India’s „spring“ for crypto-currency shows the launch of a new wave of exchanges
The repeal of the RBI’s ban on crypto-currency has prompted a boom in the launch of exchanges in India, offering hope that the growth of a robust local industry will encourage lawmakers to maintain India’s permissive regulatory apparatus.
In March, the Supreme Court of India overturned the RBI’s ban on financial institutions providing banking services to companies trading in virtual currencies, thus legitimizing India’s crypto-currency companies.
In recent weeks, Indian startup Tradehorn became the latest national exchange to launch, local derivatives platform Delta Exchange announced strategic funding for New York-based CoinFund to expand its operations, and the new BitPolo Fiat to Crypt Exchange was also launched.
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The repeal of the RBI ban also sparked initial interest from global players, as major exchanges, such as OKEx and Bitcoin Compass, launched gateways for Indian rupees and partnered with local trading platforms.
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Speaking to local media Digpu, Tradehorn founder and CEO Rahul Vinakiya emphasized the company’s desire to simplify the crypto trading experience for novices.
„We are here to serve novice traders, who are absolutely new to this, and spread awareness of cryptomonics as an innovation. For us, how we measure [the] success of this platform depends on whether my uncle is able to use it,“ Vinakiya said.
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Tradehorn will soon launch a mobile app with 24-hour support services, and the app is expected to be released for Android and iOS in July.
Despite the regulatory change, concerns remain
Despite the repeal of the RBI ban in March, many companies have since reported that banks remain unwilling to do business with them.
However, the Managing Director of Tradehorn reports that he has partnered with several banks, and praises the Supreme Court of India for restoring access to financial services.
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However, Vinakiya echoes a familiar complaint among Indian crypto-currency exchanges, urging lawmakers to clarify the fiscal consequences of operating with crypto-currency. In early May, several Indian exchanges asked the RBI to clarify whether transactions in cryptom currencies would be subject to the Goods and Services Tax (GST).
„This is something very important that must be authorized by the government so that companies and users feel free to start trading. A lot of people don’t know how to start with cryptomontages, because they’re not familiar with how the technological implications would work,“ Vinakiya said.
„This clarity would not only help the cryptology companies, but also the users.“