Sumit Gupta, the founder and CEO of a new Indian digital currency exchange called Coindcx is launching a cryptocurrency trading platform in the midst of regulatory uncertainty. This cryptocurrency exchange is believed to enable Indian residents to trade over 30 digital asset pairs legally in BTC/ETH markets with 0.1% trading fees.
After RBI banned the banks and other authorized institutions from dealing in cryptocurrencies, last week, Gupta made a comment on the situation.
“In essence, this means Indian banks won’t be able to allow its customers to acquire bitcoin in exchange for INR,”
Gupta said that his exchange Coindcx will be countering the problems with this ban.
“You don’t have to get rid of your investment while the market is down, don’t sell at loss. Simply move your cryptos to Coindcx, where you’ll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching fiat currency (INR).Even though the government has given these financial institutions a timeline of three months to cease support, it seems like banks will stop giving services to these exchanges much sooner.”
On the RBI’s move to have its own digital currency soon, Gupta said,
“We understand that RBI is bit hesitant in providing traditional banking and related services to cryptocurrency exchanges in India, however, this doesn’t convey any message on the legality of crypto assets of even cryptocurrency exchanges in India, and there is no official statement by Indian government about bitcoin or any mention of a ‘crypto ban.’”
To this he said that at Coindcx, the users will be trading in cryptocurrency pairs, but they can still check equivalent coin prices, place buy or sell orders and even track their portfolio, all in Indian rupees (INR).
Gupta notes that the government wants to curb black money and levy tax on the transactions, they have to regulate all channels for fund flows. Shutting them down would ultimately defeat the purpose of regulation Gupta says.
“No one knows that yet, however, there is an independent committee by the Indian government that seems to be working on regulating cryptocurrencies in India, which might speed up now. This RBI’s decision might encourage hawala trading or illegal remittances and keep bitcoin/crypto trading out of the purview of income tax authorities which was difficult to do earlier. Exchanges asks for proper KYC for any customer to buy/sell crypto from their platform, now people will find alternative ways to do that. Some exchanges are even thinking to move out of the country (many have already planned).”
Despite the the regulatory crackdown happening in India, Gupta believes cryptocurrency adoption in India will grow faster than most Asian countries. He concludes by saying,
“Indians, in general, have high affinity towards crypto investments, just look at the growth in awareness and money infused in cryptocurrency market in India in just last six months, and it’s growing day-by-day,”
Coindcx is believed to be a sigh of relief post the RBI ban stress for crypto experts an investors in India.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
