India Crypto Exchange First to Integrate Banking Services After Historic Supreme Court Ruling

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.

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.

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