Since many large banks and payment gateways have failed to represent the crypto sector in India, cryptocurrency exchanges are introducing new solutions to reach an ongoing increase in customer sign-ups to buy cryptocurrency.
Major banks, including ICICI Bank, have cut off crypto exchanges for about a month and ordered payment gateways to terminate services to merchants participating in crypto trades. The move, influenced by RBI’s warning to banks to reconsider their ties with crypto, comes at a time when there has been an exponential increase in interest in cryptocurrencies.
Vikram Rangala, chief operating officer of crypto exchange ZebPay, assured that they are working on the payment issue and will soon come up with alternative methods for its users so that they can buy cryptocurrency.
“For now, we are processing some deposits manually, which is slower, and we are implementing some new deposit solutions which should be online very soon. The demand by Indians to be able to invest in crypto has never been greater,” Rangala told The Economic Times.
Another cryptocurrency exchange, digitX, has built online and offline transaction modes, as well as peer-to-peer networks.
“We have set up banking on-ramps with prominent service providers in that area, and are also setting up a strictly verified and validated P2P channel,” DigitX co-founder Ashish Mehta told the outlet.
The exchange is also working with mid-sized banks and “one of the most prominent payment gateways,” he added, but refused to reveal names due to the ongoing regulatory uncertainty over cryptocurrency.
Meanwhile, many exchanges introduced Paytm Payments Bank deposits after banks’ refusal to collaborate. However, the Paytm deposits were also disabled on many exchanges earlier this month due to an increased load on its servers.
According to a senior executive of an affected exchange, the service was later reinstated, but only for the platform’s current customers.
“At the end of the day, these are temporary solutions that will stop working sooner than later. This is not the ideal experience we want to provide to new users,” said another senior executive of a crypto exchange.
Nischal Shetty, founder and CEO of cryptocurrency exchange WazirX, which claims to have the largest trading volumes of any crypto exchange in India, said that they are trying to bring back banks onboard by educating them about the Supreme Court’s ruling that reversed an RBI ban on crypto trading.
“One of the banks which was trying to see if they can work with us requested for a detailed statement of transactions that happen on the platform. So, we have summarised and provided that,” Shetty said on ET’s podcast – The Morning Brief.
The business departments of banks want to work with the exchanges, but the compliance teams are reluctant, he added.
Also read : What is WazirX P2P and how does it work?
Cryptocurrency exchanges have also told the central government that they want the Securities and Exchange Board of India (Sebi) or a new entity as its market regulator instead of the Reserve Bank of India (RBI), on the grounds that the nature of the asset is closer to a commodity and not a currency. The centre is yet to respond to the request.
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