Blockchain and Cryptocurrency Companies Flock to India after Supreme Court Verdict
Mar 12, 2020 at 10:30 //
News
Investment into the Indian-wide cryptocurrency and blockchain markets comes from every corner of the globe after lifting the ban on cryptocurrency imposed by the Reserve Bank of India
Coinidol.com, a world blockchain news outlet, has previously reported that Indian Supreme Court cancelled the RBI ban having considered it to be unconstitutional.
Business Back to India
Companies are now flocking to India to tap the very rich market for cryptocurrency and blockchain businesses which was left untapped for more than 2 years.
Most of these companies are either companies who once operated in India and left because of the Ban or companies expanding their businesses into India. Some companies come as new companies to invest into the country’s cryptocurrency market. Many companies expressed that their business expansion was limited by RBI ban on cryptocurrency in the Country.
According to the RBI’s 2018 ban the RBI prevented banks dealing with cryptocurrency exchanges. Many companies including Binance, Cashaa and Kraken resume their operations in India with some of them buying up local cryptocurrency exchanges to revamp operations. Companies such as Paxful and Kucoin are also very active in the Indian Market.
Rebuilding the Once Broken Indian Cryptocurrency Ecosystem
At one time, India was among the leading destinations for cryptocurrency and blockchain companies. However that period would later be erased by an unscrupulous ban from the Country’s central banking institution, the RBI. The Indian cryptocurrency community would not accept defeat and battle the Central Bank in Court for over 2 years.
Once the verdict was against the RBI the cryptocurrency Ban was lifted and the community started regenerating its businesses. The ban also affected the cryptocurrency ecosystem in India disrupting majority of the country’s developing cryptocurrency and blockchain capacities which was growing at a very fast pace.
A recent report from the Economic Times places India among the top 10 popular locations to start a cryptocurrency business. According to another report, the Indian states with the highest cryptocurrency activities are Delhi, Haryana and Karnataka. The Recent supreme court verdict has placed India back on the Map of the largest cryptocurrency marketplace.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow