According to a report in Mint, the Delhi-based décor brand will accept 20 cryptocurrencies for its orders based on market capitalization. The company uses the WazirX and Binance platforms for cryptocurrency trading. However it plans to develop an in-house payment system for cryptocurrencies.
Accepting payment in cryptocurrencies by an Indian brand obviously sends a positive message to the crypto investors in the country that the coming times are likely to witness a widespread adoption of cryptocurrencies in the country. This expectation is further strengthened by the way this fashion brand delivering in 90 countries has implemented crypto payments.
Presently the situation here is quite unclear as far as cryptocurrency trading in India is concerned. Here cryptocurrency enthusiasts await the Cryptocurrency Bill which is likely to be set in the Parliament for discussion in the upcoming Monsoon session beginning July 19. Cryptocurrency trading is surrounded by uncertainties as banks are hesitant to process cryptocurrency transactions.
Major Indian banks including HDFC Bank and State Bank of India had started warning customers against using their services to trade in cryptocurrencies. In an email to customers, banks have said that users transacting in virtual currency may face account suspension, citing a 2018 circular from the Reserve Bank of India. Notably in March 2020, the Supreme Court quashed the circular.
Although cryptocurrency is legal in India, the current regulations will help Indian corporates to make informed decisions about how to effectively integrate digital assets into their businesses. Other global giants including Tesla, Microsoft and Paypal have accepted cryptocurrencies for payment. But Indian companies are still hesitant to take steps in this direction. In the coming times, it has to be seen what rules the Government of India implements in this regard and how it will affect the cryptocurrency business in India.
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