certify
Home arrow Article arrow Article Detail

Investing in cryptocurrency? You may get benefit, take loan with respect to deposits

Profile Image

Crypto Business World Follow

INDIA

Nov, 21 2020

Nov, 21 2020

likes | comments 0

Article Image

The Supreme Court's order to assist the RBI ban on crypto commerce in India has made-up the way for the scene up of cryptocurrency-based banks in the country, where customers can keep crypto savings accounts. Aside from getting interested in the cryptocurrency deposit, customers may also opt for rupee loans against crypto, where the cryptocurrency will enact as collateral.


In case the banks commence accepting cryptocurrencies, will the prohibition on crypto trading in India be raised fully?


There is no ban on Crypto in India. There was a banking limitation, which was kept down by the Supreme Court of India in March 2020, stated Nischal Shetty, CEO, WazirX.

Though, London-based online cryptocurrency platform Cashaa has bound up with the United Multistate Credit Cooperative Society to render savings accounts and loans to crypto capitalists in India.


Speaking on the potential of a crypto banking system in India, Shetty said, We consider that in the next 6-12 months, crypto banking will become a reality. One of the better reasons behind this is that banks across the world are already actuating on supply crypto services. Especially in the US, JP Morgan already shares its intent about rendering crypto services, PayPal a FinTech large has proclaimed its crypto service content, Square is already providing crypto services to their customers in the US.


Lately in Singapore, DBS bank proclaimed their own crypto exchange. We accept that a couple of banks will begin providing crypto services to its customers, he said.


We accept that it will also occur in the Indian banking aspect where crypto will be thoughtful as collateral while fetching loans. We also accept that there will be some crypto startups adjusted to render loans to Indians against crypto, Shetty added.


likes | comments 0

Profile Image

Crypto Business World

CBW - External Analyst

INDIA

Comments
Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.