the Reserve Bank of India (RBI), the country’s central bank, banned banks from providing services to cryptocurrency businesses, traders are increasingly trading on peer-to-peer (P2P) platforms. Local crypto exchanges have come up with a number of exchange-escrowed P2P solutions.

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

Localbitcoins

Trading volumes in both the Indian rupee (INR) and BTC increased on Localbitcoins between the week of April 7, when the RBI issued its circular, and the week of August 18. The INR trading volume increased 25 percent, from 68 million rupees (~US$974,561) to 85 million rupees (~$1,218,201). The number of BTC traded increased about 23 percent from 150 BTC to 184 BTC.

P2P Exchange Options Increasing for Crypto Traders in India

Earlier this month, news.Bitcoin.com reported that Indian traders have also found some other creative ways to trade cryptocurrencies amid RBI’s ban including Dabba trading via Telegram.

Exchange-Escrowed Marketplaces

P2P Exchange Options Increasing for Crypto Traders in IndiaThe Mumbai-based Koinex is offering an exchange-escrowed P2P service called Loop for the trading of BTC, ETH, and XRP. Founder and CEO Rahul Raj explained to Inc42 that “buyers and sellers on Loop can create their own listings (like a marketplace) or explore existing listings to choose their best trades.”

He elaborated, “while it’s still early days, Loop has been very well received by the Indian trading community and we are seeing increasing traction every day,” adding:

Other key aspects of Loop include a user rating mechanism, cancellation option for sellers, listing modification, dynamic pricing, cleansing of stale listings, and a host of other features to ensure only genuine and legitimate trading on the platform.

Another crypto exchange, Coindelta, has created an exchange-escrowed P2P system called Flux. BTC, ETH, XRP, and USDT can be transferred directly between Coindelta and Flux, but other cryptocurrencies must be converted to USDT on Coindelta before sending to Flux.

Auto-Matching Orders

P2P Exchange Options Increasing for Crypto Traders in IndiaThe Wazirx P2P system uses USDT in transactions. Sellers convert their cryptocurrencies to tether and sell them for rupees and buyers convert their rupees into tether to trade on the exchange. “Wazirx acts as an escrow account for holding the cryptos during the transaction,” the exchange described.

Orders are automatically matched by the exchange, CEO Nischal Shetty told news.Bitcoin.com:

The auto-matching open order book in P2P has never been attempted before and people love the ease.

Furthermore, Wazirx tweeted on August 25, “Wazirx has the cheapest price for crypto in India.”

Incentives for Depositing INR

Crypto exchange Bitbns also recently launched P2P transaction functionality which has been updated several times. Last week, the company announced an incentive scheme for anyone depositing INR in order to speed up order matching. The exchange explained:

We have introduced an option that allows withdrawers to tip depositors as per their wish. The tip could be anything in the denominations of 0.1 i.e 0%, 0.1%, 0.2%, 0.3%, and so on up to 1% of the transaction amount.

However, some users have complained on social media about not being able to withdraw funds. Some also said that they have been scammed on the exchange’s Telegram group by people pretending to be Bitbns’ admin.

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.

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Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

Stablecoins Gaining Popularity in India to Minimize Central Bank’s Impact

A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. They are part of the solutions exchanges have come up with in order to minimize the impact of the crypto banking ban imposed by the country’s central bank.

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

Unocoin Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactUnocoin, one of India’s largest crypto exchanges, announced on Wednesday the addition of TUSD to its crypto-to-crypto platform, Unodax. An ERC-20 token built on the Trusttoken platform, each TUSD is said to be backed by one USD held in reserve which can be redeemed. Unodax currently offers 23 TUSD trading pairs including BTC, BCH, ETH, LTC, and XRP.

“The decision [to add TUSD] has been taken to minimise the RBI circular’s impact on cryptocurrency investors and traders,” Inc42 reported. The Reserve Bank of India (RBI), the country’s central bank, issued the circular banning banks from providing services to crypto companies on April 6.

The publication quoted the exchange’s CEO and co-founder, Sathvik Vishwanath, commenting on the addition:

After the RBI banned bank transfers for crypto trading and investments, we were looking for the plausible solutions to help our users continue to hodl, without any disruptions and hassles.

