Is This A Bypass to The Promised Crypto Land?
There are several large potential cryptocurrency exchange markets that have been shielded from investing in cryptocurrencies, trading, and exchange. India is one of these markets.
Difficult to say the primary reason why some economies prefer to take a step back and not ahead in these revolutionary changing times. Maybe this is a classic example when something new can’t be accepted in a traditional economy too fast and resistance is very serious.
What exactly is going on in India on cryptocurrency issue?
Let me give you a little insight into what is happening in India concerning a cryptocurrency right now.
On April 5, 2018, the Reserve Bank of India (RBI) directed all banks to stop any existing banking relationships with virtual currency exchangers and traders within the next three months. The ban started from July 6th, 2018. In the whitepaper of Indinode, a new blockchain company with big ambitions in India and Thailand, says that cryptocurrency trade in India declined by almost 90% in the first quarter of 2018 in comparison to the end of 2017.
In an answer to this ban, several cryptocurrency exchanges had taken India’s Central bank to court. The petition was filed by company Kali Digital Eco-Systems who planned to launch their own cryptocurrency exchange CoinRecoil already in August 2018. Unfortunately, the Supreme Court turned down their appeal and directive came in effect. All cryptocurrency exchange platforms in India had to stop offering trading against the Indian Rupee.
There is still hope, as a committee is close to developing a template on the future of Bitcoins in India, said the head of committee Mr.Subhash Chandra Garg (full interview watch here: https://www.youtube.com/watch?time_continue=1580&v=7bzqYpF_Jvg).
Another issue for those from India who would like to invest in cryptocurrencies, is that over the last few months many major banks have banned the use of their issued cards to purchase cryptocurrency.
Is there an exit from this situation?
IndiNode, new blockchain project, a concept to earn their coins XIND and trade them to Altcoins, looks interesting as there is no purchase of cryptocurrency but investment in masternodes. This results in earning of cryptocurrency that one can trade further with other Altcoins. The project is a community coin and not a registered company.
Here is the exact revenue model for earning tradeable coins XIND: owners of masternodes will receive 50% of profits from exchange operations and it will be rewarded in XIND coins. The minimum investment is 0.1 BTC right now or if one buys 200 000 XIND it is possible to set up own masternode. There are 6 masternodes online for IndiNode on August 2, 2018.
Project IndiNode plans to open their own exchange Indi Exchange in the near future, for Q1/2 of 2019. It will be set up in a jurisdiction where it has the most favorable environment for operations, but will still focus on the Indian market. Right now project is in a developing stage and waiting for the laws in India to get more clarity concerning cryptocurrencies. The date given by court is 20th of August 2018.
The next step is a planned Indi-Marketplace launch that would be a decentralized marketplace for goods and services for the Indian market.
What is masternode?
It has become a trend in the crypto world to promote crowdfunding of masternodes, see another article about the different project. But what is masternodes, how it can generate you money?
Simply explained it is a full node that keeps the all copy of the blockchain in a real time. To set up masternode is an expensive and complicated process (requires skills, hosting, security and more) and therefore many companies today have started to create models of investment that goes into creation or rental of powerful equipment on safe servers.