Very easily the world’s largest cryptocurrency exchange platform, Binance has now made an official play into the large digital currency market in India, with its acquisition of WazirX, an Indian exchange platform. According to an official Binance blog post, Indians can now buy and sell digital currencies, using Indian Rupees (INR) on the Binance Fiat Gateway.
Binance CEO Changpeng “CZ” Zhao, has said the country’s young population is vibrant with emerging technologies, which will be fantastic for India in the long run. CZ said:
“The young demographic in India give an edge to adopt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country. The acquisition of WazirX shows our commitment and dedication to the Indian people and [to] strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”
The cryptocurrency scene is somewhat troubling in India and the government is currently looking at enacting a law, that could quite possible ban the use of digital currencies in general. Binance’s decision to enter the market regardless, points to the fact that it is probably a gold mine.
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