- Binance, a global Cryptocurrency, and blockchain ecosystem acquired WazirX a Mumbai based bitcoin exchange, earlier this month, making a significant imprint on the Indian Cryptocurrency ecosystem.
- Nischal Shetty, the founder, and CEO of WazirX recently commented on the Indian Cryptocurrency Market and their new alliance with Binance.
- The Indian government has been neutral so far but various factors indicate that they are not very much in favor of blockchain.
Binance, a global cryptocurrency, and blockchain ecosystem acquired WazirX a Mumbai based bitcoin exchange, earlier this month, making a significant imprint on the Indian cryptocurrency ecosystem.
The Indian cryptocurrency market is most likely to face a ban in the near future which is why many cryptocurrency exchanges have stopped providing services. However the decision of the government is not final as of now, and the matter has been postponed in the Parliament for discussion at a later stage.
This acquisition will enable Indian users to buy and sell cryptocurrency with Indian rupees (INR) on the Binance Fiat Gateway from November 25 onwards. According to Binance, its users will be able to directly place orders on the web platform or the Binance apps to purchase Tether (USDT) against INR.
Nischal Shetty, the founder, and CEO of WazirX recently commented on the Indian cryptocurrency market and their new alliance with Binance. He mentioned that the resources provided by Binance will truly help the cryptocurrency market to grow in India.
He also said that it was he who first reached out to Binance’s CEO CZ. Binance was interested because of their new aim of global expansion and not limiting themselves to crypto to crypto, as usual.
On the state of the Indian cryptocurrency market, he believes that there are regulations on cryptocurrency in almost every market today. The reason WazirX has a P2P mechanism is that the Reserve Bank of India has restricted crypto-related businesses from using bank accounts.
The government has been neutral so far but various factors indicate that they are not very much in favor of blockchain. To quote Shetty,
“As a biological system, we will likely guarantee that our administration sees that blockchain without digital forms of money isn’t generally an open space by any means.”
Shetty believes that the government is highly likely to be willing to regulate cryptocurrencies because they are pro-technology and pro-innovation. The lack of regulatory mechanisms is preventing other cryptocurrency companies to venture out into the Indian market. To quote Shetty,
“If the government could come out in support of innovation and technology, we could see 10x the amount of work happening in India today, in terms of crypto.”
Also addressing Facebook’s Libra, he believes that it will help a lot of Indians to efficiently access payment mediums.
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