Bitcoin’s first exchange in India debuted this morning with the name BTCxIndia. The site provides a secure, real-time trading platform adhering to KYC and AML guidelines and enables instant INR deposits and withdrawals.
RBI still not regulating Bitcoin
Customers will be able to buy and sell bitcoins for Indian Rupees “with a tight spread” and can also use the facility of quick withdrawals and deposits of INR. Also the log-in and security norms will be similar to those of established institutions, and deposits will be stored offline so that in case of any problems, deposits will remain secure.
India does not have any hard and fast rules or government regulations about bitcoin, so the launch of the digital currency in India may come as a surprise to some. Last December, the Reserve Bank of India released a cautionary statement in which it warned users, holders and traders about the risk of dealing in crypto-currency. The warning statement has affected the momentum of bitcoin in India to some extent, as many traders and merchants gave up their operations after the statement from RBI.
In December, KC Chakrabaty, deputy governor of the RBI, said that at present, the institution does not regulate or support bitcoin. He said, “Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all, we don’t understand this subject.” The warning remained, as no regulations were pursued.
An issue on the site reads:
“India’s Central Bank; the Reserve Bank of India (RBI), is said to be “watching” Bitcoin and gathering information in an attempt to understand it better, but has said that it is not interested in regulating it at present.”
Highkart accepts Bitcoin
Highkart became the first e-commerce site in India to accept bitcoin as its only mode of payment. Highkart has roughly 200 items available, and it started accepting bitcoin as its most reliable and safest mode of payment for its customers. In a blog post, the company wrote that it wanted people to use bitcoin to reduce its dependence on the fiat currency, which is depreciating at an alarming rate in India.