Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
POWERED BY  

 

BTC
USD
70,019
EUR
64,961
GBP
55,451
BTC
USD
70,019
EUR
64,961
GBP
55,451
BTC
USD
70,019
EUR
64,961
GBP
55,451
BTC
USD
70,019
EUR
64,961
GBP
55,451
BTC
USD
70,019
EUR
64,961
GBP
55,451
BTC
USD
70,019
EUR
64,961
GBP
55,451
BTC
USD
70,019
EUR
64,961
GBP
55,451
POWERED BY  
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
POWERED BY  

India’s cryptocurrency community hopes for the best, prepares for the worst

India’s cryptocurrency community hopes for the best, prepares for the worst


India’s reserve bank may be launching a new cryptocurrency, while the country’s biggest exchange has started refunding users’ money. What has motivated these changes? And what does this mean for the future of cryptocurrency in India?

The Reserve Bank of India (RBI) may be preparing to launch a new cryptocurrency, according to sources speaking anonymously to The Economic Times.

On August 27th the Mumbai-based newspaper reported the creation of a team responsible for beefing up [the bank’s] intellectual capital. While apparently operating on an experimental basis, the team’s existence marks a big shift in bank policy.

The Indian government has previously been critical of cryptocurrencies and the bitcoin network. It was only a year ago that the RBI released a scathing critique of cryptocurrencies, calling them a combination of a bubble, a Ponzi scheme and an environmental disaster.

Why the 180-degree policy shift? And what does this mean for cryptocurrency adoption in India? Bitcoin Australia spoke with Sandeep Goenka, COO of cryptocurrency exchange Zebpay, to get the scoop.

rupee india currency

A rough start

In an attempt to regulate India’s nascent cryptocurrency industry, the Reserve Bank of India announced a ban on currency exchanges in April 2018, and called on other regional banks to end support for cryptocurrency exchanges.

The so-called ban prevents exchanges from buying or selling India’s fiat currency, the Rupee. The policy adoption is spurred by fears of money laundering and fraudulent ponzi schemes targeting misinformed investors.

However, the industry’s lack of regulation and oversight has meant RBI’s policy affects legitimate currency exchanges as well as fraudulent ones.

Several cryptocurrency exchanges, members of the self-regulating Blockchain and Cryptocurrency Committee (BACC) of the Internet and Mobile Association of India, filed an appeal against the bank immediately. Their overture to the court was unsuccessful.

The news has made international headlines. Bloomberg in the US ran an article titled Cryptocurrency Virtually Outlawed in India as Top Court Backs Ban, while Australia’s ABC called it India’s Crackdown.

In 2016, the Indian government banned the 500 and 1000 Rupee notes in a demonetization effort targeting wealth hoarders and so-called ‘black-money’.

First hurdles

While well-intentioned, the clampdown may do more harm than good as Indian cryptocurrency exchanges now find themselves in a difficult position.

Most Indian exchanges, including Zebpay, only allow users to trade in cryptos via bank accounts as self regulation. Since Indian Rupees to crypto on-ramp cannot work for users, this has had a severe impact on trading.

[The RBI] has banned regulated entities, primarily banks and payment gateways from doing business with cryptocurrency businesses, Zebpay’s Sandeep Goenka explained.

Sandeep Goenka Zebpay
Sandeep Goenka, Zebpay co-founder and COO

As co-founder and COO of India’s first cryptocurrency exchange, Mr. Goenka has been following the situation closely. The stakes are high, and thousands of Zebpay users are depending on a good outcome.

Zebpay is India’s biggest exchange, Mr. Goenka told Bitcoin Australia. The exchange facilitates the sale of bitcoins, bitcoin cash, ripple and 18 other virtual currencies.

Although only available in India, [our app] is the 4th highest downloaded crypto app in the world [and] has 3 million downloads.

Zebpay made headlines recently, with news that it will issue user refunds and cancel INR pairs. This is in response to RBI’s notification, Mr. Goenka explained. [The regulation] has disabled banks from dealing with crypto exchanges.

