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Homegrown crypto exchange <keyword id="11973589" type="General" weightage="80" keywordseo="unocoin" source="Orion">Unocoin</keyword> on Monday launched deposits via <keyword id="12241589" type="General" weightage="20" keywordseo="UPI-wallets" source="Orion">UPI wallets</keyword> in the Indian currency for a faster top-up to buy and sell <keyword id="6395759" type="General" weightage="20" keywordseo="bitcoins" source="Orion">Bitcoins</keyword> and other <keyword id="2420795" type="General" weightage="20" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> on the platform. To trade on the Unocoin platform, a minimum top-up of ₹1,000 is required. The maximum that the user can deposit can range up to ₹2 Lakh via UPI mode and ₹1.5 crore via bank IMPS/UPI/NEFT/RTGS mode, the startup said in a statement. During the recharge process through UPI account, on clicking on ‘submit', the app will share a link via SMS that will help the user make the payment via UPI ID. One can also directly go to the UPI app to make the payment. "There is still uncertainty among the prospective users regarding the usage of cryptocurrency in comparison to real money. We want all our users to have the ease of trading or exchanging on our platform," said Sathvik Vishwanath, CEO and Co-Founder, Unocoin. "While there were other modes of banking options available since the app's inception, UPI payment under INR deposits will add the convenience of instant and hassle-free proceedings," he added. Started in 2013, Unocoin operates India's largest BTC-INR trading platform which enables the people to buy, sell, store, use and accept <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>. At its peak, Unocoin processed transactions worth more than ₹2 billion per month for its more than 13 lakh customers. Unocoin last month enabled FASTag payment services for its users. The application will support a top-up starting from a minimum of ₹100 to a maximum of ₹10,000 and unlimited transactions through the day, while ensuring that there is enough bitcoin in the user account to cover it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/the-crypto-market-crash-made-it-less-attractive-to-steal-cryptocurrencies/articleshow/86754774.cms">The crypto market crash made it less attractive to steal cryptocurrencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-surges-9-as-it-punches-through-2-key-technical-resistance-levels/articleshow/86683582.cms">Bitcoin surges 9% as it punches through 2 key technical resistance levels</a>

Unocoin launches deposits via UPI wallet to buy and sell Bitcoins and other cryptocurrencies on the platform