“With trueusd, we are excited to present our users with a long-awaited stable trading plan for crypto-assets traders on our Unodax exchange,” he continued. “Crypto enthusiasts may use this stable coin as a medium of exchange for other crypto-assets and minimise their risks in a volatile market.”

Zebpay Slashes Withdrawal Fee for TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactAnother major crypto exchange in India, Zebpay, added TUSD to its platform earlier this week, as news.Bitcoin.com previously reported.

The exchange also slashed withdrawal fees for multiple currencies. For TUSD, “withdrawal fees are zero till 31st August 2018.” Zebpay wrote:

You can now buy, sell and trade TUSD in two trading pairs: TUSD-INR and BTC-TUSD.

Wazirx Uses USDT in P2P, Adds TUSD

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactCrypto exchange Wazirx launched an escrowed “P2P” service on July 10 that uses tether to enable users to deposit and withdraw INR in an effort to bypass RBI’s ban. Issued on the Bitcoin blockchain via the Omni Layer protocol, each USDT is backed by one USD that Tether Limited claims is held in reserve and can be redeemed for cash. Wazirx has also added TUSD as a deposit option.

The exchange explained that USDT is used “to make stability and crazy liquidity happen,” elaborating:

While building Wazirx P2P, we realized that since crypto price fluctuations are beyond our control, we needed to bring in a stable coin…Since we wanted to add the stable coin with the highest liquidity in the global market, we’ve decided to go with tether.

More Indian Exchanges Offering TUSD and USDT

On Saturday, August 11, Zecoex announced that it has introduced the TUSD trade markets for BTC, ETH, and XRP pairs.

Stablecoins Gaining Popularity in India to Minimize Central Bank’s ImpactCoindelta has also added USDT for trading, deposits, and withdrawals. Trading against INR was enabled on July 19 and against the platform’s long list of cryptocurrencies on July 24. The exchange noted, “USDT is a stable coin, the value of USDT is always tethered to the US dollar price. This makes it easy for people to hold their funds.”

Koinex introduced TUSD on July 6 and aims for this trading market to serve as an alternative to INR as a stable currency. Users can deposit and trade TUSD against INR, BTC, ETH, and XRP. The exchange detailed:

With the absence of INR corridors, we began to find a suitable alternative to the stability of digital assets against fiat currency. After sincere efforts, we are glad to announce the introduction of trueusd (TUSD) as a stable coin on Koinex.

What do you think of Indian exchanges using stablecoins to minimize RBI’s impact? Let us know in the comments section below.


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Huge Demand for ‘P2P’ Crypto Trading Seen in India After RBI Ban

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI Ban

Exchange-escrowed trading directly between cryptocurrency buyers and sellers is growing in popularity in India following the crypto banking ban imposed by the country’s central bank. One local exchange, in particular, is seeing “tremendous” response from Indian traders for this service as “tens of thousands of new users have signed up” in a month.

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

Indians Warming Up to New Solution

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanSince the country’s central bank, the Reserve Bank of India (RBI), banned banks from providing fiat service to crypto companies, local cryptocurrency exchanges have come up with solutions for their users to be able to withdraw Indian rupees. One popular solution is exchange-escrowed trading which local exchanges call peer-to-peer (P2P) trading.

Indian crypto exchange Wazirx launched this service about a month ago. CEO Nischal Shetty told news.Bitcoin.com that the response from traders for this service has been “tremendous,” stating:

People love P2P…Everyone had their doubts whether P2P would work or not, the convenience etc…[But now] We’re seeing above 1 trade match every minute happening in P2P…we’re talking about peer-to-peer transactions at a rate of more than 1 per minute.

He further revealed, “tens of thousands of new users have signed up on Wazirx after we introduced P2P. In fact we got more signups in the last 2 weeks than we got in the last 2 months.”

Platforms With Similar Services

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanThe Wazirx P2P system was built “to replicate how a traditional order book in an exchange behaves,” the CEO described. It uses tether (USDT) in transactions. Sellers convert their cryptocurrencies to USDT and sell them for rupees. Buyers convert their rupees into USDT which can be used to trade any cryptocurrencies on the exchange. “Wazirx acts as an escrow account for holding the cryptos during the transaction,” the exchange detailed.

