Author: Jagdish Kumar, India
With the growing importance of cryptocurrencies in India, as well as the Reserve Bank of India (RBI) curb on the sector, BlockAsia caught up with BuyUcoin founder and CEO, Shivam Thakral to understand how the sector is doing and how it will move forward.
Giving some insight of the Indian cryptocurrency market, Below are the full excerpts:
What does BuyUcoin do and how it is helping Indians to capture a pie of global crypto currency market?
BuyUcoin is India’s leading cryptocurrency exchange platform and Blockchain Service provider. Since our establishment in the year 2016, we have been striving to provide our users and traders with a versatile and easy to use platform, through our continuous R&D, which is very user friendly and interactive for our users and traders.
Since we have become a global decentralized exchange, we are offering all our customers the option of trading in more than 31+ Cryptocurrencies. In just two years we have amassed a user base of more than 230000+. Our innovative Blockchain solutions are setting an example in this industry.
How do you see the current crypto currency market in India?
The cryptocurrency in India is in its infancy and at BuyUcoin we have a vision to bring Cryptocurrency to millions of Indians’ through our platform in which we have been successful to a larger extent.
Cryptocurrency and Blockchain have a fantastic and prosperous future ahead. Today in India people are fast gaining knowledge on how to invest into Cryptocurrency and our company is leading the torch in educating the middle class, business class of its merits and safety. Hence the Cryptocurrency and Blockchain have the potential to revolutionize the Indian economy in the coming future.
Does the RBI circular of April 6, 2018 impact your business?
The RBI mandate when it was released did impact, but our company was able to retain our user and trader base as we were swift and successful to educate our users and traders to understand the implementation of the mandate. We did not see any panic selling of crypto-assets as we were successful to educate our user base. Although the general perception at the time was quite negative but we broke that wall and striving to still provide unmatched quality and services to our users and traders.
A committee on crypto currency set up by Finance Ministry will give its report in July, 2018. What do you expect from it?
First we need to understand that Cryptocurrency has not been declared illegal or has been banned in any form. Only the banks and other financial service have been asked to stop any kind of transactions which involve fiat- currency. Users can still trade in Crypto to Crypto form of trading.
My expectations from the Government and the finance ministry are very positive as the Government has taken keen interest in finding the merits of this industry for its reports. And I am very positively inclined that the government will bring out some sort of positive regulations for the industry which will be very beneficial for the users and platforms trading in Cryptocurrencies in the coming month.
Do you have any backup plan for your users, if RBI issues complete ban on crypto currencies?
We have already made and introduced many solutions for our users which will help the users convert their fiat in to cryptocurrencies and providing a decentralised exchange in which the users can trade in crypto to crypto form of trading which bypasses the total need of fiat currency for trading.
One such example is that we are providing our users with exclusive BuyUcoin Token (BUC), which can be used by the users to convert their fiat currency into cryptocurrency and can be traded in Crypto to crypto form both globally and locally through BuyUcoin’s global decentralized exchange platform.
Reliance Jio is looking to enter the crypto market with its own coin, your comment?
There are many existing players. There will be one more.
Can you tell me how many users BuyUcoin caters to today and what are your future plans?
Currently we have a user base of 230000+ and we’re expand globally soon.
Do you believe that India still don’t have the plans on crypto currencies usages?
No that’s not true as Subhash Chandra was on live TV saying that they will be drafting regulations in the first week of July so that clearly indicates their plans.
Can you tell more about BuyUcoin Token?
The BuyUcoin Token (BUC) is established on the NEM Blockchain and follows the NEM token standards for their own token (BUC). The BuyUcoin Token (BUC) is established with a total supply of 100 million Token.
BuyUcoin Token can also be used in paying of any kind of fee on Global BuyUcoin Exchange and lot of discounts on BuyUcoin Exchange will be provided to the users when holding BuyUcoin Token (BUC). We have also made trading of Cryptocurrencies on BuyUcoin exchange directly with BuyUcoin Token (BUC). BuyUcoin Token (BUC) can also be used as a mode of payment on various online portals by users to buy products.
These are some the features introduced by BuyUcoin for our BuyUcoin Token (BUC).
Where do you see BuyUcoin Token by 2020?
It will be playing crucial role in the decentralized exchange as the gas to be used for it hence it will be mainstream by that time.