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has banned regulated institutions from dealing with crypto exchanges.</li><li>The <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>'s decision will come into effect in three months from now.</li><li>The move could effectively ban cryptocurrency in India.</li></ul>When online poker first flourished in India, many players couldn't transfer money from their poker accounts to their bank accounts. This, basically meant that win or lose, they could make no liquid cash from playing Poker online. The solution? Players decided to transfer the money amongst themselves within the poker sites. So, if you transferred $300 to my account on website A, I could transfer $300 from my bank to yours. The rationale being, that I was going to put in $300 in my poker account anyway. That can't happen with cryptocurrencies anymore. The RBI today banned regulated institutions from dealing with crypto exchanges. The rule comes into effect three months from now, which is the time these institutions have to get their affairs in order. The move doesn't ban crypto usage in India, but it's almost like a demonetisation of cryptocurrency. Three months hence, you won't be able to perform NEFT, UPI or other transactions with crypto apps and websites, like Unocoin, Zebpay and more. This is two-way, meaning you can neither deposit nor withdraw from such apps and websites. But India also isn't a stranger to cryptocurrency usage. Many have invested in modes like <keyword id="6354947" type="PERSON" weightage="20" keywordseo="bitcoin">Bitcoin</keyword>, Ethereum etc. In fact, a Bitcoin <a href="https://www.businesstoday.in/current/corporate/cryptocurrency-guru-arrested-for-bitcoin-ponzi-schemes-scam-could-run-into-rs-13000-crore/story/274255.html" data-type="tilCustomLink">entrepreneur</a> was recently arrested for scamming investors out of ₹2000 crore (just over $30 million). Will they just lose all these investments? Well, they obviously have three months to transfer these earnings to banks, converting them to cash and hence paying tax. Or, crypto exchanges could just start considering cold hard cash. That should work, at least as long as Demonetisation 2 doesn't happen. For best results, when you want your cryptocurrencies to be exchanged for real money, exchanges will have to deliver cash to you. And if you think this is an impossible scenario, there's a case study already available. Human Cash Haulers An <a href="https://www.fastcompany.com/3067778/the-blockchain-is-going-to-save-immigrants-millions-in-remittance-fees">app called Abra</a> employs "human tellers" to transfer money across the world, using the crypto medium. Unlike crypto exchanges, <keyword id="3110208" type="PERSON" weightage="20" keywordseo="Abra">Abra</keyword> operates like a regular e-wallet. Users load cash onto their wallets, which they can transfer to others. Abra, in turn, converts the money to cryptocurrency and uses the blockchain to transfer it across the world, or just a few metres away. The receiver has to find a human teller near him, which can be an individual or business, and take the amount in local currency. Think of them as Crypto Angadias - the traditional Indian community of human couriers from <keyword id="6354766" type="LOCATION" weightage="20" keywordseo="Gujarat">Gujarat</keyword> who haul cash for the diamond and gold industry in the state by operating furtively between Mumbai and Gujarat. It is said that Angadias carry a few hundred crore rupees worth of high-value goods and cash between Mumbai and Gujarat everyday. For a cash-rich country like India, could this be a solution to continue crypto usage within our borders. RBI wants its own cryptocurrency Interestingly, while the government seems keen to ban cryptocurrencies, the RBI doesn't seem to have given up on the idea of floating one of its own. The apex bank has set up a panel to implement India's own fiat cryptocurrency, that's regulated and dispersed by banks. While that may break the core philosophy of crypto modes like Bitcoin, i.e, democratising currencies, it could help reduce the cost of printing bills. It would also be in line with the government's push to promote digital payments in the country. While the RBI's ruling may have effectively banned the use of cryptocurrencies in India, the country doesn't seem ready to give up on it yet.

Crypto Angadias: RBI's crypto ban might incentivise human tellers for cryptocurrency transactions

New Delhi, Mar 16 () The Ministry of Corporate Affairs (MCA) has conducted an inspection on a bitcoin company through Registrar of Companies and prosecutions have been filed for violations under various provisions of the Companies Act, Parliament was informed on Monday.Responding to a query in the Lok Sabha, Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said the ministry has conducted an inspection through Registrar of Companies (RoC), Ahmedabad in the matter of ZEB IT Services Pvt Ltd to examine the aspects with regard to dealing in bitcoins. "... based on the findings, prosecutions have been filed for violations under various provisions of the Companies Act and the same also have been concluded on payment of penalty on the compounding application(s) filed by the company," he said in a written reply. The minister further said ZEB IT Services has filed its balance sheet as on March 31, 2019. Thakur further noted that one more company - Unocoin Technologies Pvt Ltd - registered with RoC, Karnataka is up to date in filing statutory returns and no complaints have been received. To a question on whether several major companies operating in various sectors are on the verge of insolvency, the minister said, as per the records of MCA, Jet Airways is "under corporate insolvency resolution process" while Airtel Broadband Services is amalgamated. Besides, Air India, MTNL, Vodafone Idea are active companies and have filed Statutory Returns including financial statements up to the financial years 2019. BSNL has filed the documents till 2018, the minister noted. DRR ANUANU

