Kraken Rededicates To Digital Asset Offerings Bringing India A New Crypto Era
On the 9th of March 2020, The Crypto exchange Kraken made a revelation that it plans to increase its offerings and services in the Indian financial market. This 9th of March 2020 announcement follows the recent ruling that lifts a ban on crypto trading by India’s Supreme Court.
The March 4th ruling has created a much-needed breathing space for India’s crypto community. The Supreme Court lifted a long-standing crypto ban by the Reserve bank of India (RBI) on the trade of crypto. As a result, a new momentum boost to crypto trading was experienced in the country. The official press release by the exchange platform explains how thrilled it was the rolling against RBI’s ban. The head of Global Business Development operations at Kraken, Sunny Ray, exclaimed the ruling as an emotional day for India.
Turn of An Era Marked through Kraken
Kraken is yet to reveal a clearly defined time-frame for the start of their proceedings. The firm is however quite enthusiastic, aiming to recommit resources and expand its operations in the region. Signaling a new crypto era, several new features and offerings will be available via the firm.
The turn of an era is well supported by the November acquisition of the crypto exchange WazirX by Binance exchange. The widely popular move allowed the purchase of cryptos in Indian Rupees by millions of users in the country, boosting accessibility.
The acquisition made waves following the immense losses incurred by crypto firms during the 2 years long Crypto ban. Such was the adverse effects of the ban that crypto trading volumes in the country plummeted by 90%. The government left financial institutions with no other option but to restrict the ability of exchanges.
A U-turn has since occurred with top crypto exchanges rushing for the country. Not to be left behind, startups are also evolving in the local blockchain industry.
Hurdle Not Yet Over
With the RBI having made attempts to reverse the ruling, the hurdle is not yet completely over. A March 6, announcement shows the RBI plans to file a petition against the ruling that reversed its ban. It argues that cryptocurrency trading poses an inherent risk to the country’s banking system.
The assertion lies in the fact that crypto trading is shrouded in secrecy an attraction for illicit dealings and money laundering. However, the Supreme Court has responded by rolling that the RBI lacks sufficient evidence to support its position.