Global Adoption of Crypto Is Only a Matter of Time
The country with the second-largest population is finally opening its doors to cryptocurrencies. Less than 6 hours after the decision was announced, the first Indian crypto exchange integrates bank transfers with the Indian rupee and lets its customers buy and sell Bitcoin and other cryptocurrencies with FIAT. Experts believe that this can be the starting signal for a transformation of the Indian cryptocurrency industry.
India's Supreme Court on Wednesday ended a 2018 ban on banks from dealing in virtual currencies such as cryptocurrencies. A three-judge bench led by Justice Rohinton Nariman quashed the Reserve Bank of India notification issued in April 2018 that had introduced the restriction. This decision is not only a possible blessing for the approximately 1.33 billion strong Indian population, but a big step towards adoption for the entire crypto and blockchain space worldwide.
In India, crypto was banned in 2018
In 2018 there were some negative headlines regarding cryptocurrencies. Not only that the Bitcoin price was struggling with the strong selling pressure that year, but the voices in the direction of the general ban on crypto were also getting louder and louder. In April 2018, the RBI enforced the unconstitutional 'crypto ban', thereby forcing the country's crypto exchanges to either completely shut down, convert the business model to crypto-to-crypto or OTC (over-the-counter) or to move their business in abroad.
At the time, this news caused extremely negative sentiment on the crypto markets. Back then, the crypto exchanges already operating in India immediately responded with a petition and filed several petitions to the Supreme Court to oppose the RBI's decision.
First Indian crypto exchange opens its doors to FIAT
Just 6 hours after the Supreme Court ruling, the Indian crypto exchange CoinDCX announced that it now allows bank transfers in Indian rupees to buy crypto. It is the first Indian crypto exchange to support FIAT deposits after the waiver of the ban.
The judges' decision appears to have been made on the grounds that there is little to no evidence that cryptocurrencies are a threat to the banking system.
Is the crypto revolution in India imminent?
CoinDCX co-founder and CEO Sumit Gupta said in a statement that the court ruling will likely be the catalyst for a "transformation" in the Indian cryptocurrency industry. In addition, the integration of banking is the top priority for the company, since many Indians have regained confidence in cryptocurrencies and are now finally allowed to invest legally through their bank account.
"With the renewed accessibility and convenience of buying cryptocurrencies, we believe this change will have a dramatic impact on the accelerated adoption of cryptocurrencies in India," Gupta said.
This message is extremely bullish. Theoretically, over 1.3 billion people now have access to cryptocurrencies. That is almost 17% of the world's population.
India will play a major role in the global economy over the next few years if you believe some economic experts. This also applies to the entire crypto industry. We are pleased that India is now presenting itself to the outside world as crypto-friendly. The global adoption of crypto is only a matter of time. This movement is unstoppable.