|The most popular South Korean exchange Bithumb Global has initiated a proposal in front of the Indian Government to introduce a regulated cryptocurrency exchange. Bithumb has approached with an intention to proliferate trade in the Indian market space. |
According to the upcoming news, Bithumb global nearly to tie the knot with regulatory bodies to establish a new exchanging platform in India. They have come up with an outlay to expand services in India by associating with local crypto exchanges, backing up funds with local blockchain startups and exploring a new industry.
In 2014, Bithumb Korea was founded and remarked as one of the earliest crypto exchanges in Korea. While in 2019, it came up with Bithumb Global’s beta as a next-generation digital asset exchange. Javier Sim, co-founder of Bithumb Global stated that the exchange holds more than one million global users since its launch.
However, the Supreme court is already benching over bitcoin operators’ petition filed against the banking regulatory body, the Reserve bank of India for stopover banking channels to deal with virtual currency trading. A government body has also recommended banning the trade of cryptocurrencies in Indian boundaries.
As per the outlay of the company, it is focusing on local cryptocurrency firms those whose work on a peer-to-peer transaction model to make users opt trading platforms globally. The peer-to-peer model is beneficial for both buyers and sellers by facilitating trading without banking channels. The exchange will also have a look over retail Indian traders so that they can ripe the benefit of liquidity along with the lower trading cost.
Meanwhile, India is eagerly waiting for the legal decree over a complete ban on cryptos. Nearly, India has observed a hint of brain drain because of government planning to criminalize the trading and investment in cryptocurrencies for our country.
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