In 2020, a momentous decision was passed by the Supreme Court of India in the gamut of cryptocurrencies. India’s premier banking institution, the Reserve Bank of India, had published a circular in 2018, following a statement from the Finance Ministry of India that termed the use of Crypto Assets in Financing as Illegitimate. The RBI circular stated that all associated entities stop offering services associated with virtual currencies.
In 2020, inspired by the performance of the crypto market in developed economies like the US and Singapore, the government had a change of thinking about crypto coins. That is when the apex court passed a judgment that retracted the earlier circular of RBI. As a result, the investment on cryptocurrencies started to happen actively – leading banks like the SBI, ICICI Bank, YES Bank, and HDFC Bank started interacting and transacting with cryptocurrency exchanges in India.
People trying to invest
How did the decision affect the commoner?
The decision was not just welcomed by people who understood cryptocurrency and the profits it entailed; but there was a literal rush by over ten million-plus investors who did not want to lose out on the opportunity.
The common doubt – is it legal or illegal?
The traditional Indian mindset about money matters has this unpleasant doubt that cryptocurrency is legal in India or not. The truth is that crypto has got the official nod from the government, and therefore it is legal to trade – buy or sell crypto. However, the only hitch with this market is that it is highly unregulated, which is where the government has stepped in and explored ways to strengthen the regulatory framework.
Getting excellent returns
Some common crypto coins have become popular ever since Bitcoins, Ripple, Tron, and Tether. Between March 2020 to February 2021, the price of Bitcoin skyrocketed globally (445%), and echoing the same sentiments, India witnessed a 30% increase in cryptocurrency trading volume during the year.
The other crypto coins had a similar story to tell – ETH or Ethereum rose in value by almost 578%, while Binance coin saw an increase of about 1,074%. All of this happened globally. It meant that the Indian customer could invest in these currencies. A look at the number of investors or how the values of crypto coins in India have risen indicates the excellent returns that the investors are earning.
When the Indian government announced the lockdown in March 2020, the value of Bitcoin was less than $5,000, and that of ETH was about $100. A year of lockdown and the values of these cryptocurrencies have risen by at least ten times, as per estimates. Experts believe that the lockdown propelled the opening up of Indian investors to cryptocurrencies.
MobiKwik applicable on WazirX, CoinDCXGo, CoinSwitch Kuber
While the central authorities are working on the regulations, the cryptocurrency exchanges in India are dynamically working hand-in-hand with investors to self-regulate crypto transactions. Take the case of CoinSwitch Kuber, which is one of the largest exchanges operating in India. There is a strict KYC procedure, at par with Banking KYC, that checks and verifies investors.
A few leading players that have a sound name for themselves and have earned credibility in the Indian markets have directly or indirectly impacted the growth of the cryptocurrency market in India. One such company is MobiKwik, which has been ahead in the industry with its innovative stride to become a full-stack fintech company in India.
MobiKwik is one of the first players from the Indian digital wallet industry to partner with CoinSwitch Kuber and WazirX to directly facilitate about 100 million customers buying and investing in cryptocurrency using their digital wallets or credit card. WazirX, the platform with the largest share of cryptocoin customers, is now officially accepting payments via the MobiKwik app.
It is not easy to invest in crypto
We spoke of the doubt that the common man has about cryptocurrency in India earlier. Since government regulations are hardly there at the moment, investing in cryptocurrency is difficult in India. Yes, it is legal but certainly not easy if you decide to invest in a cryptocurrency today.
WazirX, a leading cryptocurrency exchange platform in India, faced such difficulties when most banks in India showed their unwillingness to work with them. Also, UPI apps have still not embraced cryptocurrencies, making it difficult for investors to deposit or withdraw funds. A few that work are unable to process the deposits and withdrawals on time. In the world of cryptocurrency, delays in transactions can impact earnings because price changes are very frequent in this industry. Because of this lack of regulations, many Indian investors are unwilling to buy or sell cryptocurrency today.
Integrated wallet with top crypto sites to make investing easier
Since banks are still not open to supporting crypto exchanges in India, UPI and IMPS transactions are not possible if you are interested in investing in virtual money. Using MobiKwik App, you can deposit funds with WazirX facilitating seamless deposit and withdrawal of funds through the digital wallet.
Use MobiKwik, add money in the crypto wallet, invest as you like
In the backdrop of lack of involvement from banks, and other UPI entities, MobiKwik is the only digital payment provider in India that has integrated its digital wallet service with the major crypto sites like WazirX. As a user, all you need to do is transfer money into your MobiKwik digital wallet to invest in WRX, the token created by WazirX. The platform accepts funds from MobiKwik digital wallet and follows a streamlined KYC verification process that takes just about a few hours.
Conclusion
MobiKwik is committed to bringing the best and the latest features to its users. In its endeavour towards the same, the company offers foolproof connectivity of the digital wallet with WazirX and is talking with other crypto exchanges and sites for seamless integration.
