It has been a long time coming, but the Indian Supreme Court finally sided with the cryptocurrency community, lifting a ban imposed by the Reserve Bank. For the crypto exchanges, this is extremely good news and they can now get back to business. Many of these exchanges saw their revenue slashed by up to 90%, with some even shutting down. Those that had the financial muscle relocated to other countries.
Already, the exchanges have sprung into action, integrating crypto/rupee trading pairs and bank account transfers on their platforms. One of these is CoinDCX, one of the largest exchanges in India. Just six hours after the ban was lifted, the exchange revealed that it had integrated bank account transfers.
The CEO, Sumit Gupta told CoinGeek, “India’s crypto environment is going to have a transformation after the court verdict. Because of this, crypto-INR pairs are going to see a massive jump as new investors (both institutional and retail) can now invest in the crypto markets without any hesitation or skepticism. The market is open for everyone in India now.”
Gupta believes that the lifting of the ban will open up a huge market, as the “integration of banking channels makes the whole process of crypto adoption simpler. With renewed accessibility and convenience in purchasing cryptocurrencies, we believe that this change will have a dramatic effect in accelerating crypto adoption in India.”
With a population of 1.3 billion people, second only to China, India offers a large market for cryptos. However, ambiguous regulations and the RBI ban have hindered the spread of crypto. The lifting of the ban is a great first step and could see the trading volume spike back to former levels.