Government makes it clear: Bitcoin is not banned in India

India, one of the largest and most powerful countries in the world, has released a clarification concerning the legal Status of crypto-currencies in their own country. In recent years, many India-based companies have had to adjust due to the increasing regulatory pressure on their activities. Now, the Reserve Bank of India (the Central Bank of the country) has released a statement to the current legal status of crypto-currencies.

The RBI stated that Bitcoin (BTC) and other crypto-currencies are not in fact prohibited for the General public. This does not mean, however, that banks and other financial institutions can use, or related solutions. In fact, the RBI stated that banks and other companies is prohibited from dealing with them. The main objective behind this decision was due to the fact that this could ultimately prevent money laundering, terrorist financing, and more. The Financial Action Task Force (FATF) has issued a variety of rules for businesses and companies from all over the world to track the use of virtual currencies for criminal activities and to reduce.

The RBI published the report explains that they want to reduce the impact of the participation of financial undertakings in activities that could bring greater financial risks. This is stated in the report as follows:

The RBI was able to decouple the regulated entities from engaging in activities that bring in addition to other legal and operational risks, reputational and financial risks.

Crypto currency exchange, and other companies, the crypto-offering related services, have left the country. In the meantime, many others have had to cease their activities due to the rules introduced. Banks and other financial institutions could not offer these companies the necessary services to the cash and Fiat currencies in behalf of their clients to handle. Although the Indian Central Bank has taken a very tough Position in relation to virtual currencies, there will be Blockchain-companies in India. The Distributed Ledger Technology (DLT) can be used for a variety of activities and enterprises is very useful. Therefore, it is for many countries is so important.

There are other jurisdictions around the world, which have already established very friendly regulations and a legal framework for digital currencies and the Blockchain technology. These countries include Switzerland, Singapore and Malta. Crypto-firms, stock exchanges and other companies begin to shift their activities to these locations and to operate in a regulated space.

Binance WazirX leads as a Token on Binance Launchpad

Only a few hours after the notice Binance launched a Token-of-Sale for its latest Acquisition, the Indian Crypto wallet WazirX (WZX). Binance bought in November, the Mumbai-based company WazirX for 5 to 10 million dollars. “One of the main objectives is to expand Binance to other Fiat currencies, and with local partners to cooperate, as many Fiat-to-add Crypto-pairs as possible,” said the CEO of Binance, Changpeng Zhao at the time.

WazirX was founded in March 2018, and a monthly trading volume of $ 30 million and more than 200,000 App Downloads. The acquisition of the Peer-to-Peer exchange allows Binance, to take foot in India, and to receive a Fiat Onramp for the Indian rupee, access to a market of over 1 billion people. The news of the introduction of WazirX as a Token on Binance Launchpad was greeted by some excited, the WazirX as “Binance of India” praised. The exchange also announced a Airdrop free Token.

Introducing the @WazirXIndia $WRX Token Sale on #Binance Launchpadhttps://t. co/rxt2E0F4Od pic.twitter.com/EYuLIodYwJ

— Binance (@binance) January 21, 2020

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