Cryptocurrency payments gaining ground in India
Crypto payments are being allowed from tattoo companies to home decor firms and health centers
Even though there is no legal validity for cryptocurrency in India, many businesses are providing payment through cryptocurrencies options to their clients to pay for the services and products.
One such crypto exchange company is allowing its users to make bills payments and shop on ecommerce platforms by using Bitcoin, while some have also started accepting Bitcoin, Ethereum, Solana, Ethereum Classic, Cardano, Polygon and other crypto tokens in exchange for goods and services amid the rising popularity of the digital asset in India.
Crypto payments are allowed from tattoo companies to home decor firms, general stores, coffee shops, and even health centers.
This is not only increasing the reach among masses, but also creating awareness in citizens about the value cryptocurrencies hold today.
Indian decor brand The Rug Republic's director Raghav Gupta said that the company wants to show the regulators that there is support for crypto from the Indian business community. Only when the government sees that there are reliable businesses willing to do this is when you can expect favorable laws, a business daily reported.
Many Indian news media have also started reporting on cryptocurrencies, which few years ago never reported.
Anu Monga, partner, Anant Law said,
“Currently, cryptocurrency is only being accepted as payment by certain platforms in India such as specific restaurants, online e-commerce platforms, etc. In the absence of dedicated cryptocurrency laws or any specific ban on the same, cryptocurrencies in India fall in a grey area, and the acceptance of the same as a mode of payment is at the discretion of the recipient".
According to an estimate, over 15 million crypto users are trading in India, which has a market exposure of over $6.6 billion. With the government deciding to regulate cryptocurrency, adoption will soon be expected to double in the coming months.
By Jagdish Kumar,