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Belfrics Group Re-opens Its Cryptocurrency Operations In India

Belfrics Group , the Malaysian Based cryptocurrency exchange and blockchain development platform company announced on Tuesday that it will reopen its operations in India. It will also introduce four new cryptocurrency coins such as Bitcoin Cash, Ethereum, Litecoin, and Ripple on its trading services as reported in an article by Inc 42.
The company’s operation was put into a halt on the early part of January this year. The reason being is that banks refrained from providing payment services. But it seems that Belfrics is not worried about the situation. It made an optimistic come back by offering other cryptocurrencies for their trading platform and other related services. In the next few months, it intends to launch 20 more cryptocurrencies.
According to the company’s COO, Jabeer KM, “ India is a key market for us when it comes to crypto trading. With the launch of these new coins we are targeting a base of at least 2,50,000 new traders on our platform by December 2018.” To serve their clients better, Belfrics launched its own app for live order-book trading of multiple cryptocurrencies. This platform has a wide range of tools and functionalities that can support the increasing number of crypto traders. Now the traders can safely and conveniently link their currencies with the Belfric wallet. This will make the transfer of their cryptocurrencies a lot easier. 
Reserve Bank of India (RBI)  Order
Reserve Bank of India informed that any banks or financial companies regulated by the central bank are not allowed to transact with cryptocurrency companies in the country. A 3-month window was given by the central bank to the cryptocurrency companies to settle all their dues, but this was extended until July 5.
According to RBI’s Deputy Governor BP Kanungo, the surge of the crypto economy in their country could bring financial volatility. There are cryptocurrency companies who addressed this matter to the Supreme Court and is now being reviewed.
But regardless of the current situation, the company’s COO has still a positive view. He stated that “We understand that the RBI has reservations on trading in cryptocurrencies and digital currencies. But we are confident that they will be coming up with their own set of regulations for this industry. From our end, we are making sure that Belfrics Group is ready with multiple options for our Indian customers when crypto trading becomes regularized.”

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