MCA conducts inspection on one bitcoin company

The Supreme Court of India has struck down a ban on banks dealing with cryptocurrencies in India, paving the way for users to start trading with renewed vigour in cryptocurrencies. While there was no ban on cryptocurrencies, the Reserve Bank of India in 2018 put a ban on banks from dealing with virtual currencies like Bitcoin. The central bank also asked banks to exit all existing relationships with cryptocurrency exchanges. Now that this roadblock too <a href="https://www.businessinsider.in/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">has been cleared</a>, here is how you can gain from the move. What is a cryptocurrency? Cryptocurrency is a virtual currency that can be exchanged online for goods and services. Cryptography is used to secure and verify the transactions. Unlike traditional currencies, cryptocurrencies are not issued by a central bank and depend on a peer-to-peer system. How to open a <keyword id="8871185" type="UNKNOWN" weightage="20" keywordseo="crypto-trading-account">crypto trading account</keyword> in India? There are several cryptocurrency exchanges from where you can buy and sell cryptocurrencies like Zebpay, Unocoin, Coinmama and more. Today, we will show you how to use Zebpay to buy and sell cryptocurrencies in India. Zebpay allows you to purchase various virtual currencies and store them. How to use Zebpay to buy and sell cryptocurrency <div type="image" title="Zebpay" msid="74490879" hostid="261"></div>

 <ul><li>Download and install the Zebpay app for <a href="https://play.google.com/store/apps/details?id=zebpay.Application">Android</a> and <a href="https://apps.apple.com/in/app/zebpay-bitcoin-wallet/id944854686">iOS</a>. </li><li>Open the app and click on ‘Let’s go’ at the top. </li><li>Enter your phone number and click on ‘Proceed securely’. </li><li>Now, click on ‘Continue to Set Account PIN’.</li></ul> <div type="image" title="Zebpay" msid="74490890" hostid="261"></div>

 <ul><li>Now, enter a four-digit PIN. </li><li>Re-enter the four-digit PIN. </li><li>Once you have set the PIN, you can opt to use the fingerprint sensor. </li></ul><div type="image" title="Zebpay" msid="74490905" hostid="261"></div>

 <ul><li>Now, click on ‘Verify Email Address’. </li><li>Enter your name and email address. </li><li>Go to your mail and verify your account.</li></ul> <div type="image" title="Zebpay" msid="74490918" hostid="261"></div>

 Now you will be asked to provide your ID proof and address proof. <ul><li>Click on ‘Continue’. </li><li>For ID proof, you can submit your PAN card. </li><li>Upload the front of your PAN card and click on ‘Continue. </li></ul> <div type="image" title="Zebpay" msid="74490925" hostid="261"></div>

 <ul><li>For address proof, you can submit your Aadhaar card, driving license, passport or a utility bill dated within the last three months. </li><li>Select an address proof and upload it. </li><li>Click on ‘Continue’. </li><li>Now, select your source of funds and occupation. </li><li>Then, click on ‘Continue’. </li></ul>Once your KYC details are verified, you can start trading in cryptocurrency. <div type="image" title="Zebpay" msid="74490953" hostid="261"></div>

 Here are the cryptocurrencies available on Zebpay. <div type="image" title="Zebpay" msid="74490930" hostid="261"></div>
 You can select from the available currencies, enter the amount and click on ‘Buy’. See also: <a href="https://www.businessinsider.in/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'</a> <a href="https://www.businessinsider.in/business/startups/news/crypto-community-in-india-is-rejoicing-exchanges-are-ready-to-reopen/articleshow/74472080.cms">Crypto community in India is rejoicing ⁠— exchanges are ready to reopen</a> <a href="https://www.businessinsider.in/business/news/indias-crypto-market-was-worth-12-9-billion-in-2017-before-it-incurred-the-rbis-wrath/articleshow/74474034.cms">India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath</a>

