While Indian cryptocurrency investors are still unsure about the status of crypto regulations, demand remains steady. Despite banks’ reluctance to serve cryptocurrency-based enterprises, adoption in the country appears to be on the rise. According to recent reports, The Rug Republic, an Indian home décor business, has begun accepting major cryptocurrencies as payment for purchases. While the brand ships globally, this payment method is presently only accessible in India.
According to Mint, the Delhi-based décor business would accept payments in the top 20 cryptocurrencies by market capitalization for its products. Although the firm plans to create an in-house cryptocurrency payment system, it now uses the WazirX and Binance marketplaces for cryptocurrency transactions.
While global conglomerates such as Tesla, Microsoft, and PayPal have all embraced this form of payment, Indian businesses are still cautious of it. Despite the fact that Indian specialists and software developers have long allowed cryptocurrency transactions, the acceptance by the brand is a significant development. The Rug Republic had been agnostic about cryptocurrency and regulatory crackdowns.
Blockchain technology is a great invention, and Raghav Gupta, CEO of the Rug Republic, believes it will revolutionize the financial sector. Gupta adds that the new technology era has begun and is ready to address economic concerns.
Crypto entrepreneur Gupta bought his first Ethereum token in 2016. Like many other investors, he benefitted from the April rally in Ethereum and other cryptocurrencies. The chief of The Rug Republic holds stakes in Polygon, which owns the MATIC token, an Indian crypto company.
India and Cryptocurrencies
While cryptocurrency aficionados await the introduction of cryptocurrency legislation in parliament for debate during the forthcoming Monsoon session, which begins on July 19, the cryptocurrency space has been plagued by uncertainty due to banks’ reluctance to accept cryptocurrency transactions.
Major Indian banks, notably HDFC Bank and State Bank of India, have begun advising clients against trading in cryptocurrencies through their services. Banks have informed clients via email that individuals who transact in virtual currencies may risk account suspension, citing a 2018 Reserve Bank of India circular. Notably, the Supreme Court invalidated the circular in March 2020.
While cryptocurrency is legal in India, regulations would assist Indian companies in making informed choices on how to successfully integrate digital assets into their operations.
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