The country with the second-largest population in the world finally opened its doors for BTC, Ethereum and other cryptocurrencies. In India, the Supreme Court informed that the Reserve Bank of India’s (RBI) is ruling domestic financial institutions and may not provide banking services for crypto stock exchanges. This decision is not only a possible blessing for the approximately 1.33 billion Indian population, but a big step towards adoption for the entire crypto and blockchain space worldwide.
Less than 6 hours after the announcement of the decision, the first Indian crypto exchange integrated bank transfers with the Indian rupee and allowed its customers to buy and sell Bitcoin and other cryptocurrencies with Fiat money. Experts believe that this may be the starting point for a transformation of the Indian cryptocurrency industry.
Born2Invest team of journalists gathers the most interesting business news in a single mobile application. It’s impossible to keep up with everything you’re interested in, so our companion app will help you keep track of important news. Born2Invest is being updated throughout the day.
BTC and Co. were unconstitutionally banned in India in 2018
In 2018, there were some negative headlines regarding BTC and cryptocurrencies. Not only the Bitcoin price had to struggle with the strong selling pressure, but also the voices in the direction of a general ban of BTC and Co. became louder and louder. In April 2018, RBI enforced the unconstitutional ‘crypto ban,’ forcing the country’s crypto exchanges to either close down completely, convert the business model to crypto-to-crypto or over-the-counter (OTC), or leave the country.
This news caused extremely negative sentiment in the crypto markets at the time. Back then, the crypto exchanges already operating in India immediately reacted and filed several petitions to the Supreme Court to challenge the RBI’s decision.
First Indian crypto exchange opened its doors with FIAT
Just 6 hours after the Supreme Court’s decision, the Indian Bitcoin and Crypto Exchange CoinDCX announced that it now allows bank transfers in Indian rupees to buy BTC and Co. This makes it the first Indian exchange to support Fiat deposits after the decree.
The judges’ decision appears to have been made on the grounds that there is little or no evidence that cryptocurrencies pose a threat to the banking system.
Is a BTC and crypto-transformation imminent in India?
Co-Founder and CEO of CoinDCX, Sumit Gupta, said in a statement that the court ruling is likely to be the catalyst for a “transformation” in the Indian cryptocurrency industry. In addition, the integration of the banking industry is a top priority for the company, since many Indians have regained confidence in BTC and cryptocurrencies, and are now finally allowed to invest legally through their bank accounts.
With the renewed accessibility and convenience of purchasing cryptocurrencies, India believes this change will have a dramatic impact on the accelerated adoption of cryptocurrencies in the country.
India to play the main role in the global economy
This news is extremely bullish. Over 1.3 billion people now theoretically have access to BTC, Ethereum and Co. That is just under 17% of the world’s population. Although it should be clear to everyone at this point that not all 1.3 billion people will suddenly invest in Bitcoin or other cryptocurrencies tomorrow, the course has been set.
India will play a major role in the global economy in the coming years and, therefore, for the entire crypto industry, some crypto experts think. They are pleased that India is presenting itself as crypto-friendly to the outside world. The worldwide adoption of Bitcoin and Co. is only a matter of time. This movement can no longer be stopped.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The Real Estate Market in Italian Small Municipalities Increases by 33%
According to data from Crowdfunding Buzz's observatory on real estate crowdfunding, in 2022, to date, real estate crowdfunding has raised...
CaixaResearch Promotes Cutting-Edge Health and Biomedical Research
CaixaResearch promotes cutting-edge research in health and biomedicine. The "la Caixa" Foundation's call for health research supports 33 projects of...
How To Invest and Save For Your Kids
Parents looking to put money aside that will help cover education expenses, consider taking out a savings plan designed for...
How Building Your Personal Brand Can Help You Escape from the Corporate World
Starting a business is always a difficult undertaking, and for many of us, it can be tough to know where...
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 39]
In this week's TopRanked.io affiliate marketing digest, we check out the latest from Google and highlight two coming updates that...
Business1 week ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 38]
Business1 week ago
World Football Summit: FIFA World Cup Business Opportunities and Beyond
Featured2 weeks ago
Dow Jones and Other Major Market Indexes Were Down this Past Week
Featured2 weeks ago
Solarisbank Wins Bid for ADAC Credit Card Portfolio