The growth of crypto exchanges in India is growing at a rapid pace. The explosion has come from the removal of the ban imposed by the Reserve Bank by the Supreme Court. Adding to a boom, a new exchange called Tradehorn has been launched. Delta Exchange and Bitpolo, a new fiat to crypto exchange came into existence too.
As the ban was deemed unconstitutional in March, major global players like OKEx and Binance entered the Indian market and started offering fiat options for Indian Rupees and also entered into partnerships with the local firms.
Rahul Vinakiya, the founder of Tradehorn spoke to Digpu and talked about the plans of his newly launched firm. The main aim is to serve the beginners who are just stepping into the crypto space and are not aware of what an innovation it is. He believes for him, the success would be the crypto adoption even by the not so young crowd in the country, as that will showcase the success they have had in simplifying the process. Tradehorn will soon launch 24x7 customer support and roll out its apps by July too.
The founder of Tradehorn while welcoming the decision believes that more clarity is the need of the hour and the lawmakers need to ensure there's no confusion amongst the people. He praised the Supreme Court involvement and stated they've constantly responded to the queries of the people through RTIs.
Question: Does RBI prohibited any banks from providing the bank accounts to crypto exchanges or crypto traders ?
Answer from RBI: As on date no such prohibition exist.
Great, now you can show this RTI to your bank. ?? pic.twitter.com/n5iqGCSQtd
Also, many users asked the RBI whether crypto would come under the good and service tax. Vinakiya believes that these issues need to be addressed if the crypto industry is to work smoothly and bloom in the country as this would not only aid companies like Tradehorn but also the crypto community.
Articles You May Read.