Crypto community in India is rejoicing ⁠— exchanges are ready to reopen

Crypto community in India is rejoicing ⁠—  exchanges are ready to reopen
  • Supreme Court today held the complete ban on cryptocurrency on RBI as unconstitutional.
  • The crypto community in India welcomed the news and called it a historic day.
  • So, crypto exchanges and businesses that shut down in 2019, can get back to business now.
India’s Supreme Court today held the complete ban on cryptocurrency on RBI as unconstitutional. With this move, Indian banks can now deal with cryptocurrency and exchanges that found it difficult to operate in the restrictive environment can now find their way back into the ecosystem.

The crypto community in India welcomed the news and called it a historic day.

“Today’s a historic day for the entire Indian crypto ecosystem. #IndiaWantsCrypto has won! This positive judgement will open doors to massive crypto adoption in India. It proves that we can now innovate, and the entire country can participate in the Blockchain revolution. With over 1 Billion population, the Indian market is a sleeping giant. I’m confident that this judgement will have a positive impact on the global crypto ecosystem,” Nischal Shetty, Founder & CEO, WazirX told Business Insider.

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In January 2019, the RBI had told the Supreme Court of India that it does not want the cryptocurrency to spread like “contagion”, adding the virtual currencies can be harmful. With the banks not being to operate with cryptocurrency businesses multiple startups had no option but to shut shop.

Startups like Koinex, Unocoin, Zebpay, Cryptokart were the worst affected.

As the news was announced, Zebpay which had recently relaunched in India, wrote on Twitter, “We will not stop here. We will continue to engage with the government to bring positive regulations through legislation.”

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Unocoin too took to Twitter and wrote, “A 22 month fight against RBI has ended in the Supreme Court with the verdict quashing the banking ban by RBI”.

So, crypto exchanges and businesses that shut down, can get back to business now.

“This verdict will give businesses who had shut down the option to return. It will also encourage budding entrepreneurs to start up. Healthy competition is good for the industry, and WazirX fully supports it,” said Shetty.
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See Also:
Cryptocurrency trading can restart in India after top court removes RBI ban calling it 'unconstitutional'
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