WazirX Suspends NFT Marketplace Due to Regulatory Uncertainty in India
Delhi, 22nd February 2023: WazirX, a prominent cryptocurrency exchange in India, has decided to suspend its NFT (non-fungible token) marketplace, citing concerns over unclear regulations in the country. This move comes amidst ongoing discussions by the Indian government on the legal status of cryptocurrencies and related services. Finance Minister Nirmala Sitharaman recently stated that the government would adopt a “calibrated” approach towards the matter.
WazirX had launched its NFT marketplace in June 2021, allowing users to buy, sell, and trade unique digital assets such as artwork, music, and collectibles. However, the exchange has now put the platform on hold in light of the Reserve Bank of India’s (RBI) advisory to banks cautioning against dealing with cryptocurrency-related businesses.
According to WazirX CEO Nischal Shetty, the lack of clarity on regulations for NFT marketplaces is causing uncertainty and hindering the growth of this industry in India. The exchange remains committed to complying with all applicable laws and regulations and is working with stakeholders to develop a sustainable regulatory framework for the industry.
The suspension of WazirX’s NFT marketplace is a blow to the burgeoning NFT industry in India, which has witnessed a surge in interest and investment in recent times. However, with regulatory uncertainty still looming, the future of the industry in the country remains uncertain.
Meanwhile, reports suggest that the Indian government may consider a ban on private cryptocurrencies while exploring the possibility of a digital rupee. As the discussions continue, stakeholders in the cryptocurrency space await a more conducive environment for their business operations.
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