In case the banks commence accepting cryptocurrencies, will the prohibition on crypto trading in India be raised fully?
There is no ban on Crypto in India. There was a banking limitation, which was kept down by the Supreme Court of India in March 2020, stated Nischal Shetty, CEO, WazirX.
Though, London-based online cryptocurrency platform Cashaa has bound up with the United Multistate Credit Cooperative Society to render savings accounts and loans to crypto capitalists in India.
Speaking on the potential of a crypto banking system in India, Shetty said, We consider that in the next 6-12 months, crypto banking will become a reality. One of the better reasons behind this is that banks across the world are already actuating on supply crypto services. Especially in the US, JP Morgan already shares its intent about rendering crypto services, PayPal a FinTech large has proclaimed its crypto service content, Square is already providing crypto services to their customers in the US.
Lately in Singapore, DBS bank proclaimed their own crypto exchange. We accept that a couple of banks will begin providing crypto services to its customers, he said.
We accept that it will also occur in the Indian banking aspect where crypto will be thoughtful as collateral while fetching loans. We also accept that there will be some crypto startups adjusted to render loans to Indians against cryptoHealth Fitness Articles, Shetty added.
https://cryptobusinessworld.com/Article/4483/crypto-business-world-investing-in-cryptocurrency-you-may-get-benefit-take-loan-with-respect-to-deposi
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