“The P2P system has replaced the previous system of depositing fiat into Wazirx account and in return getting INR balance in your account,” Shetty explained to news.Bitcoin.com. “What happens now is that you deposit the fiat into another user’s account and get USDT in return…After you get USDT, you can trade in our USDT market in the regular way (non P2P).”

Furthermore, orders are automatically matched by the exchange. “The auto matching open order book in P2P has never been attempted before and people love the ease,” he noted, elaborating:

In most cases, P2P is even faster than the traditional method of deposits and withdrawals people here were used to because in P2P if the person is active online then they would immediately do the money transfer to the peer’s bank account.

Huge Demand for 'P2P' Crypto Trading Seen in India After RBI BanA few other exchanges also offer similar solutions. Coindelta, for example, launched its P2P exchange called Flux on July 26. Users can transfer their BTC, ETH, XRP and USDT between the main Coindelta exchange and Flux. Other cryptos must be converted to USDT on the Coindelta exchange first before sending to Flux.

A popular exchange-escrowed service in the country that uses a classified-style order book listing is Loop by Koinex crypto exchange. Currently, only BTC, ETH, and XRP are listed on the platform for trade.

Zecoex and Giottus crypto exchanges also offer services where users can make offers to sell from their crypto balances and then wait for buyers to select them from a list of available offers. Another exchange for Indians, Instashift, offers a platform for users to buy and sell cryptocurrencies between each other for five fiat currencies, including the Indian rupee.

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 how Indians are bypassing RBI’s ban? Let us know in the comments section below.


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Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin Trading

Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin Trading

One of the largest cryptocurrency exchanges in India, Zebpay, has enabled Trueusd (TUSD) trading, deposits and withdrawals. The dollar-pegged stablecoin is offered as an alternative to fiat trading which is problematic under the Indian central bank’s ban.

Also Read: The Daily: New Education Centers, Vietnamese Ask for Fraudster’s Extradition

Zebpay Enables Trueusd

Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin TradingMumbai-headquartered cryptocurrency exchange Zebpay has announced the addition of Trueusd (TUSD) trading, deposits and withdrawals going live, starting today, August 6, 2018. Trueusd is part of the recent torrent of so-called stablecoins to have hit the market as fears around the performance of Tether (USDT) refuse to die down.

According to its promoters, each TUSD can be redeemed 1-for-1 for US dollars. Trust Token is said to partner with registered banks and fiduciaries to securely hold the funds backing the tokens. And for increased security, the banks and fiduciaries handle all funds directly. Moreover, the Trueusd system supposedly does not handle or even have access to the escrowed funds. Any institution or individual with a verified True Coin account that passes a KYC/AML check can redeem TUSD for USD.

INR-Crypto Trading Alternative

Indian Exchange Zebpay Enables Trueusd (TUSD) Stablecoin TradingIndian exchanges have been looking for creative ways to stay in business ever since the country’s central bank, The Reserve Bank of India, enforced a ban on all financial institutions under its control from providing services to companies dealing in cryptocurrencies. They have been doing this mainly by stopping fiat support and ramping up peer-to-peer and crypto-to-crypto trading. Zebpay itself launched crypto-to-crypto trading pairs back in April.

Explaining the situation to their clients, the team stated: “We are amidst the phase where our industry in India is facing an unprecedented situation. The recent events led to pausing the INR transactions. Traders across India are curious to find an alternative to INR-crypto trading. At Zebpay, we are working to resolve any trading limitations. As one of the best possible solution, we welcome TUSD as an INR alternative on Zebpay exchange. Being a stable coin, Trueusd is secure to invest and trade in the cryptocurrency market.”

Are stablecoins a suitable replacement for fiat trading, deposits and withdrawals? Share your thoughts in the comments section below.


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Indian Government-Appointed Commission Recognizes Crypto as Means of Payment

Indian Government-Appointed Commission Recognizes Crypto as Means of Payment

The law commission established by the order of the Indian government has issued a report recognizing cryptocurrency as a means of payment. This is reportedly the first time that a body appointed by the government admitted cryptocurrencies have value and can be used in transactions.

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

Government-Appointed Body Recognizes Crypto

Indian Government-Appointed Commission Recognizes Crypto as Means of PaymentThe Law Commission of India recently published a report on the legal framework for gambling and sports betting in India. The 140-page report explains that gambling is defined as the act of “wagering or betting on games of chance but does not include betting or wagering on games of skill.” Wagering and betting are subsequently defined as “the staking of money or virtual currency [VC], whether or not it is equivalent to a recognized currency.”

