TL;DR: Mere hours after a historic Supreme Court ruling, striking down the country’s central bank ban on cryptocurrency, India exchange CoinDCX announced its being first to integrate banking services.
India Crypto Exchange First to Integrate Banking Services
“CoinDCX integrates with a Bank!” the exchange shouted on Twitter. “CoinDCX becomes the first cryptocurrency exchange in India to integrate Bank Account transfers. Make a deposit now!” Sumit Gupta, CEO, cheered, “Kudos to everyone who was involved and fought against the Ban. Together, we did it.”
It’s a stunning turn of events for the billion-plus populace country and its growing crypto enthusiast community. For about two years, with hardly an end in sight, the Reserve Bank of India (RBI) held crypto and its related businesses effectively hostage. The RBI issued a circular in 2018, warning affiliated banks to avoid crypto altogether, and the financial establishment complied, stifling burgeoning financial technology innovation.
CoinDCX integrates with a Bank!
CoinDCX becomes the first cryptocurrency exchange in India to integrate Bank Account transfers.
— CoinDCX: Best Crypto Trading Platform (@coindcx) March 4, 2020
Critically, Gupta and his Mumbai-based company CoinDCX were the main challengers to the RBI ban, fighting in the Supreme Court. It seems poetic that the company would be the first to take advantage of new financial industry freedom.
Asked about the country’s fiat INR withdrawal and deposit availability, the exchange responded, “On CoinDCX, INR withdrawals & deposits are live between 7 am & 9 pm. That’s a total of 14 hours on all days, including Sundays & Public Holidays!” The exact bank and arrangement remain vague as of publication.
CONTINUE THE SPICE and check out our piping hot VIDEOS. Our podcast, The CoinSpice Podcast, has amazing guests. Follow CoinSpice on Twitter. Join our Telegram feed to make sure you never miss a post. Drop some BCH at the merch shop — we’ve got some spicy shirts for men and women. Don’t forget to help spread the word about CoinSpice on social media.
DYOR: CoinSpice is your home for just spicy crypto things. We’re not affiliated with any cryptocurrency project or token. Each published piece is intended for information purposes only, not investment advice and not in the hope of impacting speculative markets. There are plenty of trading sites and coin-specific advocacy journals out there, we’re neither. CoinSpice strives for rigorous accuracy in our reporting. Information presented here is contingent usually on a host of factors, and the ecosystem moves fast — prices change, projects change, and at warp speed. Do your own research.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.