India startup Tradehorn launch a cryptocurrency exchange in India after the Supreme Court repealed the Reserve Bank’s ban
In recent weeks, Indian startup Tradehorn has become the latest domestic exchange to launch. This must be the result of India’s Supreme Court repealed the Reserve Bank of India’s (RBI) ban on financial institutions providing banking service to businesses operating with cryptocurrency. This means that the government of India has legitimizing India’s cryptocurrency firms.
The RBI ban’s repeal sparked an initial rush of interest from cryptocurrency global players
The abolition of the cryptocurrency reserve ban of the Reserve Bank of India (RBI) has fueled the explosion of exchanges in India. In particular, OKEx and Binance immediately launched fiat gateways for Indian rupees and partnering with local trading platforms.
This gives hope that the development of a robust local industry will encourage lawmakers to maintain the regulatory authority of India.
Tradehorn founder and CEO, Rahul Vinakiya, said:
“We are here to serve novice traders, who are absolutely new to this and spread awareness of crypto as an innovation. For us, how we measure the success of this platform depends on whether my uncle would be able to use this.”
Tradehorn will soon launch a mobile application with 24-hour support services, with the application expected to launch for Android and iOS in July.
Although the ban was lifted in March, many companies have reported that banks are still unwilling to cooperate with them.
However, Vinakiya is the opposite. Tradehorn’s CEO reports having partnered with multiple banks, offering praise to India’s Supreme Court for restoring access to financial services.
However, Vinakiya also urged lawmakers to provide clarity on the tax implications of operations with cryptocurrencies. In early May, several Indian exchanges proposed to RBI to clarify whether cryptocurrency transactions are subject to Goods and Services Tax (GST).
This is a significant thing that the government needs to release so that companies and users feel comfortable starting transactions. A lot of people don’t know how to get started with cryptocurrencies because they are unfamiliar with the way technology impacts will work. This clarity is not only useful for cryptocurrency companies but also for users.
India’s maritime industry is looking to prepare Blockchain
As the COVID-19 pandemic caused damage to the Indian shipping industry, India was seeking to use the CargoX for Blockchain Document Transfer (BDT) platform. CargoX has integrated its BDT into the Indian Port Community System (PCS) to digitizing India’s maritime infrastructure.
Portall Infystems, the developer of PCS, together with global shipping companies, have successfully tested the CargoX platform for electronic shipping. Currently, PCS is integrated at 19 large and small ports across India, with more than 16,000 stakeholders. Integrating CargoX with PCS will allow stakeholders to electronically manage bills of lading along with other shipping documents, thus reducing time and cost in the process.
Some of the largest shipping companies worldwide have joined blockchain platforms to digitize their documentation process. In 2019, the world’s second and fourth-largest shipping companies, Mediterranean Shipping Co. and CMA CGM joined IBM’s TradeLens platform.
A pandemic only causes many companies to digitize their workflow when traditional systems cannot provide it.
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