Cryptocurrency

Banks in India still do not accept cryptocurrencies

In a scenario where the cryptocurrencies are the subject of that speak on a daily basis, there are individuals who do not relate at all with this scourge of economic. Such is the case that some institutions, such as the Indian banks still do not accept the cryptocurrencies. Do you prefer to withdraw?

Although it repealed the regulations that prevented the use of criptodivisas in financial institutions, many have been reluctant to work with this market.

It would denote the level of interest taken in these institutions knowing that India is being affected by the COVID-19. Investors used the platform to blockchain to take a break in these crucial moments.

Regulations: In indolence, and disparity

Until now, no clear exactly why the banks in India do not decide whether to enter or not to enter the criptomundo.

After the removal of the prohibition of banks to get involved in this market do not understand why some of them do not include the cryptocurrencies.

Currently the rules implemented by the government of India is not very clear yet.

Rumors even began that the Ministry of Finance would give a lock to the criptodivisas, but Nischal Shetty, director general of WazirX maintaining trust and confidence in the government.

“The day that the news of the ‘note’ exploded, it created something of a panic in the community. But that is all. We have not seen any difference in the trading behavior of WazirX since then. There have also been speculations on the prohibition of the cryptocurrencies in the past. With more than 5 million criptousuarios in India, I am sure our Prime Minister will not disappoint us”.

According to the company’s business advisory AKM Global, if the law was approved “diezmaría completely criptoindustria in India”.

Banks of India, reluctant to criptomundo

Some banks in India have shown disagreement on finalizing its links to the blockchain to affiliated companies and other customers to perform their transactions.

Possibly, these institutions are discouraged from it, since they contribute to the market of transactions P2P would help to reduce dependence on banks.

However, this does not represent that the banks are completely unwilling to implement support for cryptocurrencies. In India, the banking institutions may not be prepared at the technical level.

Indian banks have been reluctant to the acceptance of the cryptocurrencies.

Users in India: The growth

“It seems that Indian banks still do not accept the cryptocurrencies, showing little interest in making plans, projects and investment to develop their trading platform on the criptomercado, but this is not so much about the reality.”

The country has shown the desire to participate in the world of cryptocurrencies, not only on a superficial level and economic, but also educational.

Active users on platforms blockchain, resident in India, shall prepare and constantly seeking more knowledge to improve your experience with the passing of time.

While India at the technical level is not ready for platforms blockchain, legally, open roads where the community is encourage with the cryptocurrencies.

In the absence of financial agents that provide criptotransacciones, individuals who are interested to the demand of users blockchain, participating in bags of criptomarcados.

How will India join the criptomercado?

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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