Mint a Report According to the report, this Delhi-based decor brand will adopt 20 cryptocurrencies based on market capitalization. The company uses the VizierX and Binance platforms for cryptocurrency trading. However, it plans to develop an internal payment system for cryptocurrency.
Acceptance of money in cryptocurrencies of any Indian brand clearly sends a positive message to the crypto investors of the country that the coming times will see widespread acceptance of cryptocurrencies in the country. This expectation is further strengthened by the implementation of crypto payments through the supply of this fashion brand in 90 countries.
At present, the situation regarding cryptocurrency business in India is very vague. Here cryptocurrency enthusiasts are waiting for the cryptocurrency bill that could be raised in Parliament for discussion in the upcoming monsoon session from July 19 next. Cryptocurrency trading is surrounded by uncertainty as banks are reluctant to process cryptocurrency transactions.
Major Indian banks, including HDFC Bank and State Bank of India, began warning customers against using their services to trade cryptocurrencies. In an email to customers, the banks said that users who trade in virtual currencies may face account suspension citing India’s 2018 notification. Significantly, in March 2020, the Supreme Court quashed the notification.
Although cryptocurrency is legal in India, the current rules will help Indian corporations make informed decisions on how to effectively integrate digital assets into their businesses. Other global giants, including Tesla, Microsoft and PayPal, have adopted cryptocurrencies to make payments. But Indian companies are still reluctant to take this step. In the near future, it remains to be seen what the Indian government will do about this and how it will affect India’s cryptocurrency business.