“We continue to accept crypto for payments, though we are awaiting the laws and will of course abide by them,” he added. The Rug Republic, an Indian home decor brand, started accepting crypto to show regulators that there is support for it from the Indian business community, its director Raghav Gupta said. For the time being it is business as usual for us,” said Sathvik Vishwanath, cofounder of Unocoin. "We are waiting for the bill to get tabled and be made available to the public before we can get the full details of what we can do and what we cannot. Pay with Bitcoin: India's oldest crypto exchange, Unocoin, still lets users recharge their Fastag accounts using Bitcoin, and also allows Bitcoin transactions for bill payments and ecommerce. The uncertainty around the cryptocurrency bill over the past few weeks hasn’t deterred these businesses from allowing customers to pay for goods and services in Bitcoin, Ether, Solana, and other cryptocurrencies. What's happening? We had reported in October that cryptocurrencies were gaining traction among a small yet growing number of businesses in India’s formal and informal economy.
And last week finance minister Nirmala Sitharaman said that there was no proposal to recognise Bitcoin and its ilk as currencies.ĭespite this, a number of businesses continue to offer cryptocurrencies as a method of payment. We reported earlier today that the Union Cabinet could discuss a legal framework for cryptocurrencies later this week, and the view in the government is that crypto cannot be allowed as a currency but could be classed as an asset.
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