How to open a cryptocurrency trading account in India

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has bounced back from its lowest point in March at $4,900 and has already crossed $18,000.</li><li>Bitcoin is trading at a three-year high, and the <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> is inching closer towards the all-time high of $20,000. </li><li>Experts believe this time around the growth will be sustainable and is here to stay. </li></ul>Bitcoin, everyone’s favourite cryptocurrency, is not only out of the woods, but is witnessing a bull run. Bitcoin has bounced back from its lowest point in March at $4,900 and has already crossed $18,000 – its highest since December 2017. It is inching closer towards the all-time high of $20,000. Bitcoin prices in 2020 have been rising for 112 days, making it the first time in history it has achieved this. The 12-year old cryptocurrency has seen euphoric highs and biggest crashes but experts believe this time around the growth will be sustainable and is here to stay. “This time there are more genuine reasons for the price increase like American hedge funds adding crypto assets to their balance sheet, PayPal allowing access to its millions of customers to buy and sell cryptos followed by an announcement from DBS bank that they will soon start providing trading services for crypto to their clients. It looks like the growth we are seeing now is more sustainable and the global recession and pandemic is fuelling it,” said Sathvik Vishwanath, CEO of Unocoin. Here’s why Bitcoin is booming again The faith of institutional investors Bitcoin has found a stronger foothold in the market with American hedge funds and institutional investors turning to the crypto market. Even major banking institutions like <a href="https://www.businessinsider.in/stock-market/news/bitcoins-massive-rally-is-different-from-the-speculative-frenzy-of-2017-as-more-institutional-investors-buy-in-says-mike-novogratz/articleshow/79291143.cms">Citibank and Bank of America </a>are talking about the crypto asset. In fact, JPMorgan Chase’s billionaire CEO Jamie Dimon, who had earlier called Bitcoin a “fraud”, switched sides to say that he believes in Bitcoin, even though it is not <a href="https://finance.yahoo.com/news/jamie-dimon-says-bitcoin-is-not-my-cup-of-tea-even-as-jp-morgan-has-warmed-to-crypto-161245479.html">his cup of tea</a>. JP Morgan had launched its own cryptocurrency last year called JPM Coin. “The recent bull run in Bitcoin is caused due to increasing investment from institutional investors, investment banks and more importantly payment companies. This is largely owing to a shift in investor sentiments towards alternative asset classes, especially digital assets,” said Monark Modi, Founder and CEO, Bitex. Modi added that another factor has been the likes of an investment bank like JP Morgan Chase which has adopted blockchain based interbank payment systems through Stablecoins. “Judging by this heightened interest towards cryptocurrencies, Bitcoin has the potential to touch $22,000 by coming quarter,” he said. PayPal’s Bitcoin push One of the biggest factors behind the <keyword id="10298153" type="UNKNOWN" weightage="20" keywordseo="bitcoin-bull-run">bitcoin bull run</keyword> is fintech leader PayPal accepting cryptocurrency on its platform. PayPal said that it plans to “significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.” Right after PayPal’s announcement which was termed as the <a href="https://www.businessinsider.in/stock-market/news/bitcoin-leaps-to-highest-since-july-2019-after-paypal-opens-service-to-cryptocurrencies/articleshow/78793386.cms#:~:text=Bitcoin%20soared%20as%20much%20as,highest%20level%20since%20July%202019.">biggest news for crypto</a> in 2020, Bitcoin had surged over 8%. "Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce,” Dan Schulman, president and CEO, PayPal had said in October. COVID has changed investor outlook As COVID-19 brought in market uncertainties all around, investors became more accepting of Bitcoin as the cryptocurrency offered an alternative to gold. “The virus crisis is propagating the reassessment of bitcoin. There is a reassessment about its value here as an alternative currency; as an alternative to gold,” Nikolaos Panigirtzoglou, an analyst at JPMorgan told <a href="https://www.theguardian.com/technology/2020/nov/17/bitcoin-jumps-to-three-year-high-as-covid-crisis-changes-investor-outlook">the Guardian.</a> The Bitcoin halving event Bitcoin halving takes place when the reward for mining Bitcoin transactions is cut in half. During this, the cryptocurrency’s inflation rate is halved and so is the rate at which new bitcoins are circulated. The last Bitcoin halving event took place in May, 2020. “In the previous 2 halvings too, Bitcoin and the overall crypto market cap rose exponentially, and we are expecting a similar trend. This time around, we are witnessing interest not only from retail but institutional investors globally too,” said Sumit Gupta, Co-founder and CEO, CoinDCX. Gupta expects that along with Bitcoin, the prices of other crypto currencies like Ethereum too will now increase. “This is mainly because both Bitcoin and Ethereum have strong fundamentals. We are expecting Ethereum also to perform well in the next few years owing to ETH 2.0 scheduled in December 2020,” said Gupta. ETH 2.0 or Ethereum 2.0 is the next upgrade to the Ethereum blockchain, scheduled to be launched in December 2020 after a long delay. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/harley-davidson-dealer-shares-how-they-are-looking-at-legal-options-on-compensation-after-the-company-exited-india-operations/articleshow/79300260.cms">A Harley Davidson dealer in Delhi shares his anxiety over the US luxury motor company's sudden exit from India</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-being-pulled-apart-in-a-polarised-india-for-pushing-advertising-money-to-backing-a-partisan-news-outfit/articleshow/79296969.cms">Zomato is being pulled apart in a polarised India⁠ for pushing advertising money to back a partisan news outfit</a>

