With RBI's announcement of the ban imposed on all cryptocurrency sale or purchases through banking and e-wallets regulated by them, the whole cryptocurrency market and the crypto-economy has been shaken and stirred.
'Your bank will not allow you to buy bitcoins anymore,' reads an article from ET Online, Bloomberg flashed 'RBI Bans Regulated Entities From Dealing In Virtual Currencies', 'RBI Bans Indian Banks from dealing with Cryptocurrencies, plans to own Crypto' was reported by CRYPTO News and similar such news sent the cryptocurrency market in a tizzy. "What Money Trade Coin observes as a Black Day for other cryptocurrencies, is actually a blessing in disguise for this Crypto-Asset", said Dr. Amit Madanlal Lakhanpal.
Despite only a small fraction of the Indian populace dealing in cryptocurrencies, India accounts for over 10 percent of the Global Bitcoin trade as per exchanges.
Other than Bitcoin, India is home to a sizeable number of Investors in Altcoins such as Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold, Litecoin, Monero, Dash, Zcash, etc., of which all have displayed a substantial drop in prices due to the move from the Apex Bank in the nation.
Money Trade Coin (MTCX) is one crypto-asset that has constantly been evolving ever since its launch on 17th September 2017 at Burj Al Arab, Dubai - UAE, according to Dr. Amit Madanlal Lakhanpal, the founder and creator of Money Trade Coin and an avid propagator of 'Cryptocurrency correct knowledge'.
Dr. Lakhanpal is an Indian entrepreneur, property developer and author. Dr. Lakhanpal is the founder and CEO of the Money Trade Coin Group. He has also authored the book 'The World of Crypto Currency'.
With the upcoming launch of the world's first Blockchain based Diamond Trading platform, Dr. Lakhanpal joined hands with a Member of the Private Office of His Highness Sheikh Ahmad Bin Obaid Al Maktoum - the Al Kasir Group. Holders of MTCX can now redeem their MTCX for purchasing Diamonds from the Al Kasir Group.
Investors of Money Trade Coin have the option available to trade their MTCX for purchasing Diamonds. With the redemption of 50 percent of the purchase value in MTCX and remaining 50 percent may be paid in Fiat Currency, buyers get Certified Real Diamonds valued at par with the market price.
Apart from Diamonds, MTCX Investors will have the option to trade MTCX against three new Crypto-Assets. Al Kasir Group Crypto Solutions is a Blockchain based Crypto Asset Company offering three unique Crypto Assets: Al Mas Coin (AMD), Al Haqeek Coin (AHP) and Al FalahCoin (AFO). These three Coins are Crypto-Assets/Coins built on the Ethereum Blockchain. The Coins are backed by an equivalent value of Diamonds.
With the value of these Coins being a function of not just market forces but also the value of natural Diamonds, owners of the Coins benefit from enhanced downside protection as their Coins can be exchanged for real diamonds on completion of the ICAO. Also, AMD, AHP and AFO Coins are perfect counter-cyclical asset offering investors in the crypto universe protection against adverse market movements similar to gold or bonds in conventional markets.
Al Mas Coin, Al Haqeek Coin and Al Falah Coin holders will receive physical delivery of Real Diamonds equivalent to the Amount of purchase from Al Kasir Group's Shopping Portal which is due to go live by 15th August 2018. Holders of Al Mas Coin may use their holding to purchase Certified Real Diamonds from the Company's Online Portal by utilizing 50 percent of the product purchase value in Coins and the remaining 50 percent via Fiat Currency Payments. The same is applicable for the other two Coins where holders will be able to redeem their Coins for Precious Gems against Al Haqeek Coin and for Oud, Bakhoor and Attar against Al Falah Coin in a similar ratio of Crypto-Asset and Fiat.
Disclaimer: No Business Standard Journalist was involved in creation of this content
