According to various media reports, India’s central bank is investigating some digital wallets linked to electric vehicle companies after the abrupt demise of the nation’s biggest all-EV taxi service prevented customers from accessing funds linked to their accounts.
The issues encountered by customers of the digital wallet of the app-based ride-hailing service BluSmart led to a review of the payment methods utilised in India’s nascent EV ecosystem.
The incidents brought about by the company’s alleged fraud exposed the absence of protections for customers who deposit funds into so-called closed-loop wallets in order to conduct transactions on apps, particularly those that deal with EVs like charging stations or ride-booking.
RBI Putting its Strict Scanner
According to various published reports, the Reserve Bank of India has started informal conversations with operators of EV charging stations and other app-based EV platforms in order to evaluate potential consumer hazards.
In India’s rapidly expanding digital services ecosystem, so-called closed-loop wallets—app-based payment systems that are limited to use on a single platform—have become widely available. Since the central bank does not actively supervise these wallets like it does open-system wallets under its regulation, they are more susceptible to platform failure.
In April, BluSmart informed customers that it could take up to 90 days to reimburse money after thousands of users who had preloaded money into the wallet to book trips within the city and at the airport were unable to secure a refund or move the money to another location.
Probable Steps RBI Could Take to Enhance E-Wallet Securities
In the upcoming weeks, the central bank is reportedly considering meeting with the parties. To guarantee that money is safeguarded in the event that a business closes, the bank can suggest requiring escrow arrangements for customer balances, much like those that are necessary for payment aggregators.
According to a media report, another proposal is to apply some aspects of the RBI’s Prepaid Payment Instruments (PPI) guidelines to large-scale closed wallets.
Although the regulator has not yet made a formal decision, any action to tighten regulation of app-specific wallets may have far-reaching effects on India’s digital economy, as platforms mostly depend on prepaid balances to increase stickiness and encourage recurring use.
Gensol Founders Anmol & Puneet Singh Jaggi Step Down
Almost a month after market regulator SEBI prohibited them from holding important roles within the firm, Gensol Engineering Ltd said on May 12 that Anmol Singh Jaggi, the managing director, and Puneet Singh Jaggi, the full-time director, had resigned.
In his letter of resignation, Anmol Jaggi stated that he would be leaving his position as Managing Director of Gensol Engineering Limited effective May 12, 2025, at the end of business hours. Additionally, he announced his resignation in response to the directive issued under the SEBI Interim Order on April 15, 2025.
He would want to use this occasion to express his gratitude to the whole Board, the Management Team, and the Company’s workers for their cooperation and support throughout his tenure.
Bitcoin is a cryptocurrency all available digital-only. Bitcoin was first introduced in the year 2009 on Jan 03. From its start till now, there were many ups and downs faced by bitcoin to now become one of the major cryptocurrencies accepted in all places of the world.
Cryptocurrencies are different kinds of currency that do share some similar properties to money yet have great differences between them starting from their value to the method of earning. Cryptocurrencies were made with the thought of providing an alternate method for the online exchange of money in any form. For example to provide online payment or to buy an assessment without the tracking of a central system.
Difference Between Traditional Currency and Cryptocurrency
Traditional Currency
Cryptocurrency
They can be found in physical as well as digital forms depending upon the method you are using.
It consists of only one form, that digital form, and there is no physical form of cryptocurrency invented up till now.
Traditional currency is somewhere related to the government, banks, government organizations, etc.
It is nowhere related to government and does not comprise third-party involvement in its sales and purchases.
There are some original values assigned to each currency by its government that are difficult to change in a short period.
There is no fixed value for Bitcoin. As well as it is prone to get changed from time to time.
The currency value of each country is dependent on many factors. Factors like inflation, interest rates, trade, economical growth, etc.
The value of the bitcoin is dependent on the market conditions. The change in its value also majorly comes because of supply and demand similar to the share market criteria.
Traditional currency does not need any introduction to make.
Cryptocurrency still needs acceptance from more people to make it a basic type of currency and give it the title of globally known currency.
Global Crypto Users in Million For The Year 2021
What Is Bitcoin?
Cryptocurrency- Bitcoin
Bitcoin is a digital currency that relies on peer-to-peer cryptography software. It is somewhat similar to our traditional currency but with the difference of no interference by any third party in its transfer.
