With RBI's announcement today 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, stirred and many investors shattered.
"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 own Crypto" was reported by CRYPTO News and similar such news sent the cryptocurrency market in a tizzy. Many investors and HODLers lost huge sums due to the ripple-effect of the news.
With Traders, Investors and HODLers selling their units of cryptocurrencies in an attempt to salvage whatever funds they can, the market has seen a steep decline in cryptocurrency prices in the latter half of the day. Despite only a small fraction of the Indian populace dealing in cryptocurrencies, India accounts to over 10% of the Global Bitcoin trade as per exchanges. There is no account of how much Bitcoin is being traded in hard cold cash in the country.
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.
Amidst all the chaos one crypto-asset, that has been gathering a lot of attention recently, stands unaffected. 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. Dr. Amit Madanlal Lakhanpal, the founder and creator of Money Trade Coin and an avid propagator of "Cryptocurrency correct knowledge" is known for his dynamism in terms of taking Executive Business Decisions.
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".
While the Indian crypto-market experiences what may amount to a Black-Day, Dr. Lakhanpal's Money Trade Coin is relatively relaxed due to its conversion to a crypto-asset instead of being merely a cryptocurrency.
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. The news of this upcoming partnership brings about great relief for those who have invested or hold any amount of MTCX, for they have the option available to redeem their MTCX for purchasing Diamonds from the Al Kasir Group.
Dr. Amit M Lakhanpal - Founder & Director of Money Trade Coin Group
Investors of Money Trade Coin have the option available to trade their MTCX for purchasing Diamonds. With the redemption of 50% of the purchase value in MTCX and remaining 50% may be paid in Fiat Currency, buyers get Certified Real Diamonds valued at par with 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 Falah Coin (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% of the product purchase value in Coins and the remaining 50% 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.
This brave new move opens a plethora of opportunities for similar businesses to take advantage of the disruptive Blockchain Technology. However, the Money Trade Coin Group seems to be ahead in their game already.