In a recent response to a Right to Information query, the Reserve Bank of India, the Indian central bank, has stated that there is no prohibition on banks to provide bank accounts to cryptocurrency traders. But some banks have been arbitrarily denying services to crypto users and are still doing so. If there is no law banning crypto trading, as emphasized by India’s Supreme Court, and there is no prohibition on banks by the RBI, then why aren’t banks treating crypto-related activities on par with other legitimate activities? The RBI banking ban on crypto was set aside by the Supreme …

A recent report highlights that India’s growing demand for cryptocurrencies is driven by the need for lower remittance fees and a more stable currency to store value. The cryptocurrency spot and derivative exchange OKEx in collaboration with Coinpaprika studied the Indian cryptocurrency markets and estimated that the global share of cryptocurrency transactions in India will increase significantly in the next two years. Moving to a less expensive payment system There are over 17 million Indians working beyond the borders who sent more than $80 billion back home in 2018. They paid as much as $5.67 billion as transaction fees to …

The largest multi-port operator of India, Adani Ports and Special Economic Zone Limited (APSEZ), has partnered with the blockchain-based supply chain solution platform TradeLens. APSEZ plans to integrate TradeLens’s blockchain solutions across 10 of its major courier management facilities across ports in six Indian states — four in Gujarat and one each in Odisha, Tamil Nadu, Goa, Chennai, Andhra Pradesh and Kerala. Digitizing to curb supply chain shortcomings exposed by the pandemic According to the local business news outlet, Business Line, APSEZ’s move to digitize its supply chains comes as an effort to reduce the impact of vulnerabilities of the …

Crypto derivatives exchange Delta Exchange has announced a new injection of funding from blockchain investor CoinFund, aiming to provide strategic resources for both parties in their focus to expand in India. According to the announcement, New York-based firm CoinFund looks forward to implementing its first venture investment in India following the recent lifting of the Reserve Bank of India’s ban on banks serving crypto-related firms. Big opportunities in the Indian crypto derivatives market Speaking to Cointelegraph, Alex Felix, managing partner of CoinFund, said: “The crypto market opportunity in India is big! The combination of the Supreme Court’s decision to invalidate …

India’s central bank, the Reserve Bank of India, seems to finally be clarifying its stance on financial services for cryptocurrency-related businesses. In response to a right to information request, the RBI clarified that there are no restrictions on banks preventing them from providing an account to cryptocurrency companies or traders. The request was initially filed by Harish BV, a cofounder of local cryptocurrency exchange Unocoin. The Supreme Court’s decision on the crypto ban wasn’t the end In 2018, the RBI released a statement restricting all regulated entities including banks from dealing with any organization or individual traders transacting in cryptocurrencies. …

CoinDCX, India’s largest cryptocurrency exchange, announced that it had raised $2.5 million from investors including Polychain Capital and Coinbase Ventures, the investment arm of crypto exchange Coinbase. The investment comes shortly after the exchange’s Series A funding round in March, in which CoinDCX secured $3 million from Bain Capital, Polychain and HDR Group, the operator of cryptocurrency exchange BitMEX. In an announcement from CoinDCX on May 25, the exchange said it would be using the funds to encourage mass adoption of cryptocurrency in India through its “TryCrypto” campaign. CoinDCX stated its goal was to have 50 million crypto users in …

Cryptocurrency custodian BitGo will provide its services to Indian exchange CoinDCX, offering secure storage and partial insurance for assets traded on the platform. BitGo — a United States-based firm that claims to process over 20% of all Bitcoin (BTC) transactions — provides an insurance policy covering up to $100 million in value through a syndicate of Insurers in the Lloyd’s of London and European Marketplace. CoinDCX apparently already began transferring its assets to BitGo’s wallets last week. With BitGo Custody, all cryptocurrencies on CoinDCX will be secured in omnibus and segregated hot and cold wallets with two-factor authentication for all …

A blockchain-based agtech startup Agri10x has inked a partnership with the Indian government to help farmers sell their produce directly to buyers. According to a report published by local news outlet Business Standard, Agri10x will gain access to half a million government-affiliated common service centers that will help farmers in rural areas register on the Agri10x platform. Indian agriculture industry has huge room for disruption A report on sale of food produced by Indian farmers suggest that between 69 to 73% of produce left with farmers is sold below the Minimum Support Price (MSP). Due to the failure of government …

It was early in March when India’s Supreme Court delivered a historic verdict on a landmark case that promised a new era for crypto in India. The Supreme Court moved to lift the Reserve Bank of India’s controversial ban on banks issuing services to crypto-related firms. It seems, however, that not all banks are complying with the new ruling. According to Mohammed Danish, a fintech lawyer, there are reports of several cases where banks have continued to decline crypto-related transactions. “In most of the cases, the banks have not given any written communication but verbally informed their customers that they …

T-Block, an Indian government-led blockchain accelerator program by the State Government of Telangana and Tech Mahindra, has partnered with blockchain companies Matic Network, Harmony, and Aeternity to support the growth of blockchain startups across the state. Local news outlet Telangana Today reported on May 7 that the three blockchain platforms will help Telangana-based startups work on “strong blockchain use-case” with their blockchain solutions. Providing technical support at all levels T-Block’s collaboration with the above-mentioned companies is expected to help startups at all levels of product development and deployment. Indian startups that are able to create innovative solutions will secure a …

A new fiat-crypto exchange has launched in India, two months after lifting the country’s stringent ban on banks’ dealings with crypto businesses. The Bangalore-headquartered exchange, dubbed BitPolo, went live on May 6. It was originally founded in March; the same month the Supreme Court ruled against the central bank’s longstanding moratorium on crypto-related banking support. BitPolo supports Rupee (INR) deposits and withdrawals, and crypto-fiat pairs with major currencies such as Bitcoin (BTC). In a statement accompanying the launch, Bitpolo chief business officer, Suresh Choudhary, said the exchange team had been building throughout the bear market and considers that the platform’s …

Cryptocurrency exchange aggregator CoinSwitch will launch its CoinSwitch Kuber app on June 1 — exclusive to users in India. The mobile app will support over 100 coins, while also adding liquidity across all Indian exchanges to allow users to buy and sell using the Indian rupee. Users need to be verified with Know Your Customers and Anti-Money Laundering procedures before depositing rupees into their accounts. India had a fairly rocky relationship with crypto trading until March, when the Supreme Court overturned a ban imposed by the Reserve Bank of India. Potential in the Indian crypto market Speaking to Cointelegraph, Ashish …