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.
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.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…