The future of cryptocurrency in India

Mar 11, 2020

A week ago we were happy to see that India’s Supreme Court lifted the ban on banks servicing crypto firms.

The news was well accepted – big and small companies from the crypto world rushed to get their share of the Indian market. Just 24 hours later local exchanges Unocoin, Wazirx, and Coindcx had resumed their fiat deposit services.

The war for crypto is not won yet

However, despite the widespread optimism, there were some cautious reports pointing out to the fact that the Reserve Bank of India still sees cryptocurrencies as a threat and plans to appeal the court’s decision. A greater threat might be posed by a pending bill – the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 – which is proposed but  the government is yet to decide on it. One of the reasons the Supreme Court adopted a favourable position towards crypto is that there is “no law banning virtual currencies yet,” which suggests that the verdict would not stand in case such law is implemented.

Reasons for optimism

It is important though that the overall mood seems to be changing in India and the men in power start to consider adopting a more open-minded approach towards blockchain technology. The signals are positive and the optimism is still overwhelming. Just a day ago one of the industry’s giants – Kraken, announced plans to expand in India. When a company of that caliber is taking such steps and is using that rhetoric we can be pretty confident that there is a future for cryptocurrency in India.

And for those who love to make a bet in India such future opens an excellent opportunity to spend some quality time on, making it easy to top up their balance and cash in their winnings.