The squashing of RBI’s (Reserve Bank of India) circular ban on cryptocurrencies by the country’s Supreme Court has unarguably opened more doors for crypto industry-related developments. While existing Indian crypto exchanges are posting increased user activities, Tradehorn is looking to launch another trading platform for Indian users this month.
Tradehorn to launching Indian crypto exchange in June
According to a report on Wednesday, the cryptocurrency startup is looking to launch an Indian crypto exchange to enable more adoption and awareness of cryptocurrencies. The planned exchange will allow users to trade digital currencies, with support of Indian rupees.
The cryptocurrency startup said its primary objective is to remove the intricacies involved with digital currencies, by enabling users to buy and sell cryptocurrencies conveniently. It also partnered with crypto-friendly banks in the country to process transactions seamlessly.
Supreme Court’s verdict opens a wider door for crypto in India
After the Supreme Court, the RBI’s circular ban on digital currencies and businesses dealing with cryptocurrencies, including exchanges, have garnered positive records. Notably, the ban had prohibited many local banks from serving Indian crypto exchanges, thereby limiting their chances of operating seamlessly in the country.
Amid the coronavirus-led lockdown, some Indian crypto exchanges posted a significant increase in cryptocurrency trading volume on their platform. More so, these exchanges saw more growth in the number of users, as Indians showed a high interest in learning how to trade cryptos,
Meanwhile, despite the fact that Indians appear to have an interest in cryptocurrency, a few questions like when cryptocurrency returns are taxable seems to be a challenge for mainstream crypto adoption in the country, according to the founder of Tradehorn, Rahul Vinakiya.
It is essential that taxation on cryptocurrency would be clarified so that the residents in the country would feel at ease to begin trading cryptocurrency, said Vinakiya. Clarity on this would help Indians, as well as digital currency exchanges.