Kraken Recommitment To Digital Asset Offerings In India Signals New Crypto Era

News / 11.03.2020
  • The Supreme Court overruling the crypto ban in India is bringing crypto exchanges back.
  • Kraken Exchange announced its recommitment to the Indian market.
  • RBI’s attempt to reinstate the crypto ban shot down by Supreme Court. 

On March 9, 2020, the Crypto exchange Kraken revealed it would soon increase its offerings and services in the Indian financial market following the recent ruling by the country’s Supreme Court to lift bans on businesses dealing with Crypto. 

The entire Indian crypto space heaved a huge sigh of relief in March. 4 when the Supreme Court lifted a long-standing crypto ban. Following the announcement, the crypto movement in India has begun gaining new momentum.

According to the official press release, the exchange is “thrilled to see” the Indian Supreme Court overrule the Reserve Bank of India’s (RBI’s) ban last week. 

Sunny Ray, who leads Global Business Development operations at Karen Exchange, claims that India’s decision to lift the crypto-related ban is an extremely emotional moment for India. She was quoted saying:

“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.”

As of the time of writing, Kraken has not revealed a definite time-frame when they will begin proceedings in India. 

New Crypto Era Is Inevitable For India 

Kraken exchange seems excited to recommit resources to grow its service in the region through new features and offerings thanks to the recent India crypto ban lift. 

Similarly, Binance exchange made waves in Indian’s crypto space in November last year by acquiring crypto exchange WazirX. This move allowed millions of users to purchase and sell cryptocurrencies with the country’s native Indian rupees (INR).

This all comes as welcome news for crypto enthusiasts and exchanges in India and the region, especially considering how the crypto industry has suffered a huge loss during the 2-year Crypto ban

As a result, India-based cryptocurrency trading volume decreased by 90% in that period as financial institutions had already begun to restrict the ability of exchanges.

Now, with top crypto exchanges turning towards the country and new startups evolving in the local blockchain industry, a new era of Crypto is inevitable in India.

RBI Attempts To Appeal Crypto Decision

On March 6, the RBI announced plans to file a petition against the recent landmark judgment that nullified the controversial ban it imposed on companies transacting in cryptocurrencies. The top bank argued that cryptocurrency trading poses a risk to the banking system.

However, the Supreme Court has now ruled that the RBI had not provided sufficient evidence that the assertion was true.

Featured image courtesy of Shutterstock. Source: Cryptopress.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.