Cryptocurrency Companies are Delighted After RBI's Ban Disposal

Si TeamA cryptocurrency firm based from Mumbai which goes by the name WazirX is discussing to financial technology companies sharing their ideas on bringing together wallet with other money moving networks.

Firms such as Bank of Hodlers and WazirX which are based on cryptocurrency are working on new contributions after Supreme Court order refusing a notification from Reserve Bank of India limiting banking exposure for virtual currency trade. Darshan Bathija, co-founder at Hodlers Bank in Bengaluru said the company was developing several marketing tenders. Darshan’s vision is to collaborate with RazorPay and Cashfree which will be their path to payment and overtime can widen and simplify peer-to-peer transactions and also added that the company will permit cryptocurrency UPI deals in the upcoming months. After the banking ban being fled company can now build around these deals and
also partner with banks that were preparing two years ago to align with our goods he also added. Prior to RBI's April 2018 circular which barred the use of banking channels for crypto currency transactions, the virtual currency industry had come to a stop.

Akshay Aggarwal the CEO of Blocumen Studios which is an ecosystem enabler for the cryptocurrency stated that different companies are looking forward for certain innovative products post RBI’s April 2018 circular and in this company one team is researching and developing a wallet based system that will allow consumers to transact to ecommerce platforms on crypto methods while another team trying to allow people to use their mobile phone's idle computing power in exchange for crypto earning which has now allowed users to deposit and withdraw through the website to buy or sell crypto in fiat currency.

Soon, WazirX’s co-founder Nischal Shetty said crypto cannot function in solitaryconfinement and mentioned that hereafter the prohibition is dropped companies can now collaborate with startups linked to KYC. Ultimately, that will enable crypto companies to interact with all financial technology based businesses.

In spite of that, some minds have concerns about using crypto to push mass transactions. "The cost of crypto transactions is still quite big about five to seven percent which is expected to slow down volumes before space costs decrease, "says space investor Nakul Saxena. If a client can transact at no additional cost on UPI, consumers will need to see any advantage before they start transacting cryptos, he said. According to internet lobby group IAMAI, the total number of confirmed virtual currency users stands at 1.7 million.