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<ul><li>India’s crypto enthusiasts were at the centre of the <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">bitcoin</keyword> boom in 2016-2017. </li><li>At that time, India’s <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> market had a potential market size of $12.9 billion. </li><li>Several Indians had indulged in buying bitcoins, which also led to fast growth of startups like <keyword id="2761019" type="PERSON" weightage="20" keywordseo="Zebpay">Zebpay</keyword>, <keyword id="2481086" type="PERSON" weightage="20" keywordseo="UnoCoin">Unocoin</keyword>, <keyword id="6063176" type="UNKNOWN" weightage="20" keywordseo="Koinex">Koinex</keyword>, which worked as <keyword id="6200159" type="UNKNOWN" weightage="20" keywordseo="Cryptocurrency-Exchanges">cryptocurrency exchanges</keyword>. </li></ul>India’s Supreme Court today held the complete ban on cryptocurrency on RBI as unconstitutional. And for India’s crypto community, it’s a way to get back to the highs of 2017. India’s crypto enthusiasts were at the centre of the bitcoin boom in 2016-2017. At that time, India’s cryptocurrency market had a potential market size of $12.9 billion. According to a report by <a href="https://blog.crebaco.org/2020/01/24/rbi-versus-iamai-at-the-supreme-court/">CREBACO</a>, here’s a look at the volume of the cryptocurrency dealings in India right before the ban. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average volume across 5 major exchanges in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">750 Bitcoins per day </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average calculated at the everyday closing price for 180 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$10,551 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Per Day Volume Approx </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">79,13,250‬ </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">180 Day Volume Approx </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,42,43,85,000‬ </td></tr></tbody></table> Several Indians had indulged in buying bitcoins, which also led to fast growth of startups like Zebpay, Unocoin, Koinex, which worked as cryptocurrency exchanges. In the peak of the bitcoin madness, Zebpay was <a href="https://qz.com/india/1405918/zebpay-a-major-indian-bitcoin-exchange-is-closing/">reportedly</a> adding 300,000-400,000 users every month with an annual turnover of ₹500 crore. Another major crypto exchange Koinex too saw a similar growth story. In December 2017, Koinex was recording $265M in trading volume and on boarding 40,000 new users in 24 hours. But it all came crashing down in April 2018, when the Reserve Bank of India directed banks to stop all transactions with cryptocurrency exchanges. “This short-lived astronomical growth curve was stalled with the emergence of issues with formal banking channels on which exchange services were deeply dependent on,” Koinex wrote in the <a href="https://medium.com/koinex-crunch/koinex-shutdown-announcement-termination-of-exchange-services-bea4a472ea79">blogpost </a>where it announced that it was shutting down. But today, the story has changed again – as <a href="https://www.businessinsider.in/business/startups/news/crypto-community-in-india-is-rejoicing-exchanges-are-ready-to-reopen/articleshow/74472080.cms">crypto exchanges</a> welcomed the move from the Supreme Court. Even after the ban, many traders in India had simply moved from Indian exchanges to the ones registered abroad. With the SC uplifting the ban, these traders can start trading in the Indian exchanges again. See Also: <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/finance/news/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>

India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath

<ul><li>Internet and Mobile Association of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (<keyword id="149966" type="General" weightage="100" keywordseo="iamai" source="Orion">IAMAI</keyword>) has disbanded <keyword id="6355684" type="General" weightage="50" keywordseo="blockchain" source="Orion">Blockchain</keyword> and <keyword id="12050963" type="General" weightage="50" keywordseo="crypto-assets-council" source="Orion">Crypto Assets Council</keyword> (<keyword id="1771871" type="General" weightage="80" keywordseo="bacc" source="Orion">BACC</keyword>). </li><li>BACC was the only crypto organization in India representing crypto exchanges. </li><li>Top crypto exchanges of India CoinDCX, Unocoin, <keyword id="2761019" type="General" weightage="50" keywordseo="zebpay" source="Orion">Zebpay</keyword>, WazirX and Paxful were members. </li></ul>Industry body Internet and Mobile Association of India (IAMAI) said today that it has dissolved the Blockchain and Crypto Assets Council (BACC) and will cease to represent the industry. BACC was created four years ago by IAMAI, to resolve uncertain regulatory issues. It has been representing crypto exchanges like CoinDCX, Unocoin, Zebpay, WazirX and Paxful. “A lot of good work was done by BACC. However while individual players are doing a good job, they could not really come together as an industry body. Many current crypto exchanges were not even part of BACC when it was born. BACC being part of IAMAI created a twin power structure. Imagine answering to two board of directors. It becomes confusing,” said <keyword id="2715428" type="General" weightage="50" keywordseo="ajeet-khurana" source="Orion">Ajeet Khurana</keyword> who was the head of BACC and the former CEO of Zebpay. However, he now believes that crypto needs its own industry body. IAMAI emphasized that it would like to utilize its limited resources for other emerging digital sectors. The members of BACC were informed of the decision in a meeting held on July 14. Members were also advised that IAMAI will continue to support activities of the BACC till the end of the month to ensure smooth and proper transition and closure of ongoing projects. “Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry we will continue to positively engage with all stakeholders and continue to build emerging tech including Web 3.0,” said Ashish Singhal and <keyword id="208535" type="General" weightage="50" keywordseo="sumit-gupta" source="Orion">Sumit Gupta</keyword>, chair and co-chair of BACC, in a joint statement.

IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges

<ul><li>India's leading crypto exchanges <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword>, <keyword id="2761019" type="PERSON" weightage="20" keywordseo="Zebpay">ZebPay</keyword>, Unocoin, CoinDCX, and CoinSwitch Kuber, have joined hands with India's Internet and Mobile Association (IAMAI).</li><li>The new board shall be responsible for overviewing compliance of crypto exchanges with the set self-regulatory guidelines.</li><li>In parallel, IAMAI has also suggested that the government should regulate crypto assets through a parliament act.</li></ul>The cryptocurrency world has always been about decentralisation, and lack of control is one of its prime selling points. However, the industry is gradually maturing and has reached a critical point -- how do you gain investor confidence in an industry that makes headlines for the immense volatility. While governments globally try to understand the blockchain as a technology, <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> are wasting no time finding solid ground of their own. One way to achieve recognition and legitimacy, would be to establish some ground rules on par with traditional stock exchanges. India's leading crypto exchanges WazirX, ZebPay, Unocoin, CoinDCX, and CoinSwitch Kuber, have <a href="http://www.businessworld.in/article/IAMAI-BACC-Sets-Up-Self-Regulatory-Code-Of-Conduct-For-Crypto-Exchanges/02-06-2021-391656/">joined hands </a>with India's Internet and Mobile Association (IAMAI). The plan is to create a new board under the Blockchain and Crypto Assets Council (BACC), a part of IAMAI. This board shall be responsible for overviewing compliance for crypto exchanges with the set self-regulatory guidelines. The industry body already represents all major mobile and internet service providers, ranging from software makers like Adobe to streaming sites like Netflix. The formal board shall consist of eminent jurists, technical specialists, and fintech compliance specialists who'll oversee the application of a self-regulatory code. BACC has asked the government to implement regulations for crypto assets through the parliament, but it's on its own until that happens. The self-regulatory code, which is already in place, focuses on AML (Anti-Money Laundering), CFT (Combating the Financing of Terrorism), PMLA (Prevention of Money Laundering Act), and FEMA (Foreign Exchange Management Act). The board will also liaison between the RBI and crypto exchanges to report suspicious transactions or anomalies. "The IAMAI-BACC believes that such checks are necessary and must be carried out. On its part, the crypto exchange members of the association have set up a self-regulatory code of conduct for its members. Parallelly, IAMAI has also suggested that the government should regulate crypto assets through an act of parliament," it said. According to <a href="https://twitter.com/NischalShetty/status/1395955199529811974">Nischal Shetty</a>, CEO of WazirX, there are close to 1.5 crore crypto investors in India, with more than 15,000 crores in total investments. It isn't the first time IAMAI has opted for self-regulation since it also looks after OTT (over the top) content moderation and censorship. These include a modified grievance redressal mechanism, eliminating a stifling 'prohibited content' list, and penalties for violating the code. The industry body also welcomed the Reserve Bank of India's advice to banks against using its <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-2018-cryptocurrency-circular-not-[%E2%80%A6]-say-deposits-should-resume-soon/articleshow/83117245.cms">2018 circular</a> that called for the non-acceptance of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> transactions of customers. It's much needed good news for the crypto community, which has keenly observed the government's stance. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/huawei-announces-first-devices-with-harmonyos-set-to-take-on-apple-and-google-with-its-in-house-operating-system/articleshow/83195689.cms">Huawei announces first devices with HarmonyOS — set to take on Apple and Google with its in-house operating system</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-5g-mobile-phone-full-specifications-leaked-days-ahead-of-launch/articleshow/83195375.cms">OnePlus Nord CE 5G full specifications leaked days ahead of launch – heavily inspired by the original Nord</a> <a href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

