BillDesk a household name among Cryptocurrency exchanges.
BillDesk is a household name in India in the field of digital payments. It was started in 2000 by a team of ex-Arthur Andersen professionals and its payment services and processing network are used by a number of financial institutions. Two of India’s leading public sector banks – Bank of Baroda and State Bank of India have invested in BillDesk. BillDesk is a participant under the Payments and Settlements Systems Act, 2007 and is supervised by the Reserve Bank of India. The entry of BillDesk-backed entity into the cryptocurrency space shows the increasing legitimization and mainstreaming of Bitcoin in India.
Multiple cryptocurrencies to be supported
Coinome, the latest Cryptocurrency exchange has plans of rapidly scaling up, starting with two cryptocurrencies (Bitcoin and Bitcoin Cash) and supporting more than 20 cryptocurrencies in one year. The company plans to leverage BillDesk’s capabilities in the payments space to promote cryptocurrencies and attract customers.
Vivek Steve Francis, Coinome CEO said:
“At Coinome, we are excited to bring cryptocurrencies to the masses. India, with a limited number of exchanges supporting multiple cryptocurrencies, offers immense opportunities. In the next one year, our target is to support up to 20 popular cryptocurrencies and promoting the same within Indian masses as commercially viable alternatives for building their digital assets. BillDesk’s expertise in secure online payments will support Coinome in promoting cryptocurrencies as viable avenues for investments, transactions and building digital assets.”
Fast KYC verification promised
Coinome promises fast know-your-customer (KYC) verification, for those user who provide their aadhar number. Completion of KYC verification is compulsory for those who want to deal in fiat (Indian Rupee). Given that there are only two currency pairs traded on Coinome (BTC-INR and BCH-INR), KYC verification is compulsory for all its customers. By submitting aadhar number and confirming the one-time password sent to a linked mobile number, customers can complete their KYC verification instantaneously. While using aadhar number to complete KYC verification is convenient, it is ironic that an intrusive government registration program is being used in a domain where pseudonymity is the norm.
Sword of Damocles hangs over exchanges
Bitcoin is a popular investment option for young Indians and cryptocurrency exchanges are flourishing in India. However, neither the RBI nor the Indian government have made their stance clear on the use of Bitcoin in India. The threat of the government banning the use of cryptocurrencies in India hangs over the industry like the sword of Damocles.
Read more on government regulations on Bitcoin in India.
What is the implication of bitcoin banning on India, add your suggestion in the comment box.