Crypto India: Nation’s Biggest Crypto Exchange Just Opened an Account with This Banking Giant

Sunil Sharma
December 6, 2021
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Indian government will not ban crypto

As the air cleared around crypto ban speculations in India, it appears that a pro-crypto wave is about to hit the developing nation’s markets. The exclusive update revealed that Kotak Bank has allowed India’s biggest crypto exchange, WazirX to open an account with the financial institution to facilitate both, credit and debit for investors trading on the exchange platform.

However, WazirX in currently in the process of completing formalities, including KYC, and will only be able to use its Kotak account once it is through the verification system. Furthermore, Kotak is reportedly preparing to get involved local crypto trade if the government permits it under the upcoming crypto regulations, and is already in conversation with native crypto exchanges, such as Zebpay.

“WazirX has opened an account with Kotak which can be used to receive and pay money to investors trading on the exchange. The account is yet to become operational. Paperwork, KYC and some testing are on”, Economic Times quoted the person aware of the matter.

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Future of Crypto in India looks Bright

This has come as a sigh of relief for the crypto community in India, as with Kotak, other primary banks may also join the pro-crypto evolution. Earlier, in lieu of speculations of an absolute ban, and ongoing regulatory concerns around crypto, several financial institutions disabled all crypto functions, like payments involving crypto platforms and vendors.

Eminent names such as, HDFC Bank, Axis, and SBI declared suspension of any crypto payments through their banks, along with resistance from the Reserve Bank of India (RBI), which has already had a long-standing anti-crypto stance. However, the tables may soon be turning for the decentralised industry in India, with the latest announcement from the government, confirming that the authorities do not intend to ban crypto, rather merely regulate it for the sake of consumer protection.

According to CoinGape’s last week’s reportage, the Indian Finance Minister, Nirmala Sitharaman asserted in favour of the underlying technological boon in the blockchain system. Nevertheless, she also noted that the authorities will not be blindsided by the innovative and technological advancements, and will consider the drawbacks of crypto before implementation of the foreseeable crypto regulations in the nation.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.