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- Chingari, a short video platform based in India, revealed the launch of its latest cryptocurrency called GARI.
- The new cryptocurrency is slated to be trading on Coin DCX, a cryptocurrency exchange based in India.
- Sumit Ghosh, CEO, and co-founder of Chingari says the move is a big thing for them and will help in accomplishing their mission to empower creators from all over the country.
A Short video platform, Chingari has launched its new cryptocurrency GARI. GARI will be traded on Coin DCX, an India-based cryptocurrency exchange.
Is The Crypto Situation In India Favor Of Chinagri?
The timing of the launch is in debate since India is still not in a very good position with regard to cryptocurrencies. Although, it is not like the country ever had a firm take on digital assets and the near future also does not seem too bright.
Back in 2018, India took a step against expanding the crypto sphere in the country. The Reserve Bank of India denied financial institutions to do business with crypto firms. Besides, if a person is indulging in virtual currencies and blockchain technology, they do not have the right to have a bank account and all the traditional financing services will also be banned for them.
These restrictions continued till 2020 when the apex court of the country declared the rulings to be unconstitutional and removed them. Many predicted the move to be the start of India’s new beginnings with crypto, the country eventually turning into a “crypto haven” in the world. Things did change as investors started trading quite rigorously.
However, it didn’t continue for long as the country put a blanket ban on all activities related to crypto several months later, several months down the line. There were restrictions on trade, purchase, or own digital currencies. Any suspect would either have to spend several years of jail time or would be fined.
Although the proper implementation of the law never happened, the after-effect of the law can still be seen. The country has had several debates on the crypto ban and its regulation. India also declared crypto as an official trading outlet for the country. The country was even close to launching a digital version of the rupee, the country’s national currency. However, at the moment, no information about such an endeavor is present.
In the midst of this cluster, Chingari might take its decision to launch a new cryptocurrency back if the country goes on to take a bold decision again regarding the digital asset. The new digital asset, GARI, will operate on the Solana Blockchain. As of now, around 75 customers are anticipating access to GARI.
CEO and co-founder of Chingari, Sumit Ghosh in a statement, said the listing is a big moment for them. It will allow creators from all over the country to trade the GARI token.
The CEO further shared his excitement and declared the move a huge milestone in their noble endeavor to empower creators from every corner of India on their app, Chingari. While the global short app platforms have ignored the existence of the app.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
