Cryptocurrency Firms Now Venturing into India to Tap the Niche Markets

• Cryptocurrency companies are looking at the southern subcontinent especially India to increase their user base.
• The Supreme Court recently overturned RBI’s ban on cryptocurrency which has paved the way for many digital firms.
• One such Gibraltar-based cryptocurrency company, B-21, has set up its office in Bangalore.

Cryptocurrency companies are looking at the southern subcontinent especially India to increase their user base. The Supreme Court recently overturned RBI’s ban on cryptocurrency which has paved the way for many digital firms. One such Gibraltar-based cryptocurrency company, B-21, has set up its office in Bangalore. The company has made newcomers as their main target audience. 

Expansion of cryptocurrency in India

Cryptocurrency exchanges in India have all come up with theories that the digital currency has a scope in the country. Although rumors are ripe that a second ban on the usage of digital currency is in the pipeline, it has not unnerved the community. It was in 2018 that the first cryptocurrency ATM set up in Bangalore. Customers are allowed to withdraw and deposit up to a maximum of Rs 1000.

Coinsecure, another Bangalore based cryptocurrency company, regarded to have made the first real-time Bitcoin exchange in India. Several digital currencies were set up from 2010 to 2017. Furthermore, 2 PIL’s in the year 2018 led to the ban of digital currencies in India. 

Services Provided by B-21

The portfolio management app provides crypto investment services. Research-based marketing sites are also a premium with this application. Users can easily invest a minimum of Rs 2000 in a single Bitcoin or a diversified portfolio. Features like an instant rebalancing of portfolio, monitoring of profitability, and quick liquidation within a matter of seconds make the application a unique platform. 

The Scope of Digital Assets in India

With no centralized authority to govern digital assets, there are concerns of theft and security breach. Cryptos’ legal status in India remains vulnerable as experts feel that a Central regulation governing body should be present. However, many state-level governments not yet acquainted with how the currency works. There is a complex push and pull between the center and the cryptocurrency investors for the fate of digital currencies. 

The fastest-growing economy still has a lot of time before a law kicks in and allows the safe trade, sale, and buying of digital currencies.

Piyasi Mitra