28 November, 2020

Bookish India Face Fear, Uncertainty, Doubt Over Mark Zuckerberg's Digital Currency, Libra

With cryptocurrency or digital currency becoming a world-wide phenomenon, India may not be able to isolate itself from it for long. Like Japan, India will be able to create business opportunity, by regulating it

Photo-Illustration by Saji C.S.
Bookish India Face Fear, Uncertainty, Doubt Over Mark Zuckerberg's Digital Currency, Libra
outlookindia.com
2019-07-06T10:44:37+05:30

In a blog post in the last week of June, one of the co-founders of Koinex—one of the leading cryptocurrency exchanges in India—wrote about “FUD (fear, uncertainty and doubt)” among those in the business of trading digital money in the country. “Multiple delays by the government agencies in clarifying the regulatory framework for cryptocurrencies despite our pending writ petition in the Supreme Court of India, coupled with regular disruption in our operations, the final decision has been taken,” wrote Rahul Raj, announcing the closure of Koinex on June 27. Within four months of it opening shop in the summer of 2017, Koinex become India’s leading digital exchange recording US $265 million in trading volume with 40K+ users. However, Koinex is not the only one. Following the ban on crypto exchanges, other startups like Coindelta, CoinRecoil and Coinome too have shut shop.

The journey of cryptocurrencies in India was cut short on April 6, 2018 when the RBI issued a circular instructing all regulated financial services, including banks,...

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