International Crypto Exchanges Aiming To Tap New Investors By Allowing Trade In Local Currency

ndtv.com:

Coinbase has said it is allowing Indian users of its app to buy crypto coins by paying in Indian rupee

While the RBI has cautioned people against investing in cryptocurrency, international digital exchanges appear confident about the future of this new industry. They are betting big on emerging markets, like India, by allowing users to buy these virtual coins in their local currency. Take, for instance, Coinbase. The US cryptocurrency exchange platform has said it is allowing Indian users of its app to buy crypto coins by making payments in Indian Rupee. The company has said that it will roll out this feature soon by adding support for the popular UPI payments system. However, the company did not say with which banks it has tied up for this.

The crypto exchanges are showing this enthusiasm at a time when RBI has appeared little excited about private cryptocurrencies circulating in the market and regulatory concerns raised in several quarters. Currently, cryptocurrencies are unregulated in India and rapidly growing. And, most banks do not allow Indian customers to use their accounts to buy crypto through UPI. Coinbase has said it is in talks with partners to find a way around enabling its Indian users to buy crypto using INR.

Digital exchanges see huge growth potential in India, with many young investors entering the market to make quick money.

Meanwhile, a bill on regulating the industry is pending in parliament. 

The RBI Governor Shaktikanta Das has said that cryptocurrency is a threat to the existing financial system and it “has no underlying, not even a tulip."