In an unexpected turn of events, the Supreme Court has reversed a ban on cryptocurrency trading in India. The rule was put in place back in 2018 by the Reserve Bank of India which basically banned Indian banks from dealing with crypto exchanges, this made it quite difficult for exchanges to operate in India forcing most of them to shut down operations or move somewhere else.
According to statistics, India only accounted for around 3% of the global crypto market before the ban despite the huge population of the country. The ban uplift, however, will definitely help the whole crypto market especially now that there is a growing interest in crypto and blockchain technology.
In fact, Bitcoin and the rest of the crypto market already reacted positively to the news with BTC breaching above $9,000 for the first time in 8 days.
The interest for crypto is still extremely high in India, according to Zebpay, an Indian cryptocurrency exchange, the system was down temporarily due to the volume of members logging in.
The volume of members and new members logging into ZebPay right now has exceeded our biggest estimates. Unfortunately, system is down temporarily while we add more resources. We’ll be back up very soon.— zebpay (@zebpay) March 4, 2020
Zebpay was one of the few cryptocurrency exchanges trying to challenge the ban on crypto. They have released a statement saying that the battle continues and they will push forward to bring even more positive regulations for the market.
According to Akhil Handa, head of the Bank of Baroda, the RBI is now better prepared to address the nuances of crypto. ‘They (RBI) obviously issued an advisory earlier to make sure it doesn't become the Wild Wild West of crypto and gets too systemic.’