Bitcoin is on a record run, surging past $18,000 — here’s why the cryptocurrency is booming again

<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>American venture capital in Bitcoin continues to cross the ocean. 
On Monday, Barry Silbert's Bitcoin Opportunity Corp. announced it had invested $250,000 in Bangalore-based Unocoin.
The firm is less than a year old but already claims the title as the largest and fastest-growing bitcoin company in India. It does a little bit of everything, including trading, storage, and merchant processing. 
Year to date, India ranks 18th worldwide for number of overall raw Bitcoin protocol downloads <a href="http://sourceforge.net/projects/bitcoin/files/stats/map?dates=2014-01-01+to+2014-08-11">according to SourceForge</a>, more than many European countries, including Romania, <a href="http://www.reuters.com/article/2014/07/28/us-romania-bitcoin-idUSKBN0FX0VQ20140728">which was just highlighted by Reuters as a Bitcoin hub</a>.
India's central bank has clarified that it would allow Bitcoin businesses to continue operating <a href="http://www.medianama.com/2014/01/223-rbi-bitcoin/">while warning of the cyptocurrency's risks to average investors</a>. 
Bitcoin evangelists have long said the opportunity in places like India that are home to large populations of "unbanked" citizens is enormous. In a joint statement, BOC and Unocoin noted 40% of India's urban population and 61% of its rural population lacks access to basic financial services. At the same time, remittances in India totaled over $70 billion in 2013.
"Bitcoin technology has the potential to provide sustainable solutions and smarter financial options to all sectors of India," the firms said. 
Of the nine investments Silbert's BOC has made in 2014, four have been in overseas companies. In July, a report from CoinDesk showed the absolute number of firms receiving investment in Q2 was now split 60-40between America and the rest of the world.
<div class="KonaFilter image-container"><div class="image"></div></div>
When we talked with Silbert last month about his investment in a Swedish-based Bitcoin firm, he <a href="http://www.businessinsider.com/europe-bitcoin-investment-surge-2014-7">insisted</a> America would continue to lead the world as the top destination for Bitcoin investing. And we aren't suggesting there isn't significant interest here.
But the needs of Bitcoin users in America are different from those elsewhere. And the U.S. (and Canada) continue to trail other countries in terms of Bitcoin interest: Here's the year-to-date chart in Google Trends for "Bitcoin" - a crude measure to be sure but nonetheless telling:
<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>
And the Unocoin investment marks the largest known to date in India's Bitcoin space, as well as one of the largest investments made by BOC outside of United States.
So it seems reasonable to say the makings of a trend are emerging.

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Unocoin launches deposits via UPI wallet to buy and sell Bitcoins and other cryptocurrencies on the platform

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Bitcoin is on a record run, surging past $18,000 — here’s why the cryptocurrency is booming again

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