This year it is under the command of Bitcoin, Bitcoin has proven to be the best safe haven reserve, made people a millionaire and dispelled all superstition related to Bitcoin, now the world has recognized it and every day we hear the good news about it in the first place.
We have heard from Paypal that they are going to provide crypto services and today we received good news from India for the people of India, India is a very big country and it is full of many investors and traders India is showing rapid development in the field of digital asset.
The latest news coming from India is that digital financial services will be physically provided at different bank branches in different areas, according to a post from a digital firm, a new joint venture will start with multi-state credit union partnerships that will provide crypto services like Traditional banking in different locations in the country and the first launch will be in the last month of 2020, the plan is to expand the number of branches to 100 for the next 2 year.
Digital service provider in India
Cashaa, which is a Dubai-based company and calls itself a crypto-friendly neo bank, plans to move to the subcontinent after raising $ 5 million from investors in the UAE, the joint venture is called UNICAS and will offer a different kind. of digital accounts such as savings accounts or checking accounts, by these accounts, investor or user can buy or sell different types of gold coins and other assets.
In the beginning, banks only provide services for six main digital currencies, including Bitcoin, to buy with Indian local currency, the currencies that banks will offer will be Bitcoin, bitcoin cash, ether, XRP, Litcoin, and EOS, the company has obtained one license as a credit cooperative society from regulatory authorities in India, according to Cashaa CEO Dinesh Kukerja, with this we can manufacture, balance, build, offer and market different types of digital products in the local Indian market, to learn more about bitcoin visit bitcoin profit.
Bitcoin and the Indian government
In India, Bitcoin has seen a renaissance when the central bank’s ban on digital services companies was overturned by order of the supreme court in March, Now The government of India is scrapping a new law that will show how to manage digital assets in the country for that.
The crypto bill has been tabled by a committee of ministers and former finance secretary Mr. Subhash Chandra Garg, after the lengthy debate the government announces that it will introduce the bill in the last year of parliament, If not will happen, then the bill will be introduced in the next year, as the CEO of blockchain policy 4.0 regulatory advisory firm Tanvi Ratna stated on his Twitter account that the bill and the parliament session are disrupted for the coronavirus pandemic.
Will India ban cryptocurrencies?
So far the government has not announced anything regarding the digital currency that is creating more fear and rumors indicating that the Indian government may plan to ban the crypto asset, Some of the experts claim that India plans to ban the digital currency, but as a minimum, for this purpose, it can be discussed in the federal cabinet before sending it to parliament for approval.
It is not the first time that the digital community has to deal with the ban fear and rumors, many people are very quick to point out that the source of such news is anonymous, like the previous ban, the new ban can also be lifted, because if the Indian government approves any bill that may go against crypto trading, then the crypto business or traders can challenge this low base on various rights that the constitution gives them.
Hope for bitcoin in India
Despite all these reports about the bitcoin ban in India, the community firmly believes that the government will never impose a complete ban on digital currencies because Bitcoin and other cryptocurrencies will have the same legal status as other currencies or stocks, no one can say that Bitcoin is illegal in India as so far there is no ban on bitcoin in India, in the Indian Supreme Court ruling on February 25, 2019, the court ordered the government to introduce regulatory policies for cryptocurrencies.