Despite India’s Crypto Constraints, Iran’s ICHTO Seeks Joint Fund Exchange For Tourism
If you follow the crypto news of the world, you might have heard that India banned banks from serving cryptocurrency exchanges last month, so now they are severely handicapped in the country. Recently, the president of Iran’s Cultural Heritage Handicrafts and Tourism Organization decided to call the ambassador of India to create a joint fund.
This fund would be used for the exchange of digital currency between Tehran and New Delhi and, while this would not be its primary function, it could be used as the bridge that companies need to keep their businesses flowing in India. Even if it is looking that the crypto ban is only temporary, these are important news for the people who invested in cryptos.
The development of this joint fund would be mostly created to develop tourism between the two nations. It was also proposed that tourists could get their electronic Visas at the international airports of Iran, as the number of tourists has increased significantly since the visas have been activated again.
Both countries seem committed to taking the idea forward, despite the crypto ban that is currently in effect and cooperation documents have already been signed.
Other Developments On The India Crypto Ban
While cryptocurrencies are still banned in the country, another significant initiative that can be seen is Ripple’s investment in the Indian market. In a partnership with the Indian bank Kotak Mahindra, Ripple has plans to capture even 50% of the market share of India. The company has even entertained the thought of giving billions of XRP tokens to the Indian population.
Asheesh Birla, Vice President of Ripple in India, has an idea to take a big percentage of the Indian market by letting the top banks in the country adopt Ripple products.
These developments, however, are contrary to the government of India’s stance on cryptos, which is currently that they should be banned from the country. The next government hearing will be in September and there are rumors surfacing the internet that Bitcoin will finally be recognized.
According to the rumors, Bitcoin and other cryptos will be considered commodities by the Indian government, which is great news for the people who are invested in this market and for the exchanges. Only time will tell if this will actually happen, though.