It was the talk of town in the early February 2018 when the Indian government through its finance office declared that it considered the cryptocurrencies illegal. This came as a shocker to many quarters because many analysts had a prediction for the newly growing crypto market.
That however doesn’t give a guaranteed relief since the union government and the India’s reserve bank were not just done yet in the fight against the cryptocurrencies.
This could be because the government is yet to place any functional executable policy and unless the government body build the regulatory procedures that may prohibit the Indian investors from entering the Cryptocurrency wave.
There seems to be existing a loophole in the drafted regulations for which the indian startups and fully established companies could easily exploit.
Despite the india’s finance minister insisting on the illegality status for the cryptocurrencies, he did not include any possibility nor any proceedings that would result to this being illegalized.
This therefore has made the already cryptocurrency established companies such as Unocoin, Zebpay to keep on with their business as normally.
Besides the existing cryptocurrencies crypto companies, companies dealing in other niches and sectors are doing their businesses as usual and keep banking on this loophole to further their business intentions.
Bitcoins companies such as Truebil which is an established car marketplace is making enormous sales out of the existing loophole and has even gone ahead to accept payments being made using the bitcoins.
The car dealership is however taking advantage of the situation with the help of POS provided by the Unocoin application which permits it to accept brick and mortar stores. However to keep itself out of trouble, it doesn’t accept online payments from cryptocurrencies.
Unocoin does not charge any payments that shall be made by the use of the POS at the Truebil Cryptocurrency. The transactions will made free of charge to both the parties involved, and also to its customers.
Having a free charge on the transaction has been seemingly deemed to be a gesture aimed towards having the Cryptocurrencies flourish its scope in the India’s financial market.