It is an open type of network as all the transactions made on it are available for the public to view on its site. It also allows its user to exchange cash in place of Bitcoin value. There are multiple methods used to get access to bitcoin currency and to use it for our general use such as purchasing a product.
Method for Exchanging Bitcoin Into a Traditional Currency by Debit Card
Bitcoin can be accessed through an online system only. However, there are multiple methods through which one can always convert digital bitcoin into traditional money.
Bitcoin is stored in a wallet, for it to be online money. The wallet needs to be on the same platform only. There are few specialized applications and software that can provide the Bitcoin user to keep track of their wallet digitally without worrying about their safety.
However, if you are looking out to convert your bitcoin into cash for paying up bills. Then using up the bitcoin debit card is the best option to look for.
Bitcoin debit cards are also sometimes referred to as crypto debit cards. The main aim of these debit cards is the same as our traditional debit cards. The only difference between them is the type of currency they provide. The only requirement to get a Bitcoin debit card is to own a Bitcoin wallet.
bitcoin.org Provides an Easy Solution For Creating a Bitcoin Wallet
Once you have your wallet in use, you can create your Bitcoin debit card easily without much fuss. Bitcoin debit cards are the most recent advancements made in the bitcoin field as it allows its user to pay with just a swipe even at the type of places which does not accept cryptocurrency normally.
There are many different types of Bitcoin debit cards available in the market. To select one, you should consider a few options before making a final call. As much hype as the crypto debit card has gained, there are equal amounts of precautions to be also taken to avoid fraud.
Advantages of Using Bitcoin Debit Card
Can work at even those places, where cryptocurrency is not accepted.
You can send money online without the need for the involvement of the government or any other organization.
Multiple options are available for one to select their debit card with the type of facility they like.
One card can support multiple traditional currencies to work for.
Disadvantages of Using Bitcoin Debit Card
It is an online service, hence can pose a threat of cyber attack.
The rate of cryptocurrency keeps changing, hence the use of debit cards needs to be done very precisely, or else you can run out of funds.
Does not have other significant use except for bitcoin.
Can charge an extra amount as the card fee.
Facts to Consider Related to Purchasing a Bitcoin Debit Card
An Example of a Crypto Debit Card or a Bitcoin Debit Card
Everyone is familiar with the functions of debit cards. However, when we talk about Bitcoin debit cards, there can be some confusion found in people. There are a few facts that one should consider before buying up a debit card. There are many debit card providing companies available in recent times, so one should also cross-check before taking a final call.
The purpose of the Bitcoin Debit Card is to provide the facility of purchasing products with cryptocurrency.
The important thing to look at before taking a debit card is to know which all currency a particular debit card can support and what are your needs related to that.
Another thing to consider is the fees related to debit cards along with the fees applicable on transactions, etc. All these factors should also be considered well.
Few other things to consider include options like the places where it can work, the rewards one can earn, the system they provide, etc.
After going through all these points and getting a proper consideration, one can then choose a single debit card from all the available options.
Today’s world is fully based on technologies and is making great advances in it. One of the most popular and successful technology is named Cryptocurrency (Bitcoin). It is an alternative method for a traditional currency that works only on digital platforms.
To enable the use of digital currency in the traditional currency, there is a facility provided named as Bitcoin Debit Card. Bitcoin Debit Card is a great tool one can consider using while working with cryptocurrencies.
FAQs
How do bitcoin debit card works?
A bitcoin debit card is almost similar to a normal debit card. The only difference it carries is that in Bitcoin debit cards, instead of the normal currency, Bitcoins are used.
How do you turn bitcoins into cash?
There is more than one way to convert Bitcoin into cash. One can prefer to sell them on the crypto exchange platform, or they can also prefer to transfer Bitcoin into a bank account on a specialized platform. Apart from these, one can also take the help of Bitcoin ATM machines that are different from the basic ATM machines.
Can we transfer money from bitcoin to a bank account?
Yes, Bitcoin can be easily transferred to the bank account with the help of an intermediate known as Wallet. Wallets are the ones responsible for storing the data and bitcoin in electronic form.
How can I get a crypto debit card?
One can get their own crypto card by getting a crypto wallet and then applying for the debit card through the wallet. Crypto debit cards are allotted by the crypto-focused platforms only.
