The crypto fever appears to be steadily spreading across India.
A startup in India has begun to accept cryptocurrency payments.
The Rug Republic, a startup based in New Delhi, recently announced that it would begin taking payments in the top 20 cryptocurrencies, but exclusively from Indian clients.
The Rug Republic, an Indian decor business, has become the first Indian company to officially declare its support for digital currencies.
According to The Economic Times, financial institutions in India are most concerned about the anonymity connected with cryptocurrency. They are concerned that a lack of knowledge will allow crypto users to cheat taxes, sponsor terrorism, and fund other illegal acts.
Unless one is particularly talking about privacy-oriented cryptocurrencies like monero (XMR), DASH, and others, none of the aforementioned issues are valid.
The Rug Republic’s Director, Raghav Gupta, said:
“It’s a common misperception that crypto transactions are untraceable. In contrast to the extremely difficult methods money can be hidden in the actual world, it is easily verified on the blockchain. As we’ve seen with so many people in the wake of the Panama Papers:
“Our invoices state unequivocally that money was taken in a specific currency on a specific date and at a specific price. “Everything is completely legal.”
Ethereum is a bull market.
Customers from outside India will not be able to buy the company’s items in crypto, according to Gupta. Accepting crypto payments from overseas clients could be a breach of the Foreign Exchange Management Act (FEMA), as they are cross-border payments in a currency that the RBI does not recognize.
He continued, ”
“It is apparent that it will not generate even 5% of my revenue. On a 5-to-10-year time period, I am quite bullish. I’m delighted to take this chance. By then, Ethereum will be much more valuable.”