INSUBCONTINENT EXCLUSIVE:
Delhi-based decor brand The Rug Republic has decided to accept payments in top 20 cryptocurrenciesWhile the cryptocurrency trade is yet to
be regulated in India, several companies are making their first move to tap the growing user base
Some have started accepting payments while several others are contemplating to do so
After the Supreme Court last year reversed a Reserve Bank of India (RBI) order, allowing the trade in these digital assets, the number of
crypto investors in the country has seen a rapid rise
Though most people are driven by the urge to book quick profits, this has led to cryptocurrency gaining wider acceptance.Still, crypto
trading is at a very nascent stage in India when compared to some other developed economies
Let's look at some of the companies that have begun accepting virtual coins.1
The Rug RepublicAmong the latest to join the crypto bandwagon is a Delhi-based decor brand, The Rug Republic
It has decided to accept payments in the top 20 cryptocurrencies as per market capitalisation for its products
The company is using WazirX and Binance platforms for transactions but planning to develop an in-house payment system.2.HighKartThe online
store is one of India's first e-commerce platforms to accept payments in Bitcoin
Launched by a Delhi-based entrepreneur in 2013, the store deals in mobiles, cameras, clothes, electronics, and computers.3
PurseAnother online store that sells electronic devices
Without the need to turn your crypto coins into fiat currency, you can make purchases directly with these virtual coins
You can also convert Bitcoins into gift cards and use them to buy goods on Amazon.4
Using Bitcoins, you can buy items from Sapna while sitting in any part of India
When a user chooses to pay with crypto tokens, the payment is processed within 30 seconds via the Unocoin crypto exchange.Despite these
small businesses showing confidence in cryptocurrency, their bigger counterparts appear to be waiting for the Indian government to clear its
policy stand on these virtual currencies
Also, RBI has said it is in the process of launching its own cryptocurrency.
