You can now use BTC and other digital currencies in India to purchase products like a rug or can use it for services like recharging Fastag. Cryptocurrency payments in India have now been made easy for users. Let us have a look at some of the cryptocurrency news.
Cryptocurrency in India is increasingly gaining its popularity as a method of payment within a small yet increasing set of businesses in the informal and formal economy in India. They have begun to accept Ethereum, Bitcoin, Solana, and other digital currencies in exchange for services and goods amidst the increasing popularity of the digital asset in India. A survey was conducted across various businesses from a tattoo parlor owner in Delhi to a fitness trainer in Chandigarh to evaluate the fascination of availing cryptocurrency payments in India.
In some scenarios, the use of crypto is being taken forward by businesses who are aiming to ride on the crypto frenzy that was created over the prevailing global pandemic, while for some other businesses the acceptance of this idea is an attempt to move ahead with the ratio.
Since there is no specific law in India stating the treatment of digital currencies in the country, experts say that crypto payments in India are neither legal nor illegal. This has not discouraged customers or businesses from opting for such transactions.
Establishing Utility Through Cryptocurrency Payments In India
The oldest digital currency exchange in India, Unocoin, for example, has enabled its users to recharge their Fastag accounts with Bitcoin. It has also permitted transacting in Bitcoin for e-commerce and bill payments. This is a cryptocurrency business in India.
Since going live with BTC top ups Fastags, it has witnessed transactions of nearly Rs 8 – 10 lakhs in the past 2 – 3 weeks. 50 percent of these transactions are made by people over the age of 35.
The exchange wants to bring back the original intent behind Bitcoin’s creation which was “free and fast payment” from around the globe without any third party and to increase its cases of use for retail traders which is presently more than 15 million in India as per the estimates of the industry.
The company buys BTC from the users who are choosing to pay and settle with partner vendors every twice or even thrice a week. According to the co-founder of Unocoin,
“Nowadays, it is going way too much toward an asset class, and the utility part is getting side-lined.”
According to the director of The Rug Republic, Raghav Gupta, an Indian decor brand that deals with the selling of home decors asserted that the company wants to portray to its regulators that the Indian business community also supports crypto.
“Only when the government sees that there are reliable businesses willing to do this is when you can expect favorable laws.”
He further added that,
“The government has recently assembled a body to take charge of crypto regulations and I am confident that if brands like us and many more adopt it, then rule makers will also be able to see that the blockchain is indeed the future.”
With time, the acceptance of private cryptocurrency in India has increased. Despite many crypto bans in India and strict regulations, the use of Bitcoin or other digital currency could not be banned in India. And now, there has been an increase in the cryptocurrency payments in India where many businesses have started to accept crypto in place of fiat currencies. This shift proves the pace at which digital currency is being adopted in India.
Frequently Asked Questions In Cryptocurrency Payments In India
1. Can we accept Cryptocurrency as payment in India?
You can now use BTC and other digital currencies in India to purchase products like a rug or can use it for services like recharging Fastag. Cryptocurrency payments in India have now been made easy for users.
2. Is Bitcoin payment legal in India?
There is no clear Cryptocurrency bill in India that states that Bitcoin is legal in India, but at the same time, there is no clear law as well that states that this is illegal in India.
3. Can I accept payment in Cryptocurrency?
With time, the adoption of Bitcoin and other digital currencies has increased in this country. Presently many businesses have started to accept payments in Bitcoin and also in other digital currencies. And the Bitcoin price facilitates such shifts.