Cryptocurrency trading in India is mushrooming each passing day. Since it is no more illegal Indians are showing keen interest in crypto investments. There has been a sharp increase in crypto investments over the past few months. Thus, it won’t be wrong to say that legality of crypto in India is accountable for growth in trading volumes.
Want to know more? Let’s find more about cryptocurrency news in India.
Indian Government’s Stance on Cryptocurrency
On 4th March 2020 Supreme Court of India passed a historic judgment. The banking ban on crypto trading imposed by the Reserve Bank of India was removed being considering it as unconstitutional. As per the Supreme court of India, the ban was illegal.
The legalization of cryptocurrency is a revolutionary move and will benefit the entire crypto community. All crypto activities such as investment, businesses, trading are now completely legal in India. The historical verdict of the lifting ban has been welcomed by crypto investors and traders with open arms. To achieve this outcome, it took the long fight of seven years. No matter it took time but the outcome is appreciable. Considering the legalization, several services are expected to be introduced around crypto.
How Crypto legalization will impact startups and investors?
The implementation of the banking ban on crypto trading and transaction by RBI in 2018 led to a catastrophic impact in the industry. Several crypto startups, exchange platforms, and crypto ICOs got shut.
Now, as the ban has been removed, the crypto startups and associated crypto activities are expected to witness a sharp increase. As of today, anyone in India can venture into the crypto industry without having to worry about regulations.
This upliftment of the ban will also benefit the IT industry as it would propel the growth of blockchain and marketing businesses in India. Moreover, as per experts around 100 new crypto startups will emerge up by the next year. Hence, this move is immensely beneficial for crypto investors and emerging entrepreneurs. It will lead to better job creation, the emergence of new enterprises, and funding options. Overall, this impact will result in boosting the Indian economy.
The startups that got shut due to the banking ban on cryptocurrency have now resumed working and have expanded their offerings to attract investors. All crypto-related services including smart contract development, blockchain-related services, ICO development, IEO development and more have become operational now. Also, the number of cryptocurrency exchanges has grown considerably over the past few months. Today, people have access to all crypto services such as INR to BTC conversion, real-time market tracking, monitoring ups-downs in bitcoin prices in India all at the tip of their fingers. The crypto transaction and trading are more affordable than ever before.
Thanks, to crypto trading mobile applications for simplifying the crypto trading in India. These applications have made it easier for beginners to understand and trade on crypto-assets hassle-free.
Thus, with legalization, there is a hope for a better tomorrow for the crypto market in India.
