In India, a circular from the Reserve Bank of India (RBI) restricted banks and payment companies from being involved in cryptocurrency activities, but after numerous petitions, the matter is still under judgment. Despite the circular, several crypto-companies plan to launch their services in India, including the Malaysia-based company Belfrics Group. The company has actually re-opened its trading operations in India.
In January of this year, Belfrics Group stopped its operations in India after the Indian banks stopped offering payment solutions.
Belfrics India plans to offer trading in four coins – Bitcoin, Ethereum Cash, Ripple and Litecoin. The company will launch 20 more altcoins in the coming six months. Jabeer K.M., Belfrics Group COO stated –
“India is a key market for us when it comes to crypto trading. With the launch of these new coins, we are targeting a base of at least 2, 50,000 new traders on our platform by December 2018.”
The company has a dedicated app that supports live order-book trading for several altcoins with a useful range of tools and functionalities for active crypto-traders. Santhosh Palavesh, Chief Innovative Officer for Belfrics Group said about the app –
“The traders can now securely link their assets with our Belfrics wallet, which will give them a seamless experience to transfer their cryptocurrencies. The new app will be available for both Android and iOS users.”
Cryptocurrency traders in India will be able to trade with global investors on the company’s platform.
In April, the RBI stated in a circular that the bank will not deal with or provide any service to the entities handling cryptocurrencies like Bitcoin. The bank also directed businesses to settle all consumer dealings with cryptocurrencies. B.P. Kanungo, the Deputy Governor of RBI, anticipated that cryptocurrency activities could bring financial instability. In a press release, the RBI stated that in view of the associated risks, any institution regulated by the RBI shall not provide services to individuals or businesses dealing with virtual currencies.
Regardless of the ban in India, many cryptocurrency exchanges are still operational and several are opening soon. Many investors switched to cryptocurrencies after the 2017-boom as the global cryptocurrency market is too profitable a sector. Crypto-exchanges are imperative to crypto-investments.
