How Is Cryptocurrency Slowly Becoming A Legal Tender In India?

New Delhi (India), March 29: Today, we are just years away from being the top country in terms of cryptocurrency usage. Within just a span of a few years, Indians have accepted the decentralised currency as the common token for trading.

Above all, India has already taken a major step in legalisation of cryptocurrency. There has been a new circulation that all kinds of digital currencies and non-fungible tokens that are used for transaction, money-laundering, need to comply with the Prevention of Money-Laundering Act 2002 i.e.; they need to follow up with the ‘know your customer’ (KYC) system, keep a record of all transactions and reports with the assigned authority.

This circulation is authorised due to the extreme rise in Fintech companies in India. With the increasing popularity of digital payments among younger audiences, researchers believe that India can easily surpass the United States by 5 times and the numbers can rise from 120 million to 155 million users of crypto by the end of 2023. Apart from this, the government is constantly pushing to digitalise currencies and adapt more methods of digital payments which has affected a lot of Indian citizens to try their hand in crypto trading.

But at the same time, a user can legitimately own cryptocurrency as long as they are entrusted with a crypto wallet. One of the companies that provides the user with their own digital wallets is CRYPQUE, a Blockchain and Web 3.0 based company headed by Ankit Bhasin, Abhishek Bhandari, Siddharth Shukla and Anshit Jindal. The company is developing an application called CRYP, which is a crypto-payment application.

So, what are the advantages of CRYP? CRYP is basically like an application which performs the same way as an UPI application. A user can simply log into their interface and use their cryptocurrency balance for payments, transactions, exchange, playing games and lottery and everything one can possibly think of. CRYP can be used to pay merchants who are willing to use cryptocurrency as a mode of payment by scanning the QR Code. Additionally, the app also offers exclusive perks and benefits to long time users which enable them to gain more profits using crypto. The application is described as a ‘all in one platform for crypto payment solutions.’

CRYP can also be used for everyday vital payments like gas, electricity, water, phone bills, DTH, flight and hotel booking, etc.

CRYP is in its final testing phase and is tentative to launch in May 2023. The app Beta version TRONADO has already launched in the Indian market at the end of 2021.