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Kotak-India's first major bank to adopt cryptocurrency through a partnership with WazirX

Kotak – India's first major bank to adopt cryptocurrency through a partnership with WazirX

Kotak Mahindra Bank, India's leading private bank, has partnered with cryptocurrency exchange WazirX, the Economic Times reports. WazirX has opened an account with Kotak that can be used to pay and receive money from investors, according to an ET report. The account will be activated after all formalities and paperwork are completed, according to the report.

Kotak is eyeing the growing Indian cryptocurrency landscape and is in talks with other exchanges such as ZebPay, the report added. WazirX did not respond to a request for comment at press time. In 2018, the Reserve Bank of India – the country's central bank – banned all regulated financial institutions from providing services to crypto businesses. The ban was overturned by the Supreme Court in early 2020, reducing the banking drought for crypto-businesses, but both public and private banks have largely shunned cryptocurrencies despite the Supreme Court ruling. Kotak's partnership with WazirX is an important development because it could mean that other banks will soon follow suit. This development comes at a time when the Indian government is developing a regulatory framework for cryptocurrency regulation. Late last week, the Ministry of Electronics and Information Technology released a document “National Blockchain Strategy” but the cryptocurrency bill has not yet been made public.

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