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London-Based Exchange Cashaa Offers Cryptocurrencies In INR For Indian Market – Inc42 Media


The company currently offers Bitcoin, Ethereum and its own CAS token in INR

Indian govt likely to introduce a draft bill banning crypto in the Parliament in the Winter Session

Supreme Court to hear the RBI Vs crypto community case on November 19

In spite of the RBI’s adverse crypto policy and regulatory hurdles being posed by the Indian government, which saw dozens of Indian crypto exchanges including Zebpay, Koinex, Coinome, Cryptokart and Coindelta shutting down in the last 15 months, crypto exchanges from across the world are still optimistic about launching in India. While the South Korean crypto exchange Bithumb has decided to engage with Indian authorities over regulatory hurdles, London-based crypto exchange Cashaa which claims to have significant traction in India is launching INR support for Bitcoin, Ether and its own CAS cryptocurrency.

In an email response to Inc42, a Cashaa spokesperson said that so far, Bitcoin, Ethereum and their own token CAS is available to buy in INR. The spokesperson added that Cashaa accounts include a fiat and a crypto wallet, from where people can buy and sell crypto with fiat. So far it was possible only for GBP and EUR, while it is now also possible to deposit INR as Cashaa has added an INR wallet. So people can deposit INR into their Cashaa wallet and buy crypto from there.

With its launch coinciding with the ongoing festive season in India, the company has launched INR deposits to buy and sell Bitcoin, Ether, and Cashaa (CAS) for Indian residents, up to INR 1 Cr per month. However, the minimum and maximum deposit amount have been kept from INR 25K up to 10 lakh INR in a single transaction.

The service fee is 3.49% for buy & 0.99% for sell for all the crypto available on the platform. The fee can decrease up to 35% for users paying in CAS (the platform’s native token), making it 2.2% for buy and 0.65% for sell, said the company.

Little Scope For Crypto Exchanges Under Current Rules

As Bitcoin surged during its peak in 2017, the number of Indian crypto traders too registered an exponential growth to over 5 Mn, adding over 10K users on a daily basis. However, the evergrowing crypto and Bitcoin market in India not only came to a halt but soon started declining after the Reserve Bank of India (RBI), on April 6, 2018, ordered banks not to extend any banking solution to the crypto entities.

What started with Kali Digital to the Internet and Mobile Association of India (IAMAI), while dozens of cases were filed across India which the Supreme Court later clubbed, over a dozen crypto exchanges have since then shut down their services citing the lengthy and costly legal affair.

Since then, the case is still being heard and the Supreme Court recently listed the matter on November 19.

While Cashaa has been a late entrant to offer crypto in INR, BuyUCoin, Unocoin and some other exchanges have been offering support for Bitcoin and other cryptocurrencies for many months; however, despite having attained some initial traction, the P2P solution could not keep Koinex from suspending its operations. The Indian government is reportedly planning to introduce a bill named ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’ this winter session which will all crypto-related trades illegal, barring few areas such as research and academia.

Reiterating India’s stance, finance minister Nirmala Sitharaman had recently stated that the Indian crypto policy is not in isolation, but in sync with global markets.





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