In India Two months after the strict ban on banking with cryptocurrency companies was lifted, a new cryptocurrency exchange with Fiat was introduced by law..
The Bangalore-based exchange called BitPolo, was started May 6th. It was originally founded in March; In the same month, the Supreme Court ruled against the central bank’s long moratorium on supporting crypto banks.
BitPolo supports deposits and withdrawals of rupees (INR) and crypto-fiat pairs with major currencies such as Bitcoin (BTC)..
In a statement on the start andSuresh Choudhary, Bitpolo’s chief commercial officer, said the exchange team had built over the bear market and believes that the platform will start in the middle of the quarantine at a convenient time:
“The world is slowly returning to normal after a pandemic and recession environment. Given the fragility of traditional asset classes, the crypto markets seem to offer the greatest advantage.”
Based on these comments, Chandan Choudhury, Chief Strategy Officer, argued “COVID-19 is a revelation” that “exposed the huge bubble in traditional asset classes driven by loose monetary policy.”.
The trading volume with cryptocurrencies is increasing on the veteran exchange WazirX
In accordance with Cointelegraph, Nischal Shetty, founder and CEO of WazirX, India’s famous cryptocurrency exchange, announced that the platform has seen monthly growth of over 80% both in March and April.
It has also seen a steady increase in user registration, and is not only attributing the increase to the improvement in weather after the ban, but also on the proactive role of the exchange in the event of the Reserve Bank of India’s ban on the Supreme Court and the corresponding #IndiaWantsCrypto social media campaign.
Also in mid-2018, When the controversial introduction of RBI was still in effect, WazirX was asked to convert its business model to a P2P platform to avoid the internal switch from crypto to fiatThis offers a certain level of continuity to national traders.
The final factor that the stock market believes is likely to contribute to large volumes is the adverse impact of India’s restriction on that country’s stock market.who in his opinion This could lead to more citizens turning to Bitcoin as an alternative investment option.
Some regulatory hurdles remain
Despite the lifting of the RBI ban, several Indian cryptocurrency exchanges recently wrote a letter to the institution, claiming that the current lack of regulatory clarity has caused some banks to continue to refuse services to exchanges that they deal with cryptoactive.
The exchanges have asked for clarity as to whether their business is classified as a transaction in goods, currencies, products or services to determine whether they are subject to the country’s goods and services tax (GST).
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