Cryptos Are Back in India As Payment Services

Cryptos Are Back in India As Payment Services

Indians are now happy to hear the announcement regarding the acceptance of crypto payments within the country. The Indian startup company, Rug Republic recently revealed to begin digital currencies as payment services only for its Indian customers. The global brand shares it will set to accept  top 20 cryptocurrencies as payment options. 

Crypto Reignites in India

For the past couple of years, cryptocurrencies have been facing a revolution in India. Besides the imposed regulations many Indians are eager to invest their assets in cryptocurrencies instead of gold. Till today nearly 15 million Indian people have invested in these digital currencies. In regards to this, the finance ministry of India plans to secure the crypto industry in India.  As the country practices to be  digital, the concept of crypto jumps into the frame. Thereby increasing the number of crypto users, investors in the country. 

Moreover, Indian government was not ready to legalize the cryptocurrencies inside the country implementing crypto bans on all sectors. No such crypto transactions were encourageable inorder to avoid frauds, financial terrorism and taxes. After noticing the rise in cryptocurrencies with digital advancements, the Authorities decided to legalize cryptocurrency in India abolishing all the blanket ban. 

Digital Currencies for Digital India

Thus, after a subtle wave for the crypto industry in India, the startup brand Rug Republic is the first  Indian company to step forward to support the digital currencies. Besides accepting the top cryptocurrencies, Bitcoin will be more prioritized and it is the most favorite digital asset for many Indian crypto investors. 

The Director of Rug Republic, Raghav Gupta clears the rising confusions about the usage of cryptos saying, 

“It is a misconception that crypto transactions cannot be tracked. It is easily verifiable on the blockchain, as opposed to the incredibly difficult ways money can be hidden in the real world. Our invoices clearly state that money was taken in certain currency on this date and at this price.”

Notably,  external customers outside India will not be able to purchase the products from the firm through crypto. As there are many risks in accepting the digital currencies from offshore customers. Also it is against the rule of the Foreign Exchange Management Act (FEMA) as the payments in crypto currencies are not valid as per the RBI.

However, the acceptance of digital assets all over the world can surge the price of Bitcoin in the market. More so, many Indians are Bitcoin enthusiasts recording a significant volume in India.  Thus, India is marching forward into the world of digital currencies. And this is one of the factors under the plans to develop a Digital India. 

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.