A new crypto exchange company named BitPolo has just been launched in India. BitPolo was created in March 2020, the same period the longstanding ban on crypto banking was raised by the Supreme court.
BitPolo accepts fiat-crypto pairs with mainstream assets like Bitcoin and Ethereum. It also accepts the withdrawal and deposit of Rupee (INR).
Soon after the launch, the Chief Business Officer of BitPolo made an announcement stating that the team had kept on developing when the market was bearish and that the most appropriate time to begin operations is during this lockdown period. He said the novel coronavirus is an eye-opener as it has exposed the massive bubble across the conventional assets controlled by irresponsible monetary regulations.
Although crypto exchanges can now operate in India, these companies are still unclear of what category their operations will fall under. The exchanges need to know if they are bound by the Goods and Services Tax law.
Due to the lack of clarity in the regulations, some local banks are still not attending to crypto companies.
A veteran exchange in India, WazirX has seen a growth of approximately 80% in the past couple of months. WazirX also had a significant surge in new user signups. According to the founder of WazirX, Nischal Shetty, these surges were not only caused by the ban lift but also by the case presented against the Reserve Bank of India in the Supreme court.
About 2 years ago, due to RBI's ban, WazirX had to change its exchange to a peer-to-peer model simply to avoid in-house crypto-fiat exchange to ensure its continuity for local traders.
Source: Cointelegraph
