This week the Reserve Bank of India (RBI), the country’s central bank, has banned banks from dealing with cryptocurrency businesses. Indian financial institutions have three months to cease doing business with digital asset operations but some of them may stop facilitating INR settlements. News.Bitcoin.com spoke with Sumit Gupta the founder and CEO of a new Indian digital currency exchange called Coindcx. Gupta told us about his team launching a cryptocurrency trading platform in the midst of regulatory uncertainty.
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Launching an Indian Cryptocurrency Exchange During Regulatory Uncertainty
Sumit Gupta is launching a cryptocurrency exchange called Coindcx that enables Indian residents to trade over 30 digital asset pairs legally in BTC/ETH markets with 0.1% trading fees. The founder explains that Coindcx wants to give India’s thriving blockchain community a chance to stay alive and give it the strength to keep pushing for progress. The launch is in the midst of the RBI publishing its first bi-monthly monetary policy on April 5th which forbid any entities regulated by it from providing services to entities who deal with cryptocurrencies. “In essence, this means Indian banks won’t be able to allow its customers to acquire bitcoin in exchange for INR,” Gupta explains to news.Bitcoin.com.
“You don’t have to get rid of your investment while the market is down, don’t sell at loss. Simply move your cryptos to Coindcx, where you’ll be able to enjoy faster deposits, lower trading fees, 30+ trading pairs, and the most intuitive platform, all without touching fiat currency (INR),” Gupta details. “Even though the government has given these financial institutions a timeline of three months to cease support, it seems like banks will stop giving services to these exchanges much sooner.”
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