Author: Jagdish Kumar, India
In order to bypass Reserve Bank of India (RBI) order of 6 April 2018, Indian cryptocurrency exchanges are shifting their operations in other crypto currency friendly countries.
One such company is International Digital Asset Platform (IDAP), which ha International Digital Asset Platform (IDAP) anchored in Estonia to run its operations legally.
Speaking on this, IDAP CEO Awanish Rajan said that businesses need their freedom to operate with efficiency, so shifting out is what exchanges will, sooner than later, do.
Crypto exchange companies are facing the heat after RBI asked all banks and non-banking financial companies (NBFCs) not to have any business with company or individual dealing with crypto/virtual currencies.
Rajan said that people involved in cryptos have invested their time, effort and resources over many years to create their ventures or gain cryptocurrencies which they won’t give up easily.
IDAP is not the only one, BuyUCoin is planning to move its operations to Singapore by August 2018.
BuyUCoin founder said recently that though we are running our business in India for the last two years, looking at the current scenario for our sector, we have decided to move to other country.
However, official of FXWirePro, a Bengaluru-based company having expertise in cryptocurrency said that exchanges were looking for a reason to leave the country, at least for the time being.
The official added further that bitcoins and other cryptocurrencies are not finished in India as some tend to believe, because the central bank had stated that the government is working on its own crypto coin.
The Indian finance ministry has said that action is been taken against cryptocurrency-led ponzi schemes, and not against the blockchain technology companies, the official added.
Experts believe that instead of coming out with an order on crypto currencies, RBI should have frame a set of regulations so as to clear the air over uncertainty of the future of blockchain and cryptocurrency trading.
RBI should have regulated the cryptocurrencies with proper laws and tax rules and this will add to the economy to India’s mainstream economy and boost it further.
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