Some businesses in India believe that they have found a loophole in the finance minister’s speech that sought to clamp down on the use of cryptocurrencies. While this loophole may allow startups to accept bitcoin without breaking the law, experts question its viability.
As the Indian government is working on the regulatory framework for cryptocurrencies, startups in the country are finding a way to accept bitcoin and other cryptocurrencies without breaking the law.
The country’s finance minister Arun Jaitley announced during his Budget speech last month that “the Indian government considers cryptocurrencies illegal and vowed to stamp out their use,” Tech Circle wrote and elaborated:
However, Jaitley did not specifically state that trading in cryptocurrencies was illegal, which is why it continues to be business as usual for Indian cryptocurrency exchanges such as Zebpay and Unocoin.
The news outlet interviewed the operator of a used car marketplace in Mumbai, Truebil, which is “capitalising on this apparent loophole.” The startup, founded in 2015 and operated by Paix Technology Pvt Ltd, has devised a way to accept cryptocurrencies as payment, specifically bitcoin. Each month, the company claims to sell 200 cars and add 1,000 new listings, Techcrunch reported.
Partnership with Unocoin
“Truebil will be accepting bitcoin payments at its brick-and-mortar stores using Unocoin’s POS application,” the publication clarified. The company itself does not display any prices in bitcoin and does not accept payment in the digital currency online. Its co-founder and marketing head Shubh Bansal told the publication that “this move is perfectly legal,” emphasizing: […]