Uncovering the Truth of Indian Regulation on Cryptocurrency – Spotlight

WazirX CEO Nischal Shetty has spoken to Crypto Analyst @APompliano and demystified the crypto ban hype in India. According to him, the committee that proposed the draft bill to ban crypto no longer exists. Its head was transferred to another department.

Furthermore, he emphasizes that currently there is just one major roadblock in the adoption of cryptocurrency. Particularly, the Reserve Bank of India’s (RBI) guidelines. These put some prohibition on the central banks while dealing with crypto startups. Thus, banks cannot hold accounts of crypto startups where they accept fiat from the users.  Currently, that is the biggest problem.

Everything else is just a rumor. In fact, RBI treats any crypto startup as a “software company.” This allows banks to hold the companies salary and vendor payment accounts that require fiat transactions.

Millions of Indian’s understand cryptocurrency

As per the WazirX database, close to 5-10 million Indians in the age range of 18-25 years…