Digital asset investing company B21, on Wednesday, launched its B21 Invest app in India. The app facilitates the purchase of cryptocurrencies including Bitcoin, Ethereum and EOS from mobile devices. Through B21 Invest, one can invest a minimum amount of INR 2000 or $25 per transaction, in a single asset such as Bitcoin or in a customised investment portfolio. Indian users will be able to invest using their local currency and payment methods such as Unified Payments Interface (UPI), debit cards and bank transfers.
B21 Invest is available for free on the Google Play Store and Apple App Store. The app’s features include rebalancing of portfolio, monitoring the profitability of investments and liquidating their assets any time with a few clicks. Users can also withdraw money globally via bank transfer (ACH) and international wire.
Back in 2018, the Reserve Bank of India (RBI) had virtually banned cryptocurrencies in India, also issuing circulars to warn users, holders and traders of virtual currencies.
Legalised Crypto Trading Makes Foray In India
In May this year, the Supreme Court struck down the RBI’s banking ban on cryptocurrencies, in what was hailed as thorough validation of the Indian crypto community’s seven-year-long struggle.
The SC’s decision effectively reversed the RBI’s circular which prohibited banks from providing services to crypto traders, exchanges, and other businesses dealing in cryptocurrencies. The reversal has led to renewed interest in digital asset investing and a spike in exchange trading volumes.
“India is fast becoming a major market for digital asset investing as the use of mobile technology expands alongside an interest in alternative asset classes,” said Nitin Agarwal, Founder and Director B21.
In recent times, Bitcoin trading in India has witnessed a massive surge. According to Useful Tulips, a data analytics platform highlighted the surge in local and peer-to-peer exchanges. Meanwhile, Crypto trading platform Paxful, which is relatively a newcomer, has overtaken LocalBitcoins.
The cryptocurrency community is in a dilemma as the Indian government recently announced that it was planning to introduce legislation to ban cryptocurrencies. The finance ministry, on June 12, has passed a draft cabinet note which seeks to set up a legal framework for banning cryptocurrency in India. According to media reports, the note has been shared with the other ministries for consideration. However, the details of the draft are not available.