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Global digital currency exchanges exploring India as government dithers
- Thursday | 10th June, 2021
MUMBAI (Reuters) – Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies. BILL DELAYED, FATE UNKNOWNHitherto, India has had no rules specifically for cryptocurrency exchanges wishing to set up in the country. In 2019, Binance acquired WazirX, an Indian cryptocurrency startup which has allowed users to buy and sell crypto with rupees on the Binance Fiat Gateway. Meantime, major Indian banks have begun to sever ties with cryptocurrency exchanges and traders, amid Reserve Bank of India’s concerns about the financial stability risks posed by the volatile asset. For all the uncertainty over what India will end up doing, some digital currency exchanges clearly reckon it would be better to gain entry rather than miss out.
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