Indian startup accepts crypto payments despite regulatory uncertainty

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The crypto fever seems to be making its presence felt in India on a regular basis.

Indian startup begins accepting crypto payments

The Rug Republic, a New Delhi-based startup, recently announced that it will start accepting the top 20 cryptocurrencies for payments, but only from Indian customers.

Indian decoration brand, Rug Republic has become the first Indian company to publicly announce its support for digital currencies.

It should be remembered that crypto regulations have not yet taken their final form in India and that at present digital currencies are neither legal nor illegal in India. In fact, recently Indian banks have gradually started to disassociate themselves from cryptocurrencies citing the Reserve Bank of Indias (RBI) ‘s bearish outlook towards digital currencies.

According to a report by The Economic Times, the biggest concern of financial institutions in India is that of the anonymity associated with cryptocurrencies. They fear that the lack of information could allow cryptocurrency users to evade taxes, finance terrorism, and fund other nefarious activities.

Needless to say, none of the aforementioned concerns are true unless specifically talking about privacy-focused cryptocurrencies such as monero (XMR), DASH, and others.

Raghav Gupta, director of The Rug Republic, said:

It is a misconception that crypto transactions cannot be tracked. It’s easily verifiable on the blockchain, as opposed to the incredibly difficult ways of hiding money in the real world. As we saw with so many people during episodes of The Panama Papers:

Add:

“Our invoices clearly state that money was withdrawn in certain currencies on that date and at this price. Everything is absolutely flawless.

Bullish on Ethereum

Gupta added that customers from outside India will not be able to purchase the company’s products for crypto. This is because accepting crypto payments from offshore clients could constitute a violation of the Foreign Exchange Management Act (FEMA) as they constitute cross-border payments in a currency not recognized by the RBI.

He added:

It is clear that not even 5% of my income will come from it. I am extremely optimistic about this on a 5-10 year scale. I am very happy to take this risk. Ethereum will then be much more valuable.

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