Of mint Report According to reports, it will accept 20 cryptocurrencies for its orders based on the Delhi-based Decker brand market capitalization. The company uses the Wazir X and Binary platform for cryptocurrency trading. However, it plans to develop an in-house payment system for cryptocurrency.
Accepting payments in cryptocurrency from an Indian brand clearly sends a positive message to crypto investors in the country that cryptocurrency is likely to be widely adopted in the country in the near future. This expectation is further strengthened by the fact that the fashion brand has implemented crypto payments in 90 countries.
As far as cryptocurrency trading in India is concerned, the situation here is quite unclear at the moment. Here cryptocurrency enthusiasts are waiting for the cryptocurrency bill which is likely to be set up in Parliament for discussion in the monsoon session starting July 19. Cryptocurrency trading is surrounded by uncertainties as banks are reluctant to process cryptocurrency transactions.
Major Indian banks, including HDFC Bank and State Bank of India, have started warning customers to use 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 the Reserve Bank of India’s 2018 circular. Especially in March 2020, the Supreme Court quashed this circular.
Although cryptocurrency is legal in India, the current rules will help Indian corporations make informed decisions on how to effectively integrate digital assets into their businesses. Other global giants, including Tesla, Microsoft and PayPal, have accepted cryptocurrencies for payments. But Indian companies are still reluctant to take steps in this direction. In the near future, it remains to be seen what rules the Government of India will implement in this regard and how it will affect the cryptocurrency business in India.