MetaMask is one of the most well-known crypto custodial services providers in the DeFi sector. The project has recently joined hands with Onramp. money to streamline cryptocurrency purchases. It is important to mention that Onramp.money is a crypto-to-fiat exchange platform that is operating out of India and offers on-ramp services.
The partnership will allow the consumers of MetaMask in India to purchase cryptocurrencies without having to deal with third-party applications.
In this manner, the users will be able to make direct purchases from the MetaMask wallet application using the API provided by Onramp. money. This platform has also added support for other native payment options such as UPI and IMPS.
MetaMask product manager, Lorenzo Santos has informed the users that the company is enthusiastic about joining hands with Onramp.money. He informed the users that it will enable instant transactions for users hailing from India. He also showed optimism that the project will spark blockchain adoption in India.
At present, the regulatory environment towards cryptocurrencies in India is not very encouraging. The consumers are obligated to pay more than 30% taxes on their crypto trading income as per the decree issued by the Finance Ministry.
Rather than focusing on the free market spread of cryptocurrencies in the region, the government of the South Asian nation is more focused on launching a CBDC.
MetaMask’s Integration will Enable Instant Transactions
MetaMask and Onramp.money partnership will allow the users hailing from India to access cryptocurrencies like Ethereum, BNB, and Polygon blockchains and other decentralized applications. At present, the lack of regulatory legitimacy granted to the cryptocurrency sector by the Indian government has created hurdles for investors.
Consumers face issues in converting their funds to cryptocurrencies on account of the restrictions on banking channels imposed by the government. Indian Finance Minister, Nirmala Sitharaman has not added any crypto-related reforms in the financial budget report for 2023-2024.
However, the Indian government has maintained its ambition to regulate the crypto sector in accordance with international laws.