Despite the RBI’s circular banning banks, payments companies and NBFCs from dealing with cryptocurrency entities and the matter being under subjudice, dozens of crypto companies are about to launch their operations in India. Now, Malaysia-based cryptocurrency company Belfrics Group has resumed its trading operations in India.
The company had stopped its exchange operations in India in the early January this year after banks stopped providing payments solutions.
After resuming its services, Belfrics India will initially offer the trading of four coins — Ethereum, Bitcoin Cash, Ripple, and Litecoin. The group plans to launch 20 more coins in the next six months.
Emphasising India’s importance, Jabeer KM, Group COO, said, “India is a key market for us when it comes to crypto trading. With the launch of these new coins, we are targeting a base of at least 2,50,000 new traders on our platform by December 2018.”
Belfrics has also launched a dedicated app for live order-book trading of various altcoins, supporting the growing ambition of highly active crypto traders with an extensive range of tools and functionalities.
Commenting on the app Santhosh Palavesh, Chief Innovative Officer, Belfrics Group said “The traders can now securely link their assets with our Belfrics wallet, which will give them a seamless experience to transfer their cryptocurrencies. The new app will be available for both Android and iOS users.”
The group believes that the new launch will open up multiple trading doors for the Indian cryptocurrency enthusiasts who can now trade with global investors on the Belfrics platform.
The Reserve Bank of India (RBI) in April had stated that it will not deal with or provide any service to the entities dealing with any cryptocurrency such as Bitcoin. The central bank had directed to the banks to settle their businesses with entities and consumers dealing with cryptocurrencies.
The Deputy Governor of RBI, BP Kanungo, suspected that the rise of cryptocurrencies beyond a critical limit might bring financial instability. RBI had stated in a press release, that in view of the associated risks, it had decided that, with immediate effect, entities regulated by the RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies (VCs).
Cryptocurrency firms, enthusiasts, and organisations like the IAMAI moved various courts against the RBI circular. Clubbing all the petitions pending across various courts in this regard,
The Supreme Court refused to put any stay on the RBI circular, till the matter is under sub judice.
“We understand that the RBI has reservations on trading in cryptocurrencies and digital currencies. But we are confident that they will be coming up with their own set of regulations for this industry. From our end, we are making sure that Belfrics Group is ready with multiple options for our Indian customers when crypto trading becomes regularized” added Jabeer.
Regardless of the RBI circular, most of the cryptocurrency exchanges are still operational in India and the number is further poised to grow. However, as the RBI’s 3-months window come close to an end on July 5, some of the exchanges like Zebpay have already showing notifications that rupee-to-crypto transfer facility could be stopped anytime.