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CoinDCX has partnered with defunct crypto exchange Koinex to enable the platform’s users to access their assets. Koinex, an Indian cryptocurrency exchange, ceased all its trading operations due to regulatory uncertainties.
In a Tuesday announcement, CoinDCX said it has struck a Memorandum of Understanding (MoU) deal with Koinex, allowing its 100,000 users to retrieve their funds through the CoinDCX platform.
For those Koinex users who completed their Know Your Customer (KYC) procedures before 2018, the transition process to CoinDCX will be seamless.
However, users who did not complete their KYC requirements on Koinex will need to fulfill them on the CoinDCX platform to regain access to their funds.
Koinex’s Users Gain A Second Chance To Withdraw Funds
During the shutdown process, Koinex provided users with a window to withdraw their assets.
However, some users were still unable to withdraw their assets.
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This collaboration presents a crucial chance for users who were unable to do so to associate with CoinDCX and retrieve their funds.
Koinex halted its operations in April 2019 after the Reserve Bank of India (RBI) issued directives to regulated financial services entities, mandating them to sever ties with crypto-related businesses and individuals and block any virtual currency transactions.
CoinDCX’s Co-Founder, Neeraj Khandelwal, shared his optimism about the future of the platform.
He mentioned that CoinDCX’s self-custodial Okto wallet is anticipated to be featured in Messari’s blockchain adoption report by Q3 2025, as per market intelligence firm’s plans.
CoinDCX introduced the Okto wallet in August 2022, providing users with enhanced security and control over their cryptocurrency holdings.
Likewise, Sumit Gupta, co-founder of CoinDCX, said the move aligns with CoinDCX’s vision of a thriving VDA ecosystem in India.
When we were just starting CoinDCX, one company that really stood out was @koinexindia founders, phenomenal execution—that quickly gained market share during the 2017 market rally. Unfortunately, they had to shut down due to regulatory uncertainties, a fate many businesses… pic.twitter.com/J8Tydi98xO
— Sumit Gupta (CoinDCX) (@smtgpt) February 13, 2024
“The integration process has been communicated to Koinex users, promising personalized assistance through a dedicated customer desk. This approach aims to provide a reassuring and seamless experience throughout the transition.”
RBI Considers Offline Initiatives To Drive Digital Rupee Adoption
Reserve Bank of India (RBI) Governor Shaktikanta Das has suggested using offline solutions to boost the adoption of the central bank’s digital rupee in remote areas.
As reported, the RBI said it would evaluate various offline solutions, including proximity and non-proximity-based options, in hilly, rural, and urban environments to address this challenge.
“It is proposed to introduce offline functionality in CBDC-R to enable transactions in areas with poor or limited internet connectivity,” Governor Das said during a review meeting of the Monetary Policy Committee.
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The RBI initiated a pilot of its retail CBDC in December 2022, successfully achieving its target of one million daily transactions by December 2023.
More recently, the central bank has been exploring tech solutions for privacy concerns of its CBDC.
“A privacy legislation is not the only way. Other ways to tackle this problem – particularly technology – do exist, and our team is exploring that,” an officer reportedly said.
The development of CBDCs in both developing and advanced economies has found increasing momentum, driven by motivations such as financial stability and cross-border payment efficiency.
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