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Indian Startups to escape the law and still accept Bitcoins.


The Indian government is putting in all it’s effort to finalize a structure for the Cryptocurrency sector. The startups on the other hand, are trying to find a way to transact in Bitcoins without hampering with the existing regulations.

Previously, India ‘s finance minister, Mr Arun Jaitley had declared that Cryptocurrency is an illegal tender and denied it’s usage in India. However, the budget did not clearly explain whether crypto-trading was illegal or not. That is the reason why Indian exchanges, Zebpay and Unocoin continues trading in Cryptocurrencies.

A Mumbai-based company Truebil is apparently looking forward to make use of this loophole and trade with Cryptos. The startup, which is two years old, is functioning through Paix Technology Pvt Ltdhas and has decided to start accepting bitcoin payments.

Truebil will be using Unocoin’s POS application to accept Bitcoin payments. However, no declaration has been made on the company’s part and it does not accept the Crypto payments online. Shubh Bansal, said that they aren’t accepting direct cryptocurrency payments. Unocoin’s valuable partnership will accept the virtual Currency and make a convenient conversion before depositing it to their banks. He considers this to be perfectly legal.

The vice president of Unocoin’s sales and business alliances, reported, that the company is not charging Truebil or any customers. They believe that this partnership will develop a better chance of Crypto-acceptance in India.

A number of startups have drawn inspiration from this collaboration and are looking forward to trade with cryptos without turning into a law-breaker. “Many companies are taking a route similar to that opted by game companies which allow users to buy virtual coins and spend them in the game…This is quite legal and is in common use by Android game developers”, a publication reported.

What are your views regarding this? Do you think the government will allow the startups to use these loopholes or take immediate action?


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