Tag: India

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Crypto News

Indian Crypto Exchanges Try to Avoid Reserve Bank’s Crypto Ban and Offer Support for Tether (USDT) and TrueUSD (TUSD)

A growing number of crypto exchanges in India have started to list stable coins including Tether (USDT) and TrueUSD (TUSD). It appears that this may be an effort by some Indian crypto trading platforms to mitigate the adverse effects of the Reserve Bank of India (RBI) decision to prohibit financial institutions from providing banking support to anyone who deals in digital assets.

Indian crypto exchanged list stable coins such as Tether (USDT) and TrueUSD (TUSD)

Unocoin, a leading Indian cryptocurrency trading platform, said last week that it would be supporting TrueUSD (TUSD) on its Unodax exchange platform. TUSD is an ERC-20 token created on the Trusttoken platform, and every TUSD is intended to be exchangeable 1:1 against the USD.

At present, Unodax is reported to provide support for 23 different TUSD trading pairs, among them being Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). Inc42, an Indian news agency, stated that “the decision was made to minimize the impact of the RBI Circular on cryptocurrency investors and traders.”

The cryptocurrency trading platforms to bypass the Reserve Bank of India’s crypto ban

According to CryptoGlobe, on April 6th, RBI ordered all banks across India to cease providing banking solutions to crypto-related businesses and individuals seeking to exchange digital assets into fiat or vice versa.

“After RBI banned bank transfers for crypto trading and investment, we looked for plausible solutions to help our users continue without interruption and hassle,” said Sathvik Vishwanath, CEO of Unodax.

Zebpay, a primary Indian crypto exchange service, has just introduced TUSD to its platform. Currently, Zebpay only supports two trading pairs, BTC/TUSD and TUSD/INR (Indian Rupees).

Also, Wazirx has started to provide Exchange-escrowed Peer-to-Peer (P2P) solutions that enable consumers to make deposits and withdrawals with INR using Tether (USDT).

Although there were some disputes surrounding Tether (USDT), the market of the crypto does not appear to be concerned. In India, Wazirx’s new USDT escrow solution has gained popularity with the CEO of the Exchange, Nischal Shetty, reporting that “tens of thousands” of new traders had signed up for the exchange after providing the P2P escrow service.

Various other Indian crypto exchanges platforms have recently introduced support for Tether (USDT) and/or TrueUSD (TUSD).

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Crypto Markets News

Bitcoin (BTC) Involved In A Money Laundering Scandal In India

India’s National Congress Party, chaired by Rahul Gandhi, asked the Supreme Court to investigate the leadership of the Indian People’s Party (Bharatiya Janata Party, BJP) for the alleged involvement of the opposition party in a nearly $1 billion “mega scam,” covered with Bitcoin (BTC).

According to the Indian daily HindustanTimes, the National Congress Party’s (INC) accusation against the BJP is to use the bank accounts of various party members to launder money through the use of Bitcoin (BTC). INC spokesman Shaktinh Gohil said the Bitcoins were used to clean up 5,000 crores, a unit equivalent to ten million rupees.

That’s approximately $727 million. However, other members of the party came up with figures reaching 88,000 crores.

Gohil established that the illegal activities involving Bitcoin (BTC) occurred in the western state of Gujurat

He added that “the leadership of BPJ” participated in the conversion of “black money” using an account at the Ahmedabad District Banking Cooperative, headed by BJP chief Amit Shah. The bank office would’ve received an initial share of the money, which then was diverted to 11 accounts belonging to party leaders as well.

It is not clear from Gohil’s statements how they obtained the alleged funds from the alleged scam. However, he clarifies that the Bitcoin (BTC) was the mechanism they implemented to clean up their dirty funds and turn them into legal assets. He also argued that India’s largest party, the INC, is appealing to public justice to make “the truth come out.”

In this regard, India’s People’s Party denied the accusations, claiming that they are “dirty tricks” of the Congress Party, which are trying to spread confusion among the citizens of India.

India’s crypto regulatory bodies conflict with cryptocurrencies market and cryptocurrency exchanges

This accusation comes after a period of tensions between the cryptocurrencies market and the crypto regulatory authorities in India, which have had conflicting positions with cryptocurrency exchanges crypto-related businesses.

