Firms who deal with cryptocurrency, whether or not they are exchange firms, are always looking to expand their operations in the hope that more customers will generate more funds but ultimately also cause an increased involvement in crypto from the general public. This is exactly the case as WazirX – a major crypto exchange player in the Indian crypto sphere – recently disclosed that its services will now extend out of India to other countries starting from the 27th of March.
Good news! WazirX is now available for all the users across the globe. 💪 We'll roll out P2P internationally soon as well. #SpreadTheWord
More info on our blog 👇https://t.co/MaGS3FB8tF
— WazirX (@WazirXIndia) March 26, 2019
The firm has also decided to make the process easy for international customers to sign up and begin trading. For international users, the firm’s KYC procedure will not be compulsory as it currently is for Indian users. All that will be required is for users to add some personal information like a phone number and an email address.
Cryptocurrency In India
Early last year, the country’s finance minister, Arun Jaitley, expressed that cryptocurrencies are not considered legal tender and will be stopped especially because they can be used for certain criminal activity.
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system.”
Furthermore, the Reserve Bank of India (RBI) which is India’s Central bank also placed a ban on the use of crypto to trade any entities it regulates.
However, there’s a chance that this could change because the Supreme Court has given the government four weeks to come up with a proper policy framework for cryptocurrency. It is hoped that whatever comes out of this might be a bit lenient on the crypto market.
The ban by the RBI did not slow down or stop WazirX has the firm decided to engage in Peer-to-Peer transactions so people wouldn’t stop trading. Due to this, the firm saw more than ₹125,00,00,000 and in the last year, handled trades worth more than ₹415,00,00,000 through its 75,000 total downloads of its app.
Speaking on this, Nischal Shetty who is CEO and co-founder was quoted saying:
“Despite the cryptocurrency sector in India enduring a whirlwind, we have been successful in scaling up the venture, clocking in ₹415,00,00,000+ volume in crypto trades. The achievements of the past year only reinstates our faith in the need and demand for crypto in the Indian markets. We are hopeful that the authorities will pay heed to what the nation wants and instead of a blanket ban, work with start-ups like us to better regulate the sector.”
Some of the countries included in its initial extension program include Indonesia, France, Poland, Germany, Nigeria, Venezuela, Russia, Canada, Netherlands and the UAE.