Following the Supreme Court’s ruling to abolish the RBI ban imposed on cryptocurrencies, Indian exchanges are preparing for a massive spike in trading as the country finally opens its doors to the billion-dollar market.
A long-awaited decision was finally made on Wednesday as one of the largest and thriving markets in the world welcomed cryptocurrency-related businesses onboard. The RBI ban on crypto-related transactions that restricted banks or any other financial institutions from offering services to cryptocurrency companies in India was actively resisted by many crypto enthusiasts in the country ever since it came into force in April 2018.
With no hopes of a revival, many exchanges bid adieu to the Indian market. However, from Wednesday’s ruling, it appears that all is not lost, after all. Indian crypto market has bounced back and how!
Following RBI ban removal, Indian crypto exchange CoinDCX grabbed the opportunity to tie up with a local bank and enabled users to buy cryptocurrencies using Indian Rupees. Now that dealing or transacting in crypto is no frowned upon in India, developers, entrepreneurs, and avid traders are excited to make up for the lost time.
RBI ban removal offers a chance for redemption
Benson Samuel, who is the director of technology at a token offering company called Tokenyz Ventures, shares his buoyant outlook on what’s to be expected. Many crypto initiatives will make a fresh start and continue with their mission to introduce services and product offerings surrounding crypto, he says.
The overall atmosphere is quite positive, he added. And that’s true. Despite the partial ban, CoinDCX confirmed its partnership with Malta-based exchange OKEx in February in an effort to spur cryptocurrency adoption in India and bring the country a step closer to its dream of becoming a five trillion US dollars ($5 trillion) worth economy.
Zebpay, an exchange service that had shut its doors to the Indian market following ambiguous crypto regulations, had made its way back last month to offer crypto trading services to Indian customers.
Thus, according to Samuel, an industry that already had its bits and pieces ready for a relaunch will kick start again with new energy and zeal.
CoinDCX plans for its future in India
Sumit Gupta, CoinDCX CEO, and co-founder hopes that India’s crypto market will witness renewed interests following the court’s order to quash the RBI ban on crypto. I expect crypto-INR trading pairs to see a significant spike in demand as both institutional as well as retail investors begin to trade without any apprehensions, Gupta expressed.
Speaking on how CoinDCX plans to make a fresh start, Gupta explained that the first step to winning over trust and attention from the Indian investors was to attain a bank integration. Collaboration with a bank will open new doors for expansion, offer more banking channels, thus paving the way for crypto adoption in the country, he assured.
Besides, with a crypto banking app called Cashaa reporting Bitcoin transaction volume surpassing four million US dollars ($4.4 million) hours after the Supreme Court decision, it is clear that the long-awaited decision has been received with much eagerness.
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