TL;DR: Sunny Ray, Kraken Head of Global Business Development, cheered, “This is an incredibly emotional moment for India. Satoshi created Bitcoin because he felt that central banks were inefficient. The fact that the crypto industry just battled, and won, against the central bank located in the second-most populous country in the world is a massive achievement. We fought for 1.5 billion people to have the right to access crypto.”
Kraken Recommits Resources to India Market
March 4, 2020 became a landmark day in the history of India and cryptocurrencies. After almost two years of a central bank-imposed ban on financial institutions doing business with crypto-related companies, the country’s Supreme Court overturned the prohibition. It potentially freed one of the most tech-savvy regions of the world, known for its top engineering talent and eagerness for access to digital assets.
Mere hours after the announcement, regional crypto exchanges were touting their new banking relationships, getting up and running for long-suffering India enthusiasts. “CoinDCX becomes the first cryptocurrency exchange in India to integrate Bank Account transfers. Make a deposit now!” Sumit Gupta, CEO, celebrated the same day, “Kudos to everyone who was involved and fought against the Ban. Together, we did it.”
Foreign companies are now investing BIG in India
This is the just because Crypto Banking Ban got lifted
Imagine what happens if Crypto gets regulated in India #IndiaWantsCrypto
— Shalini⚡ (@DesiCryptoHodlr) March 11, 2020
And though not too much later the country’s central bank stressed it would indeed appeal the decision, that’s apparently not stopping some foreign businesses from again reentering the once-coveted market.
“At Kraken, we’ve long served the Indian market with a full suite of exchange products,” the San Francisco-based unicorn explained. “Unfortunately, our growth in the market had been limited by a 2018 ruling issued by the Reserve Bank of India (RBI) that prohibited banks from opening accounts for crypto businesses. That’s why we were thrilled to see the Indian Supreme Court overrule the RBI’s ban last week.” The company was short on specifics, however, asking users to check back for further updates.
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