Nischal Shetty, co-founder of Crowdfire, plans to launch a new bitcoin exchange WazirX. The platform is set to be launched in March. Though the tax department and union Finance minister have given numerous feelers that bitcoin is not a legal tender, Shetty shrugs off the warnings and is geared to launch the "India's most trusted bitcoin exchange".
On twitter, Shetty announces that WazirX is launching pre signups for the cryptocurrency exchange. "Register early to reserve WRX coins for free." WazirX will trade in bitcoins, ethereum, ripple, litecoin and more cryptocurrencies in India, announces the website.
On Arun Jaitley's warning that bitcoins are not legal tender, he said that to be able to trade in crypto, it doesn't need to be a legal tender.
He said, "Bitcoin is not legal tender in India. Neither is USD or any other foreign currency. So don't use cryptos for buying coffee in India just yet. But you can exchange one crypto for another crypto as there's no law preventing you from that."
Also, Nischal Shetty tags an NDTV copy on twitter, wherein the income tax (I-T) department says that it will tax the capital gains made out of investments in bitcoins, to make a point that bitcoins are not "banned" in India. While giving his rationale for starting the cryptocurrency exchange, he said that he wants to offer transparency to the cryptocurrency traders.
"The more I used the existing crypto exchanges in India, the more frustrating it was. If the frustrating experience of sub standard product wasn't enough, I was surprised to see how opaque most of the exchanges were in terms of communicating with their users. With WazirX, we want to provide you with the most powerful piece of cryptocurrency trading software you deserve! We want to provide every Indian with a product that surpasses every other global product in terms of quality," said Shetty in a post on Medium.
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