MetaMask wallet established a partnership with Web3 payment platform “on-ramp money” to allow crypto purchase via INR payments.
MetaMask is a popular Ethereum wallet, known for decentralisation nature & security. MetaMask is a product service from the blockchain firm ConsenSys. This wallet was initially developed in 2016 but came into light in the crypto sector later in 2019. In 2022, MetaMask announced itself as a self-custodial wallet.
On 9 Feb 2023, MetaMask announced that its team established a partnership with the Web3 fiat payment platform onramp.money.
This announcement confirmed that Crypto investors in the Indian Crypto sector will be able to easily deposit fiat money to buy crypto assets via popular payment methods like UPI & IMPS.
Here the whole method is not very simple or we can say it is not more similar to a payment gateway system because each payment requires the use of a “payment note” during the payment procedure.
This partnership of MetaMask wallet will provide better help to Indian crypto Investors because the majority of the Crypto platforms (foreign & local) doesn’t support fiat deposit or charges very high payment deposit fees.
India, Crypto & unclear rules
India is a technology-adaptive country and also Indian Central Bank RBI developed a national Central Bank Digital Currency (CBDC) to introduce high-level modernization in the traditional digital payment system.
The Central Bank of India is a Crypto hater agency. In the past, RBI officials passed many negative comments against cryptocurrencies.
Once RBI imposed a banking ban on the Crypto companies but later the order from the Indian supreme court revoked the banking ban.
At present, the Indian finance ministry is working on the Indian Crypto bill but that bill is fully under a private domain. Recently Indian finance minister Nirmala Sitharaman said that crypto regulation is not possible in a single country, instead, it will require working collaboratively.