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342 Firms in India offer Crypto Services

RBI Report says 342 Firms Offer Crypto Services in India

378 companies in India offer Crypto Products and Services, confirmed analytics platform Tracxn. Some are Deadpooled.

In a paper published by the Reserve Bank of India titled “FinTech: The Force of Creative
Disruption*”, the central bank wrote about the potential of Fintech in India and put forth the global picture.

While the report does not specifically talk about Cryptocurrencies and Digital Assets, it details the summary from other reports stating,

“Warnings and clarifications were the most common regulatory responses to crypto-assets, but a few respondent jurisdictions also reported emergence of crypto-specific licenses. With regards to enabling technologies, most regulators tweaked existing guidelines to include tech-specific elements.”

Fintech: The Force of Creative Disruption, Reserve Bank of India.

In the list of Indian Fintech Firms published within the report, it says there are 342 firms in India currently offering Crypto products and services. The data was sourced from Tracxn, who told Coin Crunch, there are actually 378 firms they are tracking, that offer Crypto Products and Services in India. Some of them however are deadpooled, hence no longer operational.

This is one of the only documents in government domain acknowledging the existence of Crypto Ecosystem in India.

In other news, RBI was recently revealed to be exploring a Central Bank Digital Currency (CBDC), AKA a Digital Rupee. The Government of India has also listed a Bill to Ban Cryptocurrencies for this parliamentary session.

The Lok Sabha bulletin, released on Friday, said one of the purposes of the bill is to “prohibit all private cryptocurrencies in India” while providing certain exceptions to promote the underlying technology. By Private currencies, they mean any currency not backed by sovereign, thereby making decentralised assets such as Bitcoin and Ethereum “private cryptocurrencies”.

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