Indian crypto exchanges are setting up their own self-regulation board even as the government mulls over new legislation

<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

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s oldest crypto wallet will allow users to exchange <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> for pizza and ice cream vouchers.</li><li>Vouchers will only be available to users who have completed their verification process with the company.</li><li>Unocoin started in 2013 and has pivoted from the crypto wallet to crypto exchange model.</li></ul>Indian crypto exchange and wallet Unocoin is allowing users to buy consumer items with cryptocurrencies. The implementation isn’t as simple as <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">exchanging crypto</a> for a consumer item, but it is a common workaround that’s been seen before. In an announcement on August 6, Unocoin said it will allow users to use Bitcoin worth ₹100 to ₹5,000 to buy vouchers that can be exchanged for other items. <cmsannotation type="cmsannotation" annotationid="Buy pizza with Bitcoin!" comment="subhead" text="Buy pizza with Bitcoin!"><keyword id="11829418" type="UNKNOWN" weightage="20" keywordseo="buy-pizza-with-bitcoin">Buy pizza with Bitcoin</keyword>!</cmsannotation> The company’s app will have a ‘Shop’ button where vouchers for Dominos, Indian coffee chain Cafe Coffee Day, ice cream chain Baskin &amp; Robbins, and more will be available. The app will also show a dropdown menu, which includes vouchers in different INR denominations. The corresponding value of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a> will be deducted from the user’s wallet and a voucher code will be delivered to them, which can be redeemed with the corresponding brands. <div type="ExtQuote" text="While there are tens of thousands of physical outlets and e-commerce portals accepting Bitcoin as a mode of payment in countries like the US, our country doesn't have such acceptability yet. Our offering answers the popular question of where someone can spend bitcoin in India." auname="Statement by Sathvik Vishwanath, co-founder and chief executive officer of Unocoin"></div> The catch is that only customers who have completed the know-your-customer (KYC) verification process will be able to buy vouchers. The company isn’t the first one to take this approach in India though. Crypto exchange Zebpay, which also began as a wallet back in 2015, also used to allow users to exchange Bitcoin for vouchers. At the time, the company had partnered with Indian e-commerce giant Flipkart to provide vouchers that could be exchanged on the platform. Unocoin was the country’s first crypto wallet, beginning in 2013, and eventually pivoting to the exchange model. <cmsannotation type="cmsannotation" annotationid="Growing interest in crypto" comment="subhead" text="Growing interest in crypto">Growing interest in crypto</cmsannotation> Unocoin’s announcement came two days ahead of one of the biggest boosts for India’s crypto sector. Crypto exchange CoinDCX announced a <a href="https://www.businessinsider.in/investment/news/indian-crypto-exchange-coindcx-has-joined-the-crypto-unicorn-club-after-new-funding/articleshow/85200985.cms">$90 million funding round</a>, making it the first crypto unicorn from India with a valuation of $1.1 billion. The company’s funding round was led by investors like Facebook co-founder Eduardo Saverin’s B Capital, showing growing venture capital interest in crypto in India. According to <a href="https://www.business-standard.com/article/companies/coindcx-is-india-s-first-crypto-unicorn-as-country-debates-virtual-assets-121081000128_1.html">Chainalysis</a>, crypto investments in India grew by almost six times to $6.6 billion in May 2021, from $923 million in April 2020. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/venezuela-announces-its-own-central-bank-digital-currency/articleshow/85097126.cms">Venezuela is set to launch its government-backed digital currency in October as the bolivar gets a makeover</a>

India’s oldest crypto exchange is now allowing users to buy pizza, ice cream and coffee using Bitcoin