It should be recalled that since last April, the Indian Banking Authority, the Reserve Bank of India (RBI) explicitly prohibited all companies regulated under banking and financial standards from providing services to the cryptocurrencies market. A decision that came after multiple warnings to citizens by the authorities, as well as cases of fraud linked to cryptocurrency.

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Crypto

Verge (XVG) Is Now Listed On The Indian Cryptocurrency Exchange Bitbns

Earlier, Verge (XVG) was listed, in the premiere, on one of the most important Indian cryptocurrency exchanges in the world. Bitbns, that posted the listing announcement yesterday, is, now, the only crypto exchange in India in which it is feasible to buy and/or sell XVG.

Bitbns reported that XVG exchange operation would be started at 04:00 EST (or 13:30 Indian time):

Verge (XVG) listing on Bitbns Indian cryptocurrency exchange helps XVG in its recent struggle for worldwide acceptance

The news is noteworthy as an important step in Verge’s worldwide spread.

Whilst the central bank of India, the Reserve Bank of India, has issued an ordinance on April 5th instructing banks to refrain from providing cryptocurrencies payments by any means, it has also given them a three-month deferral period.

Cryptocurrencies trade volumes have been steadily on the rise since the Indian crypto regulation was introduced. This is likely because of two factors.

First, cryptocurrencies investors in India wish to obtain as much as they are able to obtain from the cryptocurrencies market as long as the cryptocurrency exchanges continue to be active (which are usually offering more liquidity and possess lower fees than peer-to-peer OTC exchanges).

In the second place, there is a developing sentiment in India that the government would not ban trading in cryptocurrency and even if the bank decides to ban cryptocurrency exchanges, cryptocurrencies trading will still be possible via peer-to-peer.

While the RBI looks like it’s possessing an extremely negative perception on crypto assets, in general, and on the probable threats these assets present, in special, as reported by The Times of India, the Indian central bank is currently exploring the possibility of introducing its own cryptocurrency.

In the meantime, Verge (XVG) is listed on one of the most important cryptocurrency exchanges in India, Bitbns, and this announcement will most probably help the coin on the long-term. Meanwhile, at the moment of this publication, Verge (XVG) is not doing well today in the cryptocurrencies market as it trades at $0.076, recording a decline of 4.02% in the last 24 hours.

Categories
Crypto

Cryptocurrencies Market In India Is Bullish Despite The Approach Of New Regulations

India’s crypto investors and cryptocurrency exchanges continue to lead a struggle to keep the domestic cryptocurrencies market active which could be affected by the new regulations and bans imposed on cryptocurrencies transactions within India, announced last month by the Reserve Bank of India (RBI).

Sources point out that Indian crypto investors remain optimistic about the market outlook for the coming months after banks and lenders begin to abide by the ban on facilitating any transaction with cryptos within  India, as they believe that peer-to-peer negotiations will be able to survive the new regulations and elevate the decentralized cryptocurrencies market. Nowadays it is even possible to buy bitcoin with credit card at P2P platforms.

This vision has allowed cryptocurrency exchanges trading volumes to skyrocket in India, reaching daily trading volumes of $75 million, according to data from the Indian cryptocurrencies stock exchange, Coindelta. In this way, the domestic cryptocurrencies market would have recovered to the levels prior to the regulatory measures and is positioning itself to begin a new trading season in the beliefs of the old cryptocurrencies investors.

Despite Indian regulatory targeting crypto investors and cryptocurrency exchanges, Indian cryptocurrencies market investments are on the rise

Today, Bitcoin (BTC) prices have also been recovering in the market, trading again at $10,000 but dropped back to a little above $9,500US. Despite all these, Indian crypto investors decided to put more money on BTC, in comparison to early April when the sentiment was bearish. Therefore, Indian cryptocurrencies market is surrounded by a bullish sentiment.

Shivam Thakral, CEO at BuyUcoin, one of the most reliable cryptocurrency exchanges an crypto asset Indian origin, noted that exchange operators, cryptocurrencies investors and analysts are taking advantage of the 3-month delay in the application of the government ban on trading Rupees for cryptocurrencies, a phenomenon that has also helped the rise of the local cryptocurrencies market.

Thus, India’s cryptocurrencies market traders and the crypto investors are having a bullish attitude as the Indian traders don’t believe regulations will negatively influence cryptos unless they are completely outlawed in India.

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