Indian banks after a long time are again showing support to cryptocurrency companies and traders. A recent article from The Economic Times elaborated how established banks like ICICI, HDFC, SBI, are allowing their customers to use their bank accounts to do crypto dealings.
Cryptocurrency regulations have always been the most discussed topic in India. In April 2018 the Reserve Bank of India has issued an order which stopped the banks to allow traders & companies to perform cryptocurrency transactions. This ban on the banks has lead a major Indian cryptocurrency exchange ‘Koinex’ to say goodbye to its users. However, the RBI lifted this ban in March 2020.
As per the current scenario even when these established banks have started showing support to cryptocurrency traders & companies, a lot of payment gateway companies are still unclear. Todayq News reached out to the Razorpay support team (Payment gateway used in India) to know about the company status and received a response that the company still does not provide payment gateway service to cryptocurrency startups. The reason for such a decision by the company can be the lack of clarity on regulations in India.
Recently PayPal one of the world largest money transfer company joined the cryptocurrency world by enabling its users to pay/receive payments directly using Bitcoin, Ethereum & a few more currencies.
Moreover, A province in northwestern Pakistan wants the government to legalize cryptocurrency. Zia Ullah Bangash, Advisor to the Chief Minister of Khyber Pakhtunkhwa on Science and Information Technology tweeted:
KP Assembly passes resolution regarding Cryptocurrency and Cryptomining demanding federal govt to take steps to legalize #cryptocurrency and #cryptomining in Pakistan. #DigitalPakistan
Seeing a global adoption for cryptocurrencies & leading companies coming into this sector, it’s really important for India to join the era of digital money and bringing a clear regulation.