The MetaMask wallet has just integrated with Onramp.money, allowing Indian users to buy crypto directly from the wallet browser.
According to the announcement posted on February 10, MetaMask officially partnered with Onramp.money, an onramp exchange service provider between fiat and cryptocurrency in India.
We’re thrilled to announce that we’re joining forces with @onrampmoney to empower MetaMask users in India
You can now access UPI and IMPS for cheaper, faster, more efficient payments pic.twitter.com/sYmKZOP0CG
— MetaMask (@MetaMask) February 9, 2023
From now on, Indians can buy crypto easily from wallets MetaMask via the Onramp.money API, with the usual local forms of payment.
Lorenzo Santos, Product Manager of MetaMask said:
“We are delighted to be partnering with Onramp.money to bring instant transaction services to Indian users. We believe this will help drive the adoption of blockchain technology here.”
As Kyptos reported, India has always maintained a strict anti-crypto stance. The government of this country has long been apply a draconian tax regime including 30% on crypto earnings and 1% tax withheld at source TDS to its citizens. Even “favorably” offers a 6-month prison term for those who evade tax obligations.
After the local exchanges started withholding taxes, Users from here also started flocking to foreign exchanges like Binance or FTX. According to Esya, there were over $3.8 billion outflows from Indian crypto exchanges from February to October 2022.
However, despite his “tough” statement when it comes to the exchange’s development status in India, the Binance boss still did not completely remove the country from the exchange’s expansion plan.
Finance Minister Nirmala Sitharaman’s recent budget speech didn’t cast any light on any reform or policy for crypto. However, both Sitharaman and a series of government officials agreed to adapt the industry to the general situation around the world, and develop a clear guiding framework for domestic users.