India has recently been in the news for all the wrong reasons. The government’s move to demonetize bank notes of larger denominations viz., INR 1000 and INR 500 has created a cash crunch in the economy, renewing interest among the countrymen in Bitcoin. Since the news of demonetization was announced, the Indian “Big Four” Bitcoin companies — BTCX India, Coinsecure, Unocoin and ZebPay have been fielding hundreds of inquiries about the digital currency.
The Indian Bitcoin platforms have so far been catering only to the Indian cryptocurrency community. However, the increasing interest in the Indian cryptocurrency market among the international community has got these companies rethinking their initial strategy. Coinsecure, one of the leading Bitcoin trading platform has taken a step in this direction to make itself more accessible to those who are interested in trading BTC/INR pairs.
Ina recent announcement, Coinsecure has announced that it has lowered the entry barrier for global customers to use its platform. Like most cryptocurrency platforms in the country, Coinsecure follows stringent AML and KYC policies. In order to facilitate international trade, the platform has relaxed the documentation requirement to an extent without compromising the security, regulatory and statutory requirements.
Mohit Kalra, the CEO of Coinsecure explains the advantages of the company’s new feature addition by saying,
“This move will definitely increase the liquidity in India and will also give international users an opportunity to arbitrage from the Indian market. This is a trend we have seen over other global exchanges as well. “
Coinsecure has done away with the compulsory requirement for KYC verification for cryptocurrency trading. Customers from anywhere in the world can now buy or sell bitcoin on the trading platform. However, if they want to withdraw fiat currency into their bank accounts, then they will have to satisfy all the documentation requirements.
The unregulated nature of Bitcoin makes it perfectly legal to trade the digital currency. However, the concerns of misuse of funds arise only when it comes to converting the digital currency into fiat. With the new set of rules, Coinsecure strikes a fine balance between Bitcoin’s principles and the regulations surrounding fiat currencies.
Ref: Coinsecure Blog | Image: NewsBTC