One recent news has raised crypto lovers’ hope. The news is Binance acquires WazirX. So now you can ask- Has India Become Cryptocurrency Friendly? Then I can tell time will say.
On Thursday, 21st November, Global cryptocurrency exchange and blockchain ecosystem Binance had acquired Indian bitcoin exchange, WazirX. After this, from 25th November users can buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway. Wow! That’s really great. Furthermore, according to source news from January 2020, WazirX’s unique auto-matching engine will be integrated into the Binance Fiat Gateway platform. Thus, it will bring easy cryptocurrency access over a billion of people.
Binance acquires WazirX: Footprint in Crypto Space
This news (Binance acquires WazirX) has increased my positivity about Cryptocurrency and trading the systems. Experts believe that this acquisition is a footprint in the Indian crypto market. Moreover, it has various reasons for the acquisition.
First, Binance will be able to leverage from WazirX’s user base in India and scale operations. Second, amongst all the conflicts and hype, what role Binance plays towards making India a more crypto-friendly country.
WazirX is a Mumbai based crypto exchange, was founded in 2018 by Nischal Shetty and Siddharth Menon. It is an online platform to buy, sell and trade cryptocurrencies, such as bitcoin, ethereum, and ripple, among others. Also, the platform launched the world’s first auto-matching P2P (Peer-to-Peer) engine to help traders convert Indian Rupees to crypto and vice versa. In addition to this, it has the latest unique feature, Smart Token Fund.
Cryptocurrency in India
Indian policymakers never want to tie-up India with the crypto ecosystem. In this case, the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 draft has proposed. According to that bill, if anyone found dealing in virtual currencies will be subjected to a 10-year prison sentence.
In 2018 April, the Reserve Bank of India (RBI) disallowed all banks and other entities regulated by the central bank to undertake any transactions related to virtual currencies. This move led to one of the leading crypto exchanges Zebpay to close down its operations in September 2018. Soon after that, many Indian cryptocurrency-related companies had shifted to crypto-friendly countries. Hong Kong, Switzerland, Japan, and Singapore, among others, are some of the countries to have adopted and regulated virtual currencies. And they opened to cryptocurrencies-related business opportunities.
So, when the Reserve Bank of India put a ban on banks dealing with crypto-related companies. At that moment, WazirX had to transform its business model to the P2P platform.
Now, Binance acquires WazirX that news gives encourage to the crypto community in India. This is high time to bring India back to the front. Wazirx is the first Indian Cryptocurrency Exchange that has been acquired by international exchange. Maybe we are the second, third or so on. It is the golden opportunity for all crypto members to do strive and make India crypto-friendly.
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Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.