<ul><li>India’s largest crypto exchange by volume turns four on March 8.</li><li><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword>’s WRX token has a market capitalization of $249 million, and has touched a billion in the past.</li><li>The company is also offering discounts on its merchandise on e-commerce website Redwolf.in.</li></ul>India’s largest crypto exchange by trading volumes, WazirX, has announced a new ‘highest trader kaun’ <a href="https://docs.google.com/document/d/1_thlJXPBQM3UImpOOpYxQM7D7xUdvTTv7CNZbZ_3ypQ/edit">contest</a> that will run through this week. The contest is meant to mark WazirX’s fourth anniversary, which is on March 8, 2022, and will allow traders to win prizes based on their daily and trading performance. To be clear, the company runs such contests on a regular basis, but the fourth birthday celebration gives its users a chance to win up to ₹4 crores for using the platform. The highest trader kaun contest started on March 3 and will continue till Wednesday, the 9th of March. Traders who trade in WRX/INR will be eligible for prizes based on both daily and weekly performance. For the daily contest, you must hold a minimum of 100 WRX and trade at least ₹5000 to be eligible for rewards on the daily contents, and the company said it will give away a total of ₹68,97,000 worth WRX every day till March 9. “Winners will be chosen each day based on their trading volume (inclusive of all buy and sell orders,” the company said in a blog post. WazirX will also pick three random “lucky traders” who will win WRX worth ₹5000 each daily. Further, the company also said that it will give away a total of ₹5,00,000 worth of WRX tokens in its weekly contest. Rewards for this one will also be calculated on the number of trades. For the weekly contest, one must hold at least 100 WRX tokens to compete and need to do a minimum 1000 trades. The top award is worth ₹40,100, while the last 50 odd winners will get ₹2500 worth of WRX tokens. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> Discounts on merchandise Further, the company is also offering <a href="https://wazirx.com/blog/welcome-to-our-4th-birthday-party-up-to-50-off-on-our-merch-store/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=email">discounts</a> on its official merchandise. Customers can use the code WAZIRXBDAY on<a href="https://www.redwolf.in/wazirx"> Redwolf.in</a> to get a flat ₹450 discount on WazirX branded tee shirts, hoodies, mugs and more. The offer is available on a minimum purchase of ₹900. The offer is also valid for the first 500 customers. WazirX was founded by crypto enthusiasts Nischal Shetty, Sameer Mhatre and Siddharth Menon back in 2017. The three had also founded a company called Crowdfire before taking on the task of building India’s first real crypto exchange. WazirX was acquired by Binance, which is often regarded as the world’s largest crypto exchange, back in November 2019. The company claims to have a total yearly trading volume of $43 billion and a user base of over 12 million traders. While CoinDCX and CoinSwitch Kuber are often regarded as the two crypto unicorns coming out of India, WazirX’s WRX token has a market capitalization of over $249 million and has surpassed a billion dollars in the past as well. The company was preceded by crypto firms like Unocoin and Zebpay in India, but both of those companies operated as crypto wallets before WazirX proved that an Indian crypto exchange can do well in this regard. Disclaimer: This is a sponsored post in partnership with WazirX. Cryptos are unregulated virtual assets, not a legal tender and subject to market risks.

WazirX is celebrating its fourth birthday with discounts on merchandise and bumper prizes worth four crore

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>According to media reports, an unofficial guidance from the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has put banks and lenders on the edge.</li><li>There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them.</li><li>Industry executives have said that they are working to get more bank partners onboard.</li></ul><keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">Cryptocurrency</keyword> <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">exchanges</a> in India have been blocking deposits in Indian rupee for just about a week now. Two of the top exchanges — WazirX and Coinswitch Kuber — informed users that the last payment methods they had, PayTM, would also be shut down from May 20th onwards. Of course, these two aren’t the only ones who have been having troubles taking deposits from Indian users, platforms like Zebpay and Unocoin have also had to block all rupee deposits over the past few days. Why are rupee deposits not working? According to media reports, an unofficial guidance from the Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) has put banks and lenders on the edge. The informal communication from the RBI affected the already rocky relationship <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto companies</a> and exchanges had with banks in India, and many banks started shutting down their bank accounts. “If you make any INR deposit via IMPS/NEFT/RTGS to our PayTM Bank account after 11:59 p.m IST, it will revert to your source bank account within 7-10 business days,” WazirX said in an official communication to users on May 20. When you make a deposit to any exchange, the money goes from your bank to a payment processor (also called a payment gateway), which then sends it to the <keyword id="6286377" type="UNKNOWN" weightage="20" keywordseo="Crypto-exchange">crypto exchange</keyword>’s bank account. In the current situation, you are free to make a transaction through UPI etc, but there are no accounts to receive that money on the other end. As a result, the transaction fails for all intents and purposes, and it takes days and even weeks to reverse the trail of cash back to your account. Can banks do this without an official directive? It’s just like a restaurant can reserve the rights of admission for its guests, banks can choose not to do business with any entity. This is why banks can stop doing business with crypto companies despite the Supreme Court striking down the RBI’s official directive in March last year. The RBI guidelines have simply put them on the edge, and they’re choosing not to lend money, fearing what future regulations might lead to. There’s also not much that the exchanges can do, unless they want to sue the banks for wrongfully discriminating against them. While India’s crypto industry has done well over the past year, it’s unlikely that crypto companies will want to take on expensive lawsuits right now. Industry executives <a href="https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html">have said</a> that they are working to get more bank partners onboard. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-enthusiasts-now-hate-elon-musk-launch-a-new-cryptocurrency-called-stopelon/articleshow/82829354.cms">Crypto enthusiasts now hate Elon Musk; launch a new cryptocurrency called StopElon</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/a-massive-crash-in-cryptocurrency-prices-wiped-out-1-trillion-of-wealth-reports-suggest/articleshow/82829155.cms">Crypto roundup, 21 May 2021: Elon Musk effect, crypto crash, Bitcoin prices, $1 trillion wiped out and more</a>

