Following Supreme Court removal of the ban that Reserve Bank imposed on cryptocurrencies in India, Coinswitch announced their plan to launch a crypto exchange mobile app. The launch is scheduled to take place in June 2020.
In April 2018, Reserve Bank of India placed a ban preventing all banks and financial institutions from providing any services related to cryptocurrencies.
RBI argued that cryptocurrencies couldn’t be treated as currencies since they are neither made of metal nor physical in form. Also, they couldn’t be stamped by the government.
This ban forced several cryptocurrency-related shops to close down. Now, things are looking good, and they might just open up again.
Cryptocurrency Ban in India Lifted
Two years later, the Supreme Court has overturned the ban on the grounds of disproportionality in what people referred to as a historic verdict. Consequently, Coinswitch is looking to be at the forefront of cryptocurrency trading in India.
On Wednesday, 6th May 2020, Coinswitch announced the launch of the mobile app CoinSwitch Kuber which will help the users through the adoption of cryptocurrencies.
Ashish Singal, the Coinswitch CEO and cofounder said that the aim of Coinswitch is to simplify crypto. They intend to make it easier for the crypto users in India by involving them in a crypto ecosystem. Additionally, the app would be user friendly and very reliable.
Singhal further explained that they target to achieve a different customer experience. Unlike other crypto exchanges that focus on trading, CoinSwitch will be focusing on getting more users to sell ad buy cryptocurrencies.
The CoinSwitch Kuber will function in a similar way to AmazonPay and other payment wallets. Users will recharge their wallets buy or sell BTC and ETH.
Crypto Market In India
CoinSwitch CEO observed that there is a high possibility for cryptocurrencies to grow in the Indian market. There is an eminent lack of trust in India’s traditional investments making BTC and cryptocurrency a great alternative.
Due to this market opportunity, CoinSwitch hopes to get 25,000 sign-ups to this new mobile app service they will provide. If this is achieved, the crypto adoption rate in India will be accelerated to a great extent.
Even though crypto-related businesses are no longer prevented from getting financial services, the regulations on cryptocurrency are still not completely clear.
A few days ago, some cryptocurrency exchanges groups sought for a clarification whether there are tax policies where cryptocurrencies are involved.
Additionally, some banks denied receiving any type of notification from the Reserve Bank of India, allowing them to provide financial services for crypto businesses.
Despite the lack of clear regulations, this CoinSwitch Kuber app may just be the catalyst for widespread use of BTC, ETH and other cryptocurrencies in India. Looking at India’s large population, this increased adoption may significantly raise the global percentage of crypto users.
