By George Ward
MetaMask, a decentralized crypto wallet platform, recently proclaimed its alliance with Onramp.money to mitigate the challenges faced by crypto users in India. Onramp.money is a service that offers rapid and seamless transaction processes for cryptocurrency enthusiasts.
MetaMask Partners With Onramp.money
A prevalent issue in decentralized systems is the challenge of introducing new users to the system. Therefore, individuals who are new to the concept often opt for centralized exchanges (CEXs).
CEXs provide a simple method for depositing and exchanging fiat currencies through bank accounts. However, MetaMask’s new partnership aims to eliminate the barrier decentralized platforms face.
Besides, competition is rising in the field of non-custodial solutions. Hence, MetaMask is dedicated to enhancing its current capabilities to maintain its dominance.
This partnership allows users to load their MetaMask wallets straight from their bank accounts using the Unified Payment Interface (UPI). The UPI system facilitates immediate, real-time, peer-to-merchant, and peer-to-peer transactions.
The technology has gained widespread usage because it allows individuals to make payments using a UPI ID or QR code from their mobile devices. Over 260 million individuals in India have adopted the Unified Payment Interface system for payments using mobile devices.
Meanwhile, Gaurav Dahake, Onramp.money CEO commented on the collaboration, saying, “We are happy to collaborate with MetaMask, offering Indian users the opportunity to access digital currencies in a decentralized manner.”
Crypto Regulation In India
In addition, the CEO said that this collaboration would simplify the process of using decentralized applications for Indian users. “We eagerly look forward to collaborating with MetaMask to promote blockchain technology acceptance in India,” Dahake added.
MetaMask’s rival, Exodus, has also indicated plans to improve its user onboarding experience for a similar tool. Could this be a sign of a more effortless decentralized experience in the future?
The government of India has adopted a rigorous anti-cryptocurrency position. Last year, the authority implemented a uniform tax of 30% on profits gained through cryptocurrency transactions.
Furthermore, it imposed a 1% Tax Deduction at Source (TDS) whenever individuals sell their digital currencies. Individuals who fail to pay the TDS would be subjected to a maximum imprisonment of six months.
As expected, crypto usage in India dropped after the government introduced the 30% crypto tax. Meanwhile, many centralized cryptocurrency exchanges have played a role in collecting the TDS from customers and submitting it to the government.
However, the cryptocurrency community is uncertain about how to pay the TDS on transactions conducted through MetaMask.