What’s the future of cryptocurrencies in India? We don’t know, to be honest. But we do know one thing and that’s there’s one positive news among millions of negative ones with regards to crypto trading in India. While we’ve been having plenty of talks about India not regulating and wanting to ban crypto, one major bank has taken the leap of faith and decided to make a step in the right direction.
We’re talking about Kotak Mahindra Bank that has broken the silence when it comes to cryptocurrency trading in India, opening its door to the community that uses and trades in this digital currency. If reports are to be believed, the major Indian bank has created an account on leading crypto-trading website, WazirX, and will partner with them to boost crypto trading in India.
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“WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational. Paperwork, KYC and some testing are on,” a person aware of the matter told ET. The same reports suggest that multiple tests are currently underway while the necessary paperwork is also being carried out.
The Reserve Bank of India (RBI) has continuously been skeptical of regulating cryptocurrency use in India and last year, WazirX had to cancel their account with India’s second largest private sector bank, ICICI Bank. Now, they can easily facilitate user transactions through their account with Kotak. So if you want to try them out, register to WazirX now for instant crypto trading in India.
For more updates on cryptocurrencies and their status in India, make sure you stay tuned to ReadScoops.com…
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