India has always been an interesting region for cryptocurrencies. Despite a ban by the local central bank, trading of Bitcoin and altcoins will resume shortly.
A while ago, the central bank of India took a strange decision.
Crypto Trading Is Legal Again in India
Out of the blue, it decided that no bank in the country can provide services to cryptocurrency trading platforms.
For Indian exchanges, this has been a big problem over the past two years.
In theory, banks are allowed to refuse clients because of their involvement in Bitcoin.
According to the Indian Supreme Court, that will no longer be the case.
It overturned the ban on crypto trading altogether, which is a more than welcome development.
The decision by the RBI is deemed “disproportional” and unjust.
As such, all banks are now able to legally provide services to crypto trading outfits, including exchanges, P2P platforms, and OTC trading desks.
Whether any of them will effectively do so, is a different matter altogether.
Other nations have allowed the cryptocurrency industry to thrive.
It would be a shame of a forward-thinking nation such as India decided to take a completely different approach to innovative finance.
In theory, this decision can have a big impact on the cryptocurrency industry.