In a new partnership between the leading crypto exchange WazirX and the banking Giant Kotak, India’s leading private bank marks a breakthrough for the crypto industry in india. More so, Kotak is opening its doors to the crypto community in a new partnership deal with WazirX as according to Economic Times.
Furthermore, this partnership will permit traders to use the banking services to liquidate their funds. So, this WazirX partnership is a new milestone due to Indian banks freezing crypto payments and withdrawals for the past eight months.
Also, reports say that,
“WazirX has opened an account with Kotak which can be used to receive and pay money…”
“to investors trading on the exchange. The account is yet to become operational.”
“Paperwork, KYC, and some testing are on,”
Notably, some Private banks in India are not currently engaging with crypto platforms due to poor clarity on regulations.
However, WazirX and Kotak are yet to give proper disclosure on the matter.
Notably, all these started off in 2018 when Indian Central Bank mandated banks to avoid offering their services. Of course, which was later disqualified by the Supreme Court in March 2020. Therefore, implying that banks can now offer their services. Although, it records no influence on some banks behavior and attitude towards the crypto industry.
So, This latest partnership between one of the leading Indian crypto exchanges WazirX and popular banking giant Kotak is a positive vibe as regards to crypto regulations in the country. More so, The Indian government is ready to finally discuss the cryptocurrency bill during the ongoing winter parliamentary session.
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