Industry body, the Internet and Mobile Association of India (IAMAI), who represents crypto startups, recently succeeded in its appeal to the Reserve Bank of India (RBI). This appeal led to a landmark reversal of the country’s cryptocurrency banking ban and traders wasted no time in getting back to business.
Ashish Singhal, CEO of CRUXPay and CoinSwitch.co commented on the ban, stating that prior to lifting the “regulatory barriers”, cryptocurrency was a largely subdued space in India.
The industry is expected to boom now that digital assets have been unlocked.
The First Steps
The next stage is for a policy framework for cryptocurrencies to be created where the IAMAI aligns with the RBI in order to ensure compliance and security for the protection of all parties.
Crypto may seem scary and intimidating for new users, so creating a streamlined and non-threatening interface should be a priority once an approved policy has been put in place.
Singhal goes on to say: “For new users, cryptocurrencies can seem overly complex — those unfamiliar with digital assets may ask why they should adopt, what the benefits would be, and what the simplest ways to use crypto are. Creating a simple, streamlined user experience is integral to the growth of India’s crypto scene.
End users should be provided with accessible entry points to the new economy, rather than with complex QR codes, crypto addresses, browser extensions, or long, inconvenient passwords and access keys.”
Once Anti-Money Laundering (AML) policies have been put in place, and businesses have verified the identity of each customer through the submission of identity documents with their Know Your Customer (KYC) protocol, the handling of cryptocurrency assets should be safe and secure for the protection of businesses and individuals alike.
Opportunity Comes Knocking
The rise of bitcoin casinos means that safety and security has never been more important.
BitStarz and BitCasino have been running comprehensive background checks to verify the age of their players and ensure that funds are from traceable sources.
These AML and KYC measures have played a vital role in ensuring that casino accounts don’t become a way for money laundering syndicates to prosper.
Given that India has one of the largest unbanked populations in the world, second only to China, there is a need for a bridging of the financial gap in the country.
“Those without access to traditional bank accounts require innovative solutions for financial inclusion. Solving this pressing socioeconomic issue could be the killer app for cryptocurrencies in the Indian market. The right mobile trading application could support mass adoption of crypto.
There are existing projects that are closing the financial inclusion gap, with Nuo or Instadapp being some strong examples of forerunners in this space,” says Singhal.
It’s set to be a very exciting time for India as this new market and form of trading is ready to be explored.