It’s official! Let’s read about the decision of Kotak Mahindra to partner with WazirX to open a bank account for Crypto trading.
The Kotak Mahindra Bank has made public its position on cryptocurrencies. The bank released a statement saying that it will partner with India’s largest Crypto exchange, WazirX.
This good news came after an official account opening by WazirX. Paperwork and KYC are still underway, but it’s safe to assume they’ll finish soon. This new news is making Investors on WazirX happy. Now, Investors can directly withdraw/Deposit funds from/in the bank account.
The current scenario
After the good news by the government in their decision on cryptocurrencies, this new news has brought joy to crypto investors. The government of India earlier had intentions to entirely ban Cryptocurrencies. However, after much discussion and consultation, they opted to regulate them instead.
Also, one more crypto exchange called Zebay is in talks about opening an account in Kotak Mahindra Bank for crypto Investments.
WazirX’s bank issues
Almost a year ago, WazirX reportedly terminated its ICICI bank account. Then the application shifted its business to MobiKwik. MobiKwik is a digital payment company based in India. It was founded in 2009. It provides a cell-phone based payment system and digital wallet.
The cryptocurrency had a bumpy road in India. RBI never really appreciated Cryptocurrencies. Due to this, large banks avoided association with Cryptocurrency.
The scale of investing in Cryptocurrency is quite small when we compare it to other modes of investments. Even if the considered sum of money is small, the government wants their share in the profit as with any other business or asset. That is why the government decided to include Cryptocurrencies in The Income Tax Act of India. With this acceptance of Cryptocurrencies as an investment, as an asset, it’s fair to assume that Kotak Mahindra is going in the right direction.
The hostility for Cryptocurrencies has been in documentation in India. RBI has previously outlawed facilitating transactions by banks for anything related to Cryptocurrencies. However, the honourable supreme court of India overturned this shortly after.
Indeed, this move by Kotak Mahindra and WazirX will open more doors for new investors of India to start their Crypto investing career. With their popularity increasing at a steady rate, the trading of Cryptocurrencies is getting more accessible along the way.
In conclusion, the road for a crypto India has cleared quite a bit and Indian Crypto investors are overjoyed with this news of the decision of Kotak Mahindra to partner with WazirX. This looks like a good move for the future of Cryptocurrencies in India. Hopefully, you liked this article. If you want to read more like this, do visit our website.