Users not able to deposit money on Indian crypto exchanges right now, as banks get cold feet

<ul><li>Banks can now deal in cryptocurrency after the Supreme Court quashed the Reserve Bank of India’s (RBI) ban. </li><li>However, a proposed bill is still pending with the government that could make it difficult for cryptocurrency players to survive in India. </li><li>The regulatory uncertainty is probably the biggest concern for the government, Siddharth Mahajan, a partner at law firm Athena Legal, told Business Insider. </li></ul>The Supreme Court <a href="https://www.businessinsider.in/finance/news/cryptocurrency-trading-can-restart-in-india-after-top-court-removes-rbi-ban-calling-it-unconstitutional/articleshow/74470872.cms">quashed</a> the Reserve Bank of India’s (RBI) circular that banned banks from dealing in cryptocurrency. And, investors are looking forward to using the Indian currency to be introduced onto crypto exchanges. However, regulations could still make it difficult for cryptocurrency players to survive in India. There’s a still proposed bill pending with the government that could prove tenuous — the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019. “It remains to be seen if the government will rethink the proposed bill in light of the Supreme Court judgement. This regulatory uncertainty in India is probably the biggest concern for the government,” Siddharth Mahajan, a partner at law firm Athena Legal, told Business Insider. If new regulations are to come into place, they will have to differentiate between currencies, utility tokens and commodity-backed tokens — each of which serves a different purpose. “RBI should not be concerned with commodity-backed or equity tokens. Utility tokens should be subject to light regulation to the extent of checking whether they are really utility tokens and to ensure that taxes are paid,” said Srinivas Katta, a partner at Induslaw. Can cryptocurrency replace real money? Right now, cryptocurrency doesn’t pose much of a threat. It’s a long way from becoming any kind of financial instrument capable of replacing real currency, according to Mahajan. “It remains to be seen if the cryptocurrency business in India is positioned as a financial instrument or commodity with underlying value. The biggest fear of the RBI is the proliferation of unregulated financial instruments which are not backed by the state,” he explained. Rather than impose regulations immediately, Katta believes that policymakers should allow virtual currencies to run for a while before making any decisions. If implemented properly, they could help create a more inclusive economy. “Crypto-currency and tokens are an important development and can enable further formalisation of the economy if properly implemented. They can also promote new industries and bring in a lot of investment. They can also promote the ease of doing business, which is very important,” said Katta. RBI’s ban bore heavy on startups like Koinex, Unocoin, Zebpay, and Cryptokart. According to Internet and Mobile Association of India (IAMAI), companies dealing in cryptocurrency had ₹1365 crore of user funds trusts, with monthly transaction volume around almost ₹5000 crore. It is unlikely that the government or RBI will let a totally decentralised currency in India flourish in India. Though crypto-currency enthusiasts want it run as a parallel financial system rivalling central banks backed currencies but that is unlikely to happen, according to Mahajan. See also: <a href="https://www.businessinsider.in/finance/news/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/finance/news/top-cryptocurrencies-in-india-gain-10-50-after-the-sc-verdict-quashing-rbi-ban/articleshow/74474412.cms">Top cryptocurrencies in India gain 10-50% after the SC verdict quashing RBI ban</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>

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India’s crypto market was worth $12.9 billion in 2017 before it incurred the RBI's wrath

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How to open a cryptocurrency trading account in India

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