Leading cryptocurrency trading platform BitBay has announced that it is going to launch a cryptocurrency exchange and trade platform in India, Money Control reported.

In addition to bitcoin, the startup is bringing Litecoin, Ether, Lisk, Monero, Dash, and Gamecredits to the country for purchase and sale.

"The prime objective of BitBay India is to remove all mis-conceptions related to cryptocurrency, drive more people towards digital currencies, attract potential investors from market and offer all round platform to trade as well as exchange multiple cryptocurrencies at BitBay,” the company said in its press release.

BitBay India would be the first company to offer trade and exchange of multiple cryptocurrencies in the country. To get users acquainted with its platform, the firm is currently allowing users to undertake demo trading and exchange of cryptocurrencies without using real money. The demo feature will run until August 24th and reward coins powered by Gamecredits and MobileGo to registered users with higher volume transaction.

"BitBay India has been conceptualized to provide innovative services, support and solution for cryptocurrency users in terms of fast and secure transactions. Our team consists of specialists and Bitcoin enthusiasts who are active in crypto community, attend industry conference events and support charity causes via meaningful fund donations to relevant Indian societies," Sylwestor Suszek, CEO, BitBay, told Moneycontrol.

The launch comes amid reports that suggest that the Indian government is inching closer to formulating digital currency regulation. The committee set up for this purpose recently submitted its report to the Ministry of Finance. Though the content has not been made public yet, reports suggest that the government might take a restrictive stance on digital currencies.

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