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.
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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.
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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.
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