crypto india – AtoZcrypto https://atozcrypto.org Thu, 29 Oct 2020 15:37:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.6 https://atozcrypto.org/wp-content/uploads/2018/01/cropped-AtoZ-32x32.jpg crypto india – AtoZcrypto https://atozcrypto.org 32 32 India takes another step towards cryptocurrency adoption https://atozcrypto.org/india-takes-another-step-towards-cryptocurrency-adoption/?utm_source=rss&utm_medium=rss&utm_campaign=india-takes-another-step-towards-cryptocurrency-adoption https://atozcrypto.org/india-takes-another-step-towards-cryptocurrency-adoption/#respond Thu, 29 Oct 2020 15:37:41 +0000 https://atozcrypto.org/?p=4196 Do you reside in India and want to take a loan against your cryptocurrency assets? Well, now you can. An Indian bank, United Multistate Credit Co. Operative Society, would be the first one to launch this service across its 34 branches. Together with Cashaa, a crypto-banking service provider, the bank launched a service named UNICAS. …

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Do you reside in India and want to take a loan against your cryptocurrency assets? Well, now you can. An Indian bank, United Multistate Credit Co. Operative Society, would be the first one to launch this service across its 34 branches. Together with Cashaa, a crypto-banking service provider, the bank launched a service named UNICAS. This service will be available both online and offline. This move is made amidst the uncertain nature of the cryptocurrency market in India. 

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RBI (Reserve Bank of India)’s ban on cryptocurrency banking was nullified by the Supreme Court of India, in March. Despite that, people did not see any move regarding these currencies. Most financial institutions are not sure of cryptocurrency’s true potential; thus, they did not launch such services. UNICAS will allow people to sync cryptocurrency wallets with their bank accounts. People can buy Bitcoins and other cryptocurrencies either by using fiat money or these currencies. It also will help people get loans against these assets. 

Why this move? Despite initial inhibition, people are slowly inclining towards cryptocurrencies and their adoption. A spike was reported during the lockdown, reaching between 200% to 400%. However, how people will react to this service is a matter of another day.

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Is India banning digital currency? Or is this news clickbait? https://atozcrypto.org/is-india-banning-digital-currency-or-is-this-news-clickbait/?utm_source=rss&utm_medium=rss&utm_campaign=is-india-banning-digital-currency-or-is-this-news-clickbait https://atozcrypto.org/is-india-banning-digital-currency-or-is-this-news-clickbait/#respond Fri, 18 Sep 2020 15:05:17 +0000 https://atozcrypto.org/?p=4132 Just one year ago, India’s former finance secretary Subhas Chandra Garg introduced a bill banning cryptocurrency trading in India. However, this bill was not passed in the parliament.  It should be noted that the cryptocurrency market in India is gradually blooming, special thanks business working tirelessly on the concept.  Supreme Court struck down the Reserve …

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Just one year ago, India’s former finance secretary Subhas Chandra Garg introduced a bill banning cryptocurrency trading in India. However, this bill was not passed in the parliament. 

It should be noted that the cryptocurrency market in India is gradually blooming, special thanks business working tirelessly on the concept. 

Supreme Court struck down the Reserve Bank of India’s circular banning financial institutions from dealing with cryptocurrency companies and traders.

Recently, news about further banning of these currencies was circulating in the community. People paid heed to it because the news is coming from authentic sources, like Bloomberg and Economic Times. So, naturally, they were anxious about it.

The reports published by these two sources mentioned that a bill banning cryptocurrencies will be discussed by the federal cabinet. Also, they have cited reliable sources while mentioning this bill. These reports were circulating, since June. 

Although this news is false, there is a level of uncertainty attached to it. This is despite the Supreme Court of India’s cancellation of RBI’s (Reserve Bank of India) objection against cryptocurrency trading. 

Subramanian Swamy, a Member of Parliament (Rajya Sabha) denied such news, saying that banning these currencies will be a mad decision. 

Even Ashish Singhal, CEO of CoinSwitch (with most users residing in India) also denied this news. Others have already agreed with them. News related to the ban was declared as clickbait. 

Yes, there’s a bill that discusses digital money. But, the bill does not focus on prohibiting ownership of this money. 

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