The commission was established by the order of the Indian government to advise them on legal reforms. It was asked by the country’s supreme court in July 2016 to examine if betting should be legalized in India.

According to the report:

The issue of online gambling has further been worsened by the rise in popularity and ease of availability of VC, a form of electronic money.

Indian Government-Appointed Commission Recognizes Crypto as Means of PaymentThe commission noted that gambling with cryptocurrencies “pushes even the online gambling market underground, and very often, out of the reach of the law enforcement authorities.”

While proposing that “stringent law(s) should be put in place to control foreign direct investment and at the same time, to prevent money laundering, while also implementing necessary tax reforms,” the commission wrote in the report’s conclusions and recommendations section:

Similar restrictions should also be prescribed for the purpose of the amount one would be allowed to stake while using electronic money facilities of the likes of credit cards, debit cards, net-banking, VCs, etc.

The report additionally states that “gambling transactions should be made cashless, making use of electronic means of payment such as credit cards, debit cards, net-banking, virtual currencies (VC – also known as cryptocurrency), etc.”

Implication of the Law Commission’s Report

Indian Government-Appointed Commission Recognizes Crypto as Means of PaymentThe report also cites the April 6 circular issued by the Indian central bank, the Reserve Bank of India (RBI), banning banks from providing services to crypto businesses.

Last week, the Indian supreme court heard some petitions relating to crypto regulation and the RBI ban. While the crypto community was hopeful that the court would hear all the petitions and perhaps even grant a temporary stay on the RBI ban, the court reportedly did not hear all the cases and proceeded to set the final hearing date to September 11, allowing time for RBI and other regulators involved to respond to the petition.

Commenting on the law commission’s proposal, Nischal Shetty, CEO of crypto exchange Wazirx, told Quartz:

It is the first time that a body appointed by the government has given recognition to virtual currencies that they have value and can be used for a transaction … Therefore, it is a very positive sign, especially considering the report has come out after a lot of deliberation.

Tuhina Joshi, an associate at legal firm TRA Law which represents several crypto exchanges, was quoted by the publication, “the law commission recommends that regulating gambling is preferable to an outright ban. This is the same argument we are making in context of cryptocurrencies.”

What do you think of the law commission’s proposal? Let us know in the comments section below.


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India Exchange Unocoin Suspends Withdrawals Following Central Bank Demands

India Exchange Unocoin Suspends Withdrawals Following Central Bank Demands

“Deposits/Withdrawals Notice,” came the post title from popular Indian cryptocurrency exchange Unocoin this week. “As per orders from RBI,” the exchange explained, “bank INR withdrawals and INR Deposits have temporarily been disabled. Once an alternative method of funding is identified and deployed, we will resume the deposit and withdrawal services.”

Also read: Cryptowhispers: DDoS Attacks, Major Exec in Serious Crash, Twitter Drama

India Crypto Exchange Unocoin Suspends Withdrawals and Deposits to Comply with Central Bank Orders

Ahead of an anticipated regulatory move and potential clarification by the government of India on the subject of cryptocurrencies, popular exchange Unocoin suspended fiat deposits and withdrawals, noting “Cryptoasset(coin) deposits and withdrawals are ON @ Unocoin & Unodax; Using INR Balance Buy and Sell of BTC/ETH is ON @ Unocoin; Crypto-rupee and crypto-crypto pair trading are ON @ Unodax.”

India Exchange Unocoin Suspends Withdrawals Following Central Bank Demands

RBI is the Reserve Bank of India, the country’s central bank; INR is the international short expression for the India rupee (₹), its fiat currency. Traditional banks were placed under strict orders this spring by the RBI to stop dealing in cryptocurrencies altogether.

Exchanges filed suit, a petition, against the RBI’s policy, making its way eventually to the Supreme Court of India. Just days ago, the Court upheld the central bank’s decision, suggesting a definitive ruling on the issue will come this fall.   

Workarounds

As a measure to mitigate against drawing further ire from officials, exchanges such as Unocoin have tried to find workarounds. Crypto trades for crypto is one step, and it does appear peer-to-peer arrangements will only see benefit from the crackdown.