The exchange is exhorting users to keep trading and stay strong while the situation unfolds.

Second time lucky

idia-crypto-goddess-lakshmi-candles-india
What does Lakshmi think of sharing a name with a digital currency?

This isn’t the first time the Reserve Bank of India has considered creating a digital currency.

Last year government sources leaked plans for a currency called Lakshmi coin. While the name is apt — Lakshmi is the Hindu goddess of wealth — Prime Minister Narendra Modi’s administration remains quiet on the details.

There have been some press reports that the Indian government is considering its own cryptocurrency , Zebpay’s Sandeep Goenka told Bitcoin Australia. But I think such a project is at very initial stages and not close to any public release yet.

While Finance Minister Arun Jaitley did not mention Lakshmi coin in the 2018 budget speech, he did announced federal government adoption of blockchain technology.

US-based Blockchain in Government database reveals that the southeastern neighbouring states of Andhra Pradesh and Telangana have already jumped onboard. State officials are investigating the use of blockchain to prevent hacking of land registration data.

In the meantime, private investors are banking on Laxmi coin. Not to be confused with Lakshmi coin, Laxmi’s development has been slow thanks to hesitant venture capitalists, office raids and market uncertainty.

Zebpay’s currency exchange does not currently support Laxmi coin trading.

Moving forward

Despite harsh government policies and possible competition from India’s reserve bank, Mr. Goenka remains hopeful.

The COO of Zebpay is optimistic about increasing the magnitude and influence of India’s cryptocurrency network. Before the currency exchange crackdown, adoption in India was growing at a rapid pace like in every other country,  he told Bitcoin Australia.

He is not the only one banking on a return to normal.

Speaking to Thomson Reuters in May, New Delhi-based BuyUCoin’s Chief Executive Shivam Thakral was enthusiastic about the shared future of India’s crypto exchanges.

Even if formal banking channels cannot be used, people can move to crypto-crypto trading platforms.

Rather than a hindrance, the RBI’s regulations could fuel a push for innovation amongst members of India’s cryptocurrency community.

Comments(38)

  1. comment bahis siteleri porn says

    bahis porno citixx.avpQPmrtu7zN

  2. comment food porn says

    sexax hyuqgzhqt.C80ozLUSFp92

  3. comment food porn says

    seks siteleri ewrjghsdfaa.ofjcjbbcbGqi

  4. comment porn says

    bahis porno wrtgdfgdfgdqq.HcBeZzt1GFdg

  5. comment porno siteleri says

    bahis siteleri incest category wrtgdfgdfgdqq.G0b1KyaJbCQE

  6. comment linetogel says

    🌟 Amazing, this is positively remarkable! Kudos for the work you devoted to sharing this valuable knowledge. I always wonderful to stumble upon skillfully written and informative posts like this. Keep up the amazing work! 🔥👏💯

  7. comment slot online says

    💫 Wow, blog ini seperti perjalanan kosmik melayang ke alam semesta dari keajaiban! 🎢 Konten yang mengagumkan di sini adalah perjalanan rollercoaster yang mendebarkan bagi pikiran, memicu kegembiraan setiap saat. 🌟 Baik itu teknologi, blog ini adalah sumber wawasan yang inspiratif! 🌟 Berangkat ke dalam perjalanan kosmik ini dari penemuan dan biarkan pemikiran Anda terbang! 🚀 Jangan hanya mengeksplorasi, alami kegembiraan ini! #BahanBakarPikiran 🚀 akan berterima kasih untuk perjalanan menyenangkan ini melalui alam keajaiban yang penuh penemuan! 🚀

  8. comment binance Konto er"offnen says

    I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://www.binance.com/de-CH/register?ref=FIHEGIZ8

  9. comment sektor benim zaten amin evladi says

    bahis siteleri incest category pompadirha.aY9pKTDg6CtY

  10. comment watch porn video says

    escort siteleri asillartaklitler.euqrGtykYsyQ

  11. comment bahis siteleri porn sex incest says

    seksi siteler hephupx.fkb9a1Znq7TD

  12. comment sektor benim zaten amin evladi says

    pornhub bahis siteleri hepxhupx.E7IqHugYfoBM

  13. comment bahis siteleri incest category says

    fuck google juljulfbi.NHls0JoYpsdf

  14. comment craft porn says

    sexax bjluajszz.71Csk3ffo0Qs

  15. comment viagra says

    amciik siteleri bxjluajsxzz.KjKLvMes6zj8

  16. comment viagra says

    fuck google 0qbxjluaxcxjsxzz.gWevEwpLLILZ

  17. comment Temp mail says

    I enjoyed it just as much as you will be able to accomplish here. You should be apprehensive about providing the following, but the sketch is lovely and the writing is stylish; yet, you should definitely return back as you will be doing this walk so frequently.

  18. comment house porn says

    amciik siteleri 250tldenemebonusuxx.otXv26SWVdYu

  19. comment food porn says

    pornhub bahis siteleri eyeconartxx.QjTVF7JAOvNj

  20. comment viagra says

    bahis siteleri sikis vvsetohimalxxvc.UM1PeFrolsTi

  21. comment bahis siteleri porn sex incest says

    anal siteleri tthighereduhryyy.xxvxbvwPYv2

  22. comment ziatogel says

    Incredible, you’ve done an outstanding job this time! Your commitment to excellence is evident in every aspect of this work. I couldn’t help but express my appreciation for producing such incredible content with us. You are incredibly talented and dedicated. Keep up the amazing work! 🌟👏👍

  23. comment ziatogel says

    Absolutely fantastic, you’ve done an exceptional job this time! Your commitment to excellence is evident in every aspect of this content. I felt compelled to express my thanks for sharing such amazing content with us. Your dedication and talent are truly remarkable. Keep up the incredible work! 🌟👏👍

  24. comment college drug testing says

    Negative drug screening results can be a relief for
    students who follow the rules. By adhering to strict anti-doping measures, athletes demonstrate their commitment to fair and clean competition.

  25. comment free download hd porn says

    sex videos download hd 4k ggjinnysflogg.885NsNrNbQq

  26. comment vorbelutr ioperbir says

    Yay google is my queen assisted me to find this great internet site! .

  27. comment discover here says

    Very efficiently written story. It will be useful to everyone who utilizes it, as well as yours truly :). Keep doing what you are doing – for sure i will check out more posts.

  28. comment site web says

    I beloved up to you will receive performed right here. The cartoon is attractive, your authored material stylish. however, you command get bought an nervousness over that you want be delivering the following. sick undoubtedly come more previously once more as precisely the similar just about very often inside case you defend this hike.

  29. comment Buy nicotine pouches says

    Keep functioning ,remarkable job!

  30. comment Buy nicotine pouches says

    There are some interesting closing dates in this article but I don’t know if I see all of them middle to heart. There is some validity but I’ll take maintain opinion until I look into it further. Good article , thanks and we want more! Added to FeedBurner as effectively

  31. comment care providers says

    I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…

  32. comment uk home care providers says

    Great site. A lot of helpful info here. I am sending it to a few buddies ans additionally sharing in delicious. And certainly, thanks for your effort!

  33. comment toroidal transformers says

    I have been browsing online greater than 3 hours nowadays, yet I by no means found any fascinating article like yours. It is pretty worth enough for me. In my view, if all website owners and bloggers made just right content as you probably did, the net can be a lot more helpful than ever before.

  34. comment toroidal transformers says

    Hi, I think your site might be having browser compatibility issues. When I look at your website in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, fantastic blog!

  35. comment alternatif link says

    nice content!nice history!! boba 😀

  36. comment togel online says

    wow, amazing

  37. comment dana toto says

    Today feels like a day made for laughter, and your post brings a smile to my face.

  38. comment fashionflag xxx videos full hd download says

    fashionflag uhd sex videos fashionflag.9Dmebi228Un

Post a comment