Fun

New Cryptocurrency Exchanges Launch in India as Businesses Seek Answers From RBI

News Feed - 2020-05-08 06:05:31

New Cryptocurrency Exchanges Launch in India as Businesses Seek Answers From RBI


The Indian cryptocurrency industry has been growing rapidly despite the nationwide lockdown and the coronavirus crisis. Two new cryptocurrency trading platforms are launching in India while existing crypto businesses seek clarification from the central bank, the Reserve Bank of India (RBI).New Cryptocurrency Trading Platforms Launching in India


The crypto sector in India is showing significant growth with several crypto exchanges reporting a 10X increase in trading volumes and a substantial increase in new users. Despite the global coronavirus pandemic and the nationwide lockdown, new cryptocurrency trading platforms are launching in India.


Global cryptocurrency exchange aggregator Coinswitch is launching a crypto trading app for Indian users on June 1. Announcing pre-registration for Coinswitch Kuber, Coinswitch explained on Wednesday:Coinswitch Kuber will ensure the best rates by aggregating liquidity across all Indian exchanges and will support over 100 currencies for Indian users to buy and sell easily using Indian rupees (INR).


Coinswitch aggregates the liquidity of a number of crypto exchanges in India to provide its users with the best rates for cryptocurrencies. The exchanges include Binance, Huobi, Kucoin, and Hitbtc. To access this pooled liquidity, users simply enter the INR amount and the cryptocurrency they want to buy, and the service will provide a list of offers at various exchanges that “auto-refreshes every 30 seconds.”Coinswitch Kuber is launching on June 1 for Indian users. Pre-registration has begun and there will be no INR trading, deposit, or withdrawal fees for the first 25,000 users signing up during pre-launch.


The first 25,000 users during pre-launch pay no INR trading, deposit, or withdrawal fees. Users can earn Coinswitch points, or Kuber points, as a part of the new platform’s reward program, which can be redeemed from the reward section once the platform is live.


Besides Coinswitch, another cryptocurrency exchange has launched in India. The Bangalore-based Bitpolo announced on Thursday that it is now live. The exchange offers instant INR deposits and claims that withdrawals are “within seconds.” Chief business officer Suresh Choudhary said:We were building through the bear market and thought the timing of our launch cannot be more apt than when the world is slowly inching back towards normalcy post a pandemic & recessionary environment.


“As we foresee fragilities of traditional asset classes, crypto markets seem to offer the bigger upside and we intend to bring simplicity and solid technology to the screens of Indian traders and hodlers,” Bitpolo added.The Bitpolo exchange offers trading in INR against a number of cryptocurrencies, such as BTC and ETH.Businesses Seek Answers From RBI


Ever since the Supreme Court of India quashed the RBI ban, the Indian crypto community has been waiting for more instruction from the central bank. The RBI has not sent any notices to banks regarding the supreme court’s ruling, which has led some banks to continue denying service to crypto businesses. According to reports, the central bank is not obligated to issue any updates.


A number of crypto businesses have reportedly approached the RBI seeking clarity on the status of the banking ban and the taxation of cryptocurrency. “The cryptocurrency exchanges also want clarity as to whether they are being categorized as commodity, currency, goods or service as this is set to impact the way they get taxed under goods and services tax (GST) framework,” the Economic Times reported Monday.


“If the digital assets are not exempted from GST, the digital currency exchanges in India are going to have a standoff with the tax authority,” Praveenkumar Vijayakumar, CEO of cryptocurrency exchange Belfrics Global, was quoted by the news outlet as saying. He elaborated:In the wake of the recent supreme court ruling, we have also approached the RBI for clarity on this, as if we pay GST on the whole transaction, then most platforms would not be able to survive.


Several Indian tax authorities have been examining how to tax bitcoin and other cryptocurrencies. The indirect tax department has been investigating whether cryptocurrency could be brought under GST and how much to tax crypto exchanges. The sales tax department and VAT authorities are also looking into cryptocurrency taxation.


What do you think about how fast the Indian crypto sector is growing? Let us know in the comments section below.Coinbase Launches Price Feed to Help Secure $1 Billion DeFi EconomyEXCHANGES | Apr 24, 2020Dydx Processed $1.1 Billion Cryptocurrency Loans in 12 Months — 70% in Just 60 DaysEXCHANGES | Apr 23, 2020Tags in this storybanking ban, bitpolo, coinswitch kuber, cryptocurrency exchanges, India Bitcoin, india crypto, india cryptocurrency, indian cryptocurrency, launch, RBI, Supreme Court


Image Credits: Shutterstock, Pixabay, Wiki Commons, Coinswitch, BitpoloPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

Over $6B worth of BTC moved by 5th-richest Bitcoin whale
Zoltan Vardai13 hours agoOver $6B worth of BTC moved by 5th-richest Bitcoin whaleThe funds haven’t moved since 2019 when the whale address received them.13382 Total views79 Total sharesListen to article 0:00NewsOwn thi
Ana Paula Pereira8 hours agoCelsius Network reaches settlements to exit bankruptcyBankrupted crypto lender Celsius Network reached two settlements that may allow the return of assets to customers and end its bankruptcy p
Prashant Jha14 hours agoSEC has 3%–14% chance of success in Ripple appeal, lawyers predictThe SEC has already dismissed charges against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, while the retail XR
FBI Profiles Top 10 Most Wanted Fugitive ‘Crypto Queen’ Ruja Ignatova of Onecoin Scam
FBI Profiles Top 10 Most Wanted Fugitive "Crypto Queen" Ruja Ignatova of Onecoin Scam The Federal Bureau of Investigation (FBI) profiled the Onecoin cryptocurrency scam and its co-
JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public Blockchain
JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public Blockchain JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockc
NFT Sales Rise 7.28% to $179.64 Million in 7 Days, Nakamigos Takes the Top Collection Spot 
NFT Sales Rise 7.28% to $179.64 Million in 7 Days, Nakamigos Takes the Top Collection Spot  Sales of non-fungible tokens (NFTs) increased this week, with $179.64 million in sales
Pantera launches fundraise to buy $250 million of SOL from FTX estate: Report
Zoltan Vardai12 hours agoPantera launches fundraise to buy $250 million of SOL from FTX estate: ReportThe $5.2 billion asset management giant is eyeing FTX’s discounted SOL stack worth around $5.4 billion.2099 Total vi
Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors
Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passe
Dow Jones Stock Spooks Investors & It Could Be a Robot’s Fault
It"s Friday the 13th – not to mention the fact that there"s a full moon tonight – and one Dow Jones stock has investors feeling very afraid. | Credit: APIt’s Fri
Indian Crypto Market Is Growing: Report Shows the Country Has 115 Million Crypto Investors
Indian Crypto Market Is Growing: Report Shows the Country Has 115 Million Crypto Investors A new report shows that India has roughly 115 million crypto investors, and the country&#
Vauld Raises $2 Million to Establish Stronghold in India
Vauld Raises $2 Million to Establish Stronghold in India Singapore-based crypto bank Vauld is working hard to elevate crypto to the status of a separate, viable
CBOE gives official launch date for spot Ethereum ETF
Vince Quill2 hours agoCBOE gives official launch date for spot Ethereum ETFThe Chicago Board Options Exchange has confirmed that five spot Ethereum ETF products will begin trading on July 23.2263 Total views3 Total share