India Exchange Unocoin Suspends Withdrawals Following Central Bank DemandsJust recently, the company’s Unodax revealed 17 crypto-only trading pairs, including bases made from bitcoin core (BTC), ethereum, and XRP. BTC is matched, for example, with BCH/BTC, ETH/BTC, LTC/BTC, XRP/BTC, BTG/BTC, GNT/BTC, CVC/BTC, ZRX/BTC, and OMG/BTC.

As we recently reported, “an unnamed senior official from the Ministry of Finance” insisted they’ve already drafted regulatory language and “consultation is on with all the stakeholders…before coming up with the final paper. We expect it to be ready by September. ‘The ministry has constituted an interdisciplinary committee under the chairmanship of Special Secretary (Economic Affairs) to examine the regulatory framework regarding virtual currency,’ [a regional publication] detailed. ‘SEBI and RBI have expressed some reservations regarding clauses in the initial draft.'”

What do you think ultimately the government of India will decide? Let us know in the comments section below. 


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Indian Crypto Regulation Ready by September: Official

Indian Crypto Regulation Ready by September: Official

The Indian government is expected to issue detailed cryptocurrency guidelines by September, a senior official from the country’s Ministry of Finance reportedly said. Consultations with all stakeholders including the central bank have already begun. This announcement is independent of the supreme court’s hearing of petitions relating to crypto regulation in India.

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

Regulation Expected by September

The Indian government has reportedly finished drafting the regulatory framework for cryptocurrencies. The New Indian Express wrote on Saturday that the government is “likely to issue guidelines on cryptocurrency by September.”

Indian Crypto Regulation Ready by September: Official
Subhash Garg.

This news follows the statement last month by the country’s Economic Affairs Secretary, Subhash Garg, confirming that the draft law would be ready by mid-July.

Citing that stakeholders include the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI), and the Internet and Mobile Association of India (IAMAI), an unnamed senior official from the Ministry of Finance told the news outlet:

The draft is ready and consultation is on with all the stakeholders…before coming up with the final paper. We expect it to be ready by September.

“The ministry has constituted an interdisciplinary committee under the chairmanship of Special Secretary (Economic Affairs) to examine the regulatory framework regarding virtual currency,” the publication detailed. “SEBI and RBI have expressed some reservations regarding clauses in the initial draft.”

How Should Crypto be Regulated?

The unnamed senior official was quoted by the New Indian Express, “Cryptocurrency is a new phenomenon and naturally, governments across the globe are struggling with it.” He further detailed, “Most of the officials have serious reservations against it, which all of us agree with … we want to arrive at a common conclusion. There must be an appropriate mechanism to regulate the same.”

Indian Crypto Regulation Ready by September: Official

While the regulators have not confirmed how cryptocurrency will be regulated, Quartz reported that a senior government official familiar with the matter indicated it could be regulated as a commodity. “I don’t think anyone is really thinking of banning it (cryptocurrencies) altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at,” the publication quoted him saying on July 11.

He explained that cryptocurrency “trade is not a criminal offence,” describing:

What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing.

Supreme Court Hearing Also in September

Indian Crypto Regulation Ready by September: OfficialThe Supreme Court of India on July 20 set the final hearing date for all petitions relating to cryptocurrency regulations to September 11. The hearing is in response to the circular issued by RBI on April 6 banning banks and all financial institutions under its control from providing services to crypto companies.

Many industry participants have petitioned against the ban. The IAMAI successfully convinced the supreme court to hear its petition on July 3. However, the court did not grant a stay and the ban went into effect on July 5. Banks subsequently closed the accounts of most crypto exchanges.

Judgement Day

The supreme court was supposed to hear all of the petitions relating to crypto on July 20. However, since some government bodies such as SEBI have not provided a response, the news outlet noted:

A three-judge bench headed by Chief Justice Dipak Misra acceded to the request made by the petitioners and the matter has been listed for final disposal on September 11.

At the hearing on Friday, the IAMAI was represented by Advocate Gopal Subramanium while Advocate Shyam Divan appeared for RBI. Divan “informed the court that allowing dealings in cryptocurrencies will encourage illegal transactions,” the publication conveyed, adding that he clarified the central bank’s policy is of “extreme caution.”

How do you think India will regulate cryptocurrency? Let